Filing Flows › OneSpan (OSPN) › Q3 2025
OneSpan (OSPN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
OneSpan (OSPN) reported revenue of $57.1M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -5% from the quarter before. Operating margin was 14.4%, net earnings $6.5M (11.4% of revenue).
OneSpan, Q3 2025: revenue $57.1M (+1% year over year), operating margin 14.4%, net earnings $6.5M, operating cash flow $11.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $57.1M | -5% | +1% |
| Gross profit | $42.0M | -4% | +1% |
| Operating profit | $8.2M | -22% | -27% |
| Net earnings | $6.5M | -22% | -21% |
| Operating cash flow | $11.3M | +82% | -19% |
| Free cash flow | $8.8M | +101% | -27% |
What changed
Revenue was $57.1M in Q3 2025, up 1% year over year and down 5% from the previous quarter. Subscription was the largest line at 66% of revenue. Subscription added $4.1M year over year (up 12%), 508% of the total change. Professional services and other declined 23%.
Gross margin was 73.6%, down 0.3 points from a year earlier. Operating profit was $8.2M, a 14.4% margin (down 5.6 points year over year). Operating profit fell $3.0M even though revenue rose $814K versus a year earlier, so costs grew faster than sales. Operating expenses grew 11% against revenue growth of 1%. The fastest-growing cost line was Research & development (+17%). Net earnings were $6.5M, down 21% year over year. The effective tax rate was 22.5%.
Operating cash flow was $11.3M (down 19% year over year), 174% of net earnings. Non-cash charges added back $2.6M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items used $1.2M. Capital expenditures of $2.5M left free cash flow of $8.8M.
Questions
What was OneSpan's revenue in the third quarter 2025?
OneSpan (OSPN) reported revenue of $57.1M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -5% from the quarter before.
Was OneSpan profitable in the third quarter 2025?
Operating profit was $8.2M (14.4% of revenue) and net earnings $6.5M.
Source: OneSpan 10-Q on SEC EDGAR.