Thryv Holdings Reports 48% SaaS Revenue Growth Q2 2025

Thryv Holdings reported strong second-quarter 2025 results, surpassing revenue and earnings expectations driven by a robust 48% year-over-year increase in SaaS revenue to $115 million, which now constitutes over half of total revenue. The company achieved record SaaS adjusted EBITDA margins and improved profitability, with adjusted EBITDA reaching $51.2 million and margins expanding to 24.3%, while successfully paying down $26 million in term debt to strengthen its balance sheet. Despite a 35% decline in the legacy Marketing Services segment, Thryv's strategic pivot to a subscription-based SaaS model is gaining traction, supported by rising average revenue per user and increased cross-sell opportunities. Management raised full-year adjusted EBITDA guidance and expects continued SaaS revenue growth, with forecasts for $116–117 million in Q3 and up to $465 million for the full year. Investor sentiment has turned positive, with the stock trading at higher multiples and most analysts rating it highly due to recurring revenue growth and improving fundamentals. Thryv's transformation reflects a broader industry shift toward digital recurring revenue streams, positioning the company for sustainable growth amid evolving SMB needs.