TeamViewer Issues Cautious 2026 Outlook With Focus on Profitability Over Expansion
Göppingen, Tuesday, 10 February 2026.
German software developer TeamViewer has signaled a significant slowdown, projecting fiscal year 2026 revenue growth of just 0% to 3%. This conservative outlook, released on February 10, 2026, stems primarily from persistent market volatility and foreign exchange headwinds that have already dampened FY 2025 performance. Despite the stagnant top-line forecast, the company remains a profitability powerhouse, committing to an impressive adjusted EBITDA margin of approximately 43%. While the enterprise segment shows promise with the integration of 1E, the broader picture reflects the struggle European tech firms face against currency fluctuations. Management is prioritizing margin stability and debt reduction over aggressive expansion in this uncertain economic climate.
Currency Headwinds Dampen 2025 Results
While the 2026 outlook dominates the headlines, TeamViewer’s performance in the fiscal year 2025 set the stage for this cautious stance. The company reported full-year pro forma revenue of €767.5 million, representing a 5% increase in constant currency [1][2]. However, the company missed partially lowered targets, a shortfall management explicitly linked to negative currency exchange effects [3]. Had the euro’s appreciation not impacted results, TeamViewer emphasized that its original targets would have been met [3]. Despite these top-line pressures, the firm demonstrated operational discipline, delivering a pro forma adjusted EBITDA of €340.3 million, which translates to a robust margin of 44.3% [4]. This represents an 8% year-over-year increase in adjusted EBITDA, highlighting the company’s ability to protect profitability even as revenue growth faces resistance [4].
Analyzing the 2026 Forecast
The guidance for 2026 reflects a pragmatic adjustment to the macroeconomic reality. By forecasting revenue growth of between 0% and 3%, TeamViewer is acknowledging what analysts at RBC Capital Markets describe as a “sizable currency headwind” [2]. RBC analysts noted that the guidance midpoint implies a 3% downside to consensus revenue estimates, driven by an expected 2.8% foreign exchange drag on 2026 revenue [2]. This drag is projected to keep sales effectively flat or only marginally higher than 2025 levels, with RBC estimating a range of €746 million to €768 million [2]. Nevertheless, the company remains committed to high efficiency, guiding for an adjusted EBITDA margin of approximately 43% for the upcoming year [1].
Enterprise Momentum Amidst SMB Stagnation
A deeper dive into the financials reveals a distinct divergence between TeamViewer’s two primary business segments. The Enterprise sector remains the primary growth engine, with Annual Recurring Revenue (ARR) rising 11% in constant currency to €241 million in FY 2025 [2]. This growth was bolstered by the company’s largest-ever Frontline deal in the United States, signaling strong adoption among large-scale corporate clients [2]. To further capitalize on this trend, the company launched its comprehensive digital workplace management platform, TeamViewer ONE, in December 2025, which has already seen increased interest from both enterprise and small-to-medium business (SMB) clients [5].
Financial Discipline and Future Roadmap
Looking beyond the immediate revenue challenges, TeamViewer is aggressively managing its balance sheet. The company ended 2025 with a net debt of €901.4 million, resulting in a pro forma net leverage ratio of 2.6x [2]. Chief Financial Officer Michael Wilkens has reaffirmed the company’s commitment to deleveraging, targeting a net leverage ratio of approximately 2.3x by the end of 2026 [4]. While levered free cash flow decreased by 15% to €180.8 million in 2025 due to interest costs associated with the 1E acquisition and currency factors, the focus remains on generating sufficient cash to service debt and fund strategic initiatives [2].