Sapiens Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Sapiens (NASDAQ: SPNS) reported Q3 2025 results for the quarter ended September 30, 2025. Revenue reached $152.3M, up 11.2% YoY. GAAP gross profit was $67.3M (+11.6%) and non-GAAP gross profit was $70.7M (+12.5%). GAAP net income attributable to shareholders was $14.3M (-22.0%) with GAAP diluted EPS $0.25 (-24.2%). Non-GAAP operating profit was $25.5M with a 16.7% non-GAAP operating margin.

ARR totaled $220M, up 26.7% YoY (17.5% organic, 9.2% from acquisitions). The company disclosed a definitive acquisition agreement with Advent at $43.50 per share, valuing Sapiens at approximately $2.5B, and will forgo a Q3 2025 earnings call.

Positive

• Revenue +11.2% YoY to $152.3M
• ARR +26.7% YoY to $220M (17.5% organic, 9.2% acquisition)
• Non-GAAP operating profit of $25.5M with 16.7% margin

Negative

• GAAP net income -22.0% to $14.3M
• GAAP diluted EPS -24.2% to $0.25
• GAAP operating income -18.3% to $17.8M and operating margin -420 bps

Insights

Equity Research Analyst

Sapiens shows revenue and ARR growth but mixed profitability; acquisition agreement makes this quarter materially strategic.

The company posted revenue of $152.3 million, up 11.2 year‑over‑year, and ARR of $220 million, up 26.7 year‑over‑year; these figures indicate continued top‑line momentum and recurring‑revenue expansion. GAAP operating income and net income fell versus prior year (operating income $17.8m; net income $14.3m), while non‑GAAP operating profit remained near prior levels at $25.5m, producing a 16.7 non‑GAAP operating margin.

Key dependencies and risks include the pending definitive acquisition by Advent announced on August 12, 2025, which changes near‑term corporate governance and reporting (the company will forgo a Q3 earnings call). Continued ARR growth is driven in part by recent acquisitions (acquisitions contributed 9.2 of ARR growth), so sustained organic momentum (17.5 organic ARR growth) matters for standalone performance. Watch the close of the transaction, any disclosed integration costs or deal conditions, and next reported cash‑flow and GAAP vs non‑GAAP reconciling items over the coming quarters for clarity on realized margins and free cash generation.

ROCHELLE PARK, N.J., Nov. 13, 2025 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced its financial results for the third quarter ended September 30, 2025.

Summary Results for Third Quarter 2025 (USD in millions, except per share data)

		GAAP												Non-GAAP
		Q3 2025				Q3 2024				% Change				Q3 2025				Q3 2024				% Change
Revenue		$	152.3			$	137.0				11.2	%		$	152.3			$	137.0				11.2	%
Gross Profit		$	67.3			$	60.3				11.6	%		$	70.7			$	62.8				12.5	%
Gross Margin			44.2	%			44.0	%			20 bps				46.4	%			45.8	%			60 bps
Operating Income		$	17.8			$	21.7				-18.3	%		$	25.5			$	25.1				1.5	%
Operating Margin			11.7	%			15.9	%			-420 bps				16.7	%			18.3	%			-160 bps
Net Income (*)		$	14.3			$	18.3				-22.0	%		$	20.5			$	21.1				-2.7	%
Diluted EPS		$	0.25			$	0.33				-24.2	%		$	0.36			$	0.37				-2.7	%

(*)	Attributable to Sapiens' shareholders

Roni Al-Dor, President and CEO of Sapiens, stated, "In the third quarter of 2025, we continued to execute on our strategic priorities, securing new deals and strengthening customer relationships globally. Revenue increased by 11.2% year-over-year, reaching $152 million for the quarter. All our top geographic markets grew in the quarter, led by double digit expansion in North America and Rest of the World, reflecting broad-based demand and the successful execution of our strategic initiatives. Our annualized recurring revenue (ARR) totaled $220 million, reflecting a 26.7% year-over-year increase, of which 17.5% is organic and 9.2% contributed from the recent acquisitions. Sapiens's non-GAAP operating profit totaled $25 million in the quarter, reflecting a 16.7% operating margin.

Our insurance platform empowers insurers to accelerate digital transformation, achieve sustainable growth, and operational efficiency, fueled by the continued adoption of AI-driven innovation. We remain committed to advancing our platform, accelerating cloud adoption, and expanding our global footprint, all of which will serve as catalysts for continued success. Our continued success in both new customer acquisition and account expansion across North America and EMEA underscores the strategic value of our platform for insurers accelerating digital transformation."

Following Sapiens' announcement on August 12, 2025, that the company has entered into a definitive agreement to be acquired by Advent, a leading global private equity investor, for $43.50 per common share in cash, valuing Sapiens at approximately $2.5 billion, Sapiens will forgo a Q3 2025 Earnings Call.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP revenue, ARR, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributed to Sapiens shareholders, non-GAAP basic and diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash-Flow.

Sapiens believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Sapiens' financial condition and results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company's board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing the Company's financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: Valuation adjustment on acquired deferred revenue, amortization of capitalized software development and other intangible assets, capitalization of software development, stock-based compensation, compensation related to acquisition and acquisition-related costs, restructuring and cost reduction costs, and tax adjustments related to non-GAAP adjustments.

Management of the Company does not consider these non-GAAP measures in isolation, or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations, as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.

To compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Sapiens urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company's business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables of this release.

The Company defines Annual Recurring Revenue ("ARR") as the annualized value of our revenue from customer subscriptions, term licenses, maintenance, application maintenance, and cloud solutions, which may not be the same as the timing and amount of revenue recognized. The ARR run rate is equal to the product of (i) the sum of these revenues in our most recently completed fiscal quarter, multiplied by (ii) four.

The Company defines Adjusted EBITDA as net profit, adjusted to eliminate valuation adjustment on acquired deferred revenue, stock-based compensation expense, depreciation and amortization, capitalization of software development costs, compensation expenses related to acquisition and acquisition-related costs, restructuring and cost reduction costs, financial expense (income), provision for income taxes and other income (expenses). These amounts are often excluded by other companies as well, in order to help investors understand the operational performance of their business.

The Company uses Adjusted EBITDA as a measurement of its operating performance, because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that the Company believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business. The Company uses Adjusted Free Cash-Flow as a measurement of its operating performance, and reconciles cash-flow from operating activities to Adjusted Free Cash-Flow, while reducing the amounts for capitalization of software development costs and capital expenditures. The Company adds back cash payments made for former acquisitions in respect of future performance targets and retention criteria as determined upon acquisition date of the respective acquired company, which were included in the cash-flow from operating activities. We believe that Adjusted Free Cash-Flow is useful in evaluating our business, because Adjusted Free Cash-Flow reflects the cash surplus available to fund the expansion of our business.

About Sapiens

Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS) is a global leader in intelligent insurance software solutions. With Sapiens' robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. We help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers' compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a longtime global presence, serving over 600 customers in more than 30 countries with its innovative SaaS offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.

Investor and Media Contact   Yaffa Cohen-Ifrah Chief Marketing Officer and Head of Investor Relations, Sapiens Yaffa.cohen-ifrah@sapiens.com +1 917-533-4782

Investor Contacts   Brett Maas Managing Partner, Hayden IR +1 646-536-7331 Brett.Maas@HaydenIR.com    Kimberly Rogers Managing Director, Hayden IR +1 541-904-5075 kim@HaydenIR.com

Forward Looking Statements

Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words "anticipate," "believe," "estimate," "expect," "may," "will," "plan" and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:  the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers' systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic,  and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2024, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES  CONDENSED CONSOLIDATED STATEMENT OF INCOME U.S. dollars in thousands (except per share amounts)
		Three months ended							Nine months ended
		September 30,							September 30,
		2025				2024			2025				2024
		(unaudited)				(unaudited)			(unaudited)				(unaudited)
Revenue			152,319				137,025			430,026				408,074
Cost of revenue			85,010				76,729			240,166				230,114
Gross profit			67,309				60,296			189,860				177,960
Operating expenses:
Research and development, net			21,182				16,449			56,291				49,779
Selling, marketing, general and administrative			28,367				22,101			77,816				64,030
Total operating expenses			49,549				38,550			134,107				113,809
Operating income			17,760				21,746			55,753				64,151
Financial and other (income) expenses, net			(239)				(913			(2,839)				(3,114)
Taxes on income			3,621				4,324			11,794				12,812
Net income			14,378				18,335			46,798				54,453
Attributable to non-controlling interest			78				-			330				141
Net income attributable to Sapiens' shareholders			14,300				18,335			46,468				54,312
Basic earnings per share			0.26				0.33			0.83				0.97
Diluted earnings per share			0.25				0.33			0.83				0.97
Weighted average number of shares outstanding used to compute basic earnings per share (in thousands)			55,927				55,854			55,954				55,799
Weighted average number of shares outstanding used to compute diluted earnings per share (in thousands)			56,432				56,308			56,222				56,151

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP RESULTS U.S. dollars in thousands (except per share amounts)
		Three months ended								Nine months ended
		September 30,								September 30,
		2025				2024				2025				2024
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
GAAP revenue			152,319				137,025				430,026				408,074
Non-GAAP revenue			152,319				137,025				430,026				408,074
GAAP gross profit			67,309				60,296				189,860				177,960
Amortization of capitalized software			1,728				1,470				4,914				4,584
Amortization of other intangible assets			1,651				1,043				3,747				3,630
Non-GAAP gross profit			70,688				62,809				198,521				186,174
GAAP operating income			17,760				21,746				55,753				64,151
Gross profit adjustments			3,379				2,513				8,661				8,214
Capitalization of software development			(1,715)				(1,834)				(5,445)				(5,374)
Amortization of other intangible assets			2,412				1,276				6,066				3,732
Stock-based compensation			861				646				2,553				2,229
Costs related to Sapiens acquisition by Advent			2,324				-				2,324				-
Acquisition-related costs *)			453				754				3,196				1,248
Non-GAAP operating income			25,474				25,101				73,108				74,200
GAAP net income attributable to Sapiens' shareholders			14,300				18,335				46,468				54,312
Operating income adjustments			7,714				3,355				17,355				10,049
Taxes on income			(1,494)				(599)				(3,319)				(1,808)
Non-GAAP net income attributable to Sapiens' shareholders			20,520				21,091				60,504				62,553

(*)	Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.

 

 

Adjusted EBITDA Calculation U.S. dollars in thousands
		Three months ended								Nine months ended
		September 30,								September 30,
		2025				2024				2025				2024
GAAP operating profit			17,760				21,746				55,753				64,151
Non-GAAP adjustments:
Amortization of capitalized software			1,728				1,470				4,914				4,584
Amortization of other intangible assets			4,063				2,319				9,813				7,362
Capitalization of software development			(1,715)				(1,834)				(5,445)				(5,374)
Stock-based compensation			861				646				2,553				2,229
Costs related to Sapiens acquisition by Advent			2,324				-				2,324				-
Compensation related to acquisition and acquisition-related costs			453				754				3,196				1,248
Non-GAAP operating profit			25,474				25,101				73,108				74,200
Depreciation			1,059				1,288				3,088				3,480
Adjusted EBITDA			26,533				26,389				76,196				77,680

 

 

Summary of NON-GAAP Financial Information  U.S. dollars in thousands (except per share amounts)
		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024
Revenues			152,319				141,602				136,105				134,305				137,025
Gross profit			70,688				64,838				62,995				62,692				62,809
Operating income			25,474				23,077				24,557				24,468				25,101
Adjusted EBITDA			26,533				24,141				25,529				25,359				26,389
Net income to Sapiens' shareholders			20,520				19,305				20,679				20,710				21,091
Diluted earnings per share			0.36				0.34				0.37				0.37				0.37

 

 

Annual Recurring Revenue ("ARR") U.S. dollars in thousands
		Three months ended
		September 30,
		2025				2024
Annual Recurring Revenue			219,715				173,414

 

 

Non-GAAP Revenues by Geographic Breakdown U.S. dollars in thousands
		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024
North America			64,291				59,782				56,871				56,753				55,755
Europe			71,817				70,095				67,480				65,624				69,281
Rest of the World			16,211				11,725				11,754				11,928				11,989
Total			152,319				141,602				136,105				134,305				137,025

 

Non-GAAP Revenue breakdown U.S. dollars in thousands
		Three months ended								Nine months ended
		September 30,								September 30,
		2025				2024				2025				2024
Software products and re-occurring post-production services (*)			119,799				100,707				337,715				292,992
Pre-production implementation services (**)			32,520				36,318				92,311				115,082
Total Revenues			152,319				137,025				430,026				408,074

 

		Three months ended								Nine months ended
		September 30,								September 30,
		2025				2024				2025				2024
Software products and re-occurring post-production services (*)			64,303				53,809				182,234				156,386
Pre-production implementation services (**)			6,385				9,000				16,287				29,788
Total Gross profit			70,688				62,809				198,521				186,174

 

		Three months ended								Nine months ended
		September 30,								September 30,
		2025				2024				2025				2024
Software products and re-occurring post-production services (*)			53.7	%			53.4	%			54.0	%			53.4	%
Pre-production implementation services (**)			19.6	%			24.8	%			17.6	%			25.9	%
Gross Margin			46.4	%			45.8	%			46.2	%			45.6	%

 

(*)

Software products and re-occurring post-production services include mainly subscription, term license, maintenance, application maintenance, cloud solutions and post-production services. This revenue stream is a mix of recurring and re-occurring in nature.

(**)

Pre-production implementation services include mainly implementation services before go-live, which are one-time in nature.

 

 

Adjusted Free Cash-Flow U.S. dollars in thousands
		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024
Cash-flow from operating activities			10,643				1,873				25,353				42,109				13,083
Increase in capitalized software development costs			(1,715)				(1,788)				(1,942)				(1,759)				(1,834)
Capital expenditures			(431)				(1,003)				(366)				(419)				(1,125)
Free cash-flow			8,497				(918)				23,045				39,931				10,124
Cash payment related to Sapiens acquisition by Advent			165				-				-				-				-
Cash payments attributed to acquisition- related costs(*) (**)			803				626				-				1,238				124
Adjusted free cash-flow			9,465				(292)				23,045				41,169				10,248

 

(*)	Included in cash-flow from operating activities

(**)	Acquisition-related payments pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered.

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET U.S. dollars in thousands
		September 30,				December 31,
		2025				2024
		(unaudited)				(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents			82,200				163,690
Short-term bank deposit			-				52,500
Trade receivables, net and unbilled receivables			138,189				99,603
Other receivables and prepaid expenses			31,363				19,350
Total current assets			251,752				335,143
LONG-TERM ASSETS
Property and equipment, net			10,268				10,656
Severance pay fund			2,621				3,208
Goodwill and intangible assets, net			430,900				302,472
Operating lease right-of-use assets			21,201				20,746
Other long-term assets			26,948				19,486
Total long-term assets			491,938				356,568
TOTAL ASSETS			743,690				691,711
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables			13,218				8,414
Current maturities of Series B Debentures			19,808				19,796
Accrued expenses and other liabilities			91,650				77,390
Current maturities of operating lease liabilities			6,351				6,440
Deferred revenue			34,989				37,543
Total current liabilities			166,016				149,583
LONG-TERM LIABILITIES
Series B Debentures, net of current maturities			-				19,792
Deferred tax liabilities			12,310				6,899
Other long-term liabilities			11,511				10,331
Long-term operating lease liabilities			17,376				17,719
Accrued severance pay			9,285				7,758
Total long-term liabilities			50,482				62,499
REDEEMABLE NON-CONTROLLING INTEREST			13,724				-
EQUITY			513,468				479,629
TOTAL LIABILITIES AND EQUITY			743,690				691,711

 

 

SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOW U.S. dollars in thousands
		For the nine months  ended September 30,
		2025				2024
		(unaudited)				(unaudited)
Cash flows from operating activities:
Net income			46,797				54,453
Reconciliation of net income to net cash provided by operating activities:
Depreciation			3,088				3,480
Amortization of capitalized software and other intangible assets			14,727				11,946
Accretion of discount on Series B Debentures			17				32
Capital loss from sale of property and equipment			1				13
Stock-based compensation related to options issued to employees			2,553				2,229
Net changes in operating assets and liabilities, net of amount acquired:
Increase in trade receivables, net and unbilled receivables			(21,034)				(20,640)
Decrease in deferred tax liabilities, net			(3,325)				(2,280)
Increase in other operating assets			(138)				(908)
Increase in trade payables			3,129				1,989
Decrease in other operating liabilities			(1,880)				(5,154)
Decrease in deferred revenues			(7,279)				(5,684)
Increase in accrued severance pay, net			1,213				640
Net cash provided by operating activities			37,869				40,116
Cash flows from investing activities:
Purchase of property and equipment			(1,864)				(2,306)
Proceeds from deposits			52,366				36,360
Proceeds from sale of property and equipment			64				49
Payments for business acquisitions, net of cash acquired			(106,683)				(375)
Capitalized software development costs			(5,445)				(5,374)
Net cash provided by (used in) investing activities			(61,562)				28,354
Cash flows from financing activities:
Proceeds from employee stock options exercised			-				98
Distribution of dividend			(37,037)				(29,789)
Repayment of Series B Debenture			(19,796)				(19,796)
Acquisition of non-controlling interest			-				(4,131)
Acquisition deferred payment			(455)				-
Net cash used in financing activities			(57,288)				(53,618)
Effect of exchange rate changes on cash and cash equivalents			(509)				4,584
Increase (decrease) in cash and cash equivalents			(81,490)				19,436
Cash and cash equivalents at the beginning of period			163,690				126,716
Cash and cash equivalents at the end of period			82,200				146,152

 

 

Debentures Covenants

As of September 30, 2025, Sapiens was in compliance with all of its financial covenants under the indenture for the Series B Debentures, based on having achieved the following in its consolidated financial results:

Covenant 1

• Target shareholders' equity (excluding non-controlling interest): above $120 million
• Actual shareholders' equity (excluding non-controlling interest) equal to $513.5 million

Covenant 2

• Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for the Company's Series B Debentures) below 65%
• Actual ratio of net financial indebtedness to net capitalization equal to (13.79)%

Covenant 3

• Target ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is below 5.5
• Actual ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is equal to (0.61).

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SOURCE Sapiens International Corporation

FAQ

What were Sapiens (SPNS) Q3 2025 revenue and year-over-year change?

Sapiens reported $152.3M revenue for Q3 2025, a +11.2% increase year‑over‑year.

How much is Sapiens' ARR reported in Q3 2025 and what drove the growth?

ARR was $220M in Q3 2025, up 26.7% YoY, composed of 17.5% organic growth and 9.2% from recent acquisitions.

What did Sapiens report for GAAP and non-GAAP operating profit in Q3 2025?

GAAP operating income was $17.8M (down 18.3%), while non‑GAAP operating profit was $25.5M with a 16.7% margin.

How did Sapiens' Q3 2025 EPS compare to Q3 2024?

GAAP diluted EPS was $0.25 in Q3 2025, down 24.2% versus Q3 2024; non‑GAAP diluted EPS was $0.36 (down 2.7%).

What is the status and price of the announced acquisition of Sapiens (SPNS)?

Sapiens entered a definitive agreement to be acquired by Advent for $43.50 per share, valuing the company at about $2.5B.

Will Sapiens hold an earnings call for Q3 2025?

No; Sapiens announced it will forgo a Q3 2025 earnings call following the announced acquisition agreement.