TeamViewer stock falls 25% after company cuts revenue forecast

What was reported. On November 3 TeamViewer published third-quarter results and cut its revenue forecast for all of 2026. It now expects revenue growth between minus 2% and minus 1% year over year in constant currencies. The base is 767.5 million euros of pro forma revenue for 2025. The old forecast was 0% to 3%.

The quarter in numbers. Third-quarter revenue was 184.5 million euros: down 2.2% in constant currencies and down 3.9% in euros. ARR at quarter end was 736.9 million euros, down 0.6% in constant currencies. Adjusted EBITDA margin was 42.8%. For nine months, revenue was 550.4 million euros, down 1.3% in constant currencies.

Why the cut. TeamViewer says new business in TeamViewer ONE and DEX was strong in the third quarter, ARR grew meaningfully in its highest-value group of enterprise customers, and its small and mid-sized customer business is stabilizing. But large enterprise deals are converting late, and Europe faces renewed economic uncertainty. The company expects both to weigh on fourth-quarter revenue.

What the CEO said. According to dpa-AFX, CEO Oliver Steil said some large deals the company expected in the fourth quarter will not come as planned. They include contracts with public-sector customers in the US. New deals overall are good, he said, but not good enough. In Europe, customers are holding back.

The market reaction. dpa-AFX reports the stock fell 25.38% on Xetra to 5.40 euros. It touched 5.35 euros at one point, the lowest since July. MWB Research cut its rating to Hold and its price target to 7 euros from 8.90 euros. DZ Bank analyst Armin Kremser, in the same report, linked the weak result to surprisingly large customer losses in the enterprise segment.

What stays. The company confirmed its margin outlook: adjusted EBITDA around 43%. For 2027 it expects faster ARR growth, helped by a bigger enterprise sales team in EMEA (Europe, Middle East and Africa), better momentum in the US and a general flow of new deals. That is the company's expectation, not a guarantee.

How to read it. For a subscription company, what matters is not just quarterly sales but when big customers sign. A slip of a few weeks can move the yearly number. That is our view, not a forecast.

Where to look. What well-known traders and investors think about markets: https://freekonomist.com/en/crowd/ . This is an overview, not advice.

Hechos confirmados

• On November 3, 2026 TeamViewer said it expects 2026 revenue growth between minus 2% and minus 1% year over year in constant currencies, against pro forma 2025 revenue of 767.5 million euros; the previous forecast was 0% to 3%.^[1]
• Q3 2026: revenue 184.5 million euros (down 2.2% in constant currencies), ARR 736.9 million euros (down 0.6% in constant currencies), adjusted EBITDA margin 42.8%.^[1]
• Nine months 2026: revenue 550.4 million euros (down 1.3% in constant currencies), adjusted EBITDA margin 43.7%.^[1]
• Third-quarter revenue in euros fell 3.9%.^[2]
• The company cites delayed conversion of large enterprise deals and renewed economic uncertainty in Europe as weighing on fourth-quarter revenue.^[1]
• In Q3 the company saw strong new business in TeamViewer ONE and DEX, meaningful ARR growth in its highest-value enterprise customer group and a stabilizing business with small and mid-sized customers.^[1]
• The 2026 adjusted EBITDA margin guidance of around 43% is reaffirmed; the company expects ARR growth to accelerate in 2027.^[1]
• CEO Oliver Steil said some large deals expected in the fourth quarter will not come, including contracts with public customers in the US.^[2]
• The stock fell 25.38% on Xetra to 5.40 euros; the intraday low was 5.35 euros, the lowest since July.^[2]
• MWB Research cut its rating to Hold and its price target to 7 euros from 8.90 euros.^[2]
• DZ Bank analyst Armin Kremser linked the weak result to surprisingly large customer losses in the enterprise segment.^[2]

Implicaciones

• ConfirmadoThe company cut its 2026 revenue forecast from growth to a decline in constant currencies.
• ConfirmadoThe stock fell by about a quarter on Xetra on the day of the release.
• Nuestra lecturaFor a subscription company, a slip of a few weeks in big deals can move the yearly number. That is our view.
• Nuestra lecturaFaster ARR growth in 2027 remains the company's expectation, with no confirmation yet.

Todavía no se sabe

• Whether the delayed large deals close, and when
• How the fourth quarter turns out
• How large the customer losses in the enterprise segment are
• Whether ARR growth speeds up in 2027

A quién afecta

Germany, Europe, United States. People who follow software stocks and the German market, and TeamViewer users and partners

Fuentes

1. TeamViewer SE (EQS ad hoc, via Financial Times): TeamViewer publishes Q3 2026 results and adjusts full-year revenue guidance reflecting softer Q4 2026 outlook 3 de noviembre de 2026 · oficial
2. Finanzen.net (dpa-AFX): TeamViewer-Aktie verliert zweistellig: Konzern kappt Umsatzprognose wegen verzögerter Abschlüsse 3 de noviembre de 2026 · medios