Nuix (ASX: NXL) – Nuix Files 2025 Annual Report

Henry Fung

Henry is a co-founder of MF & Co. Asset Management with over 20 years in financial services as a trader and investor, including the past 10 years advising clients and building quantitative trading systems. Henry also maintains a high conviction list of 5 stocks that you can get for free and has a free 5-day course on how professionals use quantitative strategies to find an edge. The concepts in the course are applied in the Quantitative Leveraged ETF L/S Strategy.
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October 6, 2026

Nuix (ASX: NXL)View stock profile →

Nuix Limited has delivered a return to profitability in FY26, marking a significant milestone for the investigative analytics software provider. The company reported statutory net profit after tax of $16.4 million, reversing a $9.2 million loss in the prior year, while driving strong top-line growth of 18.8% to $263.2 million in revenue. This combination of margin expansion and revenue growth demonstrates the company’s ability to scale its business while moving toward sustainable profitability.

The underlying financial metrics paint a picture of operational strength. Annualized contract value reached $260.0 million, growing 13.9% year-over-year and 8.6% excluding the Linkurious acquisition. Adjusted management EBITDA surged 60.4% to $59.8 million, though this includes the contribution from Linkurious, which closed during FY26. Excluding Linkurious, EBITDA growth of 55.1% still demonstrates robust operating leverage. The company’s statutory EBITDA of $66.9 million provides further confirmation of improved profitability across different measurement frameworks.

Cash generation has been exceptional. Underlying cash flow increased 154% to $51.0 million year-over-year, while net cash on the balance sheet grew 24.8% to $49.9 million. This cash position is particularly important for a software company with growing reinvestment requirements and acquisition appetite, as evidenced by the successful close of the Linkurious deal. The ability to fund growth, service debt, and maintain cash reserves simultaneously suggests disciplined capital management.

However, one metric warrants careful monitoring. Net dollar retention declined 2.2 percentage points to 105.2%, though the company notes a sequential improvement of 4.2 percentage points from the first half of the year. NDR above 100% indicates existing customers are spending more year-over-year, which is healthy. The decline from prior year nonetheless deserves attention, as it could reflect pricing pressure, market saturation in mature segments, or churn in certain customer cohorts. Management’s commentary on customer concentration and geographic performance will be key to assessing whether this is a temporary normalization or a concerning trend.

Nuix’s position in the unstructured data and investigative analytics market remains compelling, particularly given the regulatory and AI-driven demand tailwinds the company highlights. For investors, the key question going forward is whether the NDR stabilizes and whether the company can sustain high single or low double-digit organic revenue growth without relying on acquisition. Management’s guidance and color on pipeline and customer wins in the coming earnings season will be essential to assess the company’s organic growth trajectory.

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View the full ASX announcement (PDF)

About Nuix Limited (ASX: NXL)

Nuix Limited is a software company that provides investigative analytics and intelligence software solutions for discovering insights from large amounts of structured and unstructured data. The company serves government agencies, corporations, law enforcement, and professional service firms globally with products including the Nuix Neo Platform, Nuix Discover, Nuix Investigate, and Nuix Workstation. It operates across the Asia Pacific, the Americas, Europe, the Middle East, and Africa, with headquarters in Sydney, Australia.

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