Wallix: Revenue Up 18.6% in Third Quarter, Annual Targets Confirmed
Wallix's monthly recurring revenue grew 17.9% year-over-year as of end September 2026. According to the company, this increase does not yet incorporate a significant portion of contracts signed during the quarter, whose start dates are later. This gap between signatures and recurring billing is at the heart of the October 22, 2026 publication. The cybersecurity software publisher specializing in privileged access management is relying on these contracts to confirm its annual targets: "hypergrowth" in recurring revenue, as well as positive operating income and positive free cash flow for the fiscal year.
Monthly Recurring Revenue of €2.9 Million, Up 17.9% Year-over-Year
As of September 30, 2026, monthly recurring revenue (MRR) reached €2,885 thousand, compared with €2,447 thousand a year earlier. The corresponding annual recurring revenue (ARR) stands at €34.6 million. France, the leading contributor with an MRR of €1,684 thousand, recorded growth of 16.1%. The company notes that this pace was achieved despite the postponement of certain contract renewals, particularly in the healthcare sector. Growth was driven by small and medium-sized enterprises, the continued migration to subscription models, and contracts signed in the public sector and energy industry. The Europe, Middle East and Africa region excluding France posted an MRR of €1,179 thousand, up 22.1%. The Middle East and Africa region, the group's second largest region after France, exceeded 25% growth. Other major contributors in the region showed increases ranging between over 20% and over 40%, with contracts signed in telecommunications, banking, insurance, and the public sector.
Recurring Revenue Represents 79.7% of Sales Over Nine Months
Over the first nine months of 2026, consolidated revenue reached €31.7 million, up 15.4%. Recurring revenue (subscriptions and maintenance) reached €25.3 million, or 79.7% of sales, a share up 4.3 percentage points compared with end September 2025. This trend is primarily driven by subscriptions, whose revenue grew 36.9% over the period. In the third quarter alone, recurring revenue accounted for 77.5% of revenue, up 0.4 percentage points year-over-year. The shift toward the subscription model increases the share of recurring revenue in the total. For fiscal year 2026, analysts anticipated on average, prior to publication, revenue of €49 million, based on a single estimate.
2026 Targets Confirmed, Supported by Contracts Signed in Third Quarter
Wallix indicated it expects a strong fourth quarter supported by commercial momentum and the increasing contribution of contracts signed in the third quarter, which will be progressively reflected in MRR. The group confirmed its annual targets: "hypergrowth" in recurring revenue, positive operating income, and positive free cash flow for the entire fiscal year. During its half-year publication on October 8, 2026, the company reported positive free cash flow of €0.2 million in the first half, compared with €-1.5 million a year earlier. It had confirmed these same targets at that time. According to Jean-Noël de Galzain, Chief Executive Officer, demand is supported by stricter regulatory requirements, digital sovereignty concerns, and industrial systems security. The next publication, dedicated to 2026 annual revenue, is scheduled for February 11, 2027.
