Progress Software Corp. (PRGS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.49	$1.62	+8.7%	—	—	—
Q3 26	$1.57	$1.6	+1.9%	—	—	—
Q2 26	$1.31	$1.51	+15.3%	—	—	—
Q1 26	$1.3	$1.5	+15.4%	—	—	—
Q4 25	$1.3	$1.4	+7.7%	—	—	—
Q3 25	$1.06	$1.31	+23.6%	—	—	—
Q2 25	$1.21	$1.33	+9.9%	—	—	—
Q1 25	$1.14	$1.26	+10.5%	—	—	—
Q4 24	$0.95	$1.09	+14.7%	—	—	—
Q3 24	$1.14	$1.25	+9.6%	—	—	—
Q2 24	$0.91	$1.02	+12.1%	—	—	—
Q1 24	$1	$1.08	+8.0%	—	—	—
Q4 23	$0.9	$1.06	+17.8%	—	—	—
Q3 23	$1.05	$1.19	+13.3%	—	—	—
Q2 23	$1.09	$1.12	+2.8%	—	—	—
Q1 23	$0.97	$1	+3.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.7	—	—	$977.8M	—
FY24	—	$1.58	—	—	$753.4M	—
FY23	—	$1.62	—	—	$694.4M	—
FY22	—	$2.19	—	—	$602M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$405.3M	$389.2M	$379M	$413.3M	$442.1M	$531.3M	$602M	$694.4M	$753.4M	$977.8M
YoY change	+7.36%	-3.99%	-2.61%	+9.06%	+6.98%	+20.2%	+13.3%	+15.4%	+8.49%	+29.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	405.3M	389.2M	379M	413.3M	442.1M	531.3M	602M	694.4M	753.4M	977.8M
Cost of revenue	65.7M	69.2M	67M	75.2M	62.1M	78.4M	94.5M	126.6M	130.5M	187.6M
Gross profit	339.6M	320M	312M	338.1M	380M	452.9M	507.5M	567.9M	622.9M	790.3M
Gross margin	83.8%	82.2%	82.3%	81.8%	86%	85.2%	84.3%	81.8%	82.7%	80.8%
Research & development	88.6M	77M	79.7M	88.6M	88.6M	103.3M	114.6M	132.4M	146.3M	192.3M
Selling, general & administrative	168M	148.8M	143.6M	155.1M	154.1M	191M	218.6M	239.2M	254.1M	319.2M
Operating expenses	256.6M	225.8M	223.3M	243.6M	242.7M	294.4M	333.8M	371.6M	400.4M	511.5M
Operating income	70.3M	81.2M	75.5M	72.2M	117.3M	126.5M	127.4M	129.8M	157.2M	174.5M
Operating margin	17.3%	20.9%	19.9%	17.5%	26.5%	23.8%	21.2%	18.7%	20.9%	17.8%
Non-operating income, net	-102.2M	-25M	-10.7M	-34.9M	-12M	-11.7M	4.2M	-21.9M	-35.7M	-23.8M
Pretax income	-35.3M	52.5M	60.8M	28.5M	96.6M	95.5M	117.3M	79.7M	94.3M	81.6M
Income tax	20.4M	23.4M	11.1M	2.1M	16.9M	17.1M	22.2M	9.5M	25.8M	8.5M
Net income	-55.7M	29M	49.7M	26.4M	79.7M	78.4M	95.1M	70.2M	68.4M	73.1M
Net margin	-13.7%	7.46%	13.1%	6.39%	18%	14.8%	15.8%	10.1%	9.08%	7.48%
EBITDA	110.4M	125M	121.2M	130M	153.5M	180.3M	203.6M	235.5M	265M	328M
EPS	-1.13	0.78	1.39	0.59	1.78	1.79	2.19	1.62	1.58	1.7
Diluted EPS	-1.13	0.77	1.38	0.58	1.76	1.76	2.15	1.57	1.54	1.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	175M	177M	184.7M	175.1M	178.7M	215M	238M	237.4M	249.8M	252.7M	247.8M	253.5M
Cost of revenue	32.9M	33.7M	32.8M	32.1M	29.1M	36.5M	46.2M	47.3M	47.5M	46.5M	43.9M	44.9M
Gross profit	142.1M	143.3M	151.9M	143M	149.6M	178.4M	191.8M	190.1M	202.3M	206.1M	203.9M	208.6M
Gross margin	81.2%	81%	82.2%	81.7%	83.7%	83%	80.6%	80.1%	81%	81.6%	82.3%	82.3%
Research & development	33.1M	34M	35M	35.4M	34.7M	41.2M	46.4M	46.6M	49.4M	49.9M	50.5M	48.8M
Selling, general & administrative	59.4M	65.7M	60.5M	59.9M	57.6M	76.1M	76.9M	75.3M	80.2M	86.8M	78.5M	86.6M
Operating expenses	92.5M	99.7M	95.4M	95.3M	92.4M	117.3M	123.3M	121.9M	129.6M	136.7M	129M	135.4M
Operating income	31.9M	26M	39M	31.4M	43.4M	43.3M	42.7M	42.1M	46.3M	43.4M	49.3M	47M
Operating margin	18.2%	14.7%	21.1%	17.9%	24.3%	20.2%	17.9%	17.7%	18.5%	17.2%	19.9%	18.5%
Non-operating income, net	-3.2M	-4.6M	-4.7M	-5.2M	-4.3M	-21.5M	-11.4M	-4.4M	-2.6M	-5.4M	-4.1M	-2.5M
Pretax income	21M	14.2M	27.6M	20.1M	34.3M	12.3M	13.3M	19.9M	26.2M	22.3M	30.3M	28.8M
Income tax	1.9M	-1.2M	5M	3.9M	5.8M	11.1M	2.4M	2.8M	6.8M	-3.5M	7.5M	7.8M
Net income	19.1M	15.3M	22.6M	16.2M	28.5M	1.1M	10.9M	17M	19.4M	25.7M	22.8M	21.1M
Net margin	10.9%	8.67%	12.3%	9.25%	15.9%	0.53%	4.6%	7.17%	7.77%	10.2%	9.21%	8.31%
EBITDA	60M	54M	66.7M	58.9M	67.4M	72M	81.4M	81M	85.6M	80M	85.5M	84.1M
EPS	0.44	0.35	0.52	0.37	0.66	0.03	0.25	0.4	0.45	0.6	0.54	0.5
Diluted EPS	0.42	0.34	0.51	0.37	0.65	0.03	0.24	0.39	0.44	0.59	0.53	0.5

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.5B	2B	1.6B	1.9B	1.8B	2.1B	2.3B	2.3B	3B	1.8B	1.6B
Enterprise value	1.3B	1.9B	1.6B	2B	2.1B	2.6B	2.7B	3B	4.4B	3.1B	2.8B
Shares outstanding	49.5M	48.1M	45.6M	44.8M	44.9M	43.9M	43.5M	43.5M	43.3M	43M	43M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	68.6	32.3	71.3	22.6	27.1	24.4	33.3	43.3	24.3	19.1
P/S	3.61	5.11	4.23	4.55	4.07	4	3.85	3.37	3.93	1.82	1.61
P/B	3.6	5.29	4.94	5.7	5.2	5.16	5.82	5.09	6.75	3.72	3.21
EV/EBITDA	12.2	15.4	13	15.4	13.7	14.2	13.3	12.6	16.6	9.5	8.5
EV/Sales	3.33	4.95	4.17	4.85	4.77	4.82	4.49	4.26	5.84	3.19	2.83
Earnings yield	—	1.46%	3.1%	1.4%	4.43%	3.69%	4.1%	3%	2.31%	4.11%	5.24%
FCF yield	6.63%	5.14%	7.12%	6.62%	7.69%	8.17%	8.03%	7.19%	6.97%	12.9%	19%
PEG	—	—	—	—	—	—	—	—	—	—	0.76

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.8%	82.2%	82.3%	81.8%	86%	85.2%	84.3%	81.8%	82.7%	80.8%	82.3%
Operating margin	17.3%	20.9%	19.9%	17.5%	26.5%	23.8%	21.2%	18.7%	20.9%	17.8%	18.5%
Net margin	-13.7%	7.46%	13.1%	6.39%	18%	14.8%	15.8%	10.1%	9.08%	7.48%	8.87%
ROE	-13.7%	7.72%	15.3%	7.99%	23%	19%	23.9%	15.3%	15.6%	15.3%	18.6%
ROA	-7.38%	4.04%	7.71%	3%	7.65%	5.75%	6.74%	4.38%	2.71%	2.98%	4.89%
ROIC	24.1%	14.3%	20.5%	14.8%	14.7%	12.3%	13.2%	10.6%	6.06%	8.62%	8.9%
Return on tangible assets	-150.5%	-28.7%	-47.9%	-14.4%	-21.7%	-14.2%	-26%	-9.12%	-4.55%	-5.5%	-6.83%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.65	1.27	1.24	1.18	0.91	1.05	1.34	0.94	0.81	0.49	0.81
Quick ratio	1.65	1.27	1.24	1.18	0.91	1.05	1.34	0.94	0.81	0.49	0.81
Debt / equity	0.33	0.32	0.36	0.89	1.2	1.43	1.61	1.63	3.56	2.99	2.62
Debt / assets	0.18	0.17	0.18	0.33	0.4	0.43	0.45	0.47	0.62	0.58	0.57
Net debt / EBITDA	-1.04	-0.49	-0.19	0.93	2.02	2.41	1.89	2.63	5.45	4.07	3.65
Interest coverage	-7.44	12.3	12.8	3.87	10.5	5.77	8.43	3.59	3.94	2.15	2.64
Effective tax rate	0%	44.7%	18.3%	7.35%	17.5%	17.9%	18.9%	11.9%	27.4%	10.4%	17.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.19	8.09	8.32	9.23	9.85	12.1	13.8	16	17.4	22.7	23.7
EPS (basic)	-1.13	0.78	1.39	0.59	1.78	1.79	2.19	1.62	1.58	1.7	1.7
EPS (diluted)	-1.13	0.77	1.38	0.58	1.76	1.76	2.15	1.57	1.54	1.66	2.06
Book value per share	8.22	7.81	7.11	7.37	7.71	9.39	9.17	10.6	10.1	11.1	12.3
FCF per share	1.96	2.13	2.5	2.78	3.08	3.96	4.28	3.87	4.77	5.34	7.21
Cash per share	5.05	3.81	3.06	3.88	2.36	3.58	5.89	2.92	2.73	2.21	2.51
Capex per share	0.12	0.04	0.16	0.05	0.13	0.11	0.46	0.13	0.12	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.43%	0.47%	1.91%	0.52%	1.27%	0.88%	3.31%	0.8%	0.69%	—	—
Capex / operating cash flow	92.9%	1.73%	6.12%	2.07%	3.89%	2.57%	9.84%	3.2%	2.47%	—	—
Payout ratio	0%	83.1%	51.9%	105.2%	37.5%	40.2%	32.7%	45%	46%	1.07%	0%
Dividend yield	0%	1.21%	1.61%	1.48%	1.66%	1.48%	1.34%	1.35%	1.06%	0.04%	1.77%

Yield

1.77%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.175

ex-dividend Aug 30, 2024

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 30, 2024	$0.175
Jun 3, 2024	$0.175
Feb 29, 2024	$0.175
Nov 30, 2023	$0.175
Aug 31, 2023	$0.175
May 31, 2023	$0.175
Feb 28, 2023	$0.175
Nov 30, 2022	$0.175

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$175M	$177M	$184.7M	$175.1M	$178.7M	$215M	$238M	$237.4M	$249.8M	$252.7M	$247.8M	$253.5M
YoY change	+15.7%	+12.6%	+12.5%	-1.78%	+2.11%	+21.5%	+28.9%	+35.6%	+39.8%	+17.5%	+4.11%	+6.79%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	249.8M	183.6M	139.5M	173.7M	106M	157.4M	256.3M	127M	118.1M	94.8M
Receivables	65.7M	61.2M	59.7M	72.8M	84M	99.8M	97.8M	125.8M	163.6M	195.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	336.1M	263.4M	231.5M	284.7M	238.9M	337.8M	426.1M	330.8M	368.8M	400M
Property, plant & equipment	50.1M	42.3M	30.7M	29.8M	60.5M	39.6M	23.7M	24.1M	35.4M	30.1M
Goodwill & intangibles	717.8M	819.9M	747.8M	1.1B	1.4B	1.9B	1.8B	2.4B	4B	3.8B
Total assets	754.8M	718.7M	644.1M	881.3M	1B	1.4B	1.4B	1.6B	2.5B	2.5B
Accounts payable	13M	9M	10.6M	10.6M	10M	9.7M	9.3M	12.4M	13.9M	15.9M
Short-term debt	15M	5.8M	5.8M	10.7M	25.3M	33.7M	13.7M	23.2M	9.2M	367.7M
Total current liabilities	203.7M	208M	186M	240.9M	262.5M	322.9M	318M	352.1M	455.1M	809.7M
Long-term debt	120M	116.1M	110.3M	284M	391.2M	557.7M	626.9M	723.9M	1.6B	1.1B
Total liabilities	348.2M	342.6M	320.1M	551M	695.8M	951M	1B	1.1B	2.1B	2B
Shareholders' equity	406.6M	376.1M	324M	330.3M	346M	412.5M	398.5M	459.7M	438.8M	478.3M
Total debt	135M	121.9M	116.1M	294.7M	416.5M	591.4M	640.6M	747.1M	1.6B	1.4B
Net debt	-72M	-11.6M	11M	140.5M	318.5M	435.9M	384.3M	620.1M	1.4B	1.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	138M	127M	133.2M	190.4M	232.7M	118.1M	124.2M	102M	99M	94.8M	113.2M	103M
Receivables	99.7M	125.8M	88.8M	82.4M	87.7M	163.6M	126.4M	140.1M	151.4M	195.8M	147.6M	125.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	302.8M	330.8M	297.3M	343M	388.6M	368.8M	340.7M	325.7M	335.5M	400M	370.1M	336.5M
Property, plant & equipment	36.8M	24.1M	29.4M	27.3M	25.4M	35.4M	41.5M	39.8M	40.9M	30.1M	45.5M	46.5M
Goodwill & intangibles	2.4B	2.4B	2.3B	2.3B	2.2B	4B	4B	3.9B	3.9B	3.8B	3.7B	3.6B
Total assets	1.6B	1.6B	1.5B	1.6B	1.6B	2.5B	2.5B	2.4B	2.4B	2.5B	2.4B	2.3B
Accounts payable	8.7M	12.4M	9.9M	8.6M	10.8M	13.9M	14.8M	9M	12.8M	15.9M	13.9M	11.2M
Short-term debt	21.5M	23.2M	9.8M	9.4M	8.9M	9.2M	9M	366.3M	367.4M	367.7M	368.5M	8.1M
Total current liabilities	324.7M	352.1M	312.2M	307.2M	314.9M	455.1M	428.5M	750.3M	769.8M	809.7M	788.1M	416M
Long-term debt	758.7M	723.9M	702.5M	804.2M	803.9M	1.6B	1.5B	1.1B	1.1B	1.1B	1B	1.3B
Total liabilities	1.2B	1.1B	1.1B	1.2B	1.2B	2.1B	2B	2B	1.9B	2B	1.9B	1.8B
Shareholders' equity	445M	459.7M	461.7M	401.7M	425.6M	438.8M	431.8M	452.7M	477.7M	478.3M	498.8M	506.1M
Total debt	780.2M	747.1M	712.3M	813.7M	812.8M	1.6B	1.5B	1.5B	1.5B	1.4B	1.4B	1.3B
Net debt	642.2M	620.1M	579.1M	623.3M	580M	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-55.7M	29M	49.7M	26.4M	79.7M	78.4M	95.1M	70.2M	68.4M	73.1M
Depreciation & amortization	39.3M	42.9M	44.5M	56.7M	34.8M	53M	74.7M	103.1M	103M	151.7M
Stock-based compensation	22.5M	14.2M	20.6M	23.3M	23.5M	29.7M	37.1M	40.5M	46.8M	64.8M
Change in working capital	-1.2M	23.4M	6M	12.4M	588K	1.7M	-6.9M	-22.8M	-15.2M	-55.7M
Operating cash flow	6.2M	105.2M	118.4M	103.9M	144.5M	181.1M	202.3M	174M	210.5M	235.2M
Capital expenditure	-5.8M	-1.8M	-7.3M	2.1M	-5.6M	-4.7M	19.9M	-5.6M	-5.2M	—
Investing cash flow	-21M	-87.8M	7.6M	-208.4M	-207.3M	-250.3M	22M	-360.4M	-857.9M	-21.2M
Dividends paid	0	-24.1M	-25.8M	-27.8M	-29.9M	-31.6M	-31.1M	-31.6M	-31.5M	-786K
Share repurchases	-79.2M	-73.9M	-120M	-25M	-60M	-35M	-77M	-34M	-86.8M	-105.2M
Financing cash flow	-92.1M	-113.3M	-156M	121M	-8M	117.1M	-101.4M	-33.8M	640.8M	-238.4M
Net change in cash	-106.9M	-95.9M	-29.9M	16.6M	-70.8M	47.8M	122.8M	-220.2M	-6.6M	-24.4M
Free cash flow	97.1M	102.3M	114.1M	124.5M	138.3M	173.9M	186.1M	168.3M	206.3M	229.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	19.1M	15.3M	22.6M	16.2M	28.5M	1.1M	10.9M	17M	19.4M	25.7M	22.8M	21.1M
Depreciation & amortization	27.3M	27.3M	27M	26.5M	22.1M	27.4M	38.2M	38.5M	39.1M	35.9M	35.9M	36.9M
Stock-based compensation	10.1M	10.4M	12.5M	12M	10.6M	11.7M	14.7M	16.7M	16M	17.4M	18.5M	20.5M
Change in working capital	-6.3M	-9.9M	7M	8.7M	-74K	-30.9M	1.3M	-41.3M	-1.8M	-13.9M	13.1M	-1.7M
Operating cash flow	45.6M	36.1M	70.6M	63.6M	56M	20.3M	67.9M	30.1M	73.4M	62.8M	98.6M	78.8M
Capital expenditure	-1.2M	-2.4M	-309K	-955K	-1.1M	-2.9M	-1.3M	-495K	—	—	—	—
Investing cash flow	-366K	-2.4M	-309K	-955K	-1.1M	-855.6M	-2.5M	-495K	-19.5M	-564K	0	0
Dividends paid	-7.8M	-7.9M	-8.2M	-8M	-7.7M	-7.6M	-359K	-295K	0	-132K	-204K	-159K
Share repurchases	0	-4M	-22.5M	-49.9M	-14.3M	0	-30.1M	-20M	-15M	-40M	-20.4M	-34.7M
Financing cash flow	-69.5M	-77.8M	-70M	-10.7M	-22.1M	715.8M	-58.9M	-65.8M	-101M	-65.5M	-78.9M	-445.1M
Net change in cash	-24.3M	-44.2M	295K	51.9M	32.9M	-119.4M	6.5M	-36.2M	-47M	-3.3M	19.7M	-366.3M
Free cash flow	44.8M	30.8M	70.2M	62.7M	56.6M	16.8M	67.7M	29.5M	72.4M	59.9M	95.9M	77M

Jan 31, 2011	3:2
Jan 24, 2000	2:1
Jul 14, 1998	3:2
Nov 28, 1995	2:1

Progress Software Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement