PEGASYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PEGASYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	762	888	892	911	1,018	1,212	1,318	1,433	1,497	1,746
Cost of revenue	239	280	302	310	311	336	369	378	391	421
Gross profit	523	609	590	601	707	875	949	1,054	1,107	1,324
Research and development	146	163	182	205	237	261	294	296	298	313
Selling and marketing	278	301	373	474	546	626	625	559	535	579
General and administrative	46	52.2	51.6	56.6	67.5	83.5	118	96.7	113	149
Operating expenses	472	516	607	736	850	970	1,059	973	983	1,061
Operating income	50.6	93.2	-17	-135	-144	-94.7	-109	81	124	263
Interest expense			0.01	0.21	19.4	7.96	7.79	6.88	6.84	1.29
Other non-operating income	-5.58	-1.39	0.36	0.56	1.37	0.09	6.58	18.7	1.39	20.3
Pre-tax income	55.3	86.2	-11.5	-135	-125	-132	-162	95.4	143	281
Income tax	10.3	-12.3	-22.2	-44.4	-63.5	-68.9	184	27.6	43.4	-113
Net income	45	98.5	10.6	-90.4	-61.4	-63	-346	67.8	99.2	393
EBITDA	74.8	118	8.26	-113	-122	-66.1	-90.6	99.7	141	277
EPS, basic	0.30	0.64	0.07	-0.58	-0.39	-0.39	-2.14	0.41	0.58	2.30
EPS, diluted	0.28	0.60	0.07	-0.58	-0.39	-0.39	-2.14	0.37	0.55	2.13
Shares, basic (weighted)	151	153	155	156	159	161	162	166	171	171
Shares, diluted (weighted)	157	163	164	156	159	161	162	170	179	185
Dividend per share	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.11

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	70.6	162	114	68.4	172	160	145	230	337	212
Short-term investments		61.5	93	0	293	203	152	193	403	213
Receivables	265	223	181	200	216	183	255	300	305	265
Other current assets	12.2	41.1	49.7	57.3	88.8	68	80.4	68.1	115	121
Total current assets	425	648	611	506	977	840	846	1,029	1,334	978
Property, plant and equipment	38.3	40.4	36.6	34.3	40.4	26.8	55.1	47.3	41.8	45.2
Lease right-of-use assets				58.3	67.7	87.5	76.1	64.2	62.4	60.6
Goodwill	73.2	73	72.9	79	79.2	81.9	81.4	81.6	81.1	81.5
Intangible assets	44.2	31.9	21.2	19.7	15.7	14.1	10.9	7	3.83	1.2
Other non-current assets	3.99	131	148	278	435	542	334	315	292	294
Total assets	655	1,013	983	985	1,604	1,594	1,358	1,511	1,768	1,632
Accounts payable	14.4	17.4	16.5	17.5	24	15.3	18.2	11.3	6.23	12.9
Accrued liabilities	36.8	45.5	43.1	48	59.3	63.9	50.4	39.9	31.5	44.8
Deferred revenue	176	166	185	190	233	276	325	378	424	509
Total current liabilities	287	295	332	378	460	485	539	577	1,086	738
Lease liabilities			0	52.6	59.1	87.8	79.2	66.9	67.6	60.8
Other non-current liabilities	16	23.7	29.2	15.2	24.7	13.5	15.1	13.6	29.1	45.9
Total liabilities	319	357	361	446	1,062	1,177	1,227	1,157	1,183	844
Paid-in capital	144	152	123	141	204	146	230	380	526	331
Retained earnings	198	510	511	411	340	276	-76.5	-8.71	87.9	463
Other comprehensive income	-7.1	-6.69	-13.3	-13.2	-2.95	-6.99	-23.1	-17.9	-30.2	-8.64
Shareholders' equity	549	656	622	539	542	416	131	354	585	787
Total equity	549	656	622	539	542	416	131	354	585	787
Total liabilities and equity	655	1,013	983	985	1,604	1,594	1,358	1,511	1,768	1,632
Shares outstanding	151	154	155	157	160	161	163	83.8	172	170

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	45	98.5	10.6	-90.4	-61.4	-63	-346	67.8	99.2	393
Depreciation and amortization	24.1	24.7	25.3	21.4	21.3	28.6	18.8	18.7	17.6	13.7
Stock-based compensation	40.8	53.3	63.9	80.9	103	116	122	143	143	155
Deferred income tax	-4.4	-2.78	-30.9	-49.3	-59.8	-75.3	169	0.36	-1.54	-171
Change in receivables	-49.5	-30.4	25.8	1.09	-32.3	-12	-51.2	-57.6	79	19.2
Change in payables	1.53	14.5	20.8	25.7	37.9	-18.7	0.53	-8.78	-7.12	24.6
Cash from operations	39.9	158	104	-42.2	-0.56	39.1	22.3	218	346	505
Capital expenditures	-19.1	-13.7	-11.9	-10.6	-25.4	-10.5	-35.4	-16.8	-7.71	-14.5
Acquisitions	-49.1	-0.3	-0.8	-10.9	0	-4.99	-0.92	0	0
Purchases of investments	-24	-27.7	-69.5	-11.4	-327	-79.1	-41	-287	-559	-349
Sales and maturities of investments	22.8	27	34	13.6	28.8	106	66.6	243	365	379
Cash from investing	-7.17	-14.8	-48.2	70.1	-322	72.5	13.1	-50.8	-203	197
Stock issued						0	0	10.8	80.7	158
Share buybacks	-27.2	-4.34	-54.4	-22.1	-28	-52.7	-25.7	0	-68.1	-500
Dividends paid	-9.17	-9.28	-9.43	-9.49	-9.63	-9.76	-9.83	-9.96	-10.2	-15.4
Cash from financing	-51.7	-54.2	-101	-74.3	423	-122	-47	-82	-30.2	-835
Exchange rate effect	-3.42	2.44	-2.56	0.29	2.33	-1.71	-3.33	2.7	-4.43	6.99
Net change in cash	-22.4	91.7	-47.9	-46.1	104	-11.9	-14.9	87.8	109	-125
Free cash flow	20.8	144	92.5	-52.8	-25.9	28.7	-13	201	338	491
Interest paid			0	0	2.34	4.5	4.5	4.13
Income taxes paid	28.8	-2.32	6.63	4.75	3.38	-4.55	7.65	11.7	82.3	21.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.6%	Gross profit / revenue.
Operating margin	9.9%	Operating income / revenue.
EBITDA margin	10.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.8%	Pre-tax income / revenue.
Net margin	18.7%	Net income / revenue.
FCF margin	28.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.5%	Cash from operations / revenue.
Effective tax rate	-73.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	57.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	23.4%	Net income / average total assets.
Return on invested capital (ROIC)	36.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.8%	Research and development expense / revenue.
Stock-based pay / revenue	9.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	112.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	95.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	296.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	287.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	46.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	182.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	45.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	75.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	20.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	34.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	81.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.50x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	59.5%	Total liabilities / total assets.
Interest coverage	499x	Operating income / interest expense.
Working capital	$42.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$479.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.25x	Revenue / average total assets.
Fixed asset turnover	32.6x	Revenue / average property, plant and equipment.
Receivables turnover	12.1x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
FCF conversion	152.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.11	Revenue / diluted weighted shares.
FCF per share	$2.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.99	Cash from operations / diluted weighted shares.
Book value per share	$3.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.92	Tangible book value / shares outstanding.
Cash per share	$2.20	(Cash + short-term investments) / shares outstanding.
Payout ratio	6.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	4.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	125.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.55B	Share price x shares outstanding.
Enterprise value	$5.19B	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	3.20x	Market cap / revenue.
P/B	9.90x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.6x	Market cap / tangible book value, when positive.
P/FCF	11.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.8x	Market cap / cash from operations, when positive.
EV/Sales	2.99x	Enterprise value / revenue.
EV/EBIT	30.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.9%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	11.5%	(Dividends paid + share buybacks) / market cap.

What was PEGASYSTEMS INC's revenue in fiscal 2025?

PEGASYSTEMS INC reported revenue of $1.75B for fiscal 2025, 16.6% higher than the year before.

Was PEGASYSTEMS INC profitable in fiscal 2025?

Yes. Net income was $393.4M, a net margin of 22.5%.

How much free cash flow did PEGASYSTEMS INC generate in fiscal 2025?

Cash from operations of $505.2M minus capital expenditures of $14.5M left free cash flow of $490.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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