PROGRESS SOFTWARE CORP /MA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PROGRESS SOFTWARE CORP /MA 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	405	398	379	413	442	531	602	694	753	978
Cost of revenue	65.7	69.2	67	75.2	62.1	78.4	94.5	127	130	188
Gross profit	340	320	312	338	380	453	508	568	623	790
Selling and marketing	122	101	93	102	100	126	141	156	165	211
General and administrative	46.5	45.7	49.1	53.4	54	65.1	77.9	83.2	89.5	108
Operating expenses	369	263	244	298	272	337	375	457	499	637
Operating income	-29.7	57.5	67.8	40.1	108	116	132	111	124	153
Interest expense	4.18	4.63	5.15	9.91	10.2	20	15.8	30.8	32	70.9
Other non-operating income	-5.57	-5.03	-7.02	-11.6	-11.1	-20.6	-14.9	-30.9	-29.7	-71.7
Pre-tax income	-35.3	52.5	60.8	28.5	96.6	95.5	117	79.7	94.3	81.6
Income tax	20.4	23.4	11.1	2.1	16.9	17.1	22.2	9.46	25.8	8.5
Income from continuing operations					79.7	78.4	95.1	70.2	68.4	73.1
Net income	-55.7	29	49.7	26.4	79.7	78.4	95.1	70.2	68.4	73.1
EBITDA	-21.2	65	74.7	47.7	114	122	137	117	130	159
EPS, basic	-0.88	0.60	1.09	0.59	1.78	1.79	2.19	1.62	1.58	1.70
EPS, diluted	-0.88	0.60	1.08	0.58	1.76	1.76	2.15	1.57	1.54	1.66
Shares, basic (weighted)	63.5	48.1	45.6	44.8	44.9	43.9	43.5	43.5	43.3	43
Shares, diluted (weighted)	63.5	48.5	46.1	45.3	45.3	44.6	44.2	44.7	44.4	44
Dividend per share	0.10	0.52	0.58	0.63	0.67	0.70	0.70	0.70	0.53	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	133	133	105	154	98	155	256	127	118	94.8
Short-term investments	42.7	50.1	34.4	19.4	8.01	1.97	0
Receivables	65.7	61.2	59.7	72.8	84	99.8	97.8	126	164	196
Inventory					0	3.55	5.04
Other current assets	20.6	18.6	25.1	27.3	24	39.5	42.8	48	52.5	62.8
Total current assets	336	263	232	285	239	338	426	331	369	400
Property, plant and equipment	50.1	42.3	30.7	29.8	29.8	14.3	14.9	15.2	13.7	13.7
Lease right-of-use assets				0	30.6	25.3	17.6	18.7	30.9	25.8
Goodwill	278	315	315	433	492	671	671	832	1,292	1,309
Intangible assets	80.8	94.9	58.9	99.4	213	287	217	354	724	584
Other non-current assets	3.17	1.99	5.24	3.53	6.3	8.92	12.8	8.26	12.7	17.7
Total assets	755	719	644	881	1,042	1,364	1,411	1,603	2,527	2,458
Accounts payable	13	9	10.6	10.6	9.98	9.68	9.28	12.4	13.9	15.9
Accrued liabilities	26.2	32.4	25.5	34.4	36.8	47.1	42.5	49.6	64.7	71.8
Deferred revenue	129	133	123	157	166	205	228	236	332	325
Short-term debt	15	5.82	5.82	10.7	18.2	25.8	6.23	13.1	0	359
Total current liabilities	204	208	186	241	263	323	318	352	455	810
Long-term debt	120	116	110	284	364	535	612	711	1,526	1,041
Lease liabilities				0	27	23.1	15	13	26.3	21.1
Other non-current liabilities	11.8	5.97	5.32	6.35	15.1	8.94	8.69	4.55	5.96	5.83
Total liabilities	312	314	320	551	696	951	1,013	1,143	2,088	1,979
Total debt	135	124	118	297	384	560	618	724	1,526	1,400
Paid-in capital	239	250	267	296	306	0.44	332	371	354	384
Retained earnings	196	145	85.1	64.3	72.5	90.3	102	121	120	127
Other comprehensive income	-28.6	-19	-28.2	-30	-32.8	-32.4	-35.2	-32.2	-36.2	-33.1
Shareholders' equity	443	404	324	330	346	412	399	460	439	478
Total equity	443	404	324	330	346	412	399	460	439	478
Total liabilities and equity	755	719	644	881	1,042	1,364	1,411	1,603	2,527	2,458
Shares outstanding	62.3	47.3	45.1	45	44.2	44.1	43.3	43.8	43.4	42.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-55.7	29	49.7	26.4	79.7	78.4	95.1	70.2	68.4	73.1
Depreciation and amortization	8.5	7.5	6.9	7.6	6.1	5.5	5	6.3	6.4	6.2
Stock-based compensation	22.5	14.2	20.6	23.3	23.5	29.7	37.1	40.5	46.8	64.8
Deferred income tax	1.31	-4.25	-2.33	-14.9	-2.62	-0.91	-7.6	-28.6	-7.75	-23.4
Change in receivables	0.65	14.3	18.7	-24.7	10.7	-11	-27.3	12.1	-45.9	-46.6
Change in inventory				0	0	0.25	-1.56	2.49	0	0
Change in payables	-3.09	0.67	-11.8	9.12	-4.97	5.49	-3.58	-1.24	28.9	-0.8
Cash from operations	103	106	121	128	145	179	192	174	211	235
Capital expenditures	-5.79	-3.38	-7.25	-4	-6.52	-4.65	-6.09	-5.57	-5.21	-5.7
Acquisitions	0	-77.2	0	-225	-213	-254	0	-355	-853	-21.2
Purchases of investments	-41.7	-40.4	-8.26	-10.6	-5.01	0	0	-15.3	0	0
Sales and maturities of investments	26.5	31.6	23.1	25.3	16.4	5.95	1.95	15.7	0	0
Cash from investing	-21	-87.8	7.59	-208	-207	-250	22	-360	-858	-26.9
Debt issued	0	0	0	185	98.5	0	7.48	195	730	0
Debt repaid	-9.38	-11.3	-6.19	-5.31	-11.3	-117	-6.87	-6.88	-261	0
Share buybacks	-79.2	-73.9	-120	-25	-60	-35	-77	-34	-86.8	-105
Dividends paid	0	-24.1	-25.8	-27.8	-29.9	-31.6	-31.1	-31.6	-31.5	-0.79
Cash from financing	-82.2	-103	-147	130	3.08	132	-101	51.2	641	-238
Exchange rate effect	-4.99	11.8	-10.5	-1.26	3.1	-2.89	-11.9	5.96	-3.29	6.83
Net change in cash	-5.34	-73.6	-28.3	49.1	-56.3	57.4	101	-129	-8.88	-23.3
Free cash flow	97.1	102	114	124	138	174	186	168	206	229
Interest paid	3.16	3.6	4.22	8.67	9.18	8.54	8.57	23.9	21.8	63.5
Income taxes paid	22	26	25.5	16.3	16.1	25.9	28.7	39.8	32.4	34.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $39.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	81.8%	Gross profit / revenue.
Operating margin	17.3%	Operating income / revenue.
EBITDA margin	18.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.7%	Pre-tax income / revenue.
Net margin	8.9%	Net income / revenue.
FCF margin	30.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.3%	Cash from operations / revenue.
Effective tax rate	17.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.8%	Net income / average total assets.
Return on invested capital (ROIC)	8.5%	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%.
Stock-based pay / revenue	7.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.9%	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	15.8%	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	23.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	22.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-1.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	11.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-100.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.3%	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	6.7%	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	-2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.3%	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	18.7%	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	-0.9%	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	-0.2%	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	-0.6%	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	0.81x	Current assets / current liabilities.
Quick ratio	0.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	55.1%	Total debt / total assets.
Liabilities / assets	78.4%	Total liabilities / total assets.
Net debt	$1.19B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.60x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.66x	Operating income / interest expense.
Working capital	-$79.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	77.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	67.2x	Revenue / average property, plant and equipment.
Receivables turnover	8.02x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.
FCF conversion	342.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.10	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	$23.72	Revenue / diluted weighted shares.
FCF per share	$7.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.41	Cash from operations / diluted weighted shares.
Book value per share	$12.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$31.91	Tangible book value / shares outstanding.
Cash per share	$2.49	(Cash + short-term investments) / shares outstanding.
Payout ratio	0.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	36.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.61B	Share price x shares outstanding.
Enterprise value	$2.80B	Market cap + total debt - cash - short-term investments.
P/E	18.1x	Market cap / net income. Only when net income is positive.
P/S	1.61x	Market cap / revenue.
P/B	3.19x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	5.29x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.14x	Market cap / cash from operations, when positive.
EV/Sales	2.79x	Enterprise value / revenue.
EV/EBIT	16.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.18x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.9%	Free cash flow / market cap.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.

What was PROGRESS SOFTWARE CORP /MA's revenue in fiscal 2025?

PROGRESS SOFTWARE CORP /MA reported revenue of $977.8M for fiscal 2025, 29.8% higher than the year before.

Was PROGRESS SOFTWARE CORP /MA profitable in fiscal 2025?

Yes. Net income was $73.1M, a net margin of 7.5%.

How much free cash flow did PROGRESS SOFTWARE CORP /MA generate in fiscal 2025?

Cash from operations of $235.2M minus capital expenditures of $5.7M left free cash flow of $229.5M.

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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