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Screener / SEC EDGAR /CIK 0000857005 /10-K filed Nov 21, 2025, compared with Nov 14, 2024 /Numbers from the XBRL of the 10-Ks
Nasdaq Technology · Software

PTC Inc. PTC

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The 10-K against last year's

106 changes: 26 added, 16 removed, 64 reworded

10-K Nov 21, 2025 vs Nov 14, 2024
Risk Factors 13.1% of the text changed · 5,599 words now · 11 new paragraphs, 4 gone MD&A 18.6% of the text changed · 7,627 words now · 15 new paragraphs, 12 gone Legal Proceedings 0.0% of the text changed · 406 words now

10-K 0001193125-25-291326 (Nov 21, 2025) vs 10-K 0000950170-24-127231 (Nov 14, 2024) Not compared: Accounting Policies.

Every paragraph, and how much of it changed

One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.

Risk Factors

94 paragraphs · 11 new · 23 reworded · 4 gone · 10-K Nov 21, 2025 against Nov 14, 2024
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 56 · 48% changed Every version of it
•litigation arising from the transaction, including potential intellectual property claims disputes over purchase price adjustments, indemnities, or disputes following an acquisition; other contractual terms.
Paragraph 29 · 44% changed Every version of it
The regulatory landscape for sustainability disclosures and obligations continues to evolve and expand expand, and the introduction of additional laws or regulatory requirements may impose further compliance burdens on us and further increase our compliance and operating costs. We are committed to meeting existing and future regulatory requirements; however, the financial and operational impact of current and future laws and regulations remains uncertain and could materially adversely affect our business, financial condition, results of operations and prospects.
Paragraph 51 · 42% changed Every version of it
We have acquired, divested, and intend to continue to acquire, new businesses and technologies. may in the future divest, businesses, product lines, or other assets as part of our ongoing business strategy. If we fail to successfully integrate execute and manage these divestitures, if a divestiture does not yield the anticipated financial or operational benefits, or if the businesses and technologies or assets we acquire, if an acquisition does not further our business strategy divest have unexpected legal, financial, or return a level of sales as we expect, or if a business we acquire has unexpected legal or financial operational liabilities, our business, financial condition, results of operations, and prospects could be adversely affected.
Paragraph 50 · 40% changed Every version of it
Businesses we acquire Divestitures of businesses or assets may not generate achieve the sales and earnings we anticipate intended strategic or financial benefits and may otherwise adversely affect our business and prospects.
Paragraph 93 · 33% changed Every version of it
•changes in tax laws (for example, the introduction of an amendment to Section 174 of the U.S. tax legislation), regulations, and interpretations in multiple jurisdictions in which we operate;
Paragraph 28 · 31% changed Every version of it
As many Many of our customers and potential customers, particularly those in Germany and elsewhere in the European Union, customers are also subject to such these laws and directives, directives. As a result, those companies will increasingly be required to assess our sustainability efforts and impacts; if impacts. If we are unable to satisfactorily address their requests for information or other sustainability related requests, contracting periods sustainability-related requirements or expectations, customers may reduce or terminate their contracts with those companies us and customers and potential customers may be extended or those companies may elect to use other suppliers or switch suppliers, choose alternative software solutions, which could adversely affect our business, financial condition, results of operations, and prospects.
Paragraph 27 · 23% changed Every version of it
The regulatory landscape for sustainability disclosures continues to evolve and expand and impose greater disclosure obligations on us. These laws and regulations include those promulgated pursuant to the European Union’s Corporate Sustainability Reporting Directive (“CSRD”) and its Corporate Sustainability Due Diligence Directive (“CSDDD”). CSRD requires new (“CSDDD”), and expansive California’s Climate Corporate Data Accountability Act and Climate-Related Financial Risk Disclosure Act. These frameworks require extensive disclosures related to sustainability risks and opportunities. Additionally, the CSDDD will require us to conduct due diligence to identify, prevent, mitigate, and account for actual and potential adverse impacts on human rights and the environment arising from our own operations and those of our value chains customers and suppliers, and to remediate any such adverse impacts. Compliance with these directives laws and regulations requires significant investment in resources, including the implementation of new reporting systems, enhanced data collection processes, and robust due diligence procedures.
Paragraph 37 · 17% changed Every version of it
In addition, any Any legal action to protect our intellectual property rights that we may bring or be engaged in could be costly, may distract management expensive, divert management’s attention from day-to-day operations regular operations, and may lead to additional claims against us, and we may not succeed, all prevail, any of which could adversely affect our business, financial condition, operating results, and prospects.

MD&A

114 paragraphs · 15 new · 48 reworded · 12 gone · 10-K Nov 21, 2025 against Nov 14, 2024
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 22 · 48% changed
CAD software revenue growth in FY'24 FY'25 was driven by the higher total value and longer average duration of contracts commencing in the period. CAD software revenue grew across all geographic regions, primarily driven by revenue growth in Europe and Asia Pacific. Creo.
Paragraph 50 · 47% changed
Cash used in investing activities in FY'25 was driven by outflows from the settlement of net investment hedges. Cash used in investing activities in FY'24 was driven by the acquisition of pure-systems for $93.5 million in Q1'24. Cash used in investing activities in FY'23 was driven by a payment of $828.2 million in Q2'23 related to the acquisition of ServiceMax. Capital expenditures in FY'24 were lower than in FY'23 as we invest more in cloud-based rather than on-premises software. $93 million.
Paragraph 40 · 45% changed
The Our effective tax rates for FY'25 and FY'24 were impacted by a number of offsetting items as outlined below, as well as by the year-over-year increase in Income before income taxes, which was primarily domestic; however, there was ultimately no net change in the effective tax rate for FY’24 was lower than the effective rate for FY’23. year-over-year. In FY'25 and FY'24, the rate was impacted by a U.S. Tax Court ruling in Varian Medical Systems, Inc. v. Commissioner, issued on August 26, 2024. The ruling related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Act (our fiscal 2018). As a result, we recorded a $14.4 million benefit for additional foreign our income tax credits that have become available to us. Additionally, our rate included a net benefit of $4.4 million for the effects of Internal Revenue Service (IRS) procedural guidance requiring consent for previously automatic changes of accounting method. The IRS procedural guidance change significantly increased our estimated taxable income in FY'24, with a lesser impact to taxable income in FY'25. In FY'25, we recorded tax expense of $11 million primarily related to accrued interest stemming from the year ended September 30, 2024, resulting in effects of the procedural guidance. In FY'24, we recorded a benefit of $4 million primarily related to an increase to the estimated tax benefit for the deductions associated with Global Intangible Low-Taxed Income ("GILTI") and Foreign-Derived Intangible Income. The benefit from this IRS procedural guidance change will reverse in a future fiscal period if we receive IRS consent for a change in the treatment of these deductions. These benefits were offset by a tax expense of $4.6 million related to a tax reserve in a foreign jurisdiction. FY'23 included tax expense of $21.8 million related to an uncertain tax position regarding transfer pricing in a foreign jurisdiction where we are currently under audit. Our FY'23 rate was also impacted by tax expense of $6.3 million related to non-deductible imputed interest related to the deferred payment on the acquisition of ServiceMax. Income ("FDII").
Paragraph 35 · 44% changed
Interest expense includes interest on our revolving credit facility loans facility, term loan, senior notes that were redeemed in Q2'25, and our Senior Notes senior notes due 2025 and in 2028. Interest expense in FY'23 also included $30 million of interest on a deferred acquisition payment associated with the ServiceMax acquisition. The decrease in interest expense was driven by the lower aggregate average of debt balances and deferred acquisition payment liability balances outstanding in FY'24 compared to FY'23. lower interest rates.
Paragraph 51 · 42% changed
Cash used in financing activities in FY'25 included net payments of $553 million on our outstanding debt, including the redemption of our 2025 senior notes primarily using a draw on our credit facility, and the repurchase of $300 million of our common stock. Cash used in financing activities in FY'24 included $620.0 $620 million paid to settle a the ServiceMax deferred acquisition payment associated with our acquisition of ServiceMax, Q1'24 payment, partially offset by net borrowings of $739.8 $46 million to fund that payment and the pure-systems acquisition, and subsequent net payments on debt acquisition. Payments of $693.9 million. withholding taxes in connection with vesting of stock-based awards were lower in FY'25 compared to FY'24, primarily driven by the vesting of certain awards in connection with the chief executive officer succession in Q2'24.
Paragraph 27 · 42% changed
Support and cloud services gross margin growth in FY'24 FY'25 was in line with support and cloud services revenue growth. Cost of support and cloud services grew 6% in FY'24 grew at a similar rate FY'25, primarily due to revenue, driven by higher intangible amortization expense, compensation expense, increasing compensation-related costs and royalty expense. cloud and software subscription-related costs as the business grows.
Paragraph 5 · 41% changed
Revenue grew 10% (9% 19% (18% constant currency) in FY'24 FY'25 compared to FY'23. Our acquisition of ServiceMax in early Q2'23 contributed to FY'24 revenue growth. FY'24. Under ASC 606, the timing of revenue recognition for on-premises subscription revenue can vary significantly, impacting reported revenue, operating margin, and earnings per share. FY'25 revenue growth reflects the higher total value and growth rates. longer average duration of contracts that commenced in the current year. Operating margin grew by approximately 1030 basis points in FY'25 compared to FY'24, reflecting higher revenue as well as continued operating discipline. Diluted earnings per share grew 95% to $6.08 in FY'25 compared to FY'24, driven by revenue growth.
Paragraph 42 · 40% changed
The effective tax rate for FY’24 was lower than the effective rate for FY’23. In FY'24, the rate was impacted by a U.S. Tax Court ruling in Varian Medical Systems, Inc. v. Commissioner, issued on August 26, 2024. The ruling related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Act (our fiscal 2018). As a result, we recorded a $14.4 $14 million benefit for additional foreign tax credits that have become became available to us. Additionally, our rate included a net benefit of $4.4 million for the effects of Internal Revenue Service (IRS) procedural guidance requiring consent for previously automatic changes of accounting method. The IRS procedural guidance change significantly increased our estimated taxable income in the year ended September 30, 2024, resulting in an increase to the estimated tax benefit for the deductions associated with Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income. The benefit from this IRS procedural guidance change will reverse in a future fiscal period if we receive IRS consent for a change in the treatment of these deductions. These benefits were offset by a tax expense of $4.6 $5 million related to a tax reserve in a foreign jurisdiction. FY'23 included tax expense of $21.8 million related to an uncertain tax position regarding transfer pricing in a foreign jurisdiction where we are currently under audit. Our FY'23 rate was also impacted by tax expense of $6.3 million related to non-deductible imputed interest related to the deferred payment on the acquisition of ServiceMax.

A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

MD&A168 words changed in this paragraph; it is 50% similar to last year's version.
The effective tax rate for FY’24 was lower than the effective rate for FY’23. In FY'24, the rate was impacted by a U.S. Tax Court ruling in Varian Medical Systems, Inc. v. Commissioner, issued on August 26, 2024. The ruling related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Act (our fiscal 2018). As a result, we recorded a $14.4 $14 million benefit for additional foreign tax credits that have become became available to us. Additionally, our rate included a net benefit of $4.4 million for the effects of Internal Revenue Service (IRS) procedural guidance requiring consent for previously automatic changes of accounting method. The IRS procedural guidance change significantly increased our estimated taxable income in the year ended September 30, 2024, resulting in an increase to the estimated tax benefit for the deductions associated with Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income. The benefit from this IRS procedural guidance change will reverse in a future fiscal period if we receive IRS consent for a change in the treatment of these deductions. These benefits were offset by a tax expense of $4.6 $5 million related to a tax reserve in a foreign jurisdiction. FY'23 included tax expense of $21.8 million related to an uncertain tax position regarding transfer pricing in a foreign jurisdiction where we are currently under audit. Our FY'23 rate was also impacted by tax expense of $6.3 million related to non-deductible imputed interest related to the deferred payment on the acquisition of ServiceMax.

Source: Item 7, 10-K 0001193125-25-291326 vs Item 7, 10-K 0000950170-24-127231

Risk Factors65 words changed in this paragraph; it is 61% similar to last year's version.
As many Many of our customers and potential customers, particularly those in Germany and elsewhere in the European Union, customers are also subject to such these laws and directives, directives. As a result, those companies will increasingly be required to assess our sustainability efforts and impacts; if impacts. If we are unable to satisfactorily address their requests for information or other sustainability related requests, contracting periods sustainability-related requirements or expectations, customers may reduce or terminate their contracts with those companies us and customers and potential customers may be extended or those companies may elect to use other suppliers or switch suppliers, choose alternative software solutions, which could adversely affect our business, financial condition, results of operations, and prospects.

Source: Item 1A, 10-K 0001193125-25-291326 vs Item 1A, 10-K 0000950170-24-127231

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of PTC's Risk Factors and MD&A, 10-K Nov 21, 2025 against 10-K Nov 14, 2024. Each links to the text at sec.gov.

All 106 Added 26Removed 16Reworded 64Quiet changes 0

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

No changes of this type found.

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

Also

New risk factors: paragraphs with nothing like them last year, quoted in full.

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