PTC Announces Fourth fiscal Quarter and Full Fiscal YEar 2026 Results Strategic
Ex 99.1 PTC Announces Fourth fiscal Quarter and Full Fiscal YEar 2026 Results Strategic focus on Intelligent Product Lifecycle vision BOSTON, MA, November 4, 2026 - PTC (NASDAQ: PTC) today reported financial results for its fourth fiscal quarter and full fiscal year ended September 30, 2026. Fourth Fiscal Quarter and Full Fiscal Year 2026 Key Operating and Financial Metrics 1
$ in millions, except per share amounts Q4’26 Q4'25 YoY Change As reported ARR excluding divested businesses2 $2,508 $2,320 8% Constant currency ARR excluding divested $2,545 $2,320 9.7% businesses (FY'26 Plan FX rates3) Operating cash flow $475 $104 -55% Free cash flow $385 $100 -63% Revenue4 $673 $894 (25%)6 Operating margin4 32% 49% -1,690 bps Non-GAAP operating margin4 46% 59% -1,320 bps Earnings per share4 $1.44 $2.88 -50% Non-GAAP earnings per share4 $2.03 $3.41 -40%
1 The definitions of our operating and non-GAAP financial measures and reconciliations of non-GAAP financial measures to comparable GAAP measures are included below and in the reconciliation tables at the end of this press release. 2 As reported ARR excluding divested businesses excludes Kepware and ThingWorx ARR from Q4’25 to facilitate period-to-period comparisons following the divestiture of those businesses in Q2’26. ARR increased 1% year over year on an as reported basis in Q4’26. 3 On a constant currency basis, using our FY’26 Plan foreign exchange rates (rates as of September 30, 2025) for all periods. Constant currency ARR excluding divested businesses excludes Kepware and ThingWorx ARR from Q4’25. 4 Revenue and, as a result, operating margin and earnings per share are impacted under ASC 606. 5 Q4’26 cash flow included approximately $24 million of divestiture-related costs and approximately $75 million of divestiture-related cash taxes, all of which are not expected to recur in future years. Also, Q4’26 free cash flow included approximately $5 million of capital expenditures, which are not expected to recur in future years, related to moving a major R&D center to a new office . 6 In Q4’26, revenue declined 24% year over year on a constant currency basis .
$ in millions, except per share amounts FY’26 FY'25 YoY Change Operating cash flow $8992 $8683 4% Free cash flow $8732 $8573 2% Revenue1 $2,733 $2,739 (0%)4 Operating margin1 33% 36% -310 bps Non-GAAP operating margin1 47% 48% -80 bps Earnings per share1 $8.93 $6.08 47% Non-GAAP earnings per share1 $8.24 $7.94 4%
1 Revenue and, as a result, operating margin and earnings per share are impacted under ASC 606. 2 FY’26 cash flow included approximately $48 million of divestiture-related costs and approximately $83 million of divestiture-related cash taxes, partially offset by approximately $70 million of divestiture-related net free cash flow contribution, all of which are not expected to recur in future years. Also, FY’26 free cash flow included approximately $14 million of capital expenditures, which are not expected to recur in future years, related to moving a major R&D center to a new office. 3 FY’25 cash flow absorbed approximately $20 million of outflows related to our go-to-market realignment. 4 In FY’26, revenue declined 2% year over year on a constant currency basis . As previously announced on October 5 th , 2026, PTC entered into a definitive agreement to be acquired by Schneider Electric. In light of the pending transaction, PTC is suspending quarterly earnings conference calls and is no longer providing quarterly or annual guidance. 1 Important Information About Our Operating and Non-GAAP Financial Measures
We provide supplemental non-GAAP financial measures to our financial results. We use these non-GAAP financial measures, and we believe that they assist our investors, to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.
Non-GAAP operating expense, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net income and non-GAAP EPS exclude the effect of the following items: stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges included in general and administrative expenses; impairment and other charges (credits), net; non-operating charges (credits), net shown in the reconciliation provided; and income tax adjustments. Additional information about the items we exclude from our non-GAAP financial measures and the reasons we exclude them can be found in “Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025.
Free Cash Flow:We provide information on free cash flow to enable investors to assess our ability to generate cash without incurring additional external financings and to evaluate our performance against our announced long-term goals and intent to return excess cash to shareholders via stock repurchases. Free cash flow is cash provided by (used in) operations net of capital expenditures. Free cash flow is not a measure of cash available for discretionary expenditures.
Constant Currency (CC):We present CC information to provide a framework for assessing how our underlying business performed excluding the effects of foreign currency exchange rate fluctuations. To present CC information, FY’26 and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the foreign exchange rate as of September 30, 2025, rather than the actual exchange rates in effect during that period.
ARR:ARR (Annual Run Rate) represents the annualized value of our portfolio of active subscription software, SaaS, hosting, and support contracts as of the end of the reporting period. We calculate ARR as follows:
We consider a contract to be active when the product or service contractual term commences (the “start date”) until the right to use the product or service ends (the “expiration date”). Even if the contract with the customer is executed before the start date, the contract will not count toward ARR until the customer right to receive the benefit of the products or services has commenced.
For contracts that include annual values that change over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include any future committed increases in the contract value as of the date of the ARR calculation.
As ARR includes only contracts that are active at the end of the reporting period, ARR does not reflect assumptions or estimates regarding future contract renewals or non-renewals.
Active contracts are annualized by dividing the total active contract value by the contract duration in days (expiration date minus start date, adjusted for leap years), then multiplying that by 365 days.
We believe ARR is a valuable operating measure to assess the health of a subscription business because it is aligned with the amount that we invoice the customer on an annual basis. We generally invoice customers 2 annually for the current year of the contract. A customer with a one-year contract will typically be invoiced for the total value of the contract at the beginning of the contractual term, while a customer with a multi-year contract will be invoiced for each annual period at the beginning of each year of the contract.
ARR increases by the annualized value of active contracts that commence in a reporting period and decreases by the annualized value of contracts that expire in the reporting period.
As ARR is not annualized recurring revenue, it is not calculated based on recognized or unearned revenue and is not affected by variability in the timing of revenue under ASC 606, particularly for on-premises license subscriptions where a substantial portion of the total value of the contract is recognized as revenue at a point in time upon the later of when the software is made available, or the subscription term commences.
ARR should be viewed independently of recognized and unearned revenue and is not intended to be combined with, or to replace, either of those items. Investors should consider our ARR operating measure only in conjunction with our GAAP financial results.
PTC (NASDAQ: PTC) is a global software company that enables industrial and manufacturing companies to digitally transform how they engineer, manufacture, and service the physical products that the world relies on. Headquartered in Boston, Massachusetts, PTC employs over 7,000 people and supports more than 30,000 customers globally. For more information, please visit www.ptc.com.
PTC Inc. SUPP… FINA… DATA FOR REVE… AND STOC… COMP… (in thou… exce… per share data) Reve… by lice… supp… and serv… is as foll…
Full text with the tables
Ex 99.1
PTC Announces Fourth fiscal Quarter and Full Fiscal YEar 2026 Results Strategic
focus on Intelligent Product Lifecycle vision BOSTON, MA, November 4, 2026 - PTC
(NASDAQ: PTC) today reported financial results for its fourth fiscal quarter and
full fiscal year ended September 30, 2026. Fourth Fiscal Quarter and Full Fiscal
Year 2026 Key Operating and Financial Metrics 1
$ in millions, except per share amounts Q4’26 Q4'25 YoY Change
As reported ARR excluding divested businesses2 $2,508 $2,320 8%
Constant currency ARR excluding divested $2,545 $2,320 9.7%
businesses (FY'26 Plan FX rates3)
Operating cash flow $475 $104 -55%
Free cash flow $385 $100 -63%
Revenue4 $673 $894 (25%)6
Operating margin4 32% 49% -1,690 bps
Non-GAAP operating margin4 46% 59% -1,320 bps
Earnings per share4 $1.44 $2.88 -50%
Non-GAAP earnings per share4 $2.03 $3.41 -40%
1 The definitions of our operating and non-GAAP financial measures and
reconciliations of non-GAAP financial measures to comparable GAAP measures are
included below and in the reconciliation tables at the end of this press
release. 2 As reported ARR excluding divested businesses excludes Kepware and
ThingWorx ARR from Q4’25 to facilitate period-to-period comparisons following
the divestiture of those businesses in Q2’26. ARR increased 1% year over year on
an as reported basis in Q4’26. 3 On a constant currency basis, using our FY’26
Plan foreign exchange rates (rates as of September 30, 2025) for all periods.
Constant currency ARR excluding divested businesses excludes Kepware and
ThingWorx ARR from Q4’25. 4 Revenue and, as a result, operating margin and
earnings per share are impacted under ASC 606. 5 Q4’26 cash flow included
approximately $24 million of divestiture-related costs and approximately $75
million of divestiture-related cash taxes, all of which are not expected to
recur in future years. Also, Q4’26 free cash flow included approximately $5
million of capital expenditures, which are not expected to recur in future
years, related to moving a major R&D center to a new office . 6 In Q4’26,
revenue declined 24% year over year on a constant currency basis .
$ in millions, except per share amounts FY’26 FY'25 YoY Change
Operating cash flow $8992 $8683 4%
Free cash flow $8732 $8573 2%
Revenue1 $2,733 $2,739 (0%)4
Operating margin1 33% 36% -310 bps
Non-GAAP operating margin1 47% 48% -80 bps
Earnings per share1 $8.93 $6.08 47%
Non-GAAP earnings per share1 $8.24 $7.94 4%
1 Revenue and, as a result, operating margin and earnings per share are impacted
under ASC 606. 2 FY’26 cash flow included approximately $48 million of
divestiture-related costs and approximately $83 million of divestiture-related
cash taxes, partially offset by approximately $70 million of divestiture-related
net free cash flow contribution, all of which are not expected to recur in
future years. Also, FY’26 free cash flow included approximately $14 million of
capital expenditures, which are not expected to recur in future years, related
to moving a major R&D center to a new office. 3 FY’25 cash flow absorbed
approximately $20 million of outflows related to our go-to-market realignment. 4
In FY’26, revenue declined 2% year over year on a constant currency basis . As
previously announced on October 5 th , 2026, PTC entered into a definitive
agreement to be acquired by Schneider Electric. In light of the pending
transaction, PTC is suspending quarterly earnings conference calls and is no
longer providing quarterly or annual guidance.
1
Important Information About Our Operating and Non-GAAP Financial Measures
Non-GAAP Financial Measures
We provide supplemental non-GAAP financial measures to our financial results. We
use these non-GAAP financial measures, and we believe that they assist our
investors, to make period-to-period comparisons of our operating performance
because they provide a view of our operating results without items that are not,
in our view, indicative of our operating results. These non-GAAP financial
measures should not be construed as an alternative to GAAP results as the items
excluded from the non-GAAP financial measures often have a material impact on
our operating results, certain of those items are recurring, and others often
recur. Management uses, and investors should consider, our non-GAAP financial
measures only in conjunction with our GAAP results.
Non-GAAP operating expense, non-GAAP operating margin, non-GAAP gross profit,
non-GAAP gross margin, non-GAAP net income and non-GAAP EPS exclude the effect
of the following items: stock-based compensation; amortization of acquired
intangible assets; acquisition and transaction-related charges included in
general and administrative expenses; impairment and other charges (credits),
net; non-operating charges (credits), net shown in the reconciliation provided;
and income tax adjustments. Additional information about the items we exclude
from our non-GAAP financial measures and the reasons we exclude them can be
found in “Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the
fiscal year ended September 30, 2025.
Free Cash Flow:We provide information on free cash flow to enable investors to
assess our ability to generate cash without incurring additional external
financings and to evaluate our performance against our announced long-term goals
and intent to return excess cash to shareholders via stock repurchases. Free
cash flow is cash provided by (used in) operations net of capital expenditures.
Free cash flow is not a measure of cash available for discretionary
expenditures.
Constant Currency (CC):We present CC information to provide a framework for
assessing how our underlying business performed excluding the effects of foreign
currency exchange rate fluctuations. To present CC information, FY’26 and
comparative prior period results for entities reporting in currencies other than
United States dollars are converted into United States dollars using the foreign
exchange rate as of September 30, 2025, rather than the actual exchange rates in
effect during that period.
Operating Measure
ARR:ARR (Annual Run Rate) represents the annualized value of our portfolio of
active subscription software, SaaS, hosting, and support contracts as of the end
of the reporting period. We calculate ARR as follows:
We consider a contract to be active when the product or service contractual term
commences (the “start date”) until the right to use the product or service ends
(the “expiration date”). Even if the contract with the customer is executed
before the start date, the contract will not count toward ARR until the customer
right to receive the benefit of the products or services has commenced.
For contracts that include annual values that change over time, we include in
ARR only the annualized value of components of the contract that are considered
active as of the date of the ARR calculation. We do not include any future
committed increases in the contract value as of the date of the ARR calculation.
As ARR includes only contracts that are active at the end of the reporting
period, ARR does not reflect assumptions or estimates regarding future contract
renewals or non-renewals.
Active contracts are annualized by dividing the total active contract value by
the contract duration in days (expiration date minus start date, adjusted for
leap years), then multiplying that by 365 days.
We believe ARR is a valuable operating measure to assess the health of a
subscription business because it is aligned with the amount that we invoice the
customer on an annual basis. We generally invoice customers
2
annually for the current year of the contract. A customer with a one-year
contract will typically be invoiced for the total value of the contract at the
beginning of the contractual term, while a customer with a multi-year contract
will be invoiced for each annual period at the beginning of each year of the
contract.
ARR increases by the annualized value of active contracts that commence in a
reporting period and decreases by the annualized value of contracts that expire
in the reporting period.
As ARR is not annualized recurring revenue, it is not calculated based on
recognized or unearned revenue and is not affected by variability in the timing
of revenue under ASC 606, particularly for on-premises license subscriptions
where a substantial portion of the total value of the contract is recognized as
revenue at a point in time upon the later of when the software is made
available, or the subscription term commences.
ARR should be viewed independently of recognized and unearned revenue and is not
intended to be combined with, or to replace, either of those items. Investors
should consider our ARR operating measure only in conjunction with our GAAP
financial results.
About PTC (NASDAQ: PTC)
PTC (NASDAQ: PTC) is a global software company that enables industrial and
manufacturing companies to digitally transform how they engineer, manufacture,
and service the physical products that the world relies on. Headquartered in
Boston, Massachusetts, PTC employs over 7,000 people and supports more than
30,000 customers globally. For more information, please visit www.ptc.com.
PTC.com@PTCBlogs
PTC Investor Relations Contact
Michael Maguire, CFA
VP, Investor Relations
investor@ptc.com
3
PTC
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4
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5
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6
PTC Inc.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE
SHEETS
(in thousands) September 30, September 30,
ASSETS 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 232,852 $ 184,415
equivalents
Accounts receivable, 1,107,131 1,001,085
net
Property and 66,580 60,843
equipment, net
Goodwill and acquired
intangible assets, 4,139,199 4,317,979
net
Lease assets, net 125,555 114,974
Other assets 1,041,239 937,876
Total assets $ 6,712,556 $ 6,617,172
LIABILITIES AND
STOCKHOLDERS' EQUITY
Deferred revenue $ 821,091 $ 827,065
Debt, net of deferred 1,609,763 1,197,434
issuance costs
Lease obligations 187,068 172,433
Other liabilities 682,452 594,011
Stockholders' equity 3,412,182 3,826,229
Total liabilities and
stockholders' $ 6,712,556 $ 6,617,172
equity
7
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act… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
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Def… 109,… 54,2… 4,816 37,7…
rev…
Inc… (66,… ) 41,1… 50,0… 63,5…
tax…
Oth… 39,1… (145… ) (195… ) (194… )
Net
cash
pro… 47,3… 104,… 898,… 867,…
by
ope…
act…
Cap… (9,6… ) (3,5… ) (25,… ) (11,… )
exp…
Div…
of 8,176 - 531,… -
bus…
Bor…
(pa…
on 186,… (36,… ) 411,… (552… )
deb…
net…
Rep…
of (298… ) (75,… ) (1,6… ) (299… )
com…
sto…
Net
pro…
ass…
with 12,3… 12,7… 25,4… 26,0…
iss…
of
com…
sto…
Pay…
of
wit…
tax…
in
con… (5,9… ) (8,4… ) (73,… ) (80,… )
with
ves…
of
sto…
awa…
Set…
of
net (8,7… ) (6,1… ) 17,7… (20,… )
inv…
hed…
Con…
to
sol… (50,… ) - (100… ) -
ene…
equ…
inv…
Oth…
fin…
& - - (4,5… ) (7,9… )
inv…
act…
For…
exc…
imp… 595 (2,2… ) (7,1… ) (2,3… )
on
cash
Net
cha…
in
cas…
cash (118… ) (14,… ) 48,4… (81,… )
equ…
and
res…
cash
Cas…
cash
equ…
and
res… 352,… 199,… 184,… 266,…
cas…
beg…
of
per…
Cas…
cash
equ…
and
res… $ 233,… $ 184,… $ 233,… $ 184,…
cas…
end
of
per…
Sup…
cash
flow
inf…
Cash
paid $ 21,6… $ 18,7… $ 62,2… $ 77,8…
for
int…
(1)
In
Q2'…
we
sold
our
Thi…
and
Kep…
bus…
(2)
In
FY'…
net
rep…
inc…
bor…
on
our
cre…
fac…
rev…
to
fund
the
$500
mil…
bond
rep…
in
Feb…
8
PTC
Inc.
NON…
FIN…
MEA…
AND
REC…
(UN…
(in
tho…
Cash
pro… Three Twe…
by Mont… Mon…
ope… Ended End…
act… Sept… Sept… Sep… Sep…
Cap… 30, 47,3… 30, 104,… 30, 898,… 30, 867,…
exp… 2026 (9,6… ) 2025 (3,5… ) 2026 (25,… ) 2025 (11,… )
──────────────────────────────────────────────────────────────────────────────
Free
cash $ 37,6… $ 100,… $ 872,… $ 856,…
flow
9