What is Progress Software's operating income?

Progress Software's total operating income in 2025 was $153.29 million, based on the following breakdown: Total Gross Profit: $790.25 million Total Operating Expenses: $636.96 million

Progress Software (PRGS) Financials

$38.78 +1.30 (+3.47%)

As of 03:02 PM Eastern

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Annual Income Statements for Progress Software

This table shows Progress Software's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-8.80	624	669	674	339	80	78	95	70	68	73
Consolidated Net Income / (Loss)	-8.80	-56	29	50	26	80	78	95	70	68	73
Net Income / (Loss) Continuing Operations	-8.80	624	669	674	339	80	78	95	70	68	73
Total Pre-Tax Income	12	-35	52	61	28	97	96	117	80	94	82
Total Operating Income	15	-30	57	68	40	108	116	132	111	124	153
Total Gross Profit	314	679	640	624	312	380	453	508	568	623	790
Total Revenue	378	811	778	758	413	442	531	602	694	753	978
Operating Revenue	378	811	778	758	413	442	531	602	694	753	978
Total Cost of Revenue	64	131	138	134	101	62	78	94	127	130	188
Operating Cost of Revenue	64	131	138	134	101	62	78	94	127	130	188
Total Operating Expenses	299	30	-57	-68	298	272	337	375	457	499	637
Selling, General & Admin Expense	57	47	48	51	53	54	65	78	83	90	108
Marketing Expense	125	122	101	93	102	100	126	141	156	165	211
Research & Development Expense	87	89	77	80	89	89	103	115	132	146	192
Amortization Expense	13	13	13	13	22	20	32	47	66	65	104
Other Operating Expenses / (Income)	-	340	320	317	-338	0.00	0.00	0.60	6.16	5.64	2.78
Restructuring Charge	17	2.93	24	2.51	7.99	9.54	10	5.48	13	28	18
Total Other Income / (Expense), net	-2.40	-5.57	-5.03	-7.02	-12	-11	-21	-15	-31	-30	-72
Interest Expense	3.79	4.18	4.63	5.15	9.91	10	20	16	31	32	71
Other Income / (Expense), net	1.39	-1.39	-0.40	-1.87	-1.68	-0.92	-0.52	0.91	-0.09	2.27	-0.81
Income Tax Expense	21	20	23	11	2.10	17	17	22	9.46	26	8.50
Basic Earnings per Share	($0.17)	($1.13)	$0.60	$1.09	$0.59	$1.78	$1.79	$2.19	$1.62	$1.58	$1.70
Weighted Average Basic Shares Outstanding	50.39M	49.48M	48.13M	45.56M	44.79M	44.89M	43.92M	43.48M	43.46M	43.27M	43.00M
Diluted Earnings per Share	($0.17)	($1.13)	$0.60	$1.08	$0.58	$1.76	$1.76	$2.15	$1.57	$1.54	$1.66
Weighted Average Diluted Shares Outstanding	50.39M	49.48M	48.52M	46.14M	45.34M	45.32M	44.62M	44.25M	44.66M	44.43M	44.02M
Weighted Average Basic & Diluted Shares Outstanding	51.80M	49.30M	48M	45.70M	45.10M	44.22M	44.18M	43.35M	43.88M	43.37M	42.11M
Cash Dividends to Common per Share	$0.00	$0.13	$0.52	$0.58	$0.63	$0.67	$0.70	$0.70	$0.70	$0.53	$0.00

This table shows Progress Software's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
Net Income / (Loss) Attributable to Common Shareholders	15	23	16	28	1.15	11	17	19	26	23	21
Consolidated Net Income / (Loss)	15	23	16	28	1.15	11	17	19	26	23	21
Net Income / (Loss) Continuing Operations	15	23	16	28	1.15	11	17	19	26	23	21
Total Pre-Tax Income	14	28	20	34	12	13	20	26	22	30	29
Total Operating Income	23	35	27	40	22	32	39	44	38	46	45
Total Gross Profit	143	152	143	150	178	192	190	202	206	204	209
Total Revenue	177	185	175	179	215	238	237	250	253	248	253
Operating Revenue	177	185	175	179	215	238	237	250	253	248	253
Total Cost of Revenue	34	33	32	29	37	46	47	48	47	44	45
Operating Cost of Revenue	34	33	32	29	37	46	47	48	47	44	45
Total Operating Expenses	121	117	116	109	157	159	151	158	168	157	163
Selling, General & Admin Expense	22	21	22	21	26	26	26	28	29	27	32
Marketing Expense	44	39	38	37	50	51	50	52	58	52	54
Research & Development Expense	34	35	35	35	41	46	47	49	50	50	49
Amortization Expense	18	17	16	14	18	26	26	26	26	26	26
Other Operating Expenses / (Income)	1.04	0.99	3.04	0.93	0.69	0.74	0.73	0.66	0.65	1.36	1.27
Restructuring Charge	2.45	3.05	1.20	2.17	21	9.52	2.77	1.72	4.41	1.52	0.54
Total Other Income / (Expense), net	-8.37	-7.40	-7.02	-6.07	-9.25	-19	-19	-18	-16	-16	-16
Interest Expense	7.89	7.34	7.01	6.77	11	18	18	18	17	15	16
Other Income / (Expense), net	-0.48	-0.06	-0.01	0.70	1.65	-0.70	-0.61	0.07	0.43	-0.93	-0.45
Income Tax Expense	-1.16	4.97	3.94	5.82	11	2.36	2.84	6.79	-3.49	7.48	7.77
Basic Earnings per Share	$0.35	$0.52	$0.37	$0.66	$0.03	$0.25	$0.40	$0.45	$0.60	$0.54	$0.50
Weighted Average Basic Shares Outstanding	43.46M	43.80M	43.21M	42.87M	43.27M	43.26M	43.05M	42.99M	43.00M	42.16M	41.90M
Diluted Earnings per Share	$0.35	$0.51	$0.37	$0.65	$0.01	$0.24	$0.39	$0.44	$0.59	$0.53	$0.50
Weighted Average Diluted Shares Outstanding	44.66M	44.83M	43.96M	43.71M	44.43M	44.89M	44.16M	43.72M	44.02M	42.73M	42.31M
Weighted Average Basic & Diluted Shares Outstanding	43.88M	43.22M	42.78M	42.91M	43.37M	43.03M	43.11M	42.91M	42.11M	42.08M	41.01M

This table details how cash moves in and out of Progress Software's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Net Change in Cash & Equivalents	-51	-5.34	-74	-28	49	-56	57	101	-129	-8.88	-23
Net Cash From Operating Activities	105	103	106	121	128	145	179	192	174	211	235
Net Cash From Continuing Operating Activities	105	103	106	121	128	145	179	192	174	211	235
Net Income / (Loss) Continuing Operations	-8.80	-56	29	50	26	80	78	95	70	68	73
Consolidated Net Income / (Loss)	-8.80	-56	29	50	26	80	78	95	70	68	73
Depreciation Expense	9.39	8.51	7.53	6.94	7.55	6.14	5.48	5.00	6.35	6.43	6.23
Amortization Expense	32	31	35	38	49	29	56	72	99	100	151
Non-Cash Adjustments To Reconcile Net Income	28	119	14	26	48	32	40	35	50	59	80
Changes in Operating Assets and Liabilities, net	44	0.20	20	0.81	-2.92	-2.03	-1.46	-15	-52	-23	-76
Net Cash From Investing Activities	-260	-21	-88	7.59	-208	-207	-250	22	-360	-858	-27
Net Cash From Continuing Investing Activities	-260	-21	-88	7.59	-208	-207	-250	22	-360	-858	-27
Purchase of Property, Plant & Equipment	-8.85	-5.79	-3.38	-7.25	-4.00	-6.52	-4.65	-6.09	-5.57	-5.21	-5.70
Acquisitions	-246	0.00	-77	0.00	-225	-213	-254	0.00	-355	-853	-21
Purchase of Investments	-24	-42	-40	-8.26	-11	-5.01	0.00	0.00	-15	0.00	0.00
Sale and/or Maturity of Investments	15	26	32	23	25	16	5.95	1.95	16	0.00	0.00
Net Cash From Financing Activities	118	-82	-103	-147	130	3.08	132	-101	51	641	-238
Net Cash From Continuing Financing Activities	118	-82	-103	-147	130	3.08	132	-101	51	641	-238
Repayment of Debt	-7.41	-9.38	-12	-6.19	-6.92	-11	-117	-6.87	-92	-378	-136
Repurchase of Common Equity	-33	-79	-74	-120	-25	-60	-36	-79	-34	-87	-105
Payment of Dividends	0.00	0.00	-24	-26	-28	-30	-32	-31	-32	-31	-0.79
Issuance of Debt	150	-	0.00	0.00	185	99	350	7.48	195	1,169	0.00
Issuance of Common Equity	13	9.92	10	9.21	9.27	11	15	16	26	28	19
Other Financing Activities, net	-4.49	-3.55	-2.85	-4.00	-4.28	-5.33	-48	-7.82	-12	-59	-15
Effect of Exchange Rate Changes	-13	-4.99	-	-11	-	3.10	-2.89	-	5.96	-3.29	6.83
Cash Interest Paid	2.73	3.16	3.60	4.22	8.67	9.18	8.54	8.57	24	22	64
Cash Income Taxes Paid	17	22	26	25	16	16	26	29	40	32	34

This table details how cash moves in and out of Progress Software's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
Net Change in Cash & Equivalents	-11	6.26	57	42	-115	6.08	-22	-3.00	-4.20	18	-10
Net Cash From Operating Activities	33	71	64	58	20	69	30	73	63	99	79
Net Cash From Continuing Operating Activities	33	71	64	58	20	69	30	73	63	99	79
Net Income / (Loss) Continuing Operations	15	23	16	28	1.15	11	17	19	26	23	21
Consolidated Net Income / (Loss)	15	23	16	28	1.15	11	17	19	26	23	21
Depreciation Expense	1.66	1.59	1.58	1.64	1.62	1.62	1.60	1.54	1.48	1.50	1.76
Amortization Expense	26	26	26	21	27	38	38	39	37	36	36
Non-Cash Adjustments To Reconcile Net Income	13	17	14	13	15	19	20	20	21	23	27
Changes in Operating Assets and Liabilities, net	-23	3.24	5.68	-6.78	-25	-0.66	-46	-6.45	-22	15	-7.88
Net Cash From Investing Activities	-2.39	-0.31	-0.96	-1.06	-856	-2.49	-0.50	-21	-3.43	-2.71	-1.86
Net Cash From Continuing Investing Activities	-2.39	-0.31	-0.96	-1.06	-856	-2.49	-0.50	-21	-3.43	-2.71	-1.86
Purchase of Property, Plant & Equipment	-2.39	-0.31	-0.96	-1.06	-2.88	-1.29	-0.50	-1.06	-2.86	-2.71	-1.86
Net Cash From Financing Activities	-42	-62	-5.38	-17	726	-59	-59	-58	-63	-79	-85
Net Cash From Continuing Financing Activities	-42	-62	-5.38	-17	726	-59	-59	-58	-63	-79	-85
Repayment of Debt	-32	-33	-345	-	-	-30	-40	-46	-20	-60	-410
Repurchase of Common Equity	-3.96	-23	-50	-14	-	-30	-20	-15	-40	-20	-35
Payment of Dividends	-7.89	-8.17	-7.95	-7.69	-7.65	-0.36	-0.30	-	-0.13	-0.20	-0.16
Issuance of Common Equity	5.58	7.58	5.31	4.58	10	6.24	6.52	3.28	2.93	5.44	2.63
Other Financing Activities, net	-4.28	-5.89	-47	-0.04	-6.54	-4.64	-5.46	-	-5.08	-3.71	-2.92
Effect of Exchange Rate Changes	-	-	-0.15	3.18	-4.81	-	7.58	1.75	-0.99	1.32	-2.03
Cash Interest Paid	6.24	5.57	2.39	-	14	12	21	11	19	8.36	19
Cash Income Taxes Paid	25	3.18	3.17	9.52	17	3.12	3.62	6.67	21	4.17	6.85

This table presents Progress Software's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Total Assets	877	755	719	644	881	1,042	1,364	1,411	1,603	2,527	2,458
Total Current Assets	323	336	263	232	285	239	338	426	331	369	400
Cash & Equivalents	212	207	133	105	154	98	155	256	127	118	95
Accounts Receivable	66	66	61	60	84	109	126	127	156	164	242
Other Current Assets	16	21	19	32	27	24	55	43	48	87	63
Plant, Property, & Equipment, net	54	50	42	31	30	30	14	15	15	14	14
Total Noncurrent Assets	499	369	413	382	567	773	1,011	970	1,257	2,144	2,044
Noncurrent Note & Lease Receivables	-	-	-	-	12	17	17	40	28	29	30
Goodwill	370	278	315	315	433	492	671	671	832	1,292	1,309
Intangible Assets	114	81	95	59	99	213	287	217	354	724	584
Noncurrent Deferred & Refundable Income Taxes	11	6.60	1.12	0.97	19	14	1.42	12	15	56	77
Other Noncurrent Operating Assets	4.42	3.17	1.99	7.05	3.53	37	34	30	27	44	44
Total Liabilities & Shareholders' Equity	877	755	719	644	881	1,042	1,364	1,411	1,603	2,527	2,458
Total Liabilities	355	348	343	320	551	696	951	1,013	1,143	2,088	1,979
Total Current Liabilities	200	204	208	186	241	263	323	318	352	455	810
Short-Term Debt	9.38	15	5.82	5.82	11	18	26	6.23	13	0.00	359
Accounts Payable	11	13	9.00	11	11	9.98	9.68	9.28	12	14	16
Accrued Expenses	21	13	20	13	19	16	19	17	22	35	30
Current Deferred Revenue	125	129	133	-	157	166	205	228	236	332	325
Current Employee Benefit Liabilities	30	26	32	26	34	37	47	42	50	65	72
Other Current Liabilities	-	-	-	123	0.00	7.02	7.93	7.47	10	9.20	8.49
Total Noncurrent Liabilities	155	144	135	134	310	433	628	695	791	1,633	1,170
Long-Term Debt	135	120	116	110	284	364	535	612	711	1,526	1,041
Noncurrent Deferred Revenue	8.84	8.80	9.75	13	20	27	47	55	59	72	100
Noncurrent Deferred & Payable Income Tax Liabilities	7.11	3.90	2.81	5.80	-	0.00	14	4.63	3.57	2.28	1.16
Other Noncurrent Operating Liabilities	3.79	12	5.97	5.32	6.35	42	32	24	18	32	27
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Total Equity & Noncontrolling Interests	522	407	376	324	330	346	412	399	460	439	478
Total Preferred & Common Equity	522	407	376	324	330	346	412	399	460	439	478
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	522	407	376	324	330	346	412	399	460	439	478
Common Stock	228	239	250	267	296	306	355	332	371	355	384
Retained Earnings	319	196	145	85	64	73	90	102	121	120	127
Accumulated Other Comprehensive Income / (Loss)	-25	-29	-19	-28	-30	-33	-32	-35	-32	-36	-33

This table presents Progress Software's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	2/28/2023	5/31/2023	8/31/2023	2/29/2024	5/31/2024	8/31/2024	2/28/2025	5/31/2025	8/31/2025	2/28/2026	5/31/2026
Total Assets	1,644	1,602	1,597	1,548	1,586	1,620	2,462	2,414	2,422	2,395	2,346
Total Current Assets	293	281	303	297	343	389	341	326	336	370	337
Cash & Equivalents	108	126	138	133	190	233	124	102	99	113	103
Accounts Receivable	127	120	131	118	116	123	162	140	151	148	125
Other Current Assets	43	35	33	46	37	33	55	84	85	109	108
Plant, Property, & Equipment, net	15	15	16	14	13	13	13	12	13	15	15
Total Noncurrent Assets	1,336	1,306	1,278	1,236	1,230	1,219	2,109	2,075	2,073	2,010	1,994
Noncurrent Note & Lease Receivables	48	39	33	34	32	35	30	30	31	28	44
Goodwill	812	826	826	833	833	833	1,294	1,294	1,309	1,309	1,310
Intangible Assets	441	405	379	328	305	285	686	651	619	550	515
Noncurrent Deferred & Refundable Income Taxes	1.40	4.37	12	19	33	41	57	62	69	75	78
Other Noncurrent Operating Assets	34	33	29	23	28	26	40	39	45	47	47
Total Liabilities & Shareholders' Equity	1,644	1,602	1,597	1,548	1,586	1,620	2,462	2,414	2,422	2,395	2,346
Total Liabilities	1,230	1,183	1,152	1,086	1,185	1,194	2,031	1,961	1,944	1,896	1,840
Total Current Liabilities	337	323	325	312	307	315	429	750	770	788	416
Short-Term Debt	7.95	9.67	11	0.00	0.00	0.00	-	358	359	360	0.00
Accounts Payable	10	7.16	8.73	9.92	8.58	11	15	9.04	13	14	11
Accrued Expenses	23	27	25	18	19	25	33	25	28	30	25
Current Deferred Revenue	245	228	220	233	227	218	329	308	299	331	324
Current Employee Benefit Liabilities	33	34	42	33	35	44	43	42	63	45	47
Other Current Liabilities	9.32	10	10	9.82	9.45	8.87	8.98	8.25	8.79	8.81	8.14
Total Noncurrent Liabilities	893	860	828	774	877	879	1,602	1,211	1,174	1,108	1,424
Long-Term Debt	804	776	744	691	794	795	1,497	1,100	1,061	982	1,292
Noncurrent Deferred Revenue	57	56	60	64	65	67	72	80	82	94	99
Noncurrent Deferred & Payable Income Tax Liabilities	5.55	4.55	4.24	3.63	3.71	3.77	2.29	2.48	2.60	1.18	1.15
Other Noncurrent Operating Liabilities	26	23	20	15	15	13	31	28	29	31	31
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	413	419	445	462	402	426	432	453	478	499	506
Total Preferred & Common Equity	413	419	445	462	402	426	432	453	478	499	506
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	413	419	445	462	402	426	432	453	478	499	506
Common Stock	339	348	362	373	331	339	353	363	372	398	416
Retained Earnings	108	104	115	123	106	119	116	123	138	133	124
Accumulated Other Comprehensive Income / (Loss)	-34	-33	-32	-34	-35	-33	-38	-33	-32	-33	-34

This table displays calculated financial ratios and metrics derived from Progress Software's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.54%	114.72%	-3.99%	-2.61%	-45.47%	6.98%	20.17%	13.31%	15.35%	8.49%	29.79%
EBITDA Growth	-38.27%	-85.79%	1,116.57%	10.46%	-13.91%	48.88%	24.86%	18.74%	2.78%	7.93%	33.15%
EBIT Growth	-79.40%	-292.68%	283.57%	15.50%	-41.76%	178.08%	8.22%	15.11%	-16.99%	14.34%	20.75%
NOPAT Growth	-120.48%	-97.86%	252.92%	74.22%	-32.97%	139.31%	7.23%	12.41%	-9.09%	-7.57%	52.55%
Net Income Growth	-117.79%	-533.18%	152.08%	71.15%	-46.85%	201.98%	-1.63%	21.23%	-26.16%	-2.51%	6.86%
EPS Growth	-117.71%	-564.71%	153.10%	80.00%	-46.30%	203.45%	0.00%	22.16%	-26.98%	-1.91%	7.79%
Operating Cash Flow Growth	-2.93%	-1.62%	2.76%	14.82%	5.88%	12.74%	23.25%	7.63%	-9.49%	21.60%	11.20%
Free Cash Flow Firm Growth	-460.85%	160.66%	-91.82%	687.47%	-265.77%	27.49%	-17.97%	266.02%	-223.00%	-247.12%	128.97%
Invested Capital Growth	63.69%	-29.99%	7.74%	-4.18%	49.17%	37.40%	30.60%	-6.67%	38.61%	73.40%	-3.42%
Revenue Q/Q Growth	4.09%	102.50%	-3.26%	-28.40%	-47.60%	214.60%	8.73%	-1.30%	2.94%	5.31%	4.01%
EBITDA Q/Q Growth	-2.32%	-90.96%	418.54%	-5.67%	-10.48%	17.63%	4.48%	5.80%	-0.14%	0.70%	9.13%
EBIT Q/Q Growth	-30.73%	-160.89%	364.74%	-8.23%	-30.43%	31.67%	1.33%	8.64%	-7.64%	0.87%	11.44%
NOPAT Q/Q Growth	-164.28%	-316.21%	320.98%	4.27%	-32.53%	52.62%	0.68%	6.49%	-3.43%	-16.18%	48.56%
Net Income Q/Q Growth	-158.15%	-748.43%	-71.62%	-86.02%	131.08%	129.90%	142.79%	-22.42%	-10.66%	-17.17%	50.68%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.69%	-10.29%	-18.09%	53.70%
Operating Cash Flow Q/Q Growth	-10.20%	6.84%	-1.33%	-6.32%	10.56%	4.44%	0.66%	-1.93%	-3.86%	-6.00%	22.47%
Free Cash Flow Firm Q/Q Growth	0.22%	60.25%	-84.16%	-24.26%	21.05%	-171.32%	-75.13%	290.42%	0.47%	-481.73%	128.27%
Invested Capital Q/Q Growth	-6.64%	-25.28%	-2.49%	5.53%	-6.56%	45.51%	41.07%	-0.12%	-0.50%	85.33%	-0.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.12%	83.79%	82.23%	82.33%	75.53%	85.95%	85.23%	84.30%	81.77%	82.68%	80.82%
EBITDA Margin	15.31%	1.01%	12.85%	14.57%	23.01%	32.02%	33.27%	34.86%	31.07%	30.91%	31.71%
Operating Margin	3.91%	-3.66%	7.39%	8.95%	9.70%	24.36%	21.85%	21.95%	15.92%	16.46%	15.68%
EBIT Margin	4.28%	-3.84%	7.34%	8.70%	9.29%	24.16%	21.75%	22.10%	15.90%	16.76%	15.59%
Profit (Net Income) Margin	-2.33%	-6.87%	3.73%	6.55%	6.39%	18.03%	14.76%	15.79%	10.11%	9.08%	7.48%
Tax Burden Percent	-71.24%	157.95%	55.32%	81.70%	92.65%	82.50%	82.09%	81.08%	88.12%	72.60%	89.59%
Interest Burden Percent	76.53%	113.43%	91.89%	92.19%	74.19%	90.48%	82.66%	88.13%	72.13%	74.65%	53.53%
Effective Tax Rate	171.24%	0.00%	44.68%	18.30%	7.35%	17.50%	17.91%	18.92%	11.88%	27.40%	10.41%
Return on Invested Capital (ROIC)	-3.07%	-5.75%	10.28%	17.63%	9.69%	16.32%	13.11%	13.46%	10.62%	6.18%	7.57%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.97%	28.23%	13.67%	33.66%	-9.46%	11.89%	8.25%	10.37%	5.05%	4.04%	2.83%
Return on Net Nonoperating Assets (RNNOA)	1.41%	-6.25%	-2.86%	-3.44%	-1.62%	7.26%	7.57%	9.98%	5.73%	9.05%	8.38%
Return on Equity (ROE)	-1.65%	-12.00%	7.42%	14.19%	8.07%	23.58%	20.68%	23.45%	16.36%	15.23%	15.95%
Cash Return on Invested Capital (CROIC)	-51.37%	29.53%	2.82%	21.90%	-29.78%	-15.19%	-13.43%	20.36%	-21.74%	-47.51%	11.04%
Operating Return on Assets (OROA)	2.04%	-3.81%	7.75%	9.68%	5.04%	11.11%	9.61%	9.59%	7.33%	6.12%	6.12%
Return on Assets (ROA)	-1.11%	-6.83%	3.94%	7.29%	3.46%	8.29%	6.52%	6.85%	4.66%	3.31%	2.93%
Return on Common Equity (ROCE)	-1.65%	-12.00%	7.42%	14.19%	8.07%	23.58%	20.68%	23.45%	16.36%	15.23%	15.95%
Return on Equity Simple (ROE_SIMPLE)	-1.68%	-13.70%	7.72%	15.33%	7.99%	23.04%	19.01%	23.86%	15.27%	15.60%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-21	32	55	37	89	95	107	97	90	137
NOPAT Margin	-2.78%	-2.57%	4.09%	7.31%	8.99%	20.10%	17.94%	17.80%	14.03%	11.95%	14.05%
Net Nonoperating Expense Percent (NNEP)	0.90%	-33.98%	-3.40%	-16.04%	19.16%	4.43%	4.86%	3.09%	5.58%	2.14%	4.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.54%	8.23%	4.58%	7.31%
Cost of Revenue to Revenue	16.88%	16.21%	17.77%	17.67%	24.47%	14.05%	14.77%	15.70%	18.23%	17.32%	19.18%
SG&A Expenses to Revenue	15.18%	5.74%	6.14%	6.67%	12.91%	12.21%	12.26%	12.94%	11.97%	11.88%	11.07%
R&D to Revenue	23.02%	10.93%	9.89%	10.52%	21.43%	20.04%	19.45%	19.03%	19.07%	19.42%	19.66%
Operating Expenses to Revenue	79.21%	3.66%	-7.39%	-8.95%	72.10%	61.59%	63.38%	62.36%	65.86%	66.22%	65.14%
Earnings before Interest and Taxes (EBIT)	16	-31	57	66	38	107	116	133	110	126	152
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	8.22	100	110	95	142	177	210	216	233	310
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.05	3.16	4.77	4.49	5.33	4.98	4.98	5.63	5.05	6.69	3.71
Price to Tangible Book Value (P/TBV)	27.96	26.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.84	1.58	2.31	1.92	4.26	3.90	3.87	3.73	3.35	3.90	1.82
Price to Earnings (P/E)	0.00	2.06	2.68	2.16	5.20	21.61	26.20	23.59	33.10	42.89	24.30
Dividend Yield	0.00%	0.47%	1.37%	1.77%	1.60%	1.75%	1.49%	1.34%	1.31%	1.02%	0.00%
Earnings Yield	0.00%	48.53%	37.27%	46.30%	19.22%	4.63%	3.82%	4.24%	3.02%	2.33%	4.12%
Enterprise Value to Invested Capital (EV/IC)	2.29	3.93	5.40	4.65	4.10	3.17	2.98	3.39	2.74	2.35	1.73
Enterprise Value to Revenue (EV/Rev)	2.58	1.44	2.23	1.89	4.56	4.52	4.62	4.33	4.21	5.76	3.15
Enterprise Value to EBITDA (EV/EBITDA)	16.87	142.35	17.34	12.96	19.80	14.12	13.90	12.41	13.54	18.65	9.94
Enterprise Value to EBIT (EV/EBIT)	60.44	0.00	30.36	21.71	49.02	18.72	21.26	19.58	26.45	34.40	20.22
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	54.51	25.84	50.70	22.50	25.78	24.31	29.99	48.24	22.44
Enterprise Value to Operating Cash Flow (EV/OCF)	9.33	11.38	16.40	11.80	14.65	13.80	13.76	13.56	16.79	20.54	13.11
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.95	198.33	20.80	0.00	0.00	0.00	16.08	0.00	0.00	15.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.33	0.32	0.36	0.89	1.11	1.36	1.55	1.57	3.48	2.93
Long-Term Debt to Equity	0.26	0.30	0.31	0.34	0.86	1.05	1.30	1.54	1.55	3.48	2.18
Financial Leverage	-0.36	-0.22	-0.21	-0.10	0.17	0.61	0.92	0.96	1.14	2.24	2.96
Leverage Ratio	1.48	1.76	1.88	1.95	2.33	2.84	3.17	3.42	3.51	4.60	5.44
Compound Leverage Factor	1.13	1.99	1.73	1.79	1.73	2.57	2.62	3.02	2.53	3.43	2.91
Debt to Total Capital	21.65%	24.92%	24.48%	26.38%	47.16%	52.50%	57.60%	60.80%	61.16%	77.67%	74.54%
Short-Term Debt to Total Capital	1.41%	2.77%	1.17%	1.32%	1.71%	2.50%	2.65%	0.61%	1.11%	0.00%	19.12%
Long-Term Debt to Total Capital	20.24%	22.16%	23.31%	25.06%	45.44%	50.00%	54.95%	60.19%	60.06%	77.67%	55.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	78.35%	75.08%	75.52%	73.62%	52.85%	47.50%	42.40%	39.20%	38.84%	22.33%	25.46%
Debt to EBITDA	2.50	16.43	1.22	1.05	3.10	2.70	3.17	2.94	3.36	6.55	4.52
Net Debt to EBITDA	-1.68	-13.96	-0.62	-0.21	1.27	1.95	2.28	1.72	2.77	6.05	4.21
Long-Term Debt to EBITDA	2.33	14.60	1.16	1.00	2.99	2.57	3.02	2.92	3.30	6.55	3.36
Debt to NOPAT	-13.74	-6.49	3.83	2.10	7.94	4.30	5.88	5.77	7.43	16.95	10.20
Net Debt to NOPAT	9.22	5.52	-1.94	-0.42	3.26	3.11	4.23	3.38	6.13	15.64	9.51
Long-Term Debt to NOPAT	-12.84	-5.77	3.65	1.99	7.65	4.10	5.61	5.71	7.30	16.95	7.58
Altman Z-Score	2.98	3.73	4.86	4.51	2.69	2.32	2.07	2.26	1.97	1.33	1.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.62	1.65	1.27	1.24	1.18	0.91	1.05	1.34	0.94	0.81	0.49
Quick Ratio	1.54	1.55	1.18	1.07	1.07	0.82	0.88	1.21	0.80	0.70	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-176	107	8.74	69	-114	-83	-98	162	-199	-692	200
Operating Cash Flow to CapEx	1,181.91%	1,777.48%	5,806.92%	1,673.82%	0.00%	2,573.69%	3,836.06%	0.00%	3,122.44%	4,062.50%	4,124.64%
Free Cash Flow to Firm to Interest Expense	-46.49	25.57	1.89	13.37	-11.51	-8.14	-4.87	10.26	-6.48	-21.61	2.83
Operating Cash Flow to Interest Expense	27.60	24.62	22.82	23.57	12.96	14.24	8.91	12.17	5.65	6.61	3.32
Operating Cash Flow Less CapEx to Interest Expense	25.26	23.23	22.43	22.16	13.18	13.69	8.67	13.43	5.47	6.44	3.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.99	1.06	1.11	0.54	0.46	0.44	0.43	0.46	0.36	0.39
Accounts Receivable Turnover	5.60	12.27	12.27	12.54	5.76	4.59	4.53	4.77	4.91	4.26	5.44
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.65	15.54	16.85	20.77	13.67	14.84	24.06	41.13	46.06	52.01	71.27
Accounts Payable Turnover	5.56	10.87	12.58	13.67	9.54	6.04	7.98	9.97	11.69	9.93	12.57
Days Sales Outstanding (DSO)	65.14	29.75	29.75	29.12	63.33	79.52	80.58	76.58	74.32	85.76	67.07
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	65.67	33.58	29.02	26.70	38.25	60.47	45.74	36.63	31.22	36.76	29.04
Cash Conversion Cycle (CCC)	-0.53	-3.83	0.74	2.42	25.08	19.05	34.84	39.96	43.10	49.00	38.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	426	298	321	308	459	630	823	768	1,065	1,847	1,784
Invested Capital Turnover	1.10	2.24	2.52	2.41	1.08	0.81	0.73	0.76	0.76	0.52	0.54
Increase / (Decrease) in Invested Capital	166	-128	23	-13	151	172	193	-55	297	782	-63
Enterprise Value (EV)	976	1,170	1,734	1,432	1,883	1,999	2,457	2,605	2,921	4,343	3,082
Market Capitalization	1,073	1,285	1,795	1,455	1,762	1,723	2,054	2,243	2,324	2,935	1,777
Book Value per Share	$10.40	$8.37	$7.87	$7.22	$7.37	$7.67	$9.41	$9.27	$10.55	$10.23	$11.15
Tangible Book Value per Share	$0.76	$0.98	($0.71)	($1.11)	($4.51)	($7.95)	($12.45)	($11.39)	($16.68)	($36.75)	($32.97)
Total Capital	667	542	498	440	625	729	973	1,017	1,184	1,965	1,879
Total Debt	144	135	122	116	295	383	560	618	724	1,526	1,400
Total Long-Term Debt	135	120	116	110	284	364	535	612	711	1,526	1,041
Net Debt	-97	-115	-62	-23	121	277	403	362	597	1,408	1,306
Capital Expenditures (CapEx)	8.85	5.79	1.82	7.25	-2.15	5.63	4.65	-20	5.57	5.21	5.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-108	-102	-122	-88	-119	-111	-117	-142	-135	-204	-145
Debt-free Net Working Capital (DFNWC)	133	147	61	51	54	-5.37	41	114	-8.22	-86	-51
Net Working Capital (NWC)	123	132	55	45	44	-24	15	108	-21	-86	-410
Net Nonoperating Expense (NNE)	-1.71	35	2.78	5.73	11	9.15	17	12	27	22	64
Net Nonoperating Obligations (NNO)	-97	-109	-55	-16	129	284	411	370	605	1,408	1,306
Total Depreciation and Amortization (D&A)	42	39	43	45	57	35	61	77	105	107	158
Debt-free, Cash-free Net Working Capital to Revenue	-28.71%	-12.64%	-15.73%	-11.64%	-28.84%	-25.19%	-21.97%	-23.59%	-19.47%	-27.13%	-14.87%
Debt-free Net Working Capital to Revenue	35.19%	18.17%	7.86%	6.77%	13.19%	-1.21%	7.65%	18.98%	-1.18%	-11.46%	-5.18%
Net Working Capital to Revenue	32.71%	16.32%	7.12%	6.00%	10.59%	-5.34%	2.80%	17.95%	-3.07%	-11.46%	-41.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($1.13)	$0.78	$1.39	$0.59	$1.78	$1.79	$2.19	$1.62	$1.58	$1.70
Adjusted Weighted Average Basic Shares Outstanding	50.39M	49.48M	48.13M	45.56M	44.79M	44.89M	43.92M	43.48M	43.46M	43.27M	43.00M
Adjusted Diluted Earnings per Share	($0.17)	($1.13)	$0.77	$1.38	$0.58	$1.76	$1.76	$2.15	$1.57	$1.54	$1.66
Adjusted Weighted Average Diluted Shares Outstanding	50.39M	49.48M	48.52M	46.14M	45.34M	45.32M	44.62M	44.25M	44.66M	44.43M	44.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.91M	48.73M	46.39M	45.15M	45.10M	44.22M	44.18M	43.35M	43.88M	43.37M	42.11M
Normalized Net Operating Profit after Tax (NOPAT)	22	49	45	57	67	97	104	103	109	110	154
Normalized NOPAT Margin	5.93%	6.07%	5.77%	7.58%	16.18%	21.88%	19.55%	17.08%	15.69%	14.61%	15.73%
Pre Tax Income Margin	3.27%	-4.35%	6.74%	8.02%	6.89%	21.86%	17.98%	19.48%	11.47%	12.51%	8.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.26	-7.44	12.33	12.81	3.87	10.50	5.77	8.43	3.59	3.94	2.15
NOPAT to Interest Expense	-2.77	-4.98	6.87	10.76	3.75	8.74	4.75	6.78	3.16	2.81	1.94
EBIT Less CapEx to Interest Expense	1.93	-8.83	11.94	11.40	4.09	9.95	5.53	9.69	3.41	3.78	2.07
NOPAT Less CapEx to Interest Expense	-5.11	-6.36	6.47	9.35	3.96	8.19	4.52	8.05	2.98	2.65	1.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	83.14%	51.92%	105.15%	37.51%	40.25%	32.67%	44.95%	45.97%	1.07%
Augmented Payout Ratio	-373.46%	-142.10%	337.90%	293.52%	199.85%	112.77%	86.03%	116.09%	93.33%	172.77%	144.86%

This table displays calculated financial ratios and metrics derived from Progress Software's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	42,113,648.00	42,078,610.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	42,113,648.00	42,078,610.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.54	0.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.63%	12.46%	-1.78%	2.11%	21.47%	28.88%	35.57%	39.80%	17.54%	-	6.79%
EBITDA Growth	-0.60%	7.91%	8.20%	11.81%	3.23%	13.51%	41.90%	31.04%	50.31%	-	6.92%
EBIT Growth	-29.30%	-2.30%	17.35%	39.21%	4.93%	-9.21%	40.05%	7.06%	67.64%	-	17.76%
NOPAT Growth	-9.53%	1.96%	14.57%	25.15%	-91.75%	-7.05%	51.62%	-2.99%	2,105.04%	-	-0.23%
Net Income Growth	-35.32%	-4.37%	33.90%	49.04%	-92.52%	-51.65%	5.20%	-31.80%	2,144.55%	-	23.75%
EPS Growth	-33.96%	-3.77%	37.04%	54.76%	-97.14%	-52.94%	5.41%	-32.31%	5,800.00%	-	28.21%
Operating Cash Flow Growth	-17.38%	50.76%	32.80%	25.23%	-40.74%	-2.21%	-52.90%	27.38%	219.57%	-	162.83%
Free Cash Flow Firm Growth	-432.63%	143.05%	132.47%	139.12%	-186.37%	-774.50%	-898.19%	-816.42%	113.78%	-	119.26%
Invested Capital Growth	38.61%	-7.43%	-6.77%	-6.90%	73.40%	75.54%	78.42%	80.41%	-3.42%	-	-6.29%
Revenue Q/Q Growth	1.13%	4.36%	-5.20%	2.06%	20.30%	10.72%	-0.28%	5.24%	1.15%	-	2.29%
EBITDA Q/Q Growth	-13.00%	25.19%	-12.53%	17.36%	-19.67%	37.66%	9.35%	8.37%	-7.86%	-	-0.07%
EBIT Q/Q Growth	-25.19%	58.45%	-22.36%	51.26%	-43.61%	37.09%	19.76%	15.63%	-11.70%	-	-1.73%
NOPAT Q/Q Growth	-8.91%	17.72%	-23.94%	53.45%	-93.99%	1,225.46%	24.07%	-1.82%	36.58%	-	-5.61%
Net Income Q/Q Growth	-19.70%	47.63%	-28.50%	75.83%	-95.97%	854.32%	55.57%	14.00%	32.62%	-	-7.63%
EPS Q/Q Growth	-16.67%	45.71%	-27.45%	75.68%	-98.46%	2,300.00%	62.50%	12.82%	34.09%	-	-5.66%
Operating Cash Flow Q/Q Growth	-27.98%	112.61%	-9.68%	-9.46%	-65.92%	250.86%	-56.49%	144.85%	-14.50%	-	-20.06%
Free Cash Flow Firm Q/Q Growth	0.73%	140.84%	-14.15%	12.42%	-826.61%	3.82%	-1.59%	-0.90%	113.98%	-	29.95%
Invested Capital Q/Q Growth	-0.50%	-3.47%	-1.39%	-1.70%	85.33%	-2.27%	0.22%	-0.61%	-0.79%	-	-1.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.98%	82.24%	81.68%	83.73%	83.00%	80.58%	80.08%	80.97%	81.59%	-	82.30%
EBITDA Margin	28.21%	33.84%	31.22%	35.90%	23.97%	29.80%	32.68%	33.65%	30.66%	-	32.72%
Operating Margin	12.73%	18.95%	15.51%	22.58%	10.00%	13.62%	16.27%	17.56%	15.19%	-	17.83%
EBIT Margin	12.46%	18.92%	15.50%	22.97%	10.77%	13.33%	16.01%	17.59%	15.36%	-	17.66%
Profit (Net Income) Margin	8.67%	12.26%	9.25%	15.93%	0.53%	4.60%	7.17%	7.77%	10.19%	-	8.31%
Tax Burden Percent	108.21%	82.00%	80.43%	83.04%	9.36%	82.29%	85.73%	74.08%	115.68%	-	73.07%
Interest Burden Percent	64.25%	78.99%	74.18%	83.52%	52.92%	41.92%	52.27%	59.64%	57.36%	-	64.45%
Effective Tax Rate	-8.21%	18.00%	19.57%	16.96%	90.64%	17.71%	14.27%	25.92%	-15.68%	-	26.93%
Return on Invested Capital (ROIC)	10.44%	10.39%	8.45%	12.98%	0.48%	6.38%	8.59%	8.75%	9.46%	-	7.46%
ROIC Less NNEP Spread (ROIC-NNEP)	8.58%	9.43%	7.57%	12.14%	0.40%	4.76%	6.95%	7.37%	8.09%	-	6.53%
Return on Net Nonoperating Assets (RNNOA)	9.75%	13.62%	11.81%	16.68%	0.89%	10.34%	16.02%	15.43%	23.93%	-	17.32%
Return on Equity (ROE)	20.19%	24.01%	20.26%	29.66%	1.38%	16.72%	24.61%	24.19%	33.40%	-	24.79%
Cash Return on Invested Capital (CROIC)	-21.74%	16.91%	16.61%	17.54%	-47.51%	-48.75%	-49.53%	-50.74%	11.04%	-	14.71%
Operating Return on Assets (OROA)	5.74%	8.48%	6.92%	10.22%	3.93%	5.36%	6.96%	8.18%	6.03%	-	7.45%
Return on Assets (ROA)	3.99%	5.49%	4.13%	7.08%	0.19%	1.85%	3.12%	3.62%	4.00%	-	3.51%
Return on Common Equity (ROCE)	20.19%	24.01%	20.26%	29.66%	1.38%	16.72%	24.61%	24.19%	33.40%	-	24.79%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.98%	18.24%	19.41%	0.00%	13.14%	12.72%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	24	29	22	34	2.01	27	33	33	44	35	33
NOPAT Margin	13.78%	15.54%	12.47%	18.75%	0.94%	11.21%	13.95%	13.01%	17.57%	-	13.03%
Net Nonoperating Expense Percent (NNEP)	1.86%	0.96%	0.88%	0.84%	0.09%	1.62%	1.63%	1.38%	1.37%	-	0.94%
Return On Investment Capital (ROIC_SIMPLE)	2.06%	2.49%	-	-	0.10%	1.38%	1.73%	1.71%	2.36%	1.90%	1.84%
Cost of Revenue to Revenue	19.02%	17.76%	18.32%	16.27%	17.00%	19.42%	19.92%	19.03%	18.41%	-	17.70%
SG&A Expenses to Revenue	12.49%	11.56%	12.56%	11.47%	11.95%	10.77%	10.80%	11.33%	11.34%	-	12.72%
R&D to Revenue	19.22%	18.94%	20.24%	19.43%	19.17%	19.48%	19.62%	19.79%	19.74%	-	19.27%
Operating Expenses to Revenue	68.24%	63.28%	66.18%	61.15%	73.00%	66.95%	63.81%	63.41%	66.40%	-	64.46%
Earnings before Interest and Taxes (EBIT)	22	35	27	41	23	32	38	44	39	46	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	50	62	55	64	52	71	78	84	77	83	83
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.05	5.00	5.43	5.84	6.69	5.49	5.85	4.18	3.71	-	2.73
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Price to Revenue (P/Rev)	3.35	3.23	3.07	3.48	3.90	2.94	3.05	2.12	1.82	-	1.38
Price to Earnings (P/E)	33.10	33.39	29.78	30.10	42.89	41.76	46.00	41.11	24.30	-	15.51
Dividend Yield	1.31%	1.32%	1.39%	1.20%	1.02%	1.28%	1.14%	0.00%	0.00%	-	0.00%
Earnings Yield	3.02%	2.99%	3.36%	3.32%	2.33%	2.39%	2.17%	2.43%	4.12%	-	6.45%
Enterprise Value to Invested Capital (EV/IC)	2.74	2.79	2.75	3.06	2.35	2.07	2.21	1.84	1.73	-	1.52
Enterprise Value to Revenue (EV/Rev)	4.21	4.01	3.91	4.26	5.76	4.64	4.61	3.53	3.15	-	2.56
Enterprise Value to EBITDA (EV/EBITDA)	13.54	13.02	12.41	13.19	18.65	15.51	15.16	11.67	9.94	-	7.85
Enterprise Value to EBIT (EV/EBIT)	26.45	26.16	24.51	24.36	34.40	30.42	29.91	24.23	20.22	-	14.86
Enterprise Value to NOPAT (EV/NOPAT)	29.99	29.17	27.62	28.40	48.24	43.44	41.71	35.87	22.44	-	17.86
Enterprise Value to Operating Cash Flow (EV/OCF)	16.79	14.51	13.05	13.56	20.54	17.83	22.72	17.27	13.11	-	8.19
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	15.86	15.96	16.83	0.00	0.00	0.00	0.00	15.38	-	9.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.57	1.50	1.98	1.87	3.48	3.47	3.22	2.97	2.93	-	2.55
Long-Term Debt to Equity	1.55	1.50	1.98	1.87	3.48	3.47	2.43	2.22	2.18	-	2.55
Financial Leverage	1.14	1.44	1.56	1.37	2.24	2.17	2.30	2.09	2.96	-	2.65
Leverage Ratio	3.51	3.65	3.89	3.70	4.60	4.49	4.68	4.47	5.44	-	4.96
Compound Leverage Factor	2.26	2.88	2.88	3.09	2.43	1.88	2.45	2.67	3.12	-	3.20
Debt to Total Capital	61.16%	59.95%	66.41%	65.14%	77.67%	77.61%	76.31%	74.82%	74.54%	-	71.86%
Short-Term Debt to Total Capital	1.11%	0.00%	0.00%	0.00%	0.00%	0.00%	18.74%	18.90%	19.12%	-	0.00%
Long-Term Debt to Total Capital	60.06%	59.95%	66.41%	65.14%	77.67%	77.61%	57.57%	55.91%	55.42%	-	71.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	38.84%	40.05%	33.59%	34.86%	22.33%	22.39%	23.69%	25.18%	25.46%	-	28.14%
Debt to EBITDA	3.36	3.14	3.54	3.44	6.55	6.21	5.52	5.00	4.52	-	3.95
Net Debt to EBITDA	2.77	2.53	2.69	2.43	6.05	5.69	5.13	4.65	4.21	-	3.63
Long-Term Debt to EBITDA	3.30	3.14	3.54	3.44	6.55	6.21	4.16	3.73	3.36	-	3.95
Debt to NOPAT	7.43	7.03	7.88	7.40	16.95	17.38	15.19	15.35	10.20	-	8.98
Net Debt to NOPAT	6.13	5.68	5.99	5.24	15.64	15.93	14.12	14.28	9.51	-	8.26
Long-Term Debt to NOPAT	7.30	7.03	7.88	7.40	16.95	17.38	11.46	11.47	7.58	-	8.98
Altman Z-Score	1.79	1.91	1.73	1.93	1.20	1.09	1.08	0.93	0.86	-	0.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.95	1.12	1.23	0.81	0.80	0.43	0.44	0.49	-	0.81
Quick Ratio	0.80	0.80	1.00	1.13	0.70	0.67	0.32	0.33	0.36	-	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-272	111	95	107	-780	-750	-762	-769	107	113	147
Operating Cash Flow to CapEx	1,388.07%	22,816.83%	6,668.17%	5,418.99%	682.80%	5,344.73%	6,059.80%	6,961.71%	2,194.20%	-	4,229.45%
Free Cash Flow to Firm to Interest Expense	-34.53	15.14	13.62	15.86	-71.57	-40.70	-42.01	-43.35	6.50	-	9.22
Operating Cash Flow to Interest Expense	4.21	9.60	9.09	8.52	1.80	3.74	1.65	4.14	3.80	-	4.95
Operating Cash Flow Less CapEx to Interest Expense	3.90	9.56	8.95	8.37	1.54	3.67	1.63	4.08	3.62	-	4.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.45	0.45	0.44	0.36	0.40	0.43	0.47	0.39	-	0.42
Accounts Receivable Turnover	4.91	5.84	6.04	5.63	4.26	5.77	6.80	6.86	5.44	-	7.57
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	46.06	49.20	51.25	49.79	52.01	59.07	67.92	73.14	71.27	-	73.23
Accounts Payable Turnover	11.69	13.07	16.70	13.08	9.93	11.66	18.06	15.03	12.57	-	18.07
Days Sales Outstanding (DSO)	74.32	62.53	60.43	64.85	85.76	63.30	53.68	53.24	67.07	-	48.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	31.22	27.94	21.86	27.90	36.76	31.31	20.22	24.28	29.04	-	20.20
Cash Conversion Cycle (CCC)	43.10	34.59	38.57	36.95	49.00	31.98	33.47	28.96	38.03	-	28.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,065	1,028	1,014	997	1,847	1,805	1,809	1,798	1,784	1,727	1,695
Invested Capital Turnover	0.76	0.67	0.68	0.69	0.52	0.57	0.62	0.67	0.54	-	0.57
Increase / (Decrease) in Invested Capital	297	-82	-74	-74	782	777	795	801	-63	-78	-114
Enterprise Value (EV)	2,921	2,868	2,785	3,050	4,343	3,743	4,005	3,316	3,082	-	2,571
Market Capitalization	2,324	2,310	2,181	2,487	2,935	2,370	2,649	1,995	1,777	-	1,381
Book Value per Share	$10.55	$10.54	$9.29	$9.95	$10.23	$9.96	$10.52	$11.08	$11.15	$11.84	$12.03
Tangible Book Value per Share	($16.68)	($15.96)	($17.02)	($16.17)	($36.75)	($35.70)	($34.67)	($33.66)	($32.97)	($32.29)	($31.33)
Total Capital	1,184	1,153	1,196	1,221	1,965	1,929	1,911	1,897	1,879	1,840	1,798
Total Debt	724	691	794	795	1,526	1,497	1,458	1,419	1,400	1,341	1,292
Total Long-Term Debt	711	691	794	795	1,526	1,497	1,100	1,061	1,041	982	1,292
Net Debt	597	558	604	563	1,408	1,373	1,356	1,320	1,306	1,228	1,189
Capital Expenditures (CapEx)	2.39	0.31	0.96	1.06	2.88	1.29	0.50	1.06	2.86	2.71	1.86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-135	-148	-155	-159	-204	-212	-169	-175	-145	-171	-183
Debt-free Net Working Capital (DFNWC)	-8.22	-15	36	74	-86	-88	-67	-76	-51	-58	-80
Net Working Capital (NWC)	-21	-15	36	74	-86	-88	-425	-434	-410	-418	-80
Net Nonoperating Expense (NNE)	9.05	6.07	5.65	5.04	0.87	16	16	13	19	12	12
Net Nonoperating Obligations (NNO)	605	566	612	571	1,408	1,373	1,356	1,320	1,306	1,228	1,189
Total Depreciation and Amortization (D&A)	28	28	28	23	28	39	40	40	39	37	38
Debt-free, Cash-free Net Working Capital to Revenue	-19.47%	-20.73%	-21.73%	-22.23%	-27.13%	-26.28%	-19.40%	-18.58%	-14.87%	-	-18.18%
Debt-free Net Working Capital to Revenue	-1.18%	-2.09%	5.02%	10.29%	-11.46%	-10.89%	-7.66%	-8.05%	-5.18%	-	-7.92%
Net Working Capital to Revenue	-3.07%	-2.09%	5.02%	10.29%	-11.46%	-10.89%	-48.86%	-46.19%	-41.91%	-	-7.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.35	$0.52	$0.37	$0.66	$0.03	$0.25	$0.40	$0.45	$0.60	$0.54	$0.50
Adjusted Weighted Average Basic Shares Outstanding	43.46M	43.80M	43.21M	42.87M	43.27M	43.26M	43.05M	42.99M	43.00M	42.16M	41.90M
Adjusted Diluted Earnings per Share	$0.35	$0.51	$0.37	$0.65	$0.01	$0.24	$0.39	$0.44	$0.59	$0.53	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	44.66M	44.83M	43.96M	43.71M	44.43M	44.89M	44.16M	43.72M	44.02M	42.73M	42.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.88M	43.22M	42.78M	42.91M	43.37M	43.03M	43.11M	42.91M	42.11M	42.08M	41.01M
Normalized Net Operating Profit after Tax (NOPAT)	17	31	23	35	30	35	35	34	30	36	33
Normalized NOPAT Margin	9.88%	16.90%	13.02%	19.76%	13.89%	14.50%	14.95%	13.52%	11.85%	-	13.19%
Pre Tax Income Margin	8.01%	14.95%	11.50%	19.18%	5.70%	5.59%	8.37%	10.49%	8.81%	-	11.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.80	4.76	3.87	6.07	2.12	1.72	2.10	2.48	2.35	-	2.81
NOPAT to Interest Expense	3.09	3.91	3.12	4.95	0.18	1.45	1.83	1.83	2.68	-	2.08
EBIT Less CapEx to Interest Expense	2.49	4.72	3.74	5.91	1.86	1.65	2.07	2.42	2.17	-	2.70
NOPAT Less CapEx to Interest Expense	2.79	3.87	2.98	4.80	-0.08	1.38	1.80	1.77	2.51	-	1.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.95%	45.84%	43.41%	38.36%	45.97%	41.67%	27.77%	17.10%	1.07%	-	0.56%
Augmented Payout Ratio	93.33%	105.79%	147.72%	148.18%	172.77%	208.01%	139.67%	151.25%	144.86%	-	124.25%

Financials Breakdown Chart

Key Financial Trends

Progress Software (NASDAQ: PRGS) showed solid top-line stability and strong cash generation in Q1 2026, but the balance sheet remains leveraged and growth has cooled from the stronger pace seen in 2024.

For the quarter ended February 28, 2026, revenue rose to $247.8 million, up modestly from $238.0 million in Q1 2025. Net income increased to $22.8 million, or $0.53 diluted EPS, compared with $10.9 million and $0.24 diluted EPS a year ago. However, that year-over-year profit improvement should be viewed alongside higher amortization expense and ongoing debt expense, both of which continue to weigh on reported earnings.

The bigger story is cash flow. Progress generated $98.6 million in operating cash flow in Q1 2026, up from $69.0 million in Q1 2025 and $70.5 million in Q1 2024. That is a healthy sign for a software company, especially since much of the earnings are supported by strong non-cash add-backs like amortization. The company also repaid $60.0 million of debt during the quarter and still ended with $113.2 million in cash and equivalents.

That said, leverage remains a key consideration. Total debt at quarter-end was still about $1.34 billion combined short-term and long-term, versus total equity of just $498.8 million. Goodwill and intangible assets also make up a very large portion of assets, which is typical for an acquisition-driven software business but leaves the balance sheet more vulnerable if growth slows or another impairment event occurs.

Below are the most important takeaways for investors:

Revenue continues to grow year over year, with Q1 2026 sales of $247.8 million versus $238.0 million in Q1 2025.
Profitability improved meaningfully, as net income more than doubled to $22.8 million from $10.9 million a year ago.
Operating cash flow is very strong, reaching $98.6 million in Q1 2026.
Debt reduction continued, with $60.0 million of debt repaid in the quarter.
Cash generation comfortably exceeded net income, suggesting the business still produces solid recurring cash.
Revenue growth is steady, but not accelerating; Q1 growth was modest compared with the stronger expansion seen in parts of 2024.
Operating margins improved, but the company still spends heavily on marketing, R&D, and amortization.
Share count remains fairly stable, with diluted shares at 42.7 million in Q1 2026 versus 42.1 million in Q1 2025.
Deferred revenue remains an important support for future sales, with current deferred revenue at $330.8 million.
Debt is still high, with total debt far above cash on hand.
Interest expense remains a drag, reducing pre-tax income by $15.2 million in Q1 2026.
Balance sheet quality is asset-light but acquisition-heavy, with goodwill of $1.31 billion and intangibles of $549.8 million.
Current liabilities are substantial at $788.1 million, creating ongoing working-capital pressure.

Looking at the longer trend, Progress has delivered consistent revenue and cash flow over the last several years, but the profile has changed from a more cash-rich, less leveraged company in early 2023 to one with higher debt and a larger acquisition footprint. Revenue has grown from $164.2 million in Q1 2023 to $247.8 million in Q1 2026, which is a good multi-year trend. At the same time, debt increased sharply after acquisitions, and the company has been using free cash flow partly to pay that leverage down.

Bottom line: PRGS looks like a company with dependable cash generation and moderate growth, but investors should keep an eye on leverage, interest expense, and whether revenue growth can reaccelerate enough to justify the acquisition-heavy balance sheet.

07/15/26 12:23 PM ETAI Generated. May Contain Errors.

Progress Software Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Progress Software's financial year ends in November. Their financial year 2025 ended on November 30, 2025.

Progress Software's net income appears to be on an upward trend, with a most recent value of $73.13 million in 2025, falling from -$8.80 million in 2015. The previous period was $68.44 million in 2024. See Progress Software's forecast for analyst expectations on what's next for the company.

Progress Software's total operating income in 2025 was $153.29 million, based on the following breakdown:

Total Gross Profit: $790.25 million
Total Operating Expenses: $636.96 million

Over the last 10 years, Progress Software's total revenue changed from $377.55 million in 2015 to $977.83 million in 2025, a change of 159.0%.

Progress Software's total liabilities were at $1.98 billion at the end of 2025, a 5.2% decrease from 2024, and a 458.1% increase since 2015.

In the past 10 years, Progress Software's cash and equivalents has ranged from $94.81 million in 2025 to $256.28 million in 2022, and is currently $94.81 million as of their latest financial filing in 2025.

Over the last 10 years, Progress Software's book value per share changed from 10.40 in 2015 to 11.15 in 2025, a change of 7.2%.

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Financial statements for NASDAQ:PRGS last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Progress Software (PRGS) Financials

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Progress Software (PRGS) Financials

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