PROGRESS SOFTWARE CORP /MA PRGS
Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides software products that enable our customers to develop, deploy, and manage responsible AI-powered applications and digital experiences with agility and ease. We operate in North America, Latin America, Europe, the Middle East and Africa ("EMEA"), and Asia and Australia ("Asia Pacific"), through local subsidiaries as well as independent distributors.
A key element of our strategy is centered on the goal of building and maintaining leading products and tools organizations need to build, deploy, and manage modern, strategic business applications. We offer our products and tools to both new customers and partners, as well as our existing partner and customer ecosystems.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $977.8M | $753.4M | $694.4M | $602.0M | $531.3M | $442.1M | $413.3M | $379.0M | $389.2M | $405.3M |
| Cost of revenue | $187.6M | $130.5M | $126.6M | $94.5M | $78.4M | $62.1M | $75.2M | $67.0M | $69.2M | $65.7M |
| Gross profit | $790.2M | $622.9M | $567.9M | $507.5M | $452.9M | $380.0M | $338.1M | $312.0M | $320.0M | $339.6M |
| SG&A | $108.2M | $89.5M | $83.2M | $77.9M | $65.1M | $54.0M | $53.4M | $49.0M | $45.7M | $46.5M |
| Total operating expenses | $637.0M | $498.9M | $457.3M | $375.4M | $336.8M | $272.3M | $298.0M | $244.2M | $262.5M | $369.3M |
| Operating income | $153.3M | $124.0M | $110.5M | $132.1M | $116.1M | $107.7M | $40.1M | $67.8M | $57.5M | -$29.7M |
| Interest expense | $70.8M | $32.0M | $30.8M | $15.8M | $20.0M | $10.2M | $9.9M | $5.1M | $4.6M | $4.2M |
| Pre-tax income | $81.6M | $94.3M | $79.7M | $117.3M | $95.5M | $96.6M | $28.5M | $60.8M | $52.5M | -$35.3M |
| Income tax | $8.5M | $25.8M | $9.5M | $22.2M | $17.1M | $16.9M | $2.1M | $11.1M | $23.4M | $20.4M |
| Net income | $73.1M | $68.4M | $70.2M | $95.1M | $78.4M | $79.7M | $26.4M | $49.7M | $29.0M | -$55.7M |
| EPS, basic | 1.70 | 1.58 | 1.62 | 2.19 | 1.79 | 1.78 | 0.59 | 1.09 | 0.60 | -1.13 |
| EPS, diluted | 1.66 | 1.54 | 1.57 | 2.15 | 1.76 | 1.76 | 0.58 | 1.08 | 0.60 | -1.13 |
| Shares, diluted (wtd. avg.) | $44.0M | $44.4M | $44.7M | $44.2M | $44.6M | $45.3M | $45.3M | $46.1M | $48.5M | $49.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $94.8M | $118.1M | $127.0M | $256.3M | $155.4M | $98.0M | $154.3M | $105.1M | $133.5M | $207.0M |
| Short-term investments | — | — | — | $0 | $2.0M | $8.0M | $19.4M | $34.4M | $50.1M | $42.7M |
| Receivables | $195.8M | $163.6M | $125.8M | $97.8M | $99.8M | $84.0M | $72.8M | $59.7M | $61.2M | $65.7M |
| Inventory | — | — | — | $5.0M | $3.6M | $0 | — | — | — | — |
| Total current assets | $400.0M | $368.8M | $330.8M | $426.1M | $337.8M | $238.9M | $284.7M | $231.5M | $263.4M | $336.1M |
| Property, plant and equipment | $13.7M | $13.7M | $15.2M | $14.9M | $14.3M | $29.8M | $29.8M | $30.7M | $42.3M | $50.1M |
| Goodwill | $1.31B | $1.29B | $832.1M | $671.0M | $671.2M | $491.7M | $432.8M | $315.0M | $315.0M | $278.1M |
| Other intangibles | $584.0M | $723.6M | $354.3M | $217.4M | $287.2M | $212.7M | $99.4M | $58.9M | $94.9M | $80.8M |
| Total assets | $2.46B | $2.53B | $1.60B | $1.41B | $1.36B | $1.04B | $881.3M | $644.1M | $718.7M | $754.8M |
| Accounts payable | $15.9M | $13.9M | $12.4M | $9.3M | $9.7M | $10.0M | $10.6M | $10.6M | $9.0M | $13.0M |
| Short-term debt | $359.2M | $0 | $13.1M | $6.2M | $25.8M | $18.2M | $10.7M | $5.8M | $5.8M | $15.0M |
| Total current liabilities | $809.7M | $455.1M | $352.1M | $318.0M | $322.9M | $262.5M | $240.9M | $186.0M | $208.0M | $203.7M |
| Long-term debt | $1.04B | $1.53B | $710.9M | $611.8M | $534.5M | $364.3M | $284.0M | $110.3M | $116.1M | $120.0M |
| Retained earnings | $127.4M | $120.4M | $120.9M | $101.7M | $90.3M | $72.5M | $64.3M | $85.1M | $145.2M | $195.7M |
| Total equity | $478.3M | $438.8M | $459.7M | $398.5M | $412.5M | $346.0M | $330.3M | $324.0M | $404.4M | $442.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $235.2M | $211.5M | $173.9M | $192.2M | $178.5M | $144.8M | $128.5M | $121.4M | $105.7M | $102.8M |
| Depreciation and amortisation | $6.2M | $6.4M | $6.3M | $5.0M | $5.5M | $6.1M | $7.6M | $6.9M | $7.5M | $8.5M |
| Stock-based compensation | $64.8M | $46.8M | $40.5M | $37.1M | $29.7M | $23.5M | $23.3M | $20.6M | $14.2M | $22.5M |
| Capital expenditure | $5.7M | $5.2M | $5.6M | $6.1M | $4.7M | $6.5M | $4.0M | $7.2M | $3.4M | $5.8M |
| Investing cash flow | -$26.9M | -$857.9M | -$360.4M | $22.0M | -$250.3M | -$207.3M | -$208.4M | $7.6M | -$87.8M | -$21.0M |
| Financing cash flow | -$238.4M | $640.8M | $51.2M | -$101.4M | $132.1M | $3.1M | $130.3M | -$146.8M | -$103.3M | -$82.2M |
| Dividends paid | $786.0K | $31.5M | $31.6M | $31.1M | $31.6M | $29.9M | $27.8M | $25.8M | $24.1M | $0 |
| Buybacks | $105.2M | $86.8M | $34.0M | $77.0M | $35.0M | $60.0M | $25.0M | $120.0M | $73.9M | $79.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000876167-26-000008.
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