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Progress Software
Progress Software (PRGS) investor relations material
Progress Software Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Jan, 2026
Executive summary
Fiscal year 2025 delivered record revenue of $978 million, up 30% year-over-year, and Q4 revenue of $253 million, up 18% year-over-year, with non-GAAP EPS of $5.72, up 16% from 2024, and Q4 non-GAAP EPS of $1.51, exceeding guidance.
Annualized recurring revenue (ARR) reached $852 million, growing 2% year-over-year, with a net retention rate of 100%.
ShareFile integration completed ahead of schedule, significantly contributing to growth, alongside increased demand from AI-driven projects.
Strong expense discipline and operational execution led to outperformance in both revenue and operating income guidance.
Adjusted free cash flow for FY25 was $247 million, up 16% year-over-year, surpassing guidance.
Financial highlights
Full-year revenue: $978 million, up $224 million (30%) from prior year, driven by ShareFile.
Q4 revenue: $253 million, up 18% year-over-year.
Q4 GAAP operating margin was 15%, non-GAAP operating margin 38%; full-year non-GAAP operating margin 39%.
Q4 adjusted free cash flow was $62 million, up 243%; full-year adjusted free cash flow was $247 million, up 16%.
Deferred revenue at year-end: $425 million, up $21 million year-over-year.
Outlook and guidance
FY 2026 revenue guidance: $986 million to $1 billion (1-2% growth), non-GAAP EPS: $5.82 to $5.96, and non-GAAP operating margin of 39%.
Q1 2026 revenue guidance: $244 million to $250 million; non-GAAP EPS: $1.56 to $1.62.
Unlevered free cash flow expected between $313 million and $326 million; adjusted free cash flow for FY26 expected at $260 million to $274 million.
ARR growth expected to remain at 2% year-over-year.
$250 million in debt repayments planned for FY 2026, targeting net leverage ratio of 2.7x.
Explain the ARR vs. revenue growth divergence.
Discuss the plan for current convertible notes.
What drives the software license revenue decline?
Why NRR not higher despite AI investments?
Impact of AI fears on M&A target retention rates?
Why flat operating margin guidance for FY26?
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Next Progress Software earnings date
Q1 202630 Mar, 2026
Progress Software
Next Progress Software earnings date
Q1 202630 Mar, 2026
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Frequently asked questions
Progress Software Corporation offers Progress OpenEdge, a data serving platform that provides an application development environment and run-time security; and Progress Corticon, a business rules management system to automate decision making. The company also provides Progress Rollbase, a cloud application development and delivery platform for developing applications without coding; and Progress DataDirect Connect that connects various applications with data sources. In addition, it offers Progress Control Tower, a monitoring solution for end-to-end transactions in the hybrid enterprise. Further, the company provides consulting services related to business process management, application modernization, and mobile solutions.
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