Short answer
PROGRESS SOFTWARE CORP /MA (PRGS) filed its fiscal 2025 10-K annual report with the SEC on Jan 20, 2026. It reported revenue of $978M (+29.8% year over year) and net income of $73M.
- Top risk flagged: Financial risk from 2026 Notes repayment relying on Credit Facility capacity use for settlement or redemption
FY2025 key financial metrics · XBRL
- Revenue
- $978M
- +29.8% YoY
- Net income
- $73M
- +6.9% YoY
- Operating margin
- 15.7%
- −0.8 pp YoY
- Gross margin
- 80.8%
- −1.9 pp YoY
- EPS (diluted)
- $1.66
- +7.8% YoY
- ROE
- 15.3%
- −0.3 pp YoY
- Operating cash flow
- $235M
- +11.2% YoY
Source: XBRL data from the PROGRESS SOFTWARE CORP /MA (PRGS) FY2025 10-K on SEC EDGAR. USD.
PROGRESS SOFTWARE CORP /MA FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Software products enabling customers to develop, deploy, and manage responsible AI-powered applications and digital experiences globally
- New emphasis on Progress Agentic RAG and Progress Semaphore as next-gen AI platforms for retrieval augmented generation (RAG) and semantic AI insights
- Strategic growth driven by accretive acquisitions, including Nuclia in June 2025, expanding AI and data connectivity capabilities
- Expanded global development footprint with primary offices in 11 locations across North America, Europe, and Asia
- Share repurchases continue to offset equity dilution, emphasizing stockholder returns alongside M&A strategy
Management Discussion & Analysis
- Profitability impacted by fixed costs and risks of revenue shortfalls; no specific operating margin or profit % figures provided
- Segment performance not quantified; risks highlighted from M&A integration, market acceptance, and economic conditions without numeric data
- $1.4 billion consolidated indebtedness as of Nov 30, 2025; $1.5 billion revolving credit facility secured for operations, acquisitions, share repurchases
- Forward risks include revenue forecast uncertainty, goodwill impairment, tax liabilities, indebtedness refinancing, stock price volatility, and AI technology impact on market
Risk Factors
- Financial risk from 2026 Notes repayment relying on Credit Facility capacity use for settlement or redemption
- Operational vulnerability from MOVEit software vulnerability requiring recognition of probable loss contingencies
- No significant litigation history but contingent liabilities recognized per Note 17 on cyber-related matters
- Revenue recognition complexity due to variable pricing and multiple distinct performance obligations under GAAP
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