Short answer
PTC Inc. (PTC) filed its fiscal 2025 10-K annual report with the SEC on Nov 21, 2025. It reported revenue of $2.7B (+19.2% year over year) and net income of $734M.
- Top risk flagged: Regulatory risk: Compliance with Federal Risk and Authorization Management Program (FedRAMP) certifications for certain products and services
FY2025 key financial metrics · XBRL
- Revenue
- $2.7B
- +19.2% YoY
- Net income
- $734M
- +95.0% YoY
- Operating margin
- 35.9%
- +10.3 pp YoY
- Gross margin
- 83.8%
- +3.1 pp YoY
- EPS (diluted)
- $6.08
- +94.9% YoY
- ROE
- 19.2%
- +7.5 pp YoY
- Operating cash flow
- $868M
- +15.7% YoY
Source: XBRL data from the PTC Inc. (PTC) FY2025 10-K on SEC EDGAR. USD.
PTC Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global software company enabling Intelligent Product Lifecycle and AI-driven digital transformation across manufacturing and product development
- New emphasis on AI-driven transformation integrating cross-functional product data for improved collaboration and decision-making
- Strategic shift to subscription model with 95% recurring revenue in 2025, enhancing customer retention and predictable cash flow
- Workforce growth to over 7,000 employees supporting more than 30,000 global customers across multiple industry verticals
- Expansion of SaaS offerings with Onshape and Arena platforms supporting cloud-native, real-time collaboration and virtual product team workflows
Management Discussion & Analysis
- Revenue $2.74B, up 19% YoY (18% constant currency), driven by 44% license growth to $1.16B and 8% support/cloud to $1.47B
- Operating margin 36% vs 26%, non-GAAP operating margin 48% vs 39%, gross margin 84% vs 81% YoY
- Best segment: License revenue +44% to $1.16B; worst segment: Professional services down 19% to $107M
- Operating cash flow $868M (+16%), free cash flow $857M (+16%), $300M share repurchases, $553M net debt repayments, capex $11M
- Sold Kepware/ThingWorx for up to $725M expected H1 2026; proceeds to fund share repurchases per long-term capital allocation strategy
Risk Factors
- Regulatory risk: Compliance with Federal Risk and Authorization Management Program (FedRAMP) certifications for certain products and services
- Geopolitical risk: Dependency on third-party vendors requiring stringent cybersecurity risk management prior to access to PTC’s IT systems or data
- Operational risk: Potential cybersecurity incident impacts mitigated by the Enterprise Cybersecurity Incident Response Policy tested through periodic tabletop exercises
- Competitive risk: Risk from evolving cybersecurity threat landscape requiring alignment with NIST cybersecurity framework and OWASP Software Assurance Maturity Model
- Financial risk: Key-person dependency on Chief Digital and Information Officer (since 2022) and Chief Information Security Officer (since 2022) for cybersecurity risk management
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