PTC Inc. (PTC) FY2025 10-K Annual Report
PTC Inc. (PTC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Nov 21, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
PTC Inc. FY2025 10-K Analysis
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
PTC Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.7B
▲ +19.2% YoY
Net Income
$734M
▲ +95.0% YoY
Gross Margin
83.8%
▲ +311bp YoY
Operating Margin
35.9%
▲ +1028bp YoY
Net Margin
26.8%
▲ +1042bp YoY
ROE
19.2%
▲ +748bp YoY
Total Assets
$6.6B
▲ +3.7% YoY
EPS (Diluted)
$6.08
▲ +94.9% YoY
Operating Cash Flow
$868M
▲ +15.7% YoY
Source: XBRL data from PTC Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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