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Progress Software (PRGS) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 30, 2026 · Progress Software (PRGS) Q3 FY26 earnings results →

Q3 FY26 Revenue down 2% year over year to $246M · 9¢ of every $1 of revenue kept as net profit · operating margin 18.9%

Progress Software made $246M in Q3 FY26 (-2% Y/Y): Maintenance, SaaS, and professional services $182M, Software licenses $63.6M. Operating margin 18.9%, net earnings $22.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 30, 2026.

Revenue$246M
Year over year-2%
Operating margin18.9%
Net earnings$22.8M
Operating cash flow$88.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $246.0M in Q3 FY26, down 2% year over year and down 3% from the previous quarter. Maintenance, SaaS, and professional services was the largest line at 74% of revenue. Maintenance, SaaS, and professional services lost $3.9M year over year (down 2%), 103% of the total change.

Gross margin was 82.7%, up 1.8 points from Q3 FY25. Operating profit was $46.5M, a 18.9% margin (up 1.4 points year over year). Operating expenses fell 1% while revenue fell 2%. Net earnings were $22.8M, up 17% year over year. The effective tax rate was 22.9%.

Operating cash flow was $88.0M (up 20% year over year), 386% of net earnings. Non-cash charges added back $36.4M of depreciation and amortization and $16.1M of share-based compensation. Working capital and other items added $12.7M. Capital expenditures of $1.7M left free cash flow of $86.3M.

Quarterly history

Progress Software revenue by quarterProgress Software revenue by quarter$215MQ4 FY24$237MQ2 FY25$250MQ3 FY25$253MQ4 FY25$248MQ1 FY26$253MQ2 FY26$246MQ3 FY26
Progress Software net earnings by quarterProgress Software net earnings by quarter$1.1MQ4 FY24$17.0MQ2 FY25$19.4MQ3 FY25$25.7MQ4 FY25$22.8MQ1 FY26$21.1MQ2 FY26$22.8MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 30, 2026$246M-2%18.9%$22.8M$88.0M
Q2 FY2610-QJun 30, 2026$253M+7%17.8%$21.1M$78.8M
Q1 FY2610-QMar 31, 2026$248M+4%18.8%$22.8M$98.6M
Q4 FY2510-KJan 20, 2026$253M+18%15.2%$25.7M$62.8M
Q3 FY2510-QSep 29, 2025$250M+40%17.6%$19.4M$73.4M
Q2 FY2510-QJun 30, 2025$237M+36%16.3%$17.0M$30.0M
Q4 FY2410-KJan 21, 2025$215M+22%10.0%$1.1M$19.7M

Charts

Progress Software: revenue growth, year over year and quarter over quarterProgress Software: revenue growth, year over year and quarter over quarterY/YQ/Q+22%Q4 FY24+36%+10%Q2 FY25+40%+5%Q3 FY25+18%+1%Q4 FY25+4%-2%Q1 FY26+7%+2%Q2 FY26-2%-3%Q3 FY26
Latest (Q3 FY26): Y/Y -2%, Q/Q -3%.
Progress Software: where the cash came from (+) and went (−), TTM to Q3 FY26Progress Software: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$328MNet borrowing (+) / repaid (−)−$190MBuybacks−$112MCash drawn (+) / kept (−)−$14.6MShares issued$13.6MTaxes on employees’ shares−$11.7MCapital spending−$9.1MExchange rates−$3.1MAcquisitions−$564KDividends−$500KOther financing−$250K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Progress Software: profit against cash, quarter by quarterProgress Software: profit against cash, quarter by quarterNet incomeOperating cash flow$1.1M$19.7MQ4 FY24$10.9M$68.9MQ1 FY25$17.0M$30.0MQ2 FY25$19.4M$73.4MQ3 FY25$25.7M$62.8MQ4 FY25$22.8M$98.6MQ1 FY26$21.1M$78.8MQ2 FY26$22.8M$88.0MQ3 FY26
Latest (Q3 FY26): Net income $22.8M, Operating cash flow $88.0M.
Progress Software: diluted shares by fiscal yearProgress Software: diluted shares by fiscal year45MFY2045MFY2144MFY2245MFY2344MFY2444MFY25
-2.9% since FY20: buybacks shrank the count.
Progress Software in its industry: growth against margin (192 companies, SIC 7372)Progress Software in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYPRGS (-2%, 19%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Progress Software

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. 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 enterprises 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.

In its own words, from its annual report, filed Jan 21, 2025.

Progress Software against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median +14%. Operating margin: 18.9% against the peers' median 18.9%.

CompanyQuarterRevenueY/YOp. margin
PRGS Progress SoftwareQ3 FY26$246M-2%18.9%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Progress Software 10-Q on SEC EDGAR · CIK 876167 · Services-Prepackaged Software

Guidance and outlook

Progress Software Revenue: guidance against what was reportedProgress Software Revenue: guidance against what was reportedguided rangereported (above / within / below)FY26Q3 FY26$246MQ4 FY26
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns PRGS and who is buying

Largest holders of PRGS (13F)Largest holders of PRGS (13F)BlackRock$254MVanguard Group$244MVanguard Portfolio Management LLC$129MState Street$65.9MVanguard Capital Management LLC$63.8MVictory Capital Management$56.7MArrowstreet Capital, Limited Part…$42.8MGoldman Sachs Group$42.3MManufacturers Life Insurance Comp…$40.8MGeode Capital Management, LLC$39.3M
Funds' net buying of PRGS by quarter (13F)Funds' net buying of PRGS by quarter (13F)$43.7M2024-09−$76.0M2024-12−$18.7M2025-03$12.2M2025-06−$104M2025-09−$79.5M2025-12−$58.0M2026-03$61.1M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PRGS

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：Progress Software（PRGS）财报

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