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Progress Software cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$86.3M in Q3 FY26 · $319M over twelve months

Operating cash flow$88.0M
Capital spending−$1.7M
Free cash flow+$86.3M
Cash / net income3.9×
Cash conversion cycle23 days

Analysis

In Q3 FY26, Progress Software generated $88.0M of operating cash flow and spent $1.7M on capital projects, leaving free cash flow of $86.3M. That is $13.9M more than in Q3 FY25 ($72.4M).

Over the twelve months to Aug 31, 2026, operating cash flow was $328M; the largest uses were net borrowing (+) / repaid (−) ($190M), buybacks ($112M), taxes on employees’ shares ($11.7M); besides operations, cash came from shares issued ($13.6M); the cash balance rose by $14.6M.

Operating cash flow was $88.0M against net income of $22.8M — 3.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$36.4M, deferred revenue −$16.2M, stock-based pay +$16.1M.

Its cash conversion cycle was 23 days (receivables 46 + inventory 0 − payables 23).

Free cash flow

Progress Software: free cash flow by quarterProgress Software: free cash flow by quarter$16.8MQ4 FY24$67.7MQ1 FY25$29.5MQ2 FY25$72.4MQ3 FY25$59.9MQ4 FY25$95.9MQ1 FY26$77.0MQ2 FY26$86.3MQ3 FY26
Operating cash flow less capital spending.
Progress Software: operating cash flow against capital spendingProgress Software: operating cash flow against capital spendingOperating cash flowCapital spending$19.7M$2.9MQ4 FY24$68.9M$1.3MQ1 FY25$30.0M$495KQ2 FY25$73.4M$1.1MQ3 FY25$62.8M$2.9MQ4 FY25$98.6M$2.7MQ1 FY26$78.8M$1.9MQ2 FY26$88.0M$1.7MQ3 FY26
Latest (Q3 FY26): Operating cash flow $88.0M, Capital spending $1.7M.

Capital allocation, year by year

Progress Software: where the cash came from (up) and went (down), by fiscal yearProgress Software: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $179MFY21: Net borrowing −$117MFY21: Shares issued $15.0MFY21: Capital spending −$4.7MFY21: Acquisitions −$254MFY21: Buybacks −$35.0MFY21: Dividends −$31.6M$194MFY21FY22: Operating cash flow $192MFY22: Net borrowing $602KFY22: Shares issued $16.2MFY22: Asset sales $26.0MFY22: Capital spending −$6.1MFY22: Buybacks −$77.0MFY22: Dividends −$31.1M$235MFY22FY23: Operating cash flow $174MFY23: Net borrowing $103MFY23: Shares issued $26.0MFY23: Capital spending −$5.6MFY23: Acquisitions −$355MFY23: Buybacks −$34.0MFY23: Dividends −$31.6M$303MFY23FY24: Operating cash flow $211MFY24: Net borrowing $359MFY24: Shares issued $27.8MFY24: Capital spending −$5.2MFY24: Acquisitions −$853MFY24: Buybacks −$86.8MFY24: Dividends −$31.5M$598MFY24FY25: Operating cash flow $235MFY25: Net borrowing −$130MFY25: Shares issued $19.0MFY25: Capital spending −$5.7MFY25: Acquisitions −$21.2MFY25: Buybacks −$105MFY25: Dividends −$786K$254MFY25
Over these 5 years operating cash flow totalled $991M; the largest uses were acquisitions ($1.5B) and buybacks ($338M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$114M
Debt$1.2B
Net debt$1.1B

Progress Software funds itself: free cash flow was $319M over the last twelve months, and $114M of cash and investments stands against $1.2B of debt.

Where the cash came from and went

Progress Software: sources (+) and uses (−) of cash, Q3 FY26Progress Software: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$88.0MNet borrowing (+) / repaid (−)−$60.0MBuybacks−$16.9MCash drawn (+) / kept (−)−$10.7MShares issued$2.6MCapital spending−$1.7MExchange rates−$1.4MDividends−$5K
Progress Software: sources (+) and uses (−) of cash, TTM to Q3 FY26Progress Software: sources (+) and uses (−) of cash, 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 profit to cash

Progress Software: net income to operating cash flow, Q3 FY26Progress Software: net income to operating cash flow, Q3 FY26Net income$22.8MDepreciation & amortization$36.4MStock-based pay$16.1MReceivables$9.0MPayables$12.9MDeferred revenue−$16.2MPrepaid and other assets$9.8MIncome taxes payable−$711KOperating cash flow$88.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2646—2323
Q2 FY2650—2624
Q1 FY2662—3132
Q4 FY2563—2834
Q3 FY2554—2133
Q2 FY2552—2328
Q1 FY2555—2827

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$88.0M−$1.7M—−$16.9M−$5K−$60.0M$2.6M−$10.7M$86.3M
Q2 FY26$78.8M−$1.9M—−$34.7M−$159K−$50.0M$2.6M$10.2M$77.0M
Q1 FY26$98.6M−$2.7M—−$20.4M−$204K−$60.0M$5.4M−$18.4M$95.9M
Q4 FY25$62.8M−$2.9M−$564K−$40.0M−$132K−$20.0M$2.9M$4.2M$59.9M
Q3 FY25$73.4M−$1.1M−$19.5M−$15.0M—−$40.0M$3.3M$3.0M$72.4M
Q2 FY25$30.0M−$495K—−$20.0M−$295K−$40.0M$6.5M$22.2M$29.5M
Q1 FY25$68.9M−$1.3M−$1.2M−$30.1M−$359K−$30.0M$6.2M−$6.1M$67.7M
Q4 FY24$19.7M−$2.9M−$853M—−$7.6M$730M$10.3M$115M$16.8M

Progress Software: income statement and cash flow

Progress Software, Q3 FY26: revenue $246M (-2% year over year), operating margin 18.9%. The chart follows the revenue to costs, profit and cash.

Progress Software: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.