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PTC cash flow, quarter by quarter

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

Free cash flow$249M in Q3 FY26 · $935M over twelve months

Operating cash flow$261M
Capital spending−$11.3M
Free cash flow+$249M
Cash / net income2.2×
Cash conversion cycle107 days

Analysis

In Q3 FY26, PTC generated $261M of operating cash flow and spent $11.3M on capital projects, leaving free cash flow of $249M. That is $7.3M more than in Q3 FY25 ($242M).

Over the twelve months to Jun 30, 2026, operating cash flow was $955M; the largest uses were buybacks ($1.4B), taxes on employees’ shares ($75.8M), capital spending ($19.8M); besides operations, cash came from other investing ($494M), net borrowing (+) / repaid (−) ($189M); the cash balance rose by $152M.

Operating cash flow was $261M against net income of $119M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: payables +$133M, stock-based pay +$59.4M, deferred revenue −$56.0M.

Its cash conversion cycle was 107 days (receivables 127 + inventory 0 − payables 20).

Free cash flow

PTC: free cash flow by quarterPTC: free cash flow by quarter$93.6MQ4 FY24$236MQ1 FY25$279MQ2 FY25$242MQ3 FY25$100MQ4 FY25$267MQ1 FY26$318MQ2 FY26$249MQ3 FY26
Operating cash flow less capital spending.
PTC: operating cash flow against capital spendingPTC: operating cash flow against capital spendingOperating cash flowCapital spending$98.1M$4.5MQ4 FY24$238M$2.8MQ1 FY25$281M$2.8MQ2 FY25$244M$1.9MQ3 FY25$104M$3.5MQ4 FY25$270M$2.3MQ1 FY26$321M$2.7MQ2 FY26$261M$11.3MQ3 FY26
Latest (Q3 FY26): Operating cash flow $261M, Capital spending $11.3M.

Capital allocation, year by year

PTC: where the cash came from (up) and went (down), by fiscal yearPTC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY21: Operating cash flow $369MFY21: Net borrowing $432MFY21: Shares issued $21.6MFY21: Capital spending −$24.7MFY21: Acquisitions −$718MFY21: Buybacks −$30.0M$822MFY21FY22: Operating cash flow $435MFY22: Net borrowing −$91.3MFY22: Shares issued $21.2MFY22: Capital spending −$19.5MFY22: Acquisitions −$283MFY22: Buybacks −$125M$457MFY22FY23: Operating cash flow $611MFY23: Net borrowing $342MFY23: Shares issued $21.7MFY23: Capital spending −$23.8MFY23: Acquisitions −$828M$975MFY23FY24: Operating cash flow $750MFY24: Net borrowing $45.8MFY24: Shares issued $25.7MFY24: Capital spending −$14.4MFY24: Acquisitions −$93.5M$822MFY24FY25: Operating cash flow $868MFY25: Net borrowing −$553MFY25: Shares issued $26.1MFY25: Capital spending −$11.0MFY25: Acquisitions −$6.5MFY25: Buybacks −$300M$894MFY25
Over these 5 years operating cash flow totalled $3.0B; the largest uses were acquisitions ($1.9B) and net borrowing ($644M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$351M
Debt$1.4B
Net debt$1.0B
Due within a year$25.1M

PTC funds itself: free cash flow was $935M over the last twelve months, and $351M of cash and investments stands against $1.4B of debt ($25.1M due within a year, 14.0× covered by cash).

Where the cash came from and went

PTC: sources (+) and uses (−) of cash, Q3 FY26PTC: sources (+) and uses (−) of cash, Q3 FY26Buybacks−$500MOperating cash flow$261MNet borrowing (+) / repaid (−)$225MCash drawn (+) / kept (−)$87.7MOther investing−$43.9MTaxes on employees’ shares−$14.5MCapital spending−$11.3MExchange rates−$3.6M
PTC: sources (+) and uses (−) of cash, TTM to Q3 FY26PTC: sources (+) and uses (−) of cash, TTM to Q3 FY26Buybacks−$1.4BOperating cash flow$955MOther investing$494MNet borrowing (+) / repaid (−)$189MCash drawn (+) / kept (−)−$152MTaxes on employees’ shares−$75.8MShares issued$25.9MCapital spending−$19.8MExchange rates−$10.0MAcquisitions−$3.6MOther financing−$1.0M

From profit to cash

PTC: net income to operating cash flow, Q3 FY26PTC: net income to operating cash flow, Q3 FY26Net income$119MDepreciation & amortization$24.2MStock-based pay$59.4MOther non-cash−$958KReceivables$22.8MPayables$133MEmployee-related liabilities$27.6MDeferred revenue−$56.0MPrepaid and other assets$12.6MIncome taxes payable$7.2MOperating cash flow$261M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26127—20107
Q2 FY2696—1483
Q1 FY26121—12109
Q4 FY2588—880
Q3 FY25101—794
Q2 FY25100—1287
Q1 FY25127—18108
Q4 FY24113—2984

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$261M−$11.3M—−$500M$225M—$87.7M$249M
Q2 FY26$321M−$2.7M—−$626M——−$229M$318M
Q1 FY26$270M−$2.3M—−$200M——−$25.3M$267M
Q4 FY25$104M−$3.5M—−$75.0M−$36.2M$12.8M$14.9M$100M
Q3 FY25$244M−$1.9M−$6.5M−$75.0M−$157M—$35.8M$242M
Q2 FY25$281M−$2.8M—−$75.0M$345M—−$38.8M$279M
Q1 FY25$238M−$2.8M—−$75.0M−$205M—$69.6M$236M
Q4 FY24$98.1M−$4.5M——−$63.2M$13.0M−$18.1M$93.6M

PTC: income statement and cash flow

PTC, Q4 FY26: revenue $673M (-25% year over year), operating margin 31.6%. The chart follows the revenue to costs, profit and cash.

PTC: 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.