Filing Flows › PTC (PTC) › Q4 FY26 › vs Q4 FY25
PTC (PTC) Q4 FY26 vs Q4 FY25 (year over year)
PTC's revenue fell $221M (-25%) from $894M in Q4 FY25 to $673M in Q4 FY26. The biggest changes: Recurring revenue −$216M (-25%); Perpetual license −$4.5M (-54%); Professional services −$227K (-0.9%). Gross margin 82.8% against 86.9% (-4.1 pts).
PTC, Q4 FY26: revenue $673M (-25% year over year), operating margin 31.6%, net earnings $157M, operating cash flow $47.3M. The chart draws each line against Q4 FY25, the increases inside each band.
Margins
| Q4 FY26 | Q4 FY25 | Change | |
|---|---|---|---|
| Gross margin | 82.8% | 86.9% | -4.1 pts |
| Operating margin | 31.6% | 48.5% | -16.9 pts |
| Net margin | 23.4% | 38.9% | -15.6 pts |
| Free cash flow margin | 5.6% | 11.2% | -5.6 pts |
Every line
| Line | Q4 FY26 | Q4 FY25 | Change | % |
|---|---|---|---|---|
| Recurring revenue | $645M | $861M | −$216M | -25% |
| Professional services | $24.1M | $24.4M | −$227K | -0.9% |
| Perpetual license | $3.9M | $8.4M | −$4.5M | -54% |
| Revenue | $673M | $894M | −$221M | -25% |
| Gross profit | $557M | $777M | −$220M | -28% |
| Cost of revenue | $116M | $117M | −$1.0M | -0.9% |
| Operating profit | $213M | $434M | −$221M | -51% |
| Operating expenses | $345M | $343M | $1.4M | +0.4% |
| Pre-tax earnings | $195M | $428M | −$233M | -54% |
| Other expense, net | $17.6M | $5.5M | $12.1M | +222% |
| Research & development | $120M | $115M | $5.6M | +5% |
| Sales & marketing | $144M | $142M | $2.2M | +2% |
| General & admin | $62.2M | $63.6M | −$1.4M | -2% |
| Other operating costs | $18.1M | $23.0M | −$4.9M | -21% |
| Net earnings | $157M | $348M | −$191M | -55% |
| Income tax | $37.8M | $80.3M | −$42.5M | -53% |
| Operating cash sources | $248M | $428M | −$180M | -42% |
| Depreciation & amortization | $24.4M | $25.7M | −$1.3M | -5% |
| Share-based compensation | $66.2M | $54.8M | $11.4M | +21% |
| Working capital & other | $201M | $324M | −$124M | -38% |
| Operating cash flow | $47.3M | $104M | −$56.7M | -55% |
| Free cash flow (company-reported) | $37.7M | $100M | −$62.8M | -63% |
| Capital expenditures | $9.7M | $3.5M | $6.1M | +172% |
Questions
How much did PTC's revenue grow year over year in Q4 FY26?
PTC's revenue fell $221M (-25%) from $894M in Q4 FY25 to $673M in Q4 FY26.
What drove PTC's revenue change in Q4 FY26?
Recurring revenue −$216M (-25%); Perpetual license −$4.5M (-54%); Professional services −$227K (-0.9%).