Progress Software Corporation is an American public company that produces software for creating and deploying business applications. It is founded in Burlington, Massachusetts, and has offices in 16 countries as of 2024.3 It was founded by Mary Székely.1 Its shares trade on Nasdaq under the symbol PRGS.1Wikipedia text CC BY-SA 4.0
Progress Software Corporation is an American public company that produces software for creating and deploying business applications. It is founded in Burlington, Massachusetts, and has offices in 16 countries as of 2024.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011128$977.8M in 2025+137% since 2019Gross profit91011128$790.2M in 2025+134% since 2019Operating income91011128$153.3M in 2025+282% since 2019Net income91011128$73.1M in 2025+177% since 2019
Revenue131415$246.0M in Q3 FY2026−1% since Q1 FY2026Gross profit131415$203.5M in Q3 FY2026−0% since Q1 FY2026Operating income131415$46.5M in Q3 FY2026+0% since Q1 FY2026Net income131415$22.8M in Q3 FY2026−0% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-11-30
2024-11-30
2023-11-30
Total revenue
$977.8M
$753.4M
$694.4M
Amortization of acquired intangibles
$41.2M
$29.2M
$30.2M
Total costs of revenue
$187.6M
$130.5M
$126.6M
Gross profit
$790.2M
$622.9M
$567.9M
Sales and marketing
$211.0M
$164.6M
$156.1M
Product development
$192.3M
$146.3M
$132.4M
General and administrative
$108.2M
$89.5M
$83.2M
Amortization of acquired intangibles
$104.3M
$65.3M
$66.4M
Restructuring expenses
$13.1M
$10.5M
$8.4M
Acquisition-related expenses
$5.3M
$17.1M
$4.7M
Cyber incident and vulnerability response expenses, net
$2.8M
$5.6M
$6.2M
Total operating expenses
$637.0M
$498.9M
$457.3M
Income from operations
$153.3M
$124.0M
$110.5M
Interest expense
-$70.8M
-$32.0M
-$30.8M
Interest income and other, net
$1.8M
$4.7M
$2.5M
Foreign currency loss, net
-$2.6M
-$2.5M
-$2.6M
Total other expense, net
-$71.7M
-$29.7M
-$30.9M
Income before income taxes
$81.6M
$94.3M
$79.7M
Provision for income taxes
$8.5M
$25.8M
$9.5M
Net income
$73.1M
$68.4M
$70.2M
Basic (in dollars per share)
$1.70
$1.58
$1.62
Diluted (in dollars per share)
$1.66
$1.54
$1.57
Basic (in shares)
43.0M shares
43.3M shares
43.5M shares
Diluted (in shares)
44.0M shares
44.4M shares
44.7M shares
Cash dividends declared per common share (in dollars per share)
$0.00
$0.53
$0.70
No quarter-by-quarter statement was filed.
Total assets1691011128$2.5B in 2025+179% since 2019Shareholders’ equity1011128$478.3M in 2025+45% since 2019Cash1691011128$94.8M in 2025−39% since 2019Long-term debt16910118$1.0B in 2025+267% since 2019
Total assets131415$2.3B in Q3 FY2026−4% since Q1 FY2026Shareholders’ equity131415$530.0M in Q3 FY2026+6% since Q1 FY2026Cash131415$113.7M in Q3 FY2026+0% since Q1 FY2026Long-term debt131415$1.2B in Q3 FY2026+26% since Q1 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-11-30
2024-11-30
2023-11-30
2022-11-30
Cash and cash equivalents
$94.8M
$118.1M
Accounts receivable, net
$195.8M
$163.6M
Unbilled receivables, current portion
$46.6M
$34.7M
Other current assets
$62.8M
$52.5M
Total current assets
$400.0M
$368.8M
Unbilled receivables, non-current portion
$29.9M
$28.9M
Property and equipment, net
$13.7M
$13.7M
Intangible assets, net
$584.0M
$723.6M
Goodwill
$1.3B
$1.3B
$832.1M
Right-of-use lease assets
$25.8M
$30.9M
Deferred tax assets
$77.4M
$56.2M
Other assets
$17.7M
$12.7M
Total assets
$2.5B
$2.5B
Accounts payable
$15.9M
$13.9M
Accrued compensation and related payroll taxes
$71.8M
$64.7M
Convertible senior notes, current portion, net
$359.2M
$0
Operating lease liabilities, current portion
$8.5M
$9.2M
Other accrued current liabilities
$29.6M
$35.2M
Deferred revenue, current portion
$324.8M
$332.1M
Total current liabilities
$809.7M
$455.1M
Long-term debt
$600.0M
$730.0M
Convertible senior notes, non-current portion, net
$441.2M
$796.3M
Operating lease liabilities, non-current portion
$21.1M
$26.3M
Deferred revenue, non-current portion
$100.3M
$72.3M
Deferred tax liabilities
$1.2M
$2.3M
Other non-current liabilities
$5.8M
$6.0M
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none
$0
$0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 42,335,700 shares in 2025 and 43,360,695 shares in 2024
$423.0K
$434.0K
Additional paid-in capital
$383.7M
$354.2M
Retained earnings
$127.4M
$120.4M
Accumulated other comprehensive loss
-$33.1M
-$36.2M
Total stockholders' equity
$478.3M
$438.8M
$459.7M
$398.5M
Total liabilities and stockholders' equity
$2.5B
$2.5B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
200.0M shares
200.0M shares
Common stock, shares issued (in shares)
42.3M shares
43.4M shares
Common stock, shares outstanding (in shares)
42.3M shares
43.4M shares
Period ending
2025-11-30
2024-11-30
2023-11-30
2022-11-30
Cash and cash equivalents
$94.8M
$118.1M
Accounts receivable, net
$195.8M
$163.6M
Unbilled receivables, current portion
$46.6M
$34.7M
Other current assets
$62.8M
$52.5M
Total current assets
$400.0M
$368.8M
Unbilled receivables, non-current portion
$29.9M
$28.9M
Property and equipment, net
$13.7M
$13.7M
Intangible assets, net
$584.0M
$723.6M
Goodwill
$1.3B
$1.3B
$832.1M
Right-of-use lease assets
$25.8M
$30.9M
Deferred tax assets
$77.4M
$56.2M
Other assets
$17.7M
$12.7M
Total assets
$2.5B
$2.5B
Accounts payable
$15.9M
$13.9M
Accrued compensation and related payroll taxes
$71.8M
$64.7M
Convertible senior notes, current portion, net
$359.2M
$0
Operating lease liabilities, current portion
$8.5M
$9.2M
Other accrued current liabilities
$29.6M
$35.2M
Deferred revenue, current portion
$324.8M
$332.1M
Total current liabilities
$809.7M
$455.1M
Long-term debt
$600.0M
$730.0M
Convertible senior notes, non-current portion, net
$441.2M
$796.3M
Operating lease liabilities, non-current portion
$21.1M
$26.3M
Deferred revenue, non-current portion
$100.3M
$72.3M
Deferred tax liabilities
$1.2M
$2.3M
Other non-current liabilities
$5.8M
$6.0M
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none
$0
$0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 42,335,700 shares in 2025 and 43,360,695 shares in 2024
$423.0K
$434.0K
Additional paid-in capital
$383.7M
$354.2M
Retained earnings
$127.4M
$120.4M
Accumulated other comprehensive loss
-$33.1M
-$36.2M
Total stockholders' equity
$478.3M
$438.8M
$459.7M
$398.5M
Total liabilities and stockholders' equity
$2.5B
$2.5B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
200.0M shares
200.0M shares
Common stock, shares issued (in shares)
42.3M shares
43.4M shares
Common stock, shares outstanding (in shares)
42.3M shares
43.4M shares
Cash from operations91011128$235.2M in 2025+83% since 2019Capital spending91011128$5.7M in 2025+43% since 2019Free cash flow91011128$229.5M in 2025+84% since 2019Dividends paid91011128$786.0K in 2025−97% since 2019Share buybacks91011128$105.2M in 2025+321% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-11-30
2024-11-30
2023-11-30
Net income
$73.1M
$68.4M
$70.2M
Depreciation and amortization of property and equipment
$6.2M
$6.4M
$6.3M
Amortization of acquired intangibles and other
$145.5M
$96.6M
$96.8M
Amortization of debt discount and issuance costs
$5.8M
$3.5M
$2.1M
Stock-based compensation
$64.8M
$46.8M
$40.5M
Non-cash lease expense
$11.2M
$11.7M
$9.4M
Deferred income taxes
-$23.4M
-$7.8M
-$28.6M
Credit losses and other sales allowances
$4.5M
$544.0K
$488.0K
Accounts receivable
-$46.6M
-$45.9M
$12.1M
Other assets
-$9.9M
-$2.9M
-$1.6M
Inventories
$0
$0
$2.5M
Accounts payable and accrued liabilities
-$798.0K
$28.9M
-$1.2M
Lease liabilities
-$12.0M
-$11.6M
-$10.5M
Income taxes payable
$3.2M
$442.0K
-$553.0K
Deferred revenue
$13.5M
$16.2M
-$24.1M
Net cash flows from operating activities
$235.2M
$211.5M
$173.9M
Purchases of investments
$0
$0
-$15.3M
Sales and maturities of investments
$0
$0
$15.7M
Purchases of property and equipment
-$5.7M
-$5.2M
-$5.6M
Payments for acquisitions, net of cash acquired
-$21.2M
-$852.7M
-$355.2M
Net cash flows used in investing activities
-$26.9M
-$857.9M
-$360.4M
Proceeds from equity plans
$19.0M
$27.8M
$26.0M
Payments for taxes related to net share settlements of equity awards
-$15.2M
-$17.2M
-$12.4M
Repurchases of common stock
-$105.2M
-$86.8M
-$34.0M
Proceeds from issuance of convertible senior notes, net of issuance costs of $11,200
$0
$438.8M
$0
Purchase of capped calls
$0
-$42.2M
$0
Dividend equivalent and dividend payments to stockholders
-$786.0K
-$31.5M
-$31.6M
Proceeds from the issuance of debt
$0
$730.0M
$195.0M
Repayment of revolving line of credit
-$130.0M
-$110.0M
-$85.0M
Principal payment on term loan
$0
-$261.2M
-$6.9M
Payment of credit facility debt issuance costs
-$6.2M
-$6.8M
$0
Net cash flows (used in) from financing activities
-$238.4M
$640.8M
$51.2M
Effect of exchange rate changes on cash
$6.8M
-$3.3M
$6.0M
Net decrease in cash and cash equivalents
-$23.3M
-$8.9M
-$129.3M
Cash paid for income taxes, net of refunds of $2,509, $2,881, and $965 in 2025, 2024 and 2023, respectively
Progress Software sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Progress SoftwareWilmington, Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Progress Software reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease our headquarters facility, which includes administrative, sales, support, marketing, product development, and distribution functions, in one building totaling approximately 33,000 square feet in Burlington, Massachusetts.
We also maintain offices for administrative, sales, support, marketing, product development, and/or distribution purposes in leased facilities in various other locations in North America, including Raleigh, North Carolina, Alpharetta, Georgia, Vienna, Virginia and outside North America, including Sofia, Bulgaria, Limerick, Ireland, Brno, Czech Republic, Bengaluru and Hyderabad, India, Singapore, Singapore and Rotterdam, the Netherlands. The terms of our leases generally range from one to twelve years.
The rest of Item 2
At the end of fiscal year 2021, we adopted a modern approach to work that gives our employees more flexibility to choose where to work. Depending on their role, this means that employees can choose their office location, as well as continue to work from home some or all the time. As of November 30, 2025, we have not terminated any significant lease arrangements. We believe our facilities are adequate for the conduct of our business.
Progress Software was co-founded by several MIT graduates, including Joseph W. Alsop, Clyde Kessel, and Chip Ziering in 1981. It was originally called Data Language Corporation.
In 1984, Data Language released its first commercial version of the PROGRESS ADE for Unix and the following year unveiled a version for MS-DOS. In 1987, the company had released PROGRESS software for computer networks and the VAX/VMS (a Digital Equipment platform) and CTOS/BTOS operating systems. At the same year, the company changed its name to Progress Software Corporation to reflect the name of its software.
Around Dec 9, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
Sep 30, 2026Reported quarterly or annual results85
Jul 22, 2026Reported quarterly or annual results87
Jun 30, 2026Reported quarterly or annual results88
Mar 30, 2026Reported quarterly or annual results90
Jan 20, 2026Reported quarterly or annual results91
Sep 29, 2025Reported quarterly or annual results93
Jun 30, 2025Reported quarterly or annual results95
Mar 31, 2025Reported quarterly or annual results97
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
498 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 48 major events, 318 insider forms, 15 large holders, 95 other. The latest 20:
127 open-market trades by officers, directors and large owners since October 2021: 3 buys and 124 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Jan 20, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Progress Software names in Item 1A of its 10-K filed Jan 20, 2026: 38 risks under these headings, as written.17
Risks Related to Our Ability to Grow Our Business
Technology and customer requirements evolve rapidly in our industry, and if we do not continue to develop or acquire new products and enhance our existing products in response to these changes, our business could be harmed.
We may not be successful in our artificial intelligence initiatives, which could adversely affect our business, reputation, or financial results.
We are substantially dependent on our OpenEdge and ShareFile products.
The segments of the software industry in which we participate are intensely competitive, and our inability to compete effectively could harm our business.
The value of our Chef software assets may be limited by open source development and licensing practices.
We intend to make additional acquisitions of businesses, products, or technologies that involve additional risks, which could disrupt our business or harm our financial condition, results of operations, or cash flows.
Adverse developments in our relationships with sales channel partners could harm our revenues and results of operations.
We have relationships with third parties to provide, develop, and create applications that integrate with certain of our products, and our business could be harmed if we are unable to continue these relationships.
Risks Related to the Operation of Our Business
Our international operations expose us to additional risks, and changes in global economic and political conditions could adversely affect our international operations, our revenue, and our net income.
If our security measures are breached, our products and services may be perceived as not being secure, customers may curtail or stop using our products and services, and we may incur significant legal and financial exposure from loss of customer or company data, loss of customers, or otherwise.
The other 28 risks
If our products contain software defects or security flaws, it could harm our revenues by causing us to lose customers and could increase our liabilities by exposing us to costly governmental investigations or litigation. For example, the exploitation of the zero-day MOVEit Vulnerability in May 2023 has resulted in informal government inquiries, three formal government investigations, and private litigation.
Our business could be damaged, and we could be subject to liability, in the event of any unauthorized access to our data or our customers' data, including through privacy and data security breach.
A failure of our information technology systems, including a cyber incident, could have a material adverse effect on our business.
Integration of artificial intelligence into our product offerings and our use of artificial intelligence in our operations could result in reputational or competitive harm, legal liability, and other adverse effects on our business.
Catastrophic events, including but not limited to cyber events, may disrupt our business.
Our customers and partners may seek refunds, delay implementation timelines, delay payment, fail to pay us in accordance with the terms of their agreements, decline renewals or upgrades, or reduce or terminate use of our products, all of which can have an adverse effect on us.
We rely on the experience and expertise of our skilled employees, and must continue to attract and retain qualified technical, marketing and managerial personnel in order to succeed.
Certain of our products depend on interoperability with various devices, operating systems, and third-party applications that we do not control.
Risks Related to Laws and Regulations
We are subject to risks associated with compliance with laws and regulations globally, which may harm our business.
Our business practices with respect to the collection, use, and management of personal information could give rise to operational interruption, liabilities, or reputational harm as a result of governmental regulation, legal requirements, or industry standards relating to consumer privacy and data protection.
We could incur substantial costs in protecting our proprietary software technology, and if we fail to protect our technology we could incur material harm to our business.
We could be subject to claims that we infringe intellectual property rights of others, which could harm our business, financial condition, and results of operations.
Contracting with government entities exposes us to additional risks inherent in the government procurement process.
Risks Related to Financial Performance or General Economic Conditions
Weakness in the U.S. and international economies may result in fewer sales of our products and may otherwise harm our business.
We are currently operating in a period of economic uncertainty and capital markets disruption due to various geopolitical and macro-economic factors, which may materially adversely affect our business, financial condition, and results of operations.
Fluctuations in foreign currency exchange rates or interest rates have had, and could continue to have, an adverse impact on our financial condition and results of operations.
Revenue forecasting is uncertain, and the failure to meet our forecasts could result in a decline in the market price of our common stock.
Our stock price has been, and may continue to be, volatile, and your investment could lose value.
Changes in accounting principles and guidance, or their interpretation or implementation, may materially adversely affect our reported results of operations or financial position.
If our goodwill or amortizable intangible assets become impaired, we may be required to record a significant charge to earnings.
We may have exposure to additional tax liabilities.
Risks Related to our Indebtedness and Convertible Senior Notes
Our indebtedness and liabilities could limit the cash flow available for our operations and expose us to risks that could adversely affect our business, financial condition, and results of operations.
We are required to comply with certain financial and operating covenants under our Credit Facility and to make scheduled debt payments as they become due; any failure to comply with those covenants or to make scheduled payments could cause amounts borrowed under the facility to become immediately due and payable or prevent us from borrowing under the facility.
The capped call transactions may affect the market price of our common stock.
We are subject to counterparty risk with respect to the capped call transactions, and the capped call may not operate as planned.
The conditional conversion feature of the Notes, if triggered, may adversely affect our financial condition and operating results.
Provisions in the indenture could delay or prevent an otherwise beneficial takeover of us.
Conversion of the Notes may dilute the ownership interest of existing stockholders.
Legal proceedings
Please refer to Note 17, Cyber Related Matters, in Part II, Item 8 of this Form 10-K for a discussion of legal proceedings related to the MOVEit Vulnerability.
We are also subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these legal matters will have a material effect on our financial position, results of operations, or cash flows.
