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PRGS

Progress Software Corporation

PRGS

Progress Software Corporation • NASDAQ
$41.41 ▲ 0.49% (+0.20)
Market Cap $1.79 B
52w High $70.28
52w Low $39.00
Dividend Yield 0.70%
P/E 37.99
Volume 206.38K
Outstanding Shares 43.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $249.795M ▲ $158.385M ▲ $19.413M ▲ 7.772% ▲ $0.45 ▲ $83.028M ▲
Q2-2025 $237.355M ▼ $151.451M ▼ $17.029M ▲ 7.174% ▲ $0.4 ▲ $76.551M ▲
Q1-2025 $238.015M ▲ $159.358M ▲ $10.946M ▲ 4.599% ▲ $0.25 ▲ $69.931M ▲
Q4-2024 $214.961M ▲ $156.923M ▲ $1.147M ▼ 0.534% ▼ $0.026 ▼ $50.549M ▼
Q3-2024 $178.686M $109.273M $28.464M 15.93% $0.66 $63.147M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $99.008M ▼ $2.422B ▲ $1.944B ▼ $477.682M ▲
Q2-2025 $102.006M ▼ $2.414B ▼ $1.961B ▼ $452.701M ▲
Q1-2025 $124.161M ▲ $2.462B ▼ $2.031B ▼ $431.847M ▼
Q4-2024 $118.077M ▼ $2.527B ▲ $2.088B ▲ $438.788M ▲
Q3-2024 $232.713M $1.62B $1.194B $425.612M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $19.413M ▲ $73.446M ▲ $-20.513M ▼ $-57.681M ▲ $-2.998M ▲ $72.391M ▲
Q2-2025 $17.029M ▲ $29.996M ▼ $-495K ▲ $-59.233M ▼ $-22.155M ▼ $29.501M ▼
Q1-2025 $10.946M ▲ $68.947M ▲ $-2.485M ▲ $-58.87M ▼ $6.084M ▲ $67.657M ▲
Q4-2024 $1.147M ▼ $19.651M ▼ $-855.58M ▼ $726.098M ▲ $-114.636M ▼ $16.773M ▼
Q3-2024 $28.464M $57.658M $-1.064M $-17.477M $42.293M $56.594M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Maintenance and Services
Maintenance and Services
 $140.00M ▲$180.00M ▲$190.00M ▲$190.00M ▲
Software Licenses
Software Licenses
 $70.00M ▲$60.00M ▼$50.00M ▼$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Progress has grown its revenue steadily over the past five years, with gross profit rising alongside it. Operating profit has stayed fairly stable, which suggests that new growth and acquisitions are largely being offset by higher costs and integration spending. Earnings after all expenses and taxes have been flat to slightly weaker compared with their peak, even as sales increased, which points to pressure from interest costs, acquisition-related charges, or integration work. Overall, this looks like a mature, profitable software business using deals to grow the top line rather than dramatically expanding margins.

Balance Sheet

Balance Sheet The balance sheet shows a company that has bulked up through acquisitions. Total assets have climbed meaningfully, but this has been financed largely with debt, which has risen much faster than shareholder equity. Cash on hand is modest compared with the debt load, so Progress is clearly leaning on borrowing capacity rather than cash reserves. The structure is common for acquisitive software firms, but it leaves less room for error if growth slows or integration becomes more difficult.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently positive and has grown over time, and free cash flow closely tracks it because the business requires very little spending on physical assets. This “asset-light” model supports debt service, dividends or buybacks, and ongoing acquisitions. The risk is less about near‑term cash generation and more about making sure those cash flows remain durable as the product mix and competitive landscape evolve.

Competitive Edge

Competitive Edge Progress occupies defensible niches in enterprise software rather than trying to dominate broad horizontal markets. Its strongest edge comes from long‑standing products like OpenEdge, where customers have built mission‑critical systems that are costly and risky to move, creating high switching costs and sticky recurring revenue. Acquisitions such as Chef, MOVEit, Sitefinity, and ShareFile broaden the portfolio and deepen customer relationships, but also expose the company to many different competitive arenas with strong rivals. The competitive position is solidly “sticky and stable,” but Progress is rarely the largest or flashiest player in any given category, which could limit organic growth.

Innovation and R&D

Innovation and R&D Innovation at Progress is practical and portfolio‑driven rather than centered on a single breakthrough product. The company focuses on modernizing its legacy platforms, integrating acquired technologies, and layering in new capabilities like AI assistants, RAG-based search, and cloud-native delivery. R&D spending has been stepping up to support AI, data platforms, and SaaS offerings, with upcoming releases like OpenEdge 13 and the Progress Data Platform aimed at keeping long‑time customers current. The main question is execution: whether Progress can turn these AI and cloud initiatives into meaningful new usage and pricing power, rather than just incremental features.

Summary

Overall, Progress looks like a mature, cash‑generative software company using acquisitions to extend its life and relevance. The financial profile shows steady revenue growth, healthy margins, and strong free cash flow, offset by a notably higher debt load. Its moat rests on sticky, mission‑critical products and long‑term customer relationships, not on being the most innovative brand in each market. The key things to watch are: the pace of organic growth versus acquisition-led growth, the company’s ability to digest and integrate deals like ShareFile and Nuclia, and how successfully it turns its AI and cloud strategy into durable, higher‑value customer usage while managing leverage conservatively.

NEWS

November 19, 2025 · 9:00 AM UTC

Progress Software Brings Its RAG-as-a-Service Platform to AWS Marketplace

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November 13, 2025 · 9:00 AM UTC

Progress Software Redefines Digital Experiences with the First Generative Content Management System (CMS) Built on Trusted AI

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October 29, 2025 · 9:00 AM UTC

Progress Federal Solutions Deemed “Awardable” Vendor for U.S. Department of Defense Chief Digital and Artificial Intelligence Office's Tradewinds Solutions Marketplace

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October 15, 2025 · 9:00 AM UTC

Progress Software Launches Automate MFT: The Next Generation of File Transfer Solutions, Cutting File Transfer Costs by Up to 50%

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October 1, 2025 · 9:00 AM UTC

Progress Software Expands Presence in Costa Rica with New Center of Excellence

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