PRGS on Nasdaq

Progress Software

Logo: Progress Software, Public domain, via Wikimedia Commons⁴

American software company

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 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1981Founded¹

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TickerPRGS on Nasdaq¹
Industrysoftware industry¹
HeadquartersBedford¹
Websitewww.progress.com
Legal formDelaware corporation¹
Incorporated inDE⁵
Business address15 Wayside Road, Suite 400, Burlington, Ma 01803⁵
Filer categoryLarge accelerated filer⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

80.8%Gross margin⁷

15.7%Operating margin⁷

7.5%Net margin⁷

29.8%Revenue growth, 2025⁷

15.3%Return on equity⁷

2.18×Debt to equity⁷

$229.5MFree cash flow⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Maintenance and Services brought in 76% of the revenue Progress Software broke down this way in fiscal 2025.

Maintenance and Services$739.9M⁷76%up 47% from 2024
Software Licenses$237.9M⁷24%down 5% from 2024

Products and services by year

Products and services	2023	2024	2025
Maintenance and Services	$473.6M	$504.1M	$739.9M
Software Licenses	$220.8M	$249.3M	$237.9M

Regions

United States brought in 61% of the revenue Progress Software broke down this way in fiscal 2025.

United States$595.3M⁷61%up 41% from 2024
EMEA$280.9M⁷29%up 15% from 2024
Asia Pacific$51.5M⁷5%up 26% from 2024
Canada$28.4M⁷3%up 13% from 2024
Latin America$21.7M⁷2%up 7% from 2024

Regions by year

Regions	2023	2024	2025
United States	$380.7M	$421.9M	$595.3M
EMEA	$222.9M	$245.3M	$280.9M
Asia Pacific	$38.8M	$40.8M	$51.5M
Canada	$31.0M	$25.1M	$28.4M
Latin America	$21.1M	$20.3M	$21.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costs

Cost of revenue19¢$187.6M
Other costs72¢$708.6M
Income tax1¢$8.5M
Profit7¢$73.1M

Out of $977.8M in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Share buybacksKept or used elsewhere

Capital spending2¢$5.7M
Dividends paid0¢$786.0K
Share buybacks45¢$105.2M
Kept or used elsewhere53¢$123.5M

Out of $235.2M of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$977.8M in 2025+137% since 2019

Gross profit⁸⁹¹⁰¹¹⁷$790.2M in 2025+134% since 2019

Operating income⁸⁹¹⁰¹¹⁷$153.3M in 2025+282% since 2019

Net income⁸⁹¹⁰¹¹⁷$73.1M in 2025+177% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

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

Total assets¹⁵⁸⁹¹⁰¹¹⁷$2.5B in 2025+179% since 2019

Shareholders’ equity⁹¹⁰¹¹⁷$478.3M in 2025+45% since 2019

Cash¹⁵⁸⁹¹⁰¹¹⁷$94.8M in 2025−39% since 2019

Long-term debt¹⁵⁸⁹¹⁰⁷$1.0B in 2025+267% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-11-30	2024-11-30	2023-11-30
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
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 operations⁸⁹¹⁰¹¹⁷$235.2M in 2025+83% since 2019

Capital spending⁸⁹¹⁰¹¹⁷$5.7M in 2025+43% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷$229.5M in 2025+84% since 2019

Dividends paid⁸⁹¹⁰¹¹⁷$786.0K in 2025−97% since 2019

Share buybacks⁸⁹¹⁰¹¹⁷$105.2M in 2025+321% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

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	$34.4M	$32.4M	$39.8M
Cash paid for interest	$63.5M	$21.8M	$23.9M
Payments of debt issuance costs		$11.2M
Proceeds from income tax refunds	$2.5M	$2.9M	$965.0K

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The story

Founded by Mary Székely in 1981.¹

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.

From Wikipedia’s article on Progress Software, shared under CC BY-SA 4.0.⁶

Leadership

Who has led Progress Software, and when. Pick a name to see everywhere that person has worked.

FounderCharles Ziering¹
FounderClyde Kessel¹
FounderJoseph Alsop¹
FounderMary Székely¹

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