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Progress Software (PRGS) investor relations material
Progress Software Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2025 delivered revenue of $250 million, up 40% year-over-year, with ARR at $849 million, a 47% increase, driven by strong AI-fueled demand and successful ShareFile integration.
Non-GAAP EPS was $1.50, up 19% year-over-year and above guidance; GAAP EPS was $0.44, down 32% due to higher costs and interest expense.
Operating margin reached 40% (non-GAAP) and 18% (GAAP); net retention rate held at 100%.
ShareFile contributed $260 million to ARR and $64.6 million in quarterly revenue, with integration completed ahead of schedule.
AI innovation and product enhancements drove customer retention and expansion, supporting robust execution.
Financial highlights
Q3 2025 revenue was $250 million, exceeding guidance; ARR reached $849 million, up 47% year-over-year.
Non-GAAP operating margin was 40%; GAAP operating margin was 18%.
Adjusted free cash flow was $74 million, up 29% year-over-year; unlevered free cash flow was $89 million, up 40%.
Net income for Q3 2025 was $19.4 million, down 32% year-over-year; non-GAAP net income was $65.7 million, up 19%.
Gross margin for Q3 2025 was 81%.
Outlook and guidance
Q4 2025 revenue expected at $250–$256 million; non-GAAP EPS forecasted at $1.29–$1.35.
Full-year 2025 revenue guidance raised to $975–$981 million; non-GAAP EPS to $5.50–$5.56.
FY25 adjusted free cash flow guidance increased to $228–$242 million; unlevered free cash flow to $285–$296 million.
Operating margin for FY25 expected at 38–39% (non-GAAP) and 15% (GAAP).
Guidance assumes $65 million in share repurchases and $160 million in debt repayment for the year.
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