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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
PTC (PTC) investor relations material
PTC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Nov, 2025
Executive summary
Announced definitive agreement to divest Kepware and ThingWorx businesses to TPG, expected to close in H1 2026, sharpening focus on core CAD, PLM, ALM, SLM, SaaS, and AI areas, with up to $725M in total cash consideration and ~$365M net proceeds after adjustments and taxes.
Achieved record annual cash flow and strong execution in FY'25, with strategic divestitures to support AI-driven, verticalized growth.
Appointed Jon Stevenson as Chief Product Officer to accelerate product and R&D execution.
Introduced FY'26 guidance with continued growth expectations and increased share repurchase plans.
Focus remains on driving growth through a simplified portfolio and SaaS acceleration, with strategic capital allocation including share repurchases and potential tuck-in acquisitions.
Financial highlights
Q4'25 constant currency ARR reached $2.446 billion, up 8.5% year-over-year; total ARR was $2.478 billion, up 10% year-over-year.
FY'25 revenue grew 19% year-over-year to $2.74 billion; Q4 revenue up 43% to $894 million.
Free cash flow for FY'25 was $857 million, up 16% year-over-year; operating cash flow was $868 million, up 16%.
Operating efficiency expanded by 310 basis points to 45% in FY'25.
GAAP EPS for FY'25 was $6.14, up 97%; non-GAAP EPS was $8.00, up 57%.
Outlook and guidance
FY'26 constant currency ARR growth guided to 7%-9% (including Kepware/ThingWorx) and 7.5%-9.5% (excluding them), with ARR guidance (excluding divested businesses) at $2,319M.
FY'26 revenue guidance: $2.65–$2.92 billion; non-GAAP EPS guidance: $6.49–$8.95.
FY'26 free cash flow guidance: ~$1,000M–$1,030M, with 55%-60% expected in the first half and one-time costs related to divestiture and R&D center move.
Q1'26 ARR guidance: 8.5%-9% growth (excluding divested businesses); Q1 2026 net new ARR expected to be similar to last year.
Share repurchases planned at $150–$250 million per quarter in FY'26, with $200 million targeted for Q1.
How does divestiture impact core business growth?
GTM transformation: Next steps for fiscal '26
Deferred ARR: How does it convert to future growth?
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Frequently asked questions
CAD, IoT, Augmented Reality, and More
Founded in 1985, PTC Inc. is a global software company that aids businesses in the design, manufacture, operation, and service of products. With a diverse portfolio that spans Internet of Things (IoT), augmented reality (AR), computer-aided design (CAD), and even a program for Product Lifecycle Management (PLM). PTC is headquartered in Boston and has grown to serve a myriad of industries.
Evolution from CAD Pioneer to Digital Solutions Leader
PTC’s journey began as a trailblazer in 3D CAD software. In the late 1980s and 1990s, the company launched Pro/ENGINEER, the industry's first rule-based constraint (parametric) CAD software. This software revolutionized product design by allowing engineers to create 3D digital prototypes of their products, enhancing the overall design process. Over the years, PTC expanded its software suite to include solutions that cover the entire product lifecycle, from conception and design to service and retirement.
Solutions for the Modern Industrial Landscape
At the heart of PTC's offerings is its comprehensive suite of software tools tailored to meet the demands of today's industries. Their CAD solutions, led by the flagship product Creo, enable product designers and engineers to visualize, analyze, and verify complex product designs. Through advanced simulation tools and a user-friendly interface, Creo has become the preferred choice for many enterprises.
Moreover, with the Vuforia AR platform, PTC provides tools for developers to create immersive augmented reality applications. These AR applications can be used in a variety of sectors, from education and marketing to manufacturing and service, making the process of information consumption more interactive and intuitive. When looking at companies supplying similar services, one finds names such as Oracle, SAP, IBM, and many more.
Internet of Things
PTC saw the increasing value of the Internet of Things and the potential of augmented reality in industrial settings. By strategically acquiring companies and expanding their product suite, PTC positioned itself at the forefront of the IoT and AR revolutions. Their ThingWorx platform, for instance, offers a comprehensive IoT solution, enabling businesses to create and run applications for connected products.
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