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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ken Wong | Oppenheimer | 8 (0%) |
| Nay Naing | Berenberg | 8 (0%) |
| Jay Vleeschhouwer | Griffin Securities | 8 (13%) |
| Joshua Tilton | Wolfe Research | 7 (14%) |
| Jason Celino | KeyBanc Capital Markets | 7 (14%) |
| Blair Abernethy | Rosenblatt Securities | 6 (33%) |
| Siti Panigrahi | Mizuho Securities | 6 (0%) |
| Tyler Radke | Citigroup | 6 (0%) |
| Saket Kalia | Barclays | 6 (0%) |
| Adam Borg | Stifel | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Griffin Securities | 1 | 8 (13%) |
| Berenberg | 1 | 8 (0%) |
| Oppenheimer | 1 | 8 (0%) |
| Wolfe Research | 2 |
| 8 (13%) |
| KeyBanc Capital Markets | 1 | 7 (14%) |
| Mizuho Securities | 1 | 6 (0%) |
| Citigroup | 1 | 6 (0%) |
| Barclays | 1 | 6 (0%) |
PTC reported constant currency ARR growth of 8.5% excluding Kepware to $2.388 billion, at the high end of guidance, with FCF exceeding the guidance range. The Kepware/ThingWorx divestiture was completed, enabling a focused intelligent product lifecycle strategy. Management reiterated ARR guidance at 7.5-9.5% while raising revenue and EPS on demand capture dynamics, and announced a new $2 billion buyback authorization through FY2028.
Demand | Competitive Dynamics | Guidance Reliability | Product Launch | Revenue Growth | Macroeconomic | Cloud & AI | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 1 | 2 | 3 | |||
| 2025Q1 | 3 | 3 | 1 | 2 | 2 | 1 | 3 | |
| 2025Q2 | 5 | 3 | 4 | 1 | 3 | 1 | 1 | |
| 2025Q3 | 4 | 5 | 2 | 3 | 4 | 2 | 1 | 2 |
| 2025Q4 | 2 | 3 | 2 | 1 | 1 | 1 | ||
| 2026Q1 | 8 | 3 | 7 | 3 | 4 | 1 | 1 | |
| 2026Q2 | 7 | 6 | 3 | 5 | 4 | 1 | 5 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 4 | 3 | 5 | 4 | 2 | 8 | 7 |
| Competitive Dynamics | 4 | 3 | 3 | 5 | 3 | 3 | 6 |
| Guidance Reliability | 1 | 1 | 4 | 2 | 2 | 7 | 3 |
| Product Launch | 2 | 2 | 3 | 1 | 3 | 5 | |
| Revenue Growth | 2 | 1 | 4 | 1 | 4 | 4 | |
| Macroeconomic | 3 | 1 | 3 | 2 | 1 | 1 | |
| Cloud & AI | 3 | 1 | 1 | 1 | 5 | ||
| Margin | 1 | 2 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $627M | +14.6% | $1.04 | +173.7% | 82.0% | 31.0% | 20.2% | $90M |
| FY2025 Q1 | $565M | +2.7% | $0.68 | +23.6% | 80.2% | 20.4% | 14.6% | $236M |
| FY2025 Q2 | $636M | +5.5% | $1.35 |
| +42.1% |
| 83.3% |
| 35.1% |
| 25.6% |
| $279M |
| FY2025 Q3 | $644M | +24.2% | $1.17 | +105.3% | 82.9% | 32.6% | 21.9% | $242M |
| FY2025 Q4 | $894M | +42.7% | $2.94 | +182.7% | 86.9% | 48.5% | 38.9% | $100M |
| FY2026 Q1 | $686M | +21.4% | $1.39 | +104.4% | 82.8% | 32.2% | 24.3% | $267M |
| FY2026 Q2 | $774M | +21.7% | $4.99 | +269.6% | 83.8% | 38.2% | 76.3% | $318M |
| FY2026 Q3 | $600M | -6.8% | $1.03 | -12.0% | 83.7% | 27.7% | 19.8% | $249M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What PTC and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“You saw the Army -- U.S. Army as an example, put the stamp of approval that Windchill is the standard for PLM systems”
The U.S. Army designated PTC's Windchill as its standard PLM system, a reference win PTC expects to leverage across other federal agencies.
“Hamilton Medical that we released about Codebeamer yesterday, a customer win, which another displacement”
PTC won Hamilton Medical as a Codebeamer ALM customer, displacing an incumbent, reflecting the medical-device maker's move to modernize its requirements and product-data foundation.
“especially given the big win you announced with BMW from an automotive perspective”
PTC announced a large automotive win at BMW, centered on Codebeamer, Windchill and Onshape as BMW builds out software-defined-vehicle development.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
PTC PTC Inc. | 9 | +21.7% | |
| ADSK Autodesk | 10 | +19.8% | |
| AI C3.ai, Inc. | 1 | -46.1% | |
| APP Applovin Corp | 9 | +59.0% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CHYM Chime Financial, Inc. Class A Common Stock | 10 | +24.8% | |
| CRM Salesforce, Inc. | 9 | +12.1% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| FIG Figma, Inc. | 9 | +46.1% | |
| INTU Intuit | 9 | +17.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| SHOP Shopify | 8 | +34.3% | |
| SNOW Snowflake Inc. | 9 | +30.1% | |
| SOUN SoundHound AI, Inc. | 8 | +51.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| U Unity Software Inc. | 9 | +16.8% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 7 | +14.5% |