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Software - Application · Technology · Fiscal year ends Dec 31
Pegasystems reported revenue of $1.7B in the fiscal year ended Dec 2025, up 16.6% from the year before. Operating income was $263M, an operating margin of 15.1%, and net income was $393M. Operating cash flow of $505M less capital expenditure of $15M left free cash flow of $491M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,212 | 1,318 | 1,433 | 1,497 | 1,746 |
| Cost of revenue | 336 | 369 | 378 | 391 | 421 |
| Gross profit | 875 | 949 | 1,054 | 1,107 | 1,324 |
| Research & development | 261 | 294 | 296 | 298 | 313 |
| Selling, general & admin | 709 | 743 | 656 | 648 | 727 |
| Operating income | −94.7 | −109 | 81.0 | 124 | 263 |
| Interest expense | 8.0 | 7.8 | 6.9 | 6.8 | 1.3 |
| Pre-tax income | −132 | −162 | 95.4 | 143 | 281 |
| Income tax | −68.9 | 184 | 27.6 | 43.4 | −113 |
| Net income | −63.0 | −346 | 67.8 | 99.2 | 393 |
| Diluted EPS | −0.77 | −4.22 | 0.37 | 0.55 | 2.13 |
| Diluted shares | 81.4 | 81.9 | 170 | 179 | 185 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 160 | 145 | 230 | 337 | 212 |
| Receivables | 183 | 255 | 300 | 305 | 265 |
| Current assets | 840 | 846 | 1,029 | 1,334 | 978 |
| Net PP&E | 26.8 | 55.1 | 47.3 | 41.8 | 45.2 |
| Goodwill | 81.9 | 81.4 | 81.6 | 81.1 | 81.5 |
| Total assets | 1,594 | 1,358 | 1,511 | 1,768 | 1,632 |
| Payables | 15.3 | 18.2 | 11.3 | 6.2 | 12.9 |
| Deferred revenue | 276 | 325 | 378 | 424 | 509 |
| Current liabilities | 485 | 539 | 577 | 1,086 | 738 |
| Total liabilities | 1,177 | 1,227 | 1,157 | 1,183 | 844 |
| Shareholders' equity | 416 | 131 | 354 | 585 | 787 |
| Backlog (remaining obligations) | 1,345 | 1,356 | 1,463 | 1,623 | 2,074 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 39.1 | 22.3 | 218 | 346 | 505 |
| Capital expenditure | 10.5 | 35.4 | 16.8 | 7.7 | 14.5 |
| Free cash flow | 28.7 | −13.0 | 201 | 338 | 491 |
| Depreciation & amortisation | 28.6 | 18.8 | 18.7 | 17.6 | 13.7 |
| Stock-based compensation | 116 | 122 | 143 | 143 | 155 |
| Acquisitions | 5.0 | 0.9 | 0.0 | 0.0 | – |
| Share buybacks | 52.7 | 25.7 | 0.0 | 68.1 | 500 |
| Dividends paid | 9.8 | 9.8 | 10.0 | 10.2 | 15.4 |
| Dividend per share | 0.12 | 0.12 | 0.06 | 0.06 | 0.10 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.8% | 8.7% | 4.5% | 16.6% |
| Operating income growth (YoY) | – | – | – | 53.0% | 112.4% |
| EPS growth (YoY) | – | – | – | 48.6% | 287.3% |
| Gross margin | 72.2% | 72.0% | 73.6% | 73.9% | 75.9% |
| Operating margin | −7.8% | −8.3% | 5.7% | 8.3% | 15.1% |
| Net margin | −5.2% | −26.2% | 4.7% | 6.6% | 22.5% |
| Return on equityBlank when equity is negative | −15.2% | −264.1% | 19.2% | 16.9% | 50.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.5% | −13.4% | 8.7% | 18.2% | 29.4% |
| Free cash flow margin | 2.4% | −1.0% | 14.0% | 22.6% | 28.1% |
| Cash conversion (CFO ÷ net income) | −0.62x | −0.06x | 3.21x | 3.49x | 1.28x |
| Receivable days | 55 | 71 | 76 | 74 | 55 |
| Payable days | 17 | 18 | 11 | 6 | 11 |
| Interest cover | −11.9x | −14.0x | 11.8x | 18.1x | 205x |
| Current ratio | 1.73x | 1.57x | 1.78x | 1.23x | 1.33x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.