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Software - Application · Technology · Fiscal year ends Dec 31
Q2 reported revenue of $795M in the fiscal year ended Dec 2025, up 14.1% from the year before. Operating income was $40M, an operating margin of 5.0%, and net income was $52M. Operating cash flow of $201M less capital expenditure of $7M left free cash flow of $195M.
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 | 499 | 566 | 625 | 696 | 795 |
| Cost of revenue | 274 | 309 | 322 | 342 | 365 |
| Gross profit | 225 | 256 | 303 | 354 | 430 |
| Research & development | 117 | 130 | 137 | 143 | 154 |
| Selling, general & admin | 163 | 198 | 220 | 229 | 231 |
| Operating income | −78.0 | −105 | −86.1 | −42.3 | 39.9 |
| Interest expense | – | – | 4.6 | 4.7 | 4.9 |
| Pre-tax income | −111 | −106 | −61.8 | −30.9 | 54.7 |
| Income tax | 1.6 | 2.9 | 3.6 | 7.7 | 2.7 |
| Net income | −113 | −109 | −65.4 | −38.5 | 52.0 |
| Diluted EPS | −2.00 | −1.90 | −1.12 | −0.64 | 0.80 |
| Diluted shares | 56.4 | 57.3 | 58.4 | 60.1 | 65.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 323 | 200 | 230 | 359 | 368 |
| Receivables | 47.0 | 46.7 | 42.9 | 42.1 | 51.7 |
| Current assets | 522 | 531 | 428 | 559 | 556 |
| Net PP&E | 66.6 | 56.7 | 41.2 | 31.5 | 27.8 |
| Goodwill | 513 | 513 | 513 | 513 | 513 |
| Total assets | 1,385 | 1,350 | 1,201 | 1,295 | 1,276 |
| Payables | 10.6 | 10.1 | 19.4 | 9.4 | 20.5 |
| Deferred revenue | 98.7 | 117 | 119 | 138 | 155 |
| Current liabilities | 168 | 192 | 192 | 399 | 544 |
| Total liabilities | 815 | 931 | 753 | 777 | 614 |
| Shareholders' equity | 570 | 419 | 448 | 518 | 662 |
| Backlog (remaining obligations) | 1,400 | 1,490 | 1,840 | 2,220 | 2,690 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 31.1 | 36.6 | 70.3 | 136 | 201 |
| Capital expenditure | 19.8 | 11.1 | 5.7 | 6.7 | 6.8 |
| Free cash flow | 11.3 | 25.4 | 64.6 | 129 | 195 |
| Depreciation & amortisation | 54.8 | 61.7 | 71.7 | 68.8 | 53.4 |
| Stock-based compensation | 55.9 | 65.2 | 79.2 | 89.2 | 86.9 |
| Acquisitions | 64.7 | 5.0 | 0.0 | 0.0 | – |
| Share buybacks | – | – | 0.0 | 0.0 | 5.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.4% | 10.4% | 11.5% | 14.1% |
| Gross margin | 45.1% | 45.3% | 48.5% | 50.9% | 54.1% |
| Operating margin | −15.6% | −18.5% | −13.8% | −6.1% | 5.0% |
| Net margin | −22.6% | −19.3% | −10.5% | −5.5% | 6.5% |
| Return on equityBlank when equity is negative | −19.8% | −26.0% | −14.6% | −7.4% | 7.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −6.4% | −9.0% | −8.5% | −4.7% | 5.4% |
| Free cash flow margin | 2.3% | 4.5% | 10.3% | 18.5% | 24.5% |
| Cash conversion (CFO ÷ net income) | −0.28x | −0.34x | −1.08x | −3.52x | 3.87x |
| Receivable days | 34 | 30 | 25 | 22 | 24 |
| Payable days | 14 | 12 | 22 | 10 | 20 |
| Interest cover | – | – | −18.6x | −8.92x | 8.10x |
| Current ratio | 3.10x | 2.77x | 2.23x | 1.40x | 1.02x |
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.