Progress Software Corporation (PRGS) Income Statement
PRGS FY2025 at a glance
Fiscal year ended November 30, 2025 · U.S. dollarsPRGS revenue and net income
Where PRGS's revenue goes
FY2025Each bar shows an amount and its share of revenue. PRGS kept 7.5% of revenue as net income.
PRGS profit margins
PRGS growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +29.8% | +17.5% | +17.2% | +10.0% |
| Gross profit | +26.9% | +15.9% | +15.8% | +9.7% |
| Operating income | +23.6% | +5.1% | +7.3% | +26.4% |
| Net income | +6.9% | −8.4% | −1.7% | — |
| EPS (diluted) | +16.0% | +11.5% | +13.2% | +13.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PRGS quarterly EPS vs estimates
Progress Software beat the analyst EPS estimate in 8 of the last 8 quarters.
PRGS income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $977.8M | $753.4M | $694.4M | $602.0M | $531.3M | $442.1M | $413.3M | $397.2M | $397.6M | $405.3M |
| Cost of revenue | $187.6M | $130.5M | $126.6M | $94.5M | $78.4M | $62.1M | $75.2M | $67.0M | $69.2M | $65.7M |
| Gross profit | $790.2M | $622.9M | $567.9M | $507.5M | $452.9M | $380.0M | $338.1M | $312.0M | $320.0M | $339.6M |
| Research & development | $192.3M | $146.3M | $132.4M | $114.6M | $103.3M | $88.6M | $88.6M | $79.7M | $77.0M | $88.6M |
| Sales, general & admin | $319.2M | $254.1M | $239.2M | $218.6M | $191.0M | $154.1M | $155.1M | $143.6M | $144.1M | $168.0M |
| Total operating expenses | $637.0M | $498.9M | $371.6M | $375.4M | $336.8M | $272.3M | $265.9M | $236.5M | $238.8M | $269.4M |
| Operating income | $153.3M | $124.0M | $110.5M | $132.1M | $116.1M | $107.7M | $40.1M | $67.8M | $57.5M | −$29.7M |
| Interest income | $1.8M | $4.7M | $2.5M | $1.4M | $777,000 | $1.5M | $1.1M | $1.2M | $921,000 | $839,000 |
| Interest expense | $70.8M | $32.0M | $30.8M | $15.8M | $20.0M | $10.2M | $9.9M | $5.1M | $4.6M | $4.2M |
| Income before taxes | $81.6M | $94.3M | $79.7M | $117.3M | $95.5M | $96.6M | $28.5M | $60.8M | $52.5M | −$35.3M |
| Income taxes | $8.5M | $25.8M | $9.5M | $22.2M | $17.1M | $16.9M | $2.1M | $15.5M | $28.2M | $20.4M |
| Net income | $73.1M | $68.4M | $70.2M | $95.1M | $78.4M | $79.7M | $26.4M | $63.5M | $37.4M | −$55.7M |
| EBITDA | $304.2M | $229.3M | $110.5M | $207.8M | $178.9M | $141.6M | $95.1M | $110.4M | $100.0M | $8.2M |
| EPS (diluted) | $5.72 | $4.93 | $4.35 | $4.13 | $3.87 | $3.08 | $2.69 | $2.50 | $1.91 | $1.66 |
| Gross margin | 80.8% | 82.7% | 81.8% | 84.3% | 85.2% | 86.0% | 81.8% | 78.6% | 80.5% | 83.8% |
| Operating margin | 15.7% | 16.5% | 15.9% | 21.9% | 21.9% | 24.4% | 9.7% | 17.1% | 14.5% | −7.3% |
| Net margin | 7.5% | 9.1% | 10.1% | 15.8% | 14.8% | 18.0% | 6.4% | 16.0% | 9.4% | −13.7% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $246.0M | $253.5M | $247.8M | $252.7M | $249.8M | $237.4M | $238.0M | $215.0M | $178.7M | $175.1M | $184.7M | $177.0M |
| Cost of revenue | $42.5M | $44.9M | $69.5M | $46.5M | $47.5M | $47.3M | $46.2M | $36.5M | $29.1M | $32.1M | $32.8M | $33.7M |
| Gross profit | $203.5M | $208.6M | $178.3M | $206.1M | $202.3M | $190.1M | $191.8M | $178.4M | $149.6M | $143.0M | $151.9M | $143.3M |
| Research & development | $46.1M | $48.8M | $50.5M | $49.9M | $49.4M | $46.6M | $46.4M | $41.2M | $34.7M | $35.4M | $35.0M | $34.0M |
| Sales, general & admin | $77.2M | $86.6M | $78.5M | $112.5M | $80.2M | $75.3M | $76.9M | $76.1M | $57.6M | $59.9M | $60.5M | $65.7M |
| Total operating expenses | $157.0M | $161.6M | $129.0M | $167.8M | $158.4M | $151.5M | $159.4M | $156.9M | $109.3M | $115.9M | $116.9M | $120.8M |
| Operating income | $46.5M | $47.0M | $49.3M | $38.4M | $43.9M | $38.6M | $32.4M | $21.5M | $40.3M | $27.1M | $35.0M | $22.5M |
| Interest income | — | $233,000 | $317,000 | $718,000 | $260,000 | $294,000 | $487,000 | $1.3M | $1.9M | $928,000 | $624,000 | $643,000 |
| Interest expense | $16.9M | $15.9M | $15.2M | $16.5M | $17.7M | $18.1M | $18.4M | $10.9M | $6.8M | $7.0M | $7.3M | $7.9M |
| Income before taxes | $29.5M | $28.8M | $30.3M | $22.3M | $26.2M | $19.9M | $13.3M | $12.2M | $34.3M | $20.1M | $27.6M | $14.2M |
| Income taxes | $6.8M | $7.8M | $7.5M | −$3.5M | $6.8M | $2.8M | $2.4M | $11.1M | $5.8M | $3.9M | $5.0M | −$1.2M |
| Net income | $22.8M | $21.1M | $22.8M | $25.7M | $19.4M | $17.0M | $10.9M | $1.1M | $28.5M | $16.2M | $22.6M | $15.3M |
| EBITDA | $82.8M | $68.1M | $81.4M | $75.5M | $83.0M | $76.6M | $69.9M | $50.5M | $63.1M | $53.7M | $61.9M | $49.4M |
| EPS (diluted) | $1.38 | $1.22 | $1.60 | $1.51 | $1.50 | $1.40 | $1.31 | $1.33 | $1.26 | $1.09 | $1.25 | $1.02 |
| Gross margin | 82.7% | 82.3% | 72.0% | 81.6% | 81.0% | 80.1% | 80.6% | 83.0% | 83.7% | 81.7% | 82.2% | 81.0% |
| Operating margin | 18.9% | 18.5% | 19.9% | 15.2% | 17.6% | 16.3% | 13.6% | 10.0% | 22.6% | 15.5% | 19.0% | 12.7% |
| Net margin | 9.3% | 8.3% | 9.2% | 10.2% | 7.8% | 7.2% | 4.6% | 0.5% | 15.9% | 9.2% | 12.3% | 8.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PRGS's financial statements (latest annual report filed January 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PRGS financial results
In fiscal year 2025 (ended November 30, 2025), Progress Software reported revenue of $977.8 million, up 29.8% from the year before. It had net income of $73.1 million (up 6.9%), a net profit margin of 7.5%. Diluted earnings per share came to $5.72. Over five years revenue grew at an average rate of 17.2% a year.
See the PRGS stock overview for the latest quote and news, or the PRGS chart for price history and technical indicators.
PRGS income statement FAQ
What is Progress Software's annual revenue?
Progress Software reported total revenue of $977.8 million for fiscal year 2025, which ended on November 30, 2025. That was up 29.8% from $753.4 million the previous year.
Is Progress Software profitable?
Yes. Progress Software reported net income of $73.1 million in fiscal 2025, a net profit margin of 7.5%; its operating margin was 15.7%.
What is Progress Software's gross margin?
Progress Software's gross margin was 80.8% in fiscal 2025: for every $100 of revenue, Progress Software kept $81 after the direct cost of its products and services.
How much does Progress Software spend on research and development?
Progress Software spent $192.3 million on research and development in fiscal 2025, 19.7% of revenue.
How fast is Progress Software growing?
Revenue grew 17.2% a year on average over the last five fiscal years, from $442.1 million to $977.8 million.
What are Progress Software's earnings per share?
Progress Software earned $5.72 per diluted share in fiscal 2025, compared with $4.93 a year earlier.
When does Progress Software's fiscal year end?
Progress Software's fiscal year ends in November. The latest annual report covers the year ended November 30, 2025 and was filed on January 20, 2026.