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Progress Software Corporation provides software products that develops, deploys, and manages artificial intelligence (AI) powered applications and digital experiences in the United States and internationally. The company offers Agentic RAG, a next-generation Agentic Rag-as-a-Service platform; Automate MFT, a cloud-native Software-as-a-Service (SaaS) platform for automated and secure file transfers; Chef, a DevOps/DevSecOps automation software; Corticon, a decision automation platform; DataDirect, a secure data connectivity tools for Relational, NoSQL, Big Data, and SaaS data sources; Developer Tools, such as software development tooling collection, including NET and JavaScript UI components for web, desktop and mobile applications, AI-prompt components, reporting and report management tools, and automated testing and mocking tools; Flowmon, a AI-powered network security and visibility product with automated response across hybrid cloud ecosystems; and Kemp LoadMaster, an application delivery and security product for cloud-native, and virtual and hardware load balancers. It also provides MarkLogic, a data agility platform to connect data and metadata; MOVEit, a managed file transfer software; OpenEdge, an application development platform; Semaphore, a Semantic AI platform; ShareFile, an SaaS-native AI-powered document centric collaboration platform; Sitefinity, a digital experience platform foundation; and WhatsUp Gold, a network infrastructure monitoring software to find and fix network problems. The company offers project management, implementation, custom software development, programming, and other services, as well as web-enable applications, and training services. It sells its products to end users, independent software vendors, original equipment manufacturers, system integrators, value added resellers, and distributors. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $978M | $304M | $73M | $229M | 15.3% | 29.8% | 6.9% |
| 2024 | $753M | $229M | $68M | $206M | 15.6% | 8.5% | -2.5% |
| 2023 | $694M | $214M | $70M | $168M | 15.3% | 15.4% | -26.2% |
| 2022 | $602M | $208M | $95M | $186M | 23.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 602.01 | 694.44 | 753.41 | 977.83 |
| Operating Revenue | - | 602.01 | 694.44 | 753.41 | 977.83 |
| Cost Of Revenue | - | 94.50 | 126.58 | 130.48 | 187.58 |
| Gross Profit | - | 507.52 | 567.86 | 622.93 | 790.25 |
| Operating Expense | - | 380.07 | 438.06 | 465.72 | 615.76 |
| Research And Development | - | 114.57 | 132.40 | 146.34 | 192.26 |
| Selling General And Administration | - | 218.64 | 239.23 | 254.09 | 319.23 |
| Total Expenses | - | 474.57 | 564.64 | 596.20 | 803.34 |
| Operating Income | - | 127.44 | 129.80 | 157.21 | 174.49 |
| Total Operating Income As Reported | - | 132.13 | 110.52 | 124 | 153.29 |
| EBITDA | - | 207.78 | 213.58 | 229.32 | 304.20 |
| Normalized EBITDA | - | 203.59 | 235.48 | 264.98 | 327.97 |
| EBIT | - | 133.04 | 110.44 | 126.28 | 152.48 |
| Interest Income | - | 1.41 | 2.54 | 4.73 | 1.76 |
| Interest Expense | - | 15.79 | 30.78 | 32.01 | 70.85 |
| Net Interest Income | - | -14.38 | -28.24 | -27.28 | -69.09 |
| Other Income Expense | - | 4.19 | -21.90 | -35.66 | -23.77 |
| Interest Income Non Operating | - | 1.41 | 2.54 | 4.73 | 1.76 |
| Interest Expense Non Operating | - | 15.79 | 30.78 | 32.01 | 70.85 |
| Net Non Operating Interest Income Expense | - | -14.38 | -28.24 | -27.28 | -69.09 |
| Pretax Income | - | 117.26 | 79.66 | 94.26 | 81.63 |
| Tax Provision | - | 22.19 | 9.46 | 25.83 | 8.49 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.79 | -2.63 | -9.77 | -2.47 |
| Net Income Continuous Operations | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Net Income From Continuing And Discontinued Operation | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Net Income From Continuing Operation Net Minority Interest | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Net Income | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Net Income Common Stockholders | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Net Income Including Noncontrolling Interests | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Normalized Income | - | 91.68 | 89.47 | 94.33 | 94.43 |
| Diluted NI Availto Com Stockholders | - | 95.07 | 70.20 | 68.44 | 73.13 |
| Basic Average Shares | - | 43.48 | 43.46 | 43.27 | 43 |
| Diluted Average Shares | - | 44.25 | 44.66 | 44.43 | 44.02 |
| Reconciled Depreciation | - | 74.73 | 103.15 | 103.04 | 151.72 |
| Reconciled Cost Of Revenue | - | 66.63 | 89.86 | 92.73 | 140.12 |
| Total Unusual Items | - | 4.19 | -21.90 | -35.66 | -23.77 |
| Total Unusual Items Excluding Goodwill | - | 4.19 | -21.90 | -35.66 | -23.77 |
| Special Income Charges | - | 4.69 | -19.27 | -33.20 | -21.20 |
| Other Special Charges | - | 0.60 | 6.16 | 5.64 | 2.78 |
| Impairment Of Capital Assets | 0 | - | - | - | - |
| Restructuring And Mergern Acquisition | - | 5.48 | 13.11 | 27.56 | 18.43 |
| Gain On Sale Of Security | - | -0.50 | -2.62 | -2.46 | -2.57 |
| Depreciation Amortization Depletion Income Statement | - | 46.87 | 66.43 | 65.29 | 104.27 |
| Depreciation And Amortization In Income Statement | - | 46.87 | 66.43 | 65.29 | 104.27 |
| General And Administrative Expense | - | 77.88 | 83.16 | 89.52 | 108.22 |
| Other Gand A | - | 77.88 | 83.16 | 89.52 | 108.22 |
| Salaries And Wages | 51.60 | 180.68 | 200.68 | 215.39 | - |
| Gain On Sale Of Ppe | 0 | 10.77 | 0 | 0 | - |
| Other Operating Expenses | - | 0.60 | - | - | - |
| Selling And Marketing Expense | - | 140.76 | 156.08 | 164.57 | 211.01 |
| Amortization | - | 46.87 | 66.43 | 65.29 | 104.27 |
| Amortization Of Intangibles Income Statement | - | 46.87 | 66.43 | 65.29 | 104.27 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Progress Software Corporationthis co. | PRGS | $1.3B | 18.15 | 2.78 | 15.3% | 8.75 |
| ADTRAN Holdings, Inc. | ADTN | $1.4B | -30.64 | 9.59 | -31.3% | 19.20 |
| Array Technologies, Inc. | ARRY | $1.4B | - | 5.37 | -43.0% | 42.29 |
| Rackspace Technology, Inc. | RXT | $1.4B | -6.17 | -1.14 | 18.5% | 18.61 |
| CEVA, Inc. | CEVA | $1.4B |
| - |
| - |
| - |
| - |
| - |
| - |
| -129.84 |
| 4.11 |
| -3.2% |
| -191.72 |
| Blackbaud, Inc. | BLKB | $1.3B | 11.33 | 15.32 | 135.2% | 8.32 |
| VIA | VIA | $1.3B | -13.50 | 2.07 | -15.4% | -12.17 |
| Pagaya Technologies Ltd. | PGY | $1.3B | 15.74 | 2.67 | 17.0% | 7.50 |
| Sprinklr, Inc. | CXM | $1.3B | 54.96 | 2.12 | 3.9% | 15.02 |
| Peer Median | - | -6.17 | 3.39 | 0.4% | 11.67 | |