PTC INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 6 Months Ended
Mar. 31, 2026
May 04, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 0-18059  
Entity Registrant Name PTC Inc.  
Entity Incorporation, State or Country Code MA  
Entity Tax Identification Number 04-2866152  
Entity Address, Address Line One 121 Seaport Boulevard  
Entity Address, City or Town Boston  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02210  
City Area Code 781  
Local Phone Number 370-5000  
Title of 12(b) Security Common Stock, $.01 par value per share  
Trading Symbol PTC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   115,505,791
Amendment Flag false  
Entity Central Index Key 0000857005  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
ASSETS    
Cash and cash equivalents $ 439,112 $ 184,415
Accounts receivable, net of allowance for doubtful accounts of $0 and $1,487 at March 31, 2026 and September 30, 2025, respectively 852,643 1,001,085
Prepaid expenses 134,077 119,107
Other current assets 78,307 78,760
Total current assets 1,504,139 1,383,367
Property and equipment, net 54,747 60,843
Goodwill 3,403,009 3,493,316
Acquired intangible assets, net 783,236 824,663
Deferred tax assets 66,634 194,070
Operating right-of-use lease assets 125,274 114,974
Other assets 600,221 545,939
Total assets 6,537,260 6,617,172
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 14,455 11,504
Accrued expenses and other current liabilities 154,270 136,140
Accrued compensation and benefits 127,219 199,561
Accrued income taxes 118,318 28,749
Current portion of long-term debt 25,000 25,000
Deferred revenue 756,687 812,271
Short-term lease obligations 22,802 24,179
Total current liabilities 1,218,751 1,237,404
Long-term debt 1,172,972 1,172,434
Deferred tax liabilities 29,786 30,151
Long-term deferred revenue 14,363 14,794
Long-term lease obligations 160,278 148,254
Other liabilities 81,237 187,906
Total liabilities 2,677,387 2,790,943
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Preferred stock, $0.01 par value; 5,000 shares authorized; none issued 0 0
Common stock, $0.01 par value; 500,000 shares authorized; 0 and 119,536 shares issued and outstanding at March 31, 2026 and September 30, 2025, respectively 1,155 1,195
Additional paid-in capital 1,110,430 1,822,590
Retained earnings 2,840,848 2,083,607
Accumulated other comprehensive loss (92,560) (81,163)
Total stockholders’ equity 3,859,873 3,826,229
Total liabilities and stockholders’ equity $ 6,537,260 $ 6,617,172
v3.26.1
Consolidated Balance Sheets (Parentheticals) (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Current assets:    
Allowance for doubtful accounts $ 1,890 $ 1,487
Stockholders’ equity:    
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 115,498,000 119,536,000
Common stock, shares outstanding 115,498,000 119,536,000
v3.26.1
Consolidated Statements Of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Revenue:        
Total revenue $ 774,303 $ 636,366 $ 1,460,128 $ 1,201,494
Cost of revenue:        
Total cost of revenue 113,618 106,262 231,364 218,059
Gross margin 660,685 530,104 1,228,764 983,435
Operating expenses:        
Sales and marketing 140,093 125,031 280,984 282,563
Research and development 124,132 111,023 244,116 226,539
General and administrative 88,646 54,993 162,647 108,312
Amortization of acquired intangible assets 12,012 11,380 24,084 22,820
Impairment and other charges, net 0 4,213 0 4,213
Total operating expenses 364,883 306,640 711,831 644,447
Operating income 295,802 223,464 516,933 338,988
Interest expense (15,328) (19,606) (32,588) (41,654)
Other income, net 466,325 1,391 465,429 1,069
Income before income taxes 746,799 205,249 949,774 298,403
Provision for income taxes 156,076 42,605 192,533 53,527
Net income $ 590,723 $ 162,644 $ 757,241 $ 244,876
Earnings per share—Basic $ 5 $ 1.35 $ 6.38 $ 2.04
Earnings per share—Diluted $ 4.98 $ 1.35 $ 6.35 $ 2.02
Weighted-average shares outstanding—Basic 118,185 120,177 118,764 120,210
Weighted-average shares outstanding—Diluted 118,553 120,854 119,277 121,000
License        
Revenue:        
License $ 362,732 $ 254,395 $ 632,386 $ 427,149
Cost of revenue:        
Cost of license revenue 12,021 10,939 25,363 21,162
Support and cloud services        
Revenue:        
Support and cloud services 387,586 352,990 780,842 713,952
Cost of revenue:        
Cost of support and cloud services revenue 76,907 70,303 156,136 141,655
Software        
Revenue:        
Total software revenue 750,318 607,385 1,413,228 1,141,101
Cost of revenue:        
Total cost of software revenue 88,928 81,242 181,499 162,817
Professional services        
Revenue:        
Professional services 23,985 28,981 46,900 60,393
Cost of revenue:        
Cost of professional services revenue $ 24,690 $ 25,020 $ 49,865 $ 55,242
v3.26.1
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ 590,723 $ 162,644 $ 757,241 $ 244,876
Other comprehensive income (loss), net of tax:        
Hedge gain (loss) arising during the period, net of tax of $(2.2) million and $4.9 million in the second quarter of 2026 and 2025, respectively, and $(2.0) million and $(3.3) million in the first six months of 2026 and 2025, respectively 6,745 (15,014) 6,156 10,226
Foreign currency translation adjustment, net of tax of $0 for each period (18,414) 36,202 (17,885) (27,795)
Change in pension benefit, net of tax of $(0.1) million and $0.0 million in the second quarter of 2026 and 2025, respectively, and $(0.1) million and $(0.1) million in the first six months of 2026 and 2025, respectively 256 (313) 332 531
Other comprehensive income (loss) (11,413) 20,875 (11,397) (17,038)
Comprehensive income $ 579,310 $ 183,519 $ 745,844 $ 227,838
v3.26.1
Consolidated Statements Of Comprehensive Income (Parenthetical) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]        
Hedge gain (loss) arising during the period, tax $ (2.2) $ 4.9 $ (2.0) $ (3.3)
Foreign currency translation adjustment, tax 0.0 0.0 0.0 0.0
Change in pension benefit, net of tax $ (0.1) $ 0.0 $ (0.1) $ (0.1)
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income (Loss) $ 757,241 $ 244,876
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 49,990 51,263
Amortization of right-of-use lease assets 17,728 16,165
Stock-based compensation 126,466 107,363
Gain on divestiture of businesses (464,602) 0
Other non-cash items, net (2,052) 1,903
Changes in operating assets and liabilities, excluding the effects of acquisitions:    
Accounts receivable 135,414 127,972
Accounts payable and accrued expenses 81,706 (35,405)
Accrued compensation and benefits (37,897) (15,301)
Deferred revenue (48,648) 34,532
Accrued income taxes 108,888 5,565
Other current assets and prepaid expenses (145,805) (7,735)
Operating lease liabilities 12,414 (2,596)
Other noncurrent assets and liabilities (181) (8,864)
Net cash provided by operating activities 590,662 519,738
Cash flows from investing activities:    
Additions to property and equipment (5,011) (5,575)
Settlement of net investment hedges 16,706 12,260
Divestiture of businesses 523,306 0
Net cash provided by investing activities 535,001 6,685
Cash flows from financing activities:    
Borrowings under credit facility 76,250 860,000
Repayments of Senior Notes 0 (500,000)
Repayments of borrowings under credit facility (76,250) (720,125)
Repurchases of common stock (826,159) (150,000)
Proceeds from issuance of common stock 13,162 13,307
Payments of withholding taxes in connection with stock-based awards (52,816) (52,871)
Other financing activity (1,007) (1,410)
Net cash used in financing activities (866,820) (551,099)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (4,146) (6,048)
Net change in cash, cash equivalents, and restricted cash 254,697 (30,724)
Cash, cash equivalents, and restricted cash, beginning of period 184,988 266,466
Cash, cash equivalents, and restricted cash, end of period 439,685 235,742
Supplemental disclosure of non-cash financing and investing activities:    
Operating right-of-use assets obtained in exchange for operating lease liabilities $ 25,770 $ 11,294
v3.26.1
Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance at Sep. 30, 2024 $ 3,214,398 $ 1,202 $ 1,965,307 $ 1,349,610 $ (101,721)
Beginning balance (in shares) at Sep. 30, 2024   120,155,000      
Common stock issued for employee stock-based awards 0 $ 8 (8)    
Common stock issued for employee stock-based awards (in shares)   810,000      
Shares surrendered by employees to pay taxes related to stock-based awards (53,321) $ (3) (53,318)    
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)   (282,000)      
Common stock issued for employee stock purchase plan 13,307 $ 1 13,306    
Common stock issued for employee stock purchase plan (in shares)   89,000      
Compensation expense from stock-based awards 134,575   134,575    
Repurchases of common stock, including excise tax (150,334) $ (9) (150,325)    
Repurchases of common stock, including excise tax (in shares)   (846,000)      
Net Income (Loss) 244,876     244,876  
Gain (loss) on net investment hedges, net of tax 10,226       10,226
Foreign currency translation adjustment (27,795)       (27,795)
Change in defined benefit pension items, net of tax 531       531
Ending balance at Mar. 31, 2025 3,386,463 $ 1,199 1,909,537 1,594,486 (118,759)
Ending balance (in shares) at Mar. 31, 2025   119,926,000      
Beginning balance at Dec. 31, 2024 3,229,821 $ 1,202 1,936,411 1,431,842 (139,634)
Beginning balance (in shares) at Dec. 31, 2024   120,219,000      
Common stock issued for employee stock-based awards 0 $ 1 (1)    
Common stock issued for employee stock-based awards (in shares)   115,000      
Shares surrendered by employees to pay taxes related to stock-based awards (6,128) $ 0 (6,128)    
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)   (34,000)      
Common stock issued for employee stock purchase plan 13,307 $ 1 13,306    
Common stock issued for employee stock purchase plan (in shares)   89,000      
Compensation expense from stock-based awards 41,278   41,278    
Repurchases of common stock, including excise tax (75,334) $ (5) (75,329)    
Repurchases of common stock, including excise tax (in shares)   (463,000)      
Net Income (Loss) 162,644     162,644  
Gain (loss) on net investment hedges, net of tax (15,014)       (15,014)
Foreign currency translation adjustment 36,202       36,202
Change in defined benefit pension items, net of tax (313)       (313)
Ending balance at Mar. 31, 2025 3,386,463 $ 1,199 1,909,537 1,594,486 (118,759)
Ending balance (in shares) at Mar. 31, 2025   119,926,000      
Beginning balance at Sep. 30, 2025 $ 3,826,229 $ 1,195 1,822,590 2,083,607 (81,163)
Beginning balance (in shares) at Sep. 30, 2025 119,536,000 119,536,000      
Common stock issued for employee stock-based awards $ 0 $ 9 (9)    
Common stock issued for employee stock-based awards (in shares)   845,000      
Shares surrendered by employees to pay taxes related to stock-based awards (52,628) $ (4) (52,624)    
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)   (300,000)      
Common stock issued for employee stock purchase plan 13,162 $ 1 13,161    
Common stock issued for employee stock purchase plan (in shares)   99,000      
Compensation expense from stock-based awards 158,753   158,753    
Repurchases of common stock, including excise tax (831,487) $ (46) (831,441)    
Repurchases of common stock, including excise tax (in shares)   (4,682,000)      
Net Income (Loss) 757,241     757,241  
Gain (loss) on net investment hedges, net of tax 6,156       6,156
Foreign currency translation adjustment (17,885)       (17,885)
Change in defined benefit pension items, net of tax 332       332
Ending balance at Mar. 31, 2026 $ 3,859,873 $ 1,155 1,110,430 2,840,848 (92,560)
Ending balance (in shares) at Mar. 31, 2026 115,498,000 115,498,000      
Beginning balance at Dec. 31, 2025 $ 3,842,419 $ 1,189 1,672,252 2,250,125 (81,147)
Beginning balance (in shares) at Dec. 31, 2025   118,892,000      
Common stock issued for employee stock-based awards   $ 1 (1)    
Common stock issued for employee stock-based awards (in shares)   64,000      
Shares surrendered by employees to pay taxes related to stock-based awards (2,797) $ (1) (2,796)    
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)   (17,000)      
Common stock issued for employee stock purchase plan 13,162 $ 1 13,161    
Common stock issued for employee stock purchase plan (in shares)   99,000      
Compensation expense from stock-based awards 58,105   58,105    
Repurchases of common stock, including excise tax (630,326) $ (35) (630,291)    
Repurchases of common stock, including excise tax (in shares)   (3,540,000)      
Net Income (Loss) 590,723     590,723  
Gain (loss) on net investment hedges, net of tax 6,745       6,745
Foreign currency translation adjustment (18,414)       (18,414)
Change in defined benefit pension items, net of tax 256       256
Ending balance at Mar. 31, 2026 $ 3,859,873 $ 1,155 $ 1,110,430 $ 2,840,848 $ (92,560)
Ending balance (in shares) at Mar. 31, 2026 115,498,000 115,498,000      
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure        
Net Income (Loss) $ 590,723 $ 162,644 $ 757,241 $ 244,876
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b51 Arr Modified Flag false
Non Rule 10b51 Arr Modified Flag false
v3.26.1
Basis of Presentation
 6 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. Basis of Presentation

General

The accompanying unaudited condensed consolidated financial statements include the accounts of PTC Inc. and its wholly owned subsidiaries and have been prepared by management in accordance with accounting principles generally accepted in the United States of America (GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited quarterly financial statements should be read in conjunction with our annual consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary for a fair statement of our financial position, results of operations and cash flows as of the dates and for the periods indicated. The September 30, 2025 Consolidated Balance Sheet included herein is derived from our audited consolidated financial statements.

Unless otherwise indicated, all references to a year mean our fiscal year, which ends on September 30.

Recently Adopted Accounting Pronouncements

Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which expands the scope exceptions of the derivatives guidance and clarifies the guidance on share-based payments from a customer. Specifically, the ASU introduces a scope exception for contracts that are not exchange-traded and that have variables based on operations or activities specific to one of the parties of the contract. The ASU is effective for us in the first quarter of 2028, with early adoption permitted. We early adopted this standard prospectively in the second quarter of 2026. The adoption of this ASU did not have an impact on our consolidated financial statements and related disclosures.

Pending Accounting Pronouncements

Narrow-Scope Improvements for Interim Reporting

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. The ASU will be effective for us in the first quarter of 2029, with early adoption permitted. We expect the adoption to result in disclosure changes only.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by eliminating project stage-based capitalization and clarifying the probable-to-complete threshold to commence the capitalization of software costs. The ASU will be effective for us in the first quarter of 2029, with early adoption permitted. The standard may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Measurements of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU will be effective for us in the first quarter of 2027, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. As clarified by ASU 2025-01, ASU 2024-03 will be effective for us in the fourth quarter of 2028. We expect the adoption to result in disclosure changes only.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU will be effective for us in the fourth quarter of 2026. We expect the adoption to result in disclosure changes only.
v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers

2. Revenue from Contracts with Customers

Receivables, Contract Assets and Contract Liabilities

 

(in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

Short-term receivables

 

$

852,643

 

 

$

1,001,085

 

Long-term receivables

 

$

446,508

 

 

$

378,941

 

Contract asset

 

$

12,070

 

 

$

11,044

 

Deferred revenue

 

$

771,050

 

 

$

827,065

 

During the six months ended March 31, 2026, we recognized $551.1 million of revenue that was included in Deferred revenue as of September 30, 2025. The remainder of the change in the Deferred revenue balance was driven by additional deferrals, primarily from new billings, offset by a decrease of approximately $56 million related to the Kepware and ThingWorx divestiture and a decrease resulting from changes in foreign currency exchange rates.

Our multi-year, non-cancellable on-premises subscription contracts provide customers with an annual right to exchange software within the subscription with other software. As of March 31, 2026 and September 30, 2025, our total revenue liability was $44.4 million and $39.7 million, respectively, primarily associated with the annual right to exchange on-premises subscription software.

Remaining Performance Obligations (RPO)

Our contracts with customers include amounts allocated to performance obligations that will be satisfied and recognized as revenue at a later date. The value of RPO and timing of recognition may be impacted by several factors, including the performance obligation type, duration and timing of commencement, as well as foreign currency exchange rate fluctuations. As of March 31, 2026, RPO totaled $2,514.5 million, of which $771.1 million is recorded in Deferred revenue and $1,743.4 million is not yet recorded in the Consolidated Balance Sheets. Of the total, we expect to recognize approximately 53% over the next 12 months, 27% over the next 13 to 24 months, and the remaining amount thereafter.

Disaggregation of Revenue

 

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Recurring revenue(1)

 

$

743,376

 

 

$

601,549

 

 

$

1,400,656

 

 

$

1,125,860

 

Perpetual license

 

 

6,942

 

 

 

5,836

 

 

 

12,572

 

 

 

15,241

 

Professional services

 

 

23,985

 

 

 

28,981

 

 

 

46,900

 

 

 

60,393

 

Total revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 
(1)
Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.

We report revenue by the following two product groups:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Product lifecycle management (PLM)

 

$

492,128

 

 

$

396,149

 

 

$

923,670

 

 

$

749,608

 

Computer-aided design (CAD)

 

 

282,175

 

 

 

240,217

 

 

 

536,458

 

 

 

451,886

 

Total revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 

Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below.

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Americas

 

$

375,589

 

 

$

292,823

 

 

$

696,524

 

 

$

570,792

 

Europe

 

 

299,404

 

 

 

251,148

 

 

 

570,931

 

 

 

447,172

 

Asia Pacific

 

 

99,310

 

 

 

92,395

 

 

 

192,673

 

 

 

183,530

 

Total revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 
v3.26.1
Stock-based Compensation
 6 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Stock-Based Compensation

3. Stock-based Compensation

Compensation expense recorded for our stock-based awards is classified in our Consolidated Statements of Operations as follows:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Cost of license revenue

 

$

107

 

 

$

72

 

 

$

206

 

 

$

106

 

Cost of support and cloud services revenue

 

 

5,216

 

 

 

3,912

 

 

 

9,462

 

 

 

7,970

 

Cost of professional services revenue

 

 

1,816

 

 

 

1,523

 

 

 

3,465

 

 

 

3,344

 

Sales and marketing

 

 

20,032

 

 

 

13,545

 

 

 

35,230

 

 

 

31,613

 

Research and development

 

 

18,157

 

 

 

14,391

 

 

 

34,072

 

 

 

30,546

 

General and administrative

 

 

23,271

 

 

 

18,069

 

 

 

44,031

 

 

 

33,784

 

Total stock-based compensation expense

 

$

68,599

 

 

$

51,512

 

 

$

126,466

 

 

$

107,363

 

 

As of March 31, 2026 and September 30, 2025, we had liability-classified awards related to stock-based compensation based on a fixed monetary amount of $18.9 million and $51.3 million, respectively. The liability as of September 30, 2025 was settled via the issuance of shares in the first quarter of 2026.
v3.26.1
Earnings per Share (EPS) and Common Stock
 6 Months Ended
Mar. 31, 2026
Earnings Per Share And Common Stock [Abstract]  
Earnings per Share (EPS) and Common Stock

4. Earnings per Share (EPS) and Common Stock

EPS

The following table presents the calculation for both basic and diluted EPS:

(in thousands, except per share data)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Net income

 

$

590,723

 

 

$

162,644

 

 

$

757,241

 

 

$

244,876

 

Weighted-average shares outstanding—Basic

 

 

118,185

 

 

 

120,177

 

 

 

118,764

 

 

 

120,210

 

Dilutive effect of restricted stock units

 

 

368

 

 

 

677

 

 

 

513

 

 

 

790

 

Weighted-average shares outstanding—Diluted

 

 

118,553

 

 

 

120,854

 

 

 

119,277

 

 

 

121,000

 

Earnings per share—Basic

 

$

5.00

 

 

$

1.35

 

 

$

6.38

 

 

$

2.04

 

Earnings per share—Diluted

 

$

4.98

 

 

$

1.35

 

 

$

6.35

 

 

$

2.02

 

There were 0.3 million and 0.1 million anti-dilutive shares for the three and six months ended March 31, 2026, respectively. There were 0.3 million and 0.2 million anti-dilutive shares for the three and six months ended March 31, 2025, respectively.

Common Stock Repurchases

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $2 billion of our common stock in the period October 1, 2024 through September 30, 2026 (the “current authorization”), and $2 billion of our common stock in the period October 1, 2026 through September 30, 2028. The amount remaining under the current authorization for repurchases as of March 31, 2026 is set forth in Part II, Item 2 Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report.

On March 17, 2026, we entered into an accelerated share repurchase agreement ("ASR") with a major financial institution ("Bank") to repurchase $375 million of our outstanding common stock as a part of our existing share repurchase program. The ASR was funded with proceeds from the Kepware and ThingWorx divestiture. Upon execution of the ASR, we paid the Bank $375 million and received an initial delivery of 1.9 million shares, which represented 80% ($300 million) of the value of the ASR contract.

The remaining $75 million represents the amount held back by the Bank pending final settlement of the ASR, which is expected to occur in the third quarter of 2026. Upon settlement of the ASR, the total shares repurchased will equal $375 million divided by the average daily volume weighted-average price of our common stock during the term of the ASR less a fixed per-share discount. Settlement may occur in cash or shares at our election. We accounted for the ASR as an equity transaction; accordingly, this $75 million was recorded as a reduction to Additional paid-in capital in the second quarter of 2026.

 

In addition to the ASR repurchases described above, in the second quarter and first six months of 2026, we repurchased 1.6 million shares for $250 million and 2.8 million shares for $450 million, respectively, through open market transactions. In the second quarter and first six months of 2026, we also paid $1.1 million in excise taxes related to share repurchases. In the second quarter and first six months of 2025, we repurchased 0.5 million shares for $75 million and 0.8 million shares for $150 million, respectively, through open market transactions.

All shares repurchased are automatically restored to the status of authorized and unissued.
v3.26.1
Acquisitions and Divestitures
 6 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisitions and Divestitures

5. Acquisitions and Divestitures

Acquisition and transaction-related costs in the second quarter and first six months of 2026 totaled $26.5 million and $37.1 million, respectively, compared to $0.6 million and $0.8 million in the second quarter and first six months of 2025, respectively. These costs are classified in General and administrative expense in the accompanying Consolidated Statements of Operations.

Kepware and ThingWorx Divestiture

On March 13, 2026, we sold our Kepware and ThingWorx businesses pursuant to an Asset Purchase Agreement dated November 5, 2025 with Parrot US Buyer, L.P., a Delaware limited partnership (“Purchaser”), an entity controlled by investment funds affiliated with TPG Global, LLC. Total consideration for the transaction was $530.8 million, of which $523.3 million was received as cash proceeds in the second quarter of 2026 and $7.5 million is expected to be received in 2026. Consideration is subject to final working capital and indebtedness adjustments.

Additional future contingent consideration of up to $125 million may be received by PTC in certain circumstances following a sale of the Business by Purchaser. We have elected to defer the recognition of gains associated with contingent consideration unless and until they become realizable.

Goodwill was allocated to the sold businesses based on a relative fair value allocation of total goodwill. The assets and liabilities of the Kepware and ThingWorx businesses were classified as held for sale in the first quarter of 2026. Upon closing the transaction, we sold $68.2 million of net assets and recognized a gain on the sale of $462.6 million, which is included in Other income, net. This resulted in tax expense of $102.4 million included in our income tax provision.

 

In connection with this divestiture, we entered into a transition services agreement ("TSA") with Purchaser, whereby we agreed to provide certain transition services for up to 12 months from the date of sale. Income related to the TSA offsets the operating costs to provide these services and is recognized as a reduction of the related operating expenses. TSA income was not material in the three months ended March 31, 2026.
v3.26.1
Goodwill and Intangible Assets
 6 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill and acquired intangible assets consisted of the following:

(in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

Goodwill

 

 

 

 

 

 

 

$

3,403,009

 

 

 

 

 

 

 

 

$

3,493,316

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased software

 

$

545,687

 

 

$

394,974

 

 

$

150,713

 

 

$

639,104

 

 

$

472,357

 

 

$

166,747

 

Capitalized software

 

 

22,877

 

 

 

22,877

 

 

 

—

 

 

 

22,877

 

 

 

22,877

 

 

 

—

 

Customer lists and relationships

 

 

1,090,276

 

 

 

470,332

 

 

 

619,944

 

 

 

1,149,262

 

 

 

505,202

 

 

 

644,060

 

Trademarks and trade names

 

 

31,882

 

 

 

19,303

 

 

 

12,579

 

 

 

38,179

 

 

 

24,323

 

 

 

13,856

 

Other

 

 

3,486

 

 

 

3,486

 

 

 

—

 

 

 

4,019

 

 

 

4,019

 

 

 

—

 

Total intangible assets with finite lives

 

$

1,694,208

 

 

$

910,972

 

 

$

783,236

 

 

$

1,853,441

 

 

$

1,028,778

 

 

$

824,663

 

Total goodwill and acquired intangible assets

 

 

 

 

 

 

 

$

4,186,245

 

 

 

 

 

 

 

 

$

4,317,979

 

Changes in Goodwill were as follows:

(in thousands)

 

 

 

Balance, October 1, 2025

 

$

3,493,316

 

Divestiture of businesses

 

 

(82,204

)

Foreign currency translation adjustment

 

 

(8,103

)

Balance, March 31, 2026

 

$

3,403,009

 

 

The aggregate amortization expense for intangible assets with finite lives is classified in our Consolidated Statements of Operations as follows:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Amortization of acquired intangible assets

 

$

12,012

 

 

$

11,380

 

 

$

24,084

 

 

$

22,820

 

Cost of revenue

 

 

7,768

 

 

 

8,131

 

 

 

15,668

 

 

 

16,431

 

Total amortization expense

 

$

19,780

 

 

$

19,511

 

 

$

39,752

 

 

$

39,251

 
v3.26.1
Fair Value Measurements
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

7. Fair Value Measurements

The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels:

•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
•
Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; or
•
Level 3: unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value.

A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Money market funds, time deposits, and corporate notes/bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets.

The principal market in which we execute our foreign currency derivatives is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants are generally large financial institutions. Our foreign currency derivatives’ valuation inputs are based on quoted prices and quoted pricing intervals from public data sources and do not involve management judgment. These contracts are typically classified within Level 2 of the fair value hierarchy.

Our significant financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and September 30, 2025 were as follows:

(in thousands)

 

March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

268,635

 

 

$

—

 

 

$

—

 

 

$

268,635

 

Forward contracts

 

 

—

 

 

 

735

 

 

 

—

 

 

 

735

 

Option contracts

 

 

—

 

 

 

6,882

 

 

 

—

 

 

 

6,882

 

 

$

268,635

 

 

$

7,617

 

 

$

—

 

 

$

276,252

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

5,274

 

 

 

—

 

 

 

5,274

 

 

$

—

 

 

$

5,274

 

 

$

—

 

 

$

5,274

 

 

(in thousands)

 

September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

38,031

 

 

$

—

 

 

$

—

 

 

$

38,031

 

Forward contracts

 

 

—

 

 

 

6,007

 

 

 

—

 

 

 

6,007

 

Option contracts

 

 

—

 

 

 

6,228

 

 

 

—

 

 

 

6,228

 

 

$

38,031

 

 

$

12,235

 

 

$

—

 

 

$

50,266

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

4,773

 

 

 

—

 

 

 

4,773

 

 

$

—

 

 

$

4,773

 

 

$

—

 

 

$

4,773

 
(1)
Money market funds and time deposits.
v3.26.1
Derivative Financial Instruments
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

8. Derivative Financial Instruments

We enter into derivative transactions to manage our exposure to fluctuations in foreign exchange rates, specifically foreign currency forward contracts to manage our exposure related to monetary assets and liabilities denominated in foreign currencies and foreign exchange option contracts to manage our exposure related to forecasted cash flows. We do not enter into derivative transactions for trading or speculative purposes.

The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:

(in thousands)

 

Fair Value of Derivatives Designated As Hedging Instruments

 

 

Fair Value of Derivatives Not Designated As Hedging Instruments

 

 

 

March 31, 2026

 

 

September 30, 2025

 

 

March 31, 2026

 

 

September 30, 2025

 

Derivative assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

—

 

 

$

2,871

 

 

$

735

 

 

$

3,136

 

Option contracts

 

$

—

 

 

$

—

 

 

$

6,882

 

 

$

6,228

 

Derivative liabilities(2):

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

2,149

 

 

$

—

 

 

$

3,125

 

 

$

4,773

 
(1)
As of March 31, 2026 and September 30, 2025, current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets.
(2)
As of March 31, 2026 and September 30, 2025, current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Non-Designated Hedges

We hedge our net foreign currency monetary assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates. These contracts have maturities of up to approximately three months. Generally, we do not designate these foreign currency forward contracts as hedges for accounting purposes and changes in the fair value of these instruments are recognized immediately in earnings. Because we enter into forward contracts only as an economic hedge, gains or losses on the underlying foreign-denominated balance are generally offset by the losses or gains on the forward contract. Gains and losses on forward contracts and foreign denominated receivables and payables are included in Other income, net.

We hedge our forecasted U.S. Dollar cash flows with foreign exchange option contracts to reduce the risk that they will be adversely affected by changes in Euro or Japanese Yen exchange rates. These options have maturities of up to approximately fourteen months. We do not designate these foreign currency option contracts as hedges for accounting purposes and changes in the fair value of these instruments are recognized immediately in earnings. Because we enter into option contracts as an economic hedge, currency impacts on the Euro or Japanese Yen-denominated operations may be partially offset by gains on the option contracts. Gains and losses on foreign exchange option contracts are included in Other income, net.

As of March 31, 2026 and September 30, 2025, we had outstanding forward and option contracts not designated as hedging instruments with notional amounts equivalent to the following:

Currency Hedged (in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

Euro / U.S. Dollar(1)

 

$

820,821

 

 

$

1,202,830

 

British Pound / U.S. Dollar

 

 

16,776

 

 

 

22,974

 

Israeli Shekel / U.S. Dollar

 

 

18,493

 

 

 

20,094

 

Indian Rupee / U.S. Dollar

 

 

54,756

 

 

 

53,465

 

Japanese Yen / U.S. Dollar(2)

 

 

98,390

 

 

 

131,284

 

Swedish Krona / U.S. Dollar

 

 

12,392

 

 

 

21,568

 

New Taiwan Dollar / U.S. Dollar

 

 

8,074

 

 

 

23,098

 

All other

 

 

29,456

 

 

 

42,773

 

Total

 

$

1,059,158

 

 

$

1,518,086

 
(1)
As of March 31, 2026, $677.5 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $143.3 million relates to option contracts. As of September 30, 2025, $835.4 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $367.4 million relates to option contracts.
(2)
As of March 31, 2026, $40.4 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $58.0 million relates to option contracts. As of September 30, 2025, $41.9 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $89.4 million relates to option contracts.

The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three and six months ended March 31, 2026 and March 31, 2025:

 (in thousands)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

Location of Gain (Loss)

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged

 

Other income, net

 

$

931

 

 

$

(917

)

 

$

1,143

 

 

$

(360

)

In the three months ended March 31, 2026 and March 31, 2025, total foreign currency gains, net were immaterial. In the six months ended March 31, 2026 and March 31, 2025, total foreign currency losses, net were $1.9 million and $1.1 million, respectively.

Net Investment Hedges

We translate balance sheet accounts of subsidiaries with foreign functional currencies into the U.S. Dollar using the exchange rate at each balance sheet date. Resulting translation adjustments are reported as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. We designate certain foreign exchange forward contracts as net investment hedges against exposure on translation of balance sheet accounts of Euro and Japanese Yen functional subsidiaries. Net investment hedges partially offset the impact of Foreign currency translation adjustment recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. All foreign exchange forward contracts are carried at fair value on the Consolidated Balance Sheets and the maximum duration of net investment hedge foreign exchange forward contracts is approximately three months.

Net investment hedge relationships are designated at inception, and effectiveness is assessed retrospectively on a quarterly basis using the net equity position of Euro and Japanese Yen functional subsidiaries. As the forward contracts are highly effective in offsetting exchange rate exposure, we record changes in these net investment hedges in Accumulated other comprehensive loss. Changes in the fair value of foreign exchange forward contracts due to changes in time value are excluded from the assessment of effectiveness. Our derivatives are not subject to any credit contingent features. We manage credit risk with counterparties by trading among several counterparties and we review our counterparties’ credit at least quarterly.

As of March 31, 2026 and September 30, 2025, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

Currency Hedged (in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

Euro / U.S. Dollar

 

$

516,854

 

 

$

480,198

 

Japanese Yen / U.S. Dollar

 

 

18,957

 

 

 

10,260

 

Total

 

$

535,811

 

 

$

490,458

 

 

The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and six months ended March 31, 2026 and March 31, 2025:

(in thousands)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

Location of Gain (Loss)

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Gain (loss) recognized in Other comprehensive income (loss) ("OCI")

 

OCI

 

$

8,942

 

 

$

(19,898

)

 

$

8,160

 

 

$

13,550

 

Gain (loss) reclassified from OCI to earnings

 

n/a

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Gain recognized, excluded portion

 

Other income, net

 

$

1,595

 

 

$

1,254

 

 

$

3,526

 

 

$

2,329

 

Offsetting Derivative Assets and Liabilities

We have entered into master netting arrangements for our foreign exchange contracts that allow net settlements under certain conditions. Although netting is permitted, it is currently our policy and practice to record all derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets.

The following table sets forth the offsetting of derivative assets as of March 31, 2026:

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of March 31, 2026

 

Gross
Amount of
Recognized
Assets

 

 

Gross
Amounts
Offset in the
Consolidated
Balance
Sheets

 

 

Net Amounts of
Assets
Presented in
the
Consolidated
Balance Sheets

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amount

 

Foreign exchange contracts

 

$

7,617

 

 

$

—

 

 

$

7,617

 

 

$

(5,274

)

 

$

—

 

 

$

2,343

 

The following table sets forth the offsetting of derivative liabilities as of March 31, 2026:

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of March 31, 2026

 

Gross
Amount of
Recognized
Liabilities

 

 

Gross
Amounts
Offset in the
Consolidated
Balance
Sheets

 

 

Net Amounts of
Liabilities
Presented in
the
Consolidated
Balance Sheets

 

 

Financial
Instruments

 

 

Cash
Collateral
Pledged

 

 

Net
Amount

 

Foreign exchange contracts

 

$

5,274

 

 

$

—

 

 

$

5,274

 

 

$

(5,274

)

 

$

—

 

 

$

—

 
v3.26.1
Income Taxes
 6 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

9. Income Taxes

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Income before income taxes

 

$

746,799

 

 

$

205,249

 

 

$

949,774

 

 

$

298,403

 

Provision for income taxes

 

$

156,076

 

 

$

42,605

 

 

$

192,533

 

 

$

53,527

 

Effective income tax rate

 

 

21

%

 

 

21

%

 

 

20

%

 

 

18

%

The effective tax rate for the six months ended March 31, 2026 was higher than the effective tax rate for the corresponding prior-year period primarily due to changes in the geographic mix of income before taxes. For the three and six months ended March 31, 2026, the provision for income taxes includes tax expense of $102.4 million on the gain on sale of $462.6 million related to the Kepware and ThingWorx divestiture. The effective tax rate for the six months ended March 31, 2026 also reflected a net income tax benefit of $7.1 million related to Internal Revenue Service (IRS) procedural guidance, as described below. The six months ended March 31, 2025 included a benefit of $10.4 million associated with the impact of tax reserves related to prior years in a foreign jurisdiction.

In the six months ended March 31, 2026, our rate included the effects of IRS procedural guidance requiring consent for previously automatic changes of accounting method. In 2024, we requested consent from the IRS to change our tax accounting method for the treatment of certain deductions. In the quarter ended December 31, 2025, upon receiving consent from the IRS, we released the reserve established in 2025 related to the procedural guidance, which resulted in a net income tax benefit of $7.1 million for the reversal of the associated accrued interest and indirect effects on GILTI and FDII in 2024.

In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, including the IRS in the U.S. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. We are currently under audit by tax authorities in several jurisdictions. Audits by tax authorities typically involve examination of the deductibility of certain permanent items, transfer pricing, limitations on net operating losses and tax credits.

As of March 31, 2026 and September 30, 2025, income taxes payable and income tax accruals recorded on the accompanying Consolidated Balance Sheets were $161.3 million (118.3 million in Accrued income taxes and $43.0 million recorded in Other Liabilities) and $179.1 million ($28.7 million in Accrued income taxes and $150.4 million in Other liabilities), respectively.

As of March 31, 2026 and September 30, 2025, we had unrecognized tax benefits of $50.5 million and $157.7 million, respectively. This decrease predominantly relates to the release of the reserve established in 2025 related to the IRS procedural guidance, primarily resulting in corresponding decreases to Deferred tax assets and the reserve for unrecognized tax benefits within Other liabilities. Additionally, this resulted in a $7.1 million net income tax benefit as described above. If all our unrecognized tax benefits as of March 31, 2026 were to become recognizable in the future, we would record a benefit to the income tax provision of $50.5 million, which would be partially offset by an increase in the U.S. valuation allowance of $5.6 million.

Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in favorable or unfavorable changes in our estimates. We believe it is reasonably possible that within the next 12 months the amount of unrecognized tax benefits related to the resolution of multi-jurisdictional tax positions could be reduced by up to $1 million.

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that are applicable to us beginning in 2026. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. Our financials reflect the impact of the provisions of the Act that are applicable beginning 2026.
v3.26.1
Debt
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt

10. Debt

As of March 31, 2026 and September 30, 2025, we had the following debt obligations:

(in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

4.000% Senior notes due 2028

 

$

500,000

 

 

$

500,000

 

Credit facility revolver line(1)(2)

 

 

243,750

 

 

 

231,250

 

Credit facility term loan(1)(2)

 

 

456,250

 

 

 

468,750

 

Total debt

 

 

1,200,000

 

 

 

1,200,000

 

Unamortized debt issuance costs for the senior notes(3)

 

 

(2,028

)

 

 

(2,566

)

Total debt, net of issuance costs(4)

 

$

1,197,972

 

 

$

1,197,434

 
(1)
Unamortized debt issuance costs related to the credit facility were $2.7 million included in Other current assets and $2.9 million included in Other assets on the Consolidated Balance Sheet as of March 31, 2026 and $2.7 million included in Other current assets and $3.3 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2025.
(2)
The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028. The term loan began amortizing in March 2024, with payments remaining of $12.5 million in 2026, $25.0 million in 2027, and $418.7 million in 2028.
(3)
As of March 31, 2026 and September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheets.
(4)
As of March 31, 2026 and September 30, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term.

Senior Unsecured Notes

In February 2020, we issued $500 million in aggregate principal amount of 4.0% senior, unsecured long-term debt at par value, due in 2028 (the 2028 notes). As of March 31, 2026, the total estimated fair value of the 2028 notes was approximately $488.8 million based on quoted prices for the notes on that date. We were in compliance with all the covenants for our senior notes as of March 31, 2026.

Credit Agreement

Our credit facility consists of (i) a $1.25 billion revolving credit facility, (ii) a $500 million term loan credit facility, and (iii) an incremental facility pursuant to which we may incur additional term loan tranches or increase the revolving credit facility. As of March 31, 2026, unused commitments under our revolving credit facility were $1,006.3 million and the amount available to borrow was $989.2 million. As of March 31, 2026, the fair value of our credit facility approximates its book value. PTC and certain foreign subsidiaries are eligible borrowers under the credit facility. As of March 31, 2026, $46.3 million was borrowed by an eligible foreign subsidiary borrower. We were in compliance with all financial and operating covenants of the credit facility as of March 31, 2026.

Loans under the credit facility bear interest at variable rates. As of March 31, 2026, the annual rate for borrowings outstanding was 5.1%. A quarterly revolving commitment fee on the undrawn portion of the revolving credit facility is required, ranging from 0.175% to 0.325% per annum, based upon our total leverage ratio.

Interest

We incurred interest expense on our debt of $15.3 million and $32.6 million in the second quarter and first six months of 2026, respectively, and $19.6 million and $41.7 million in the second quarter and first six months of 2025, respectively. The average interest rate on borrowings outstanding was approximately 4.7% during the second quarter and first six months of 2026, and 4.9% and 4.8% during the second quarter and first six months of 2025, respectively.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies

Guarantees and Indemnification Obligations

We enter into standard indemnification agreements with our customers and business partners in the ordinary course of our business. Under such agreements, we typically indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to our products. Indemnification may also cover other types of claims, including claims relating to certain data breaches. These agreements typically limit our liability with respect to indemnification claims other than intellectual property infringement claims. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and, accordingly, we believe the estimated fair value of liabilities under these agreements is immaterial.

We warrant that our software products will perform in all material respects in accordance with our standard published specifications during the term of the license. Additionally, we generally warrant that our consulting services will be performed consistent with generally accepted industry standards and, in the case of fixed price services, the agreed-upon specifications. In most cases, liability for these warranties is capped. If necessary, we would provide for the estimated cost of product and service warranties based on specific warranty claims and claim history; however, we have not incurred significant cost under our product or services warranties. As a result, we believe the estimated fair value of these liabilities is immaterial.
v3.26.1
Segments
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments

12. Segments

We operate as a single operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. The CODM evaluates financial performance and allocates resources based on consolidated results, including consolidated net income. The total assets of the segment are reported on the Consolidated Balance Sheets.

The following table presents revenue, significant expenses, and consolidated net income for our reportable segment:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

      Cost of revenue, adjusted(1)

 

 

98,711

 

 

 

92,624

 

 

 

202,563

 

 

 

190,208

 

      Operating expenses, adjusted(2)

 

 

264,939

 

 

 

244,432

 

 

 

537,279

 

 

 

520,646

 

      Other segment items(3)

 

 

(180,070

)

 

 

136,666

 

 

 

(36,955

)

 

 

245,764

 

Consolidated net income

 

$

590,723

 

 

$

162,644

 

 

$

757,241

 

 

$

244,876

 
(1)
Cost of revenue, adjusted excludes stock-based compensation and amortization of acquired intangible assets.
(2)
Operating expenses, adjusted excludes stock-based compensation, amortization of acquired intangible assets, acquisition and transaction-related charges, and Impairment and other charges, net.
(3)
Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges, net; Other income, net; and Provision for income taxes.
v3.26.1
Basis of Presentation (Policies)
 6 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which expands the scope exceptions of the derivatives guidance and clarifies the guidance on share-based payments from a customer. Specifically, the ASU introduces a scope exception for contracts that are not exchange-traded and that have variables based on operations or activities specific to one of the parties of the contract. The ASU is effective for us in the first quarter of 2028, with early adoption permitted. We early adopted this standard prospectively in the second quarter of 2026. The adoption of this ASU did not have an impact on our consolidated financial statements and related disclosures.

Pending Accounting Pronouncements

Narrow-Scope Improvements for Interim Reporting

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. The ASU will be effective for us in the first quarter of 2029, with early adoption permitted. We expect the adoption to result in disclosure changes only.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by eliminating project stage-based capitalization and clarifying the probable-to-complete threshold to commence the capitalization of software costs. The ASU will be effective for us in the first quarter of 2029, with early adoption permitted. The standard may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Measurements of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU will be effective for us in the first quarter of 2027, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. As clarified by ASU 2025-01, ASU 2024-03 will be effective for us in the fourth quarter of 2028. We expect the adoption to result in disclosure changes only.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU will be effective for us in the fourth quarter of 2026. We expect the adoption to result in disclosure changes only.
v3.26.1
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Receivables, Contract Assets and Liabilities

Receivables, Contract Assets and Contract Liabilities

 

(in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

Short-term receivables

 

$

852,643

 

 

$

1,001,085

 

Long-term receivables

 

$

446,508

 

 

$

378,941

 

Contract asset

 

$

12,070

 

 

$

11,044

 

Deferred revenue

 

$

771,050

 

 

$

827,065

 
Disaggregation of Revenue

Disaggregation of Revenue

 

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Recurring revenue(1)

 

$

743,376

 

 

$

601,549

 

 

$

1,400,656

 

 

$

1,125,860

 

Perpetual license

 

 

6,942

 

 

 

5,836

 

 

 

12,572

 

 

 

15,241

 

Professional services

 

 

23,985

 

 

 

28,981

 

 

 

46,900

 

 

 

60,393

 

Total revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 
(1)
Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.
Summary of Revenue and Profit Attributable to Product Groups

We report revenue by the following two product groups:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Product lifecycle management (PLM)

 

$

492,128

 

 

$

396,149

 

 

$

923,670

 

 

$

749,608

 

Computer-aided design (CAD)

 

 

282,175

 

 

 

240,217

 

 

 

536,458

 

 

 

451,886

 

Total revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 
Summary of Revenue for Geographic Regions

Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below.

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Americas

 

$

375,589

 

 

$

292,823

 

 

$

696,524

 

 

$

570,792

 

Europe

 

 

299,404

 

 

 

251,148

 

 

 

570,931

 

 

 

447,172

 

Asia Pacific

 

 

99,310

 

 

 

92,395

 

 

 

192,673

 

 

 

183,530

 

Total revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 
v3.26.1
Stock-based Compensation (Tables)
 6 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of Classification of Compensation Expense

Compensation expense recorded for our stock-based awards is classified in our Consolidated Statements of Operations as follows:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Cost of license revenue

 

$

107

 

 

$

72

 

 

$

206

 

 

$

106

 

Cost of support and cloud services revenue

 

 

5,216

 

 

 

3,912

 

 

 

9,462

 

 

 

7,970

 

Cost of professional services revenue

 

 

1,816

 

 

 

1,523

 

 

 

3,465

 

 

 

3,344

 

Sales and marketing

 

 

20,032

 

 

 

13,545

 

 

 

35,230

 

 

 

31,613

 

Research and development

 

 

18,157

 

 

 

14,391

 

 

 

34,072

 

 

 

30,546

 

General and administrative

 

 

23,271

 

 

 

18,069

 

 

 

44,031

 

 

 

33,784

 

Total stock-based compensation expense

 

$

68,599

 

 

$

51,512

 

 

$

126,466

 

 

$

107,363

 

 
v3.26.1
Earnings per Share (EPS) and Common Stock (Tables)
 6 Months Ended
Mar. 31, 2026
Earnings Per Share And Common Stock [Abstract]  
Earnings Per Share Basic and Diluted

The following table presents the calculation for both basic and diluted EPS:

(in thousands, except per share data)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Net income

 

$

590,723

 

 

$

162,644

 

 

$

757,241

 

 

$

244,876

 

Weighted-average shares outstanding—Basic

 

 

118,185

 

 

 

120,177

 

 

 

118,764

 

 

 

120,210

 

Dilutive effect of restricted stock units

 

 

368

 

 

 

677

 

 

 

513

 

 

 

790

 

Weighted-average shares outstanding—Diluted

 

 

118,553

 

 

 

120,854

 

 

 

119,277

 

 

 

121,000

 

Earnings per share—Basic

 

$

5.00

 

 

$

1.35

 

 

$

6.38

 

 

$

2.04

 

Earnings per share—Diluted

 

$

4.98

 

 

$

1.35

 

 

$

6.35

 

 

$

2.02

 
v3.26.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Acquired Intangible Assets

Goodwill and acquired intangible assets consisted of the following:

(in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

Goodwill

 

 

 

 

 

 

 

$

3,403,009

 

 

 

 

 

 

 

 

$

3,493,316

 

Intangible assets with finite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased software

 

$

545,687

 

 

$

394,974

 

 

$

150,713

 

 

$

639,104

 

 

$

472,357

 

 

$

166,747

 

Capitalized software

 

 

22,877

 

 

 

22,877

 

 

 

—

 

 

 

22,877

 

 

 

22,877

 

 

 

—

 

Customer lists and relationships

 

 

1,090,276

 

 

 

470,332

 

 

 

619,944

 

 

 

1,149,262

 

 

 

505,202

 

 

 

644,060

 

Trademarks and trade names

 

 

31,882

 

 

 

19,303

 

 

 

12,579

 

 

 

38,179

 

 

 

24,323

 

 

 

13,856

 

Other

 

 

3,486

 

 

 

3,486

 

 

 

—

 

 

 

4,019

 

 

 

4,019

 

 

 

—

 

Total intangible assets with finite lives

 

$

1,694,208

 

 

$

910,972

 

 

$

783,236

 

 

$

1,853,441

 

 

$

1,028,778

 

 

$

824,663

 

Total goodwill and acquired intangible assets

 

 

 

 

 

 

 

$

4,186,245

 

 

 

 

 

 

 

 

$

4,317,979

 
Schedule of Changes in Goodwill by Reportable Segments

Changes in Goodwill were as follows:

(in thousands)

 

 

 

Balance, October 1, 2025

 

$

3,493,316

 

Divestiture of businesses

 

 

(82,204

)

Foreign currency translation adjustment

 

 

(8,103

)

Balance, March 31, 2026

 

$

3,403,009

 

 
Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives

The aggregate amortization expense for intangible assets with finite lives is classified in our Consolidated Statements of Operations as follows:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Amortization of acquired intangible assets

 

$

12,012

 

 

$

11,380

 

 

$

24,084

 

 

$

22,820

 

Cost of revenue

 

 

7,768

 

 

 

8,131

 

 

 

15,668

 

 

 

16,431

 

Total amortization expense

 

$

19,780

 

 

$

19,511

 

 

$

39,752

 

 

$

39,251

 
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping

Our significant financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and September 30, 2025 were as follows:

(in thousands)

 

March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

268,635

 

 

$

—

 

 

$

—

 

 

$

268,635

 

Forward contracts

 

 

—

 

 

 

735

 

 

 

—

 

 

 

735

 

Option contracts

 

 

—

 

 

 

6,882

 

 

 

—

 

 

 

6,882

 

 

$

268,635

 

 

$

7,617

 

 

$

—

 

 

$

276,252

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

5,274

 

 

 

—

 

 

 

5,274

 

 

$

—

 

 

$

5,274

 

 

$

—

 

 

$

5,274

 

 

(in thousands)

 

September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

38,031

 

 

$

—

 

 

$

—

 

 

$

38,031

 

Forward contracts

 

 

—

 

 

 

6,007

 

 

 

—

 

 

 

6,007

 

Option contracts

 

 

—

 

 

 

6,228

 

 

 

—

 

 

 

6,228

 

 

$

38,031

 

 

$

12,235

 

 

$

—

 

 

$

50,266

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

4,773

 

 

 

—

 

 

 

4,773

 

 

$

—

 

 

$

4,773

 

 

$

—

 

 

$

4,773

 
(1)
Money market funds and time deposits.
v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:

(in thousands)

 

Fair Value of Derivatives Designated As Hedging Instruments

 

 

Fair Value of Derivatives Not Designated As Hedging Instruments

 

 

 

March 31, 2026

 

 

September 30, 2025

 

 

March 31, 2026

 

 

September 30, 2025

 

Derivative assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

—

 

 

$

2,871

 

 

$

735

 

 

$

3,136

 

Option contracts

 

$

—

 

 

$

—

 

 

$

6,882

 

 

$

6,228

 

Derivative liabilities(2):

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

2,149

 

 

$

—

 

 

$

3,125

 

 

$

4,773

 
(1)
As of March 31, 2026 and September 30, 2025, current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets.
(2)
As of March 31, 2026 and September 30, 2025, current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.
Schedule of Notional Amounts of Outstanding Forward and Options Contracts

As of March 31, 2026 and September 30, 2025, we had outstanding forward and option contracts not designated as hedging instruments with notional amounts equivalent to the following:

Currency Hedged (in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

Euro / U.S. Dollar(1)

 

$

820,821

 

 

$

1,202,830

 

British Pound / U.S. Dollar

 

 

16,776

 

 

 

22,974

 

Israeli Shekel / U.S. Dollar

 

 

18,493

 

 

 

20,094

 

Indian Rupee / U.S. Dollar

 

 

54,756

 

 

 

53,465

 

Japanese Yen / U.S. Dollar(2)

 

 

98,390

 

 

 

131,284

 

Swedish Krona / U.S. Dollar

 

 

12,392

 

 

 

21,568

 

New Taiwan Dollar / U.S. Dollar

 

 

8,074

 

 

 

23,098

 

All other

 

 

29,456

 

 

 

42,773

 

Total

 

$

1,059,158

 

 

$

1,518,086

 
(1)
As of March 31, 2026, $677.5 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $143.3 million relates to option contracts. As of September 30, 2025, $835.4 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $367.4 million relates to option contracts.
(2)
As of March 31, 2026, $40.4 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $58.0 million relates to option contracts. As of September 30, 2025, $41.9 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $89.4 million relates to option contracts.

As of March 31, 2026 and September 30, 2025, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

Currency Hedged (in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

Euro / U.S. Dollar

 

$

516,854

 

 

$

480,198

 

Japanese Yen / U.S. Dollar

 

 

18,957

 

 

 

10,260

 

Total

 

$

535,811

 

 

$

490,458

 
Schedule of Net Gains and Losses on Foreign Currency Exposures

The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three and six months ended March 31, 2026 and March 31, 2025:

 (in thousands)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

Location of Gain (Loss)

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged

 

Other income, net

 

$

931

 

 

$

(917

)

 

$

1,143

 

 

$

(360

)

The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and six months ended March 31, 2026 and March 31, 2025:

(in thousands)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

Location of Gain (Loss)

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Gain (loss) recognized in Other comprehensive income (loss) ("OCI")

 

OCI

 

$

8,942

 

 

$

(19,898

)

 

$

8,160

 

 

$

13,550

 

Gain (loss) reclassified from OCI to earnings

 

n/a

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Gain recognized, excluded portion

 

Other income, net

 

$

1,595

 

 

$

1,254

 

 

$

3,526

 

 

$

2,329

 
Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of March 31, 2026:

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of March 31, 2026

 

Gross
Amount of
Recognized
Assets

 

 

Gross
Amounts
Offset in the
Consolidated
Balance
Sheets

 

 

Net Amounts of
Assets
Presented in
the
Consolidated
Balance Sheets

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amount

 

Foreign exchange contracts

 

$

7,617

 

 

$

—

 

 

$

7,617

 

 

$

(5,274

)

 

$

—

 

 

$

2,343

 
Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of March 31, 2026:

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of March 31, 2026

 

Gross
Amount of
Recognized
Liabilities

 

 

Gross
Amounts
Offset in the
Consolidated
Balance
Sheets

 

 

Net Amounts of
Liabilities
Presented in
the
Consolidated
Balance Sheets

 

 

Financial
Instruments

 

 

Cash
Collateral
Pledged

 

 

Net
Amount

 

Foreign exchange contracts

 

$

5,274

 

 

$

—

 

 

$

5,274

 

 

$

(5,274

)

 

$

—

 

 

$

—

 
v3.26.1
Income Taxes (Tables)
 6 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Summary of Income Taxes

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Income before income taxes

 

$

746,799

 

 

$

205,249

 

 

$

949,774

 

 

$

298,403

 

Provision for income taxes

 

$

156,076

 

 

$

42,605

 

 

$

192,533

 

 

$

53,527

 

Effective income tax rate

 

 

21

%

 

 

21

%

 

 

20

%

 

 

18

%
v3.26.1
Debt (Tables)
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Obligations

As of March 31, 2026 and September 30, 2025, we had the following debt obligations:

(in thousands)

 

March 31, 2026

 

 

September 30, 2025

 

4.000% Senior notes due 2028

 

$

500,000

 

 

$

500,000

 

Credit facility revolver line(1)(2)

 

 

243,750

 

 

 

231,250

 

Credit facility term loan(1)(2)

 

 

456,250

 

 

 

468,750

 

Total debt

 

 

1,200,000

 

 

 

1,200,000

 

Unamortized debt issuance costs for the senior notes(3)

 

 

(2,028

)

 

 

(2,566

)

Total debt, net of issuance costs(4)

 

$

1,197,972

 

 

$

1,197,434

 
(1)
Unamortized debt issuance costs related to the credit facility were $2.7 million included in Other current assets and $2.9 million included in Other assets on the Consolidated Balance Sheet as of March 31, 2026 and $2.7 million included in Other current assets and $3.3 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2025.
(2)
The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028. The term loan began amortizing in March 2024, with payments remaining of $12.5 million in 2026, $25.0 million in 2027, and $418.7 million in 2028.
(3)
As of March 31, 2026 and September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheets.
(4)
As of March 31, 2026 and September 30, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term.
v3.26.1
Segments (Tables)
 6 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of significant expenses and net income for reportable segment

The following table presents revenue, significant expenses, and consolidated net income for our reportable segment:

(in thousands)

 

Three months ended

 

 

Six months ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

March 31, 2026

 

 

March 31, 2025

 

Revenue

 

$

774,303

 

 

$

636,366

 

 

$

1,460,128

 

 

$

1,201,494

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

      Cost of revenue, adjusted(1)

 

 

98,711

 

 

 

92,624

 

 

 

202,563

 

 

 

190,208

 

      Operating expenses, adjusted(2)

 

 

264,939

 

 

 

244,432

 

 

 

537,279

 

 

 

520,646

 

      Other segment items(3)

 

 

(180,070

)

 

 

136,666

 

 

 

(36,955

)

 

 

245,764

 

Consolidated net income

 

$

590,723

 

 

$

162,644

 

 

$

757,241

 

 

$

244,876

 
(1)
Cost of revenue, adjusted excludes stock-based compensation and amortization of acquired intangible assets.
(2)
Operating expenses, adjusted excludes stock-based compensation, amortization of acquired intangible assets, acquisition and transaction-related charges, and Impairment and other charges, net.
(3)
Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges, net; Other income, net; and Provision for income taxes.
v3.26.1
Revenue from Contracts with Customers - Schedule of Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]    
Short-term receivables $ 852,643 $ 1,001,085
Long-term receivables 446,508 378,941
Contract asset 12,070 11,044
Deferred revenue $ 771,050 $ 827,065
v3.26.1
Revenue from Contracts with Customers - Additional Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Revenue from External Customer [Line Items]    
Deferred revenue, revenue recognized $ 551,100  
Deferred revenue 771,050 $ 827,065
Total Liabilities held for sale 56,000  
Refund liability 44,400 $ 39,700
Revenue, remaining performance obligation, amount 2,514,500  
Unrecorded    
Revenue from External Customer [Line Items]    
Revenue, remaining performance obligation, amount $ 1,743,400  
v3.26.1
Revenue from Contracts with Customers - Remaining Performance Obligations - Additional Information (Details)
Mar. 31, 2026
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, percentage 53.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-04-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, percentage 27.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-04-01 | Maximum  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-04-01 | Minimum  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 13 months
v3.26.1
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Disaggregation Of Revenue [Line Items]        
Revenue $ 774,303 $ 636,366 $ 1,460,128 $ 1,201,494
Recurring revenue        
Disaggregation Of Revenue [Line Items]        
Revenue [1] 743,376 601,549 1,400,656 1,125,860
Perpetual license        
Disaggregation Of Revenue [Line Items]        
Revenue 6,942 5,836 12,572 15,241
Professional services        
Disaggregation Of Revenue [Line Items]        
Professional services $ 23,985 $ 28,981 $ 46,900 $ 60,393
[1] Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.
v3.26.1
Revenue from Contracts with Customers - Summary of Revenue and Profit Attributable to Product Groups (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Revenue from External Customer [Line Items]        
Total revenue $ 774,303 $ 636,366 $ 1,460,128 $ 1,201,494
Product lifecycle management (PLM)        
Revenue from External Customer [Line Items]        
Total revenue 492,128 396,149 923,670 749,608
Computer-aided design (CAD)        
Revenue from External Customer [Line Items]        
Total revenue $ 282,175 $ 240,217 $ 536,458 $ 451,886
v3.26.1
Revenue from Contracts with Customers - Revenue By Geographic Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Revenue Reconciling Item [Line Items]        
Total revenue $ 774,303 $ 636,366 $ 1,460,128 $ 1,201,494
Operating Segments        
Segment Reporting Revenue Reconciling Item [Line Items]        
Total revenue 774,303 636,366 1,460,128 1,201,494
Americas | Operating Segments        
Segment Reporting Revenue Reconciling Item [Line Items]        
Total revenue 375,589 292,823 696,524 570,792
Europe | Operating Segments        
Segment Reporting Revenue Reconciling Item [Line Items]        
Total revenue 299,404 251,148 570,931 447,172
Asia-Pacific | Operating Segments        
Segment Reporting Revenue Reconciling Item [Line Items]        
Total revenue $ 99,310 $ 92,395 $ 192,673 $ 183,530
v3.26.1
Stock-based Compensation - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Liability classified awards related to stock-based compensation $ 18.9 $ 51.3
v3.26.1
Stock-based Compensation - Schedule of Classification of Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense $ 68,599 $ 51,512 $ 126,466 $ 107,363
Sales and marketing        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 20,032 13,545 35,230 31,613
Research and development        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 18,157 14,391 34,072 30,546
General and administrative        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 23,271 18,069 44,031 33,784
License | Cost of Sales        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 107 72 206 106
Support and cloud services | Cost of Sales        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense 5,216 3,912 9,462 7,970
Professional services | Cost of Sales        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total stock-based compensation expense $ 1,816 $ 1,523 $ 3,465 $ 3,344
v3.26.1
Earnings per Share (EPS) and Common Stock - Earnings Per Share Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share And Common Stock [Abstract]        
Net Income (Loss) $ 590,723 $ 162,644 $ 757,241 $ 244,876
Weighted-average shares outstanding—Basic 118,185 120,177 118,764 120,210
Dilutive effect of restricted stock units 368 677 513 790
Weighted-average shares outstanding—Diluted 118,553 120,854 119,277 121,000
Earnings per share—Basic $ 5 $ 1.35 $ 6.38 $ 2.04
Earnings per share—Diluted $ 4.98 $ 1.35 $ 6.35 $ 2.02
v3.26.1
Earnings per Share (EPS) and Common Stock - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 17, 2026
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Oct. 01, 2026
Sep. 30, 2025
Oct. 01, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                
Anti-dilutive shares   300,000 300,000 100,000 200,000      
Common stock, shares authorized   500,000,000   500,000,000     500,000,000  
Stock repurchased during period (in shares)   1,600,000 500,000 2,800,000 800,000      
Stock repurchased during period, value   $ 250.0 $ 75.0 $ 450.0 $ 150.0      
Excise taxes related to share repurchases   1.1   1.1        
Accelerated Share Repurchase Agreement [Member]                
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                
Stock authorized to repurchase $ 375.0 375.0   $ 375.0        
Stock repurchased during period (in shares) 1,900,000              
Stock repurchased during period, value $ 300.0              
Share repurchase program holdback   $ 75.0            
Percentage of shares repurchased to total share authorized 80.00%              
Maximum [Member]                
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                
Common stock, shares authorized   500,000,000   500,000,000        
Stock authorized to repurchase               $ 2,000.0
Maximum [Member] | Forecast [Member]                
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]                
Stock authorized to repurchase           $ 2,000.0    
v3.26.1
Acquisitions and Divestitures - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Nov. 05, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2026
Mar. 31, 2026
Mar. 31, 2025
Business Acquisition [Line Items]            
Business combination, acquisition and transaction related costs   $ 26,500 $ 600   $ 37,100 $ 800
Proceeds from divestitures   523,300        
Gain on sale of business         464,602 0
Provision for income taxes   156,076 $ 42,605   192,533 $ 53,527
Forecast [Member]            
Business Acquisition [Line Items]            
Proceeds from divestitures       $ 7,500    
Kepware and ThingWorx Divestiture            
Business Acquisition [Line Items]            
Payments to acquire business, net of cash $ 530,800          
Net assets   $ 68,200     68,200  
Gain on sale of business         462,600  
Provision for income taxes         $ 102,400  
Kepware and ThingWorx Divestiture | Maximum            
Business Acquisition [Line Items]            
Contingent consideration $ 125,000          
v3.26.1
Goodwill and Intangible Assets - Schedule of Goodwill and Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Finite-Lived Intangible Assets [Line Items]    
Goodwill (not amortized) $ 3,403,009 $ 3,493,316
Intangible assets with finite lives (amortized), Gross Carrying Amount 1,694,208 1,853,441
Intangible assets with finite lives (amortized), Accumulated Amortization 910,972 1,028,778
Intangible assets with finite lives (amortized), Net Book Value 783,236 824,663
Intangible Assets, Net (Including Goodwill) 4,186,245 4,317,979
Purchased Software    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets with finite lives (amortized), Gross Carrying Amount 545,687 639,104
Intangible assets with finite lives (amortized), Accumulated Amortization 394,974 472,357
Intangible assets with finite lives (amortized), Net Book Value 150,713 166,747
Capitalized Software    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets with finite lives (amortized), Gross Carrying Amount 22,877 22,877
Intangible assets with finite lives (amortized), Accumulated Amortization 22,877 22,877
Intangible assets with finite lives (amortized), Net Book Value 0 0
Customer Lists and Relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets with finite lives (amortized), Gross Carrying Amount 1,090,276 1,149,262
Intangible assets with finite lives (amortized), Accumulated Amortization 470,332 505,202
Intangible assets with finite lives (amortized), Net Book Value 619,944 644,060
Trademarks and Trade Names    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets with finite lives (amortized), Gross Carrying Amount 31,882 38,179
Intangible assets with finite lives (amortized), Accumulated Amortization 19,303 24,323
Intangible assets with finite lives (amortized), Net Book Value 12,579 13,856
Other    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets with finite lives (amortized), Gross Carrying Amount 3,486 4,019
Intangible assets with finite lives (amortized), Accumulated Amortization 3,486 4,019
Intangible assets with finite lives (amortized), Net Book Value $ 0 $ 0
v3.26.1
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Line Items]  
Balance, October 1, 2025 $ 3,493,316
Divestiture of businesses (82,204)
Foreign currency translation adjustment (8,103)
Balance, March 31, 2026 $ 3,403,009
v3.26.1
Goodwill and Intangible Assets - Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization of acquired intangible assets $ 12,012 $ 11,380 $ 24,084 $ 22,820
Cost of revenue 7,768 8,131 15,668 16,431
Total amortization expense $ 19,780 $ 19,511 $ 39,752 $ 39,251
v3.26.1
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Financial assets:    
Cash equivalents [1] $ 268,635 $ 38,031
Financial assets, fair value 276,252 50,266
Financial liabilities:    
Financial liabilities, fair value 5,274 4,773
Forward Contracts    
Financial assets:    
Foreign currency contract, asset 735 6,007
Financial liabilities:    
Foreign currency contracts, liability 5,274 4,773
Option contracts    
Financial assets:    
Foreign currency contract, asset 6,882 6,228
Level 1    
Financial assets:    
Cash equivalents [1] 268,635 38,031
Financial assets, fair value 268,635 38,031
Financial liabilities:    
Financial liabilities, fair value 0 0
Level 1 | Forward Contracts    
Financial assets:    
Foreign currency contract, asset 0 0
Financial liabilities:    
Foreign currency contracts, liability 0 0
Level 1 | Option contracts    
Financial assets:    
Foreign currency contract, asset 0 0
Level 2    
Financial assets:    
Cash equivalents [1] 0 0
Financial assets, fair value 7,617 12,235
Financial liabilities:    
Financial liabilities, fair value 5,274 4,773
Level 2 | Forward Contracts    
Financial assets:    
Foreign currency contract, asset 735 6,007
Financial liabilities:    
Foreign currency contracts, liability 5,274 4,773
Level 2 | Option contracts    
Financial assets:    
Foreign currency contract, asset 6,882 6,228
Level 3    
Financial assets:    
Cash equivalents [1] 0 0
Financial assets, fair value 0 0
Financial liabilities:    
Financial liabilities, fair value 0 0
Level 3 | Forward Contracts    
Financial assets:    
Foreign currency contract, asset 0 0
Financial liabilities:    
Foreign currency contracts, liability 0 0
Level 3 | Option contracts    
Financial assets:    
Foreign currency contract, asset $ 0 $ 0
[1] Money market funds and time deposits.
v3.26.1
Derivative Financial Instruments - Schedule of Derivative Financial Instruments at Gross Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Designated as Hedging Instrument | Forward Contracts    
Derivative [Line Items]    
Gross Amount of Recognized Assets [1] $ 0 $ 2,871
Gross Amount of Recognized Liabilities [2] 2,149 0
Designated as Hedging Instrument | Option contracts    
Derivative [Line Items]    
Gross Amount of Recognized Assets [1] 0 0
Not Designated as Hedging Instrument | Forward Contracts    
Derivative [Line Items]    
Fair Value of Derivatives Not Designated As Hedging Instruments [1] 735 3,136
Fair Value of Derivatives Not Designated As Hedging Instruments [2] 3,125 4,773
Not Designated as Hedging Instrument | Option contracts    
Derivative [Line Items]    
Fair Value of Derivatives Not Designated As Hedging Instruments [1] $ 6,882 $ 6,228
[1] As of March 31, 2026 and September 30, 2025, current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets.
[2] As of March 31, 2026 and September 30, 2025, current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.
v3.26.1
Derivative Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative [Line Items]    
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Net $ (1.9) $ (1.1)
Maximum | Forward contracts | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative, remaining maturity 3 months  
Maximum | Forward contracts | Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Derivative, remaining maturity 3 months  
Maximum | Foreign Exchange Options | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative, remaining maturity 14 months  
v3.26.1
Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts and Options (Details) - Not Designated as Hedging Instrument - Foreign Exchange Forward Contract and Options - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Derivative [Line Items]    
Notional amount $ 1,059,158 $ 1,518,086
Euro / U.S. Dollar    
Derivative [Line Items]    
Notional amount [1] 820,821 1,202,830
British Pound / U.S. Dollar    
Derivative [Line Items]    
Notional amount 16,776 22,974
Israeli Shekel / U.S. Dollar    
Derivative [Line Items]    
Notional amount 18,493 20,094
Indian Rupee / U.S. Dollar    
Derivative [Line Items]    
Notional amount 54,756 53,465
Japanese Yen / U.S. Dollar    
Derivative [Line Items]    
Notional amount [2] 98,390 131,284
Swedish Krona / U.S. Dollar    
Derivative [Line Items]    
Notional amount 12,392 21,568
New Taiwan Dollar / U.S. Dollar    
Derivative [Line Items]    
Notional amount 8,074 23,098
All other    
Derivative [Line Items]    
Notional amount $ 29,456 $ 42,773
[1] As of March 31, 2026, $677.5 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $143.3 million relates to option contracts. As of September 30, 2025, $835.4 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $367.4 million relates to option contracts.
[2] As of March 31, 2026, $40.4 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $58.0 million relates to option contracts. As of September 30, 2025, $41.9 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $89.4 million relates to option contracts.
v3.26.1
Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts and Options (Parenthetical) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Sep. 30, 2025
Foreign Exchange Forward | Euro / U.S. Dollar    
Derivative [Line Items]    
Notional amount $ 677.5 $ 835.4
Foreign Exchange Forward | Japanese Yen / U.S. Dollar    
Derivative [Line Items]    
Notional amount 40.4 41.9
Options | Euro / U.S. Dollar    
Derivative [Line Items]    
Notional amount 143.3 367.4
Options | Japanese Yen / U.S. Dollar    
Derivative [Line Items]    
Notional amount $ 58.0 $ 89.4
v3.26.1
Derivative Financial Instruments - Schedule of Derivative Instruments and Hedging Activities Disclosures (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments Gain Loss [Line Items]        
Gain (loss) recognized in Other comprehensive income (loss) ("OCI") $ 6,745 $ (15,014) $ 6,156 $ 10,226
Foreign Exchange Forward Contract and Options | Not Designated as Hedging Instrument | Other income, net        
Derivative Instruments Gain Loss [Line Items]        
Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged 931 (917) 1,143 (360)
Forward Contracts | Designated as Hedging Instrument | Net Investment Hedging        
Derivative Instruments Gain Loss [Line Items]        
Gain (loss) recognized in Other comprehensive income (loss) ("OCI") 8,942 (19,898) 8,160 13,550
Gain (loss) reclassified from OCI to earnings 0 0 0 0
Gain recognized, excluded portion $ 1,595 $ 1,254 $ 3,526 $ 2,329
v3.26.1
Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts (Details) - Forward Contracts - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Notional amount $ 535,811 $ 490,458
Euro / U.S. Dollar    
Derivative [Line Items]    
Notional amount 677,500 835,400
Euro / U.S. Dollar | Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Notional amount 516,854 480,198
Japanese Yen / U.S. Dollar    
Derivative [Line Items]    
Notional amount 40,400 41,900
Japanese Yen / U.S. Dollar | Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Notional amount $ 18,957 $ 10,260
v3.26.1
Derivative Financial Instruments - Schedule of Offsetting Assets (Details) - Foreign Exchange Contracts
$ in Thousands
Mar. 31, 2026
USD ($)
Derivative [Line Items]  
Gross Amount of Recognized Assets $ 7,617
Gross Amounts Offset in the Consolidated Balance Sheets 0
Net Amounts of Assets Presented in the Consolidated Balance Sheets 7,617
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments (5,274)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received 0
Net Amount $ 2,343
v3.26.1
Derivative Financial Instruments - Schedule of Offsetting Liabilities (Details) - Foreign Exchange Contracts
$ in Thousands
Mar. 31, 2026
USD ($)
Derivative [Line Items]  
Gross Amount of Recognized Liabilities $ 5,274
Gross Amounts Offset in the Consolidated Balance Sheets 0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets 5,274
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments (5,274)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Pledged 0
Net Amount $ 0
v3.26.1
Income Taxes - Summary of Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]        
Income before income taxes $ 746,799 $ 205,249 $ 949,774 $ 298,403
Provision for income taxes $ 156,076 $ 42,605 $ 192,533 $ 53,527
Effective income tax rate 21.00% 21.00% 20.00% 18.00%
v3.26.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Sep. 30, 2025
Income Tax Disclosure [Line Items]            
Provision (benefit) for income taxes $ 156,076   $ 42,605 $ 192,533 $ 53,527  
Unrecognized tax benefits 50,500     50,500   $ 157,700
Income taxes payable 161,300     161,300   179,100
Gain on sale of business       464,602 0  
Accrued income taxes 118,300     118,300   28,700
Income tax provision upon recognition of unrecognized tax benefit 50,500     50,500    
Unrecognized tax benefits, increase in valuation allowance upon recognition 5,600     5,600    
Potential decrease in unrecognized tax benefits 1,000     1,000    
Other Liabilities [Member]            
Income Tax Disclosure [Line Items]            
Accrued income taxes 43,000     43,000   $ 150,400
IRS [Member]            
Income Tax Disclosure [Line Items]            
Provision (benefit) for income taxes   $ (7,100)   (7,100)    
Foreign Tax Jurisdiction [Member]            
Income Tax Disclosure [Line Items]            
Provision (benefit) for income taxes         $ (10,400)  
Kepware and ThingWorx            
Income Tax Disclosure [Line Items]            
Provision (benefit) for income taxes 102,400     102,400    
Gain on sale of business $ 462,600     $ 462,600    
v3.26.1
Debt - Schedule of Long-term Debt Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Sep. 30, 2025
Feb. 13, 2020
Debt Instrument [Line Items]      
Total debt $ 1,200,000 $ 1,200,000  
Unamortized debt issuance costs for the senior notes [1] (2,028) (2,566)  
Total debt, net of issuance costs [2] 1,197,972 1,197,434  
4.000% Senior Notes Due 2028      
Debt Instrument [Line Items]      
Senior Notes     $ 500,000
Long-term Debt | Revolver Credit Facility      
Debt Instrument [Line Items]      
Payment to credit facility revolver [3],[4] 243,750 231,250  
Long-term Debt | Secured Debt      
Debt Instrument [Line Items]      
Payment to credit facility revolver [3],[4] 456,250 468,750  
Long-term Debt | 4.000% Senior Notes Due 2028      
Debt Instrument [Line Items]      
Senior Notes $ 500,000 $ 500,000  
[1] As of March 31, 2026 and September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheets.
[2] As of March 31, 2026 and September 30, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term.
[3] The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028. The term loan began amortizing in March 2024, with payments remaining of $12.5 million in 2026, $25.0 million in 2027, and $418.7 million in 2028.
[4] Unamortized debt issuance costs related to the credit facility were $2.7 million included in Other current assets and $2.9 million included in Other assets on the Consolidated Balance Sheet as of March 31, 2026 and $2.7 million included in Other current assets and $3.3 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2025.
v3.26.1
Debt - Schedule of Long-term Debt Obligations (Parenthetical) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense [1] $ 2,028 $ 2,566
Long term debt $ 25,000 25,000
Line of Credit    
Debt Instrument [Line Items]    
Credit facility maturity date Jan. 03, 2028  
Secured Debt    
Debt Instrument [Line Items]    
Long term debt maturity repayments of principal remainder of fiscal year $ 12,500  
Long term debt maturity repayments year one 25,000  
Long term debt maturity repayments year two 418,700  
Other Current Assets | Line of Credit    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense 2,700 2,700
Other Noncurrent Assets | Line of Credit    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense $ 2,900 $ 3,300
[1] As of March 31, 2026 and September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheets.
v3.26.1
Debt - Senior Notes - Additional Information (Details) - 4.000% Senior Notes Due 2028 - USD ($)
$ in Millions
Mar. 31, 2026
Feb. 13, 2020
Debt Instrument [Line Items]    
Senior Notes   $ 500.0
Interest rate   4.00%
Senior Notes    
Debt Instrument [Line Items]    
Fair value amount $ 488.8  
v3.26.1
Debt - Credit Agreement - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Jan. 31, 2023
Debt Instrument [Line Items]          
Amount borrowed from credit facility foreign subsidiary $ 46.3   $ 46.3    
Interest expense $ 15.3 $ 19.6 $ 32.6 $ 41.7  
Interest rate during period 4.70% 4.90% 4.70% 4.80%  
Line of Credit          
Debt Instrument [Line Items]          
Unused commitments under revolving credit facility $ 1,006.3   $ 1,006.3    
Amounts available for borrowing $ 989.2   $ 989.2    
Line of Credit | Minimum          
Debt Instrument [Line Items]          
Credit facility commitment fees percentage     0.175%    
Line of Credit | Maximum          
Debt Instrument [Line Items]          
Credit facility commitment fees percentage     0.325%    
Secured Debt          
Debt Instrument [Line Items]          
Credit facility amount         $ 500.0
Annual rate for borrowings outstanding 5.10%   5.10%    
Revolving Credit Facility          
Debt Instrument [Line Items]          
Credit facility amount         $ 1,250.0
v3.26.1
Segments - Additional Information (Details)
 6 Months Ended
Mar. 31, 2026
Segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM evaluates financial performance and allocates resources based on consolidated results, including consolidated net income. The total assets of the segment are reported on the Consolidated Balance Sheets.
v3.26.1
Segments - Schedule of significant expenses and net income for reportable segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]        
Revenue $ 774,303 $ 636,366 $ 1,460,128 $ 1,201,494
Net income 590,723 162,644 757,241 244,876
Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 774,303 636,366 1,460,128 1,201,494
Cost of revenue, adjusted [1] 98,711 92,624 202,563 190,208
Operating expenses, adjusted [2] 264,939 244,432 537,279 520,646
Other segment items [3] (180,070) 136,666 (36,955) 245,764
Net income $ 590,723 $ 162,644 $ 757,241 $ 244,876
[1] Cost of revenue, adjusted excludes stock-based compensation and amortization of acquired intangible assets.
[2] Operating expenses, adjusted excludes stock-based compensation, amortization of acquired intangible assets, acquisition and transaction-related charges, and Impairment and other charges, net.
[3] Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges, net; Other income, net; and Provision for income taxes.