PTC INC., 10-K filed on 11/21/2025
Annual Report
v3.25.3
Document and Entity Information - USD ($)
 12 Months Ended
Sep. 30, 2025
Nov. 19, 2025
Mar. 31, 2025
Document Information [Line Items]      
Entity Registrant Name PTC Inc.    
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Sep. 30, 2025    
Current Fiscal Year End Date --09-30    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Incorporation, State or Country Code MA    
Entity Tax Identification Number 04-2866152    
Title of 12(b) Security Common Stock, $.01 par value per share    
Trading Symbol PTC    
Security Exchange Name NASDAQ    
Entity File Number 0-18059    
Amendment Flag false    
Entity Central Index Key 0000857005    
Entity Filer Category Large Accelerated Filer    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Small Business false    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Shell Company false    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
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    
Entity Public Float     $ 18,551,172,440
Entity Emerging Growth Company false    
Documents Incorporated by Reference

Portions of the definitive Proxy Statement in connection with the 2026 Annual Meeting of Shareholders (2026 Proxy Statement) are incorporated by reference into Part III.

    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Firm ID 238    
Auditor Location Boston, Massachusetts    
Auditor Opinion [Text Block]

We have audited the accompanying consolidated balance sheets of PTC Inc. and its subsidiaries (the "Company") as of September 30, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended September 30, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

    
Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding 119,925,951 119,448,261  
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
ASSETS    
Cash and cash equivalents $ 184,415 $ 265,808
Accounts receivable, net of allowance for doubtful accounts of $1,487 and $1,180 at September 30, 2025 and September 30, 2024, respectively 1,001,085 861,953
Prepaid expenses 119,107 102,931
Other current assets 78,760 68,013
Total current assets 1,383,367 1,298,705
Property and equipment, net 60,843 75,187
Goodwill 3,493,316 3,461,891
Acquired intangible assets, net 824,663 897,476
Deferred tax assets 194,070 159,404
Operating right-of-use lease assets 114,974 133,317
Other assets 545,939 357,562
Total assets 6,617,172 6,383,542
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 11,504 24,198
Accrued expenses and other current liabilities 136,140 129,528
Accrued compensation and benefits 199,561 173,797
Accrued income taxes 28,749 39,978
Current portion of long-term debt 25,000 521,467
Deferred revenue 812,271 754,039
Short-term lease obligations 24,179 24,186
Total current liabilities 1,237,404 1,667,193
Long-term debt 1,172,434 1,227,105
Deferred tax liabilities 30,151 32,216
Long-term deferred revenue 14,794 21,235
Long-term lease obligations 148,254 157,568
Other liabilities 187,906 63,827
Total liabilities 2,790,943 3,169,144
Commitments and contingencies (Note 10)
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; 119,536 and 120,155 shares issued and outstanding at September 30, 2025 and September 30, 2024, respectively 1,195 1,202
Additional paid-in capital 1,822,590 1,965,307
Retained earnings 2,083,607 1,349,610
Accumulated other comprehensive loss (81,163) (101,721)
Total stockholders’ equity 3,826,229 3,214,398
Total liabilities and stockholders’ equity $ 6,617,172 $ 6,383,542
v3.25.3
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Current assets:    
Allowance for doubtful accounts $ 1,487 $ 1,180
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 119,536,000 120,155,000
Common stock, shares outstanding 119,536,000 120,155,000
v3.25.3
Consolidated Statements Of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Revenue:      
Total revenue $ 2,739,226 $ 2,298,472 $ 2,097,053
Cost of revenue:      
Total cost of revenue 444,983 444,816 441,006
Gross margin 2,294,243 1,853,656 1,656,047
Operating expenses:      
Sales and marketing 566,516 558,954 530,125
Research and development 457,693 433,047 394,370
General and administrative 226,058 232,377 233,516
Amortization of acquired intangible assets 45,948 42,018 40,022
Impairment and other charges (credits), net 15,643 (802) (460)
Total operating expenses 1,311,858 1,265,594 1,197,573
Operating income 982,385 588,062 458,474
Interest expense (77,019) (119,653) (129,417)
Other income, net 14,811 553 3,509
Income before income taxes 920,177 468,962 332,566
Provision for income taxes 186,180 92,629 87,026
Net income $ 733,997 $ 376,333 $ 245,540
Earnings per share-Basic $ 6.12 $ 3.14 $ 2.07
Earnings per share-Diluted $ 6.08 $ 3.12 $ 2.06
Weighted-average shares outstanding—Basic 120,005 119,679 118,341
Weighted-average shares outstanding—Diluted 120,777 120,742 119,334
License      
Revenue:      
License $ 1,162,709 $ 806,871 $ 747,022
Cost of revenue:      
Cost of license revenue 46,913 46,850 53,200
Support and cloud services      
Revenue:      
Support and cloud services 1,469,180 1,359,355 1,199,536
Cost of revenue:      
Cost of support and cloud services revenue 291,812 274,599 245,027
Software      
Revenue:      
Total software revenue 2,631,889 2,166,226 1,946,558
Cost of revenue:      
Total cost of software revenue 338,725 321,449 298,227
Professional services      
Revenue:      
Professional services 107,337 132,246 150,495
Cost of revenue:      
Cost of professional services revenue $ 106,258 $ 123,367 $ 142,779
v3.25.3
Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 733,997 $ 376,333 $ 245,540
Other comprehensive income, net of tax:      
Hedge loss arising during the period, net of tax of $5.8 million, $5.3 million, and $2.5 million in 2025, 2024, and 2023, respectively (17,863) (16,315) (7,516)
Foreign currency translation adjustment, net of tax of $0 for each period 37,334 36,465 45,692
Change in pension benefit, net of tax of $(0.8) million, $1.7 million, and $1.3 million in 2025, 2024, and 2023, respectively 1,087 (3,791) (2,798)
Other comprehensive income 20,558 16,359 35,378
Comprehensive income $ 754,555 $ 392,692 $ 280,918
v3.25.3
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]      
Hedge loss arising during the period, net of tax $ 5.8 $ 5.3 $ 2.5
Foreign currency translation adjustment, tax 0.0 0.0 0.0
Change in pension benefit, net of tax $ (0.8) $ 1.7 $ 1.3
v3.25.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:      
Net Income (Loss) $ 733,997 $ 376,333 $ 245,540
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 102,504 108,119 104,760
Amortization of right-of-use lease assets 32,912 33,288 32,402
Stock-based compensation 216,205 223,461 206,459
Other non-cash items, net (3,516) (1,625) (4,065)
Provision (benefit) from deferred income taxes (26,283) (39,040) 16,676
Changes in operating assets and liabilities, excluding the effects of acquisitions:      
Accounts receivable (121,052) (34,629) (98,607)
Accounts payable and accrued expenses (636) (24,368) 15,918
Accrued compensation and benefits 20,526 8,404 7,845
Deferred revenue 37,753 81,399 56,572
Accrued income taxes 89,856 65,006 4,639
Other current assets and prepaid expenses (8,458) (16,137) 6,974
Operating lease liabilities (10,345) (13,245) (1,929)
Other noncurrent assets and liabilities (195,767) (16,982) 17,677
Net cash provided by operating activities 867,696 749,984 610,861
Cash flows from investing activities:      
Additions to property and equipment (11,008) (14,378) (23,814)
Acquisitions of businesses, net of cash acquired (6,532) (93,457) (828,271)
Settlement of net investment hedges (20,753) (13,078) (7,602)
Other investing activities 0 (3,901) (6,428)
Net cash used in investing activities (38,293) (124,814) (866,115)
Cash flows from financing activities:      
Borrowings under credit facility 860,000 1,084,845 1,540,000
Repayments of senior notes (500,000) 0 0
Repayments of borrowings under credit facility and acquired debt (912,958) (1,038,921) (1,197,000)
Repurchases of common stock (299,998) 0 0
Proceeds from issuance of common stock 26,062 25,674 21,652
Payments of withholding taxes in connection with stock-based awards (80,205) (102,001) (82,448)
Credit facility origination costs (1,171) 0 (13,355)
Payment of deferred acquisition consideration 0 (620,040) 0
Other financing activity (239) (282) (536)
Net cash provided by (used in) financing activities (908,509) (650,725) 268,313
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,372) 3,223 2,851
Net change in cash, cash equivalents, and restricted cash (81,478) (22,332) 15,910
Cash, cash equivalents, and restricted cash, beginning of period 266,466 288,798 272,888
Cash, cash equivalents, and restricted cash, end of period $ 184,988 $ 266,466 $ 288,798
v3.25.3
Consolidated Statements of Stockholder's Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance at Sep. 30, 2022 $ 2,296,034 $ 1,175 $ 1,720,580 $ 727,737 $ (153,458)
Beginning balance (in shares) at Sep. 30, 2022   117,472,000      
Common stock issued for employee stock-based awards 0 $ 18 (18)    
Common stock issued for employee stock-based awards (in shares)   1,798,000      
Shares surrendered by employees to pay taxes related to stock-based awards (82,768) $ (7) (82,761)    
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)   (620,000)      
Common stock issued for employee stock purchase plan 21,652 $ 2 21,650    
Common stock issued for employee stock purchase plan (in shares)   196,000      
Compensation expense from stock-based awards 161,454   161,454    
Net income $ 245,540     245,540  
Repurchases of common stock (in shares) 0        
Loss on net investment hedges, net of tax $ (7,516)       (7,516)
Foreign currency translation adjustment 45,692       45,692
Change in defined benefit pension items, net of tax (2,798)       (2,798)
Ending balance at Sep. 30, 2023 2,677,290 $ 1,188 1,820,905 973,277 (118,080)
Ending balance (in shares) at Sep. 30, 2023   118,846,000      
Common stock issued for employee stock-based awards 0 $ 18 (18)    
Common stock issued for employee stock-based awards (in shares)   1,733,000      
Shares surrendered by employees to pay taxes related to stock-based awards (101,924) $ (6) (101,918)    
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)   (612,000)      
Common stock issued for employee stock purchase plan 25,674 $ 2 25,672    
Common stock issued for employee stock purchase plan (in shares)   188,000      
Compensation expense from stock-based awards 220,666   220,666    
Net income $ 376,333     376,333  
Repurchases of common stock (in shares) 0        
Loss on net investment hedges, net of tax $ (16,315)       (16,315)
Foreign currency translation adjustment 36,465       36,465
Change in defined benefit pension items, net of tax (3,791)       (3,791)
Ending balance at Sep. 30, 2024 $ 3,214,398 $ 1,202 1,965,307 1,349,610 (101,721)
Ending balance (in shares) at Sep. 30, 2024 120,155,000 120,155,000      
Common stock issued for employee stock-based awards $ 0 $ 13 (13)    
Common stock issued for employee stock-based awards (in shares)   1,300,000      
Shares surrendered by employees to pay taxes related to stock-based awards (80,355) $ (5) (80,350)    
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)   (439,000)      
Common stock issued for employee stock purchase plan 26,062 $ 2 26,060    
Common stock issued for employee stock purchase plan (in shares)   166,000      
Compensation expense from stock-based awards 212,659   212,659    
Net income 733,997     733,997  
Repurchases of common stock $ (301,090) $ (17) (301,073)    
Repurchases of common stock (in shares) (1,650,000) (1,646,000)      
Loss on net investment hedges, net of tax $ (17,863)       (17,863)
Foreign currency translation adjustment 37,334       37,334
Change in defined benefit pension items, net of tax 1,087       1,087
Ending balance at Sep. 30, 2025 $ 3,826,229 $ 1,195 $ 1,822,590 $ 2,083,607 $ (81,163)
Ending balance (in shares) at Sep. 30, 2025 119,536,000 119,536,000      
v3.25.3
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Sep. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

We are subject to various cybersecurity risks in connection with our business. For more information on our cybersecurity related risks, see Item 1A. Risk Factors, I. Risks Related to Our Business Operations and Industry of this Annual Report.

Our Approach

We take a holistic, multi-layered approach to cybersecurity and privacy that combines traditional Defense-in-Depth methods with next-generation Zero Trust principles. In developing our cybersecurity risk management program, we are informed by industry benchmarks and standards, including the cybersecurity framework created by the National Institute of Standards and Technology (“NIST”) and the Software Assurance Maturity Model developed by the OWASP (the “OWASP SAMM”). We also have various security-related certifications and authorizations, including ISO 27001, SOC 2 Type II and FedRAMP, for certain of our products and services.

People. Recognizing that technology alone cannot mitigate all security threats, we focus on developing our most critical resource: our people. Our corporate cybersecurity awareness activities are combined with enterprise-wide and department-specific tools and mandatory employee training, providing our employees with knowledge and resources to support our efforts to mitigate security threats.

Process. We maintain processes and policies to try to anticipate security risks and facilitate compliance with applicable contractual obligations, regulations, and standards, as well as address any incidents or violations. We focus on continuous improvement and constantly mature our processes to keep pace with the rapidly evolving cybersecurity threat landscape.

Technology. We seek to automate processes and remove the potential for human error to the extent feasible by implementing technology solutions. From fundamental IT security to development of our software products and keeping our customers’ data safe, we aim to maintain a secure infrastructure that is appropriately monitored for possible threats.

These three key elements of people, process, and technology are tightly interwoven to support our aim to secure our environments and the data for which we are a custodian.

Governance

Cybersecurity is a risk area with oversight at the highest levels of the organization, including the Executive and Board Level. The overall operational program is led by the Cybersecurity Strategy Council, a cross-functional team of executives and subject matter experts, led by our Chief Product Security Officer, Chief Information Security Officer and Chief Compliance Officer. The Cybersecurity Strategy Council oversees a “Three Lines Model” of Operations, Risk Monitoring and Oversight, and Audit, to effectively address cybersecurity, risk management, and control. All Cybersecurity, Risk, and Internal Audit functions report to the PTC Executive Leadership Team.

We provide regular updates on our cybersecurity strategic plans, programs, and initiatives to the Cybersecurity Committee of the Board of Directors at its four regularly scheduled meetings per year. Our Incident Response Plans provide for notice, and continued updates, to the Cybersecurity Committee of applicable incidents on a timely basis.

Risk Assessment

We conduct an annual cybersecurity maturity assessment. Periodically, we engage a third-party security consulting firm to conduct an Enterprise Security Maturity Assessment. This independent assessment provides a mechanism to benchmark our current risk profile and enables us to measure progress as we make program improvements. Identified cybersecurity risks are reviewed by the Cybersecurity Strategy Council, which ensures that risk tolerances are established and used to appropriately manage risks and address the risks identified.

Third-Party Vendor Risk Management

Our Vendor Risk Management (VRM) program is designed to meet cybersecurity, privacy, regulatory and compliance obligations, by managing risk associated with third-party vendors who have access to PTC IT systems and data. Prior to outsourcing or allowing third-party access to PTC or customer systems, IP, or data; risks associated with such activity are identified and documented. The process of selecting a third-party vendor includes due diligence of the vendor service or product in question. Third-party companies using PTC facilities or accessing PTC’s IT Systems are subject to PTC’s VRM review and must demonstrate that proper security measures are in place before they have access to any PTC IT systems or data. All such vendors are to be approved by PTC’s VRM process and contractually bound to maintain appropriate cybersecurity technical and organization measures and to protect PTC’s data to which they may have access.

Incident Response

We maintain an Enterprise Cybersecurity Incident Response Policy to address cybersecurity incidents. The Policy is tested on a periodic basis, including an ongoing improvement program involving periodic tabletop exercises. Cybersecurity incident handling is managed by individual organizations with cybersecurity responsibility and monitored/guided by applicable corporate functions. All Cybersecurity Incident Response Plans under the Policy are based on industry standards, such as the NIST Computer Security Incident Handling Guide – Special Publication 800-61.

Management’s Role in Assessing and Managing Our Risks from Cybersecurity Threats

Our Cybersecurity Program is overseen by executives on our Executive Leadership Team and managed by our Cybersecurity Strategy Council, including our Senior Vice President, Chief Information Security Officer (CISO), who reports to our Executive Vice President, Chief Digital and Information Officer (CDO). Our CISO is responsible for day-to-day risk management activities, including staying informed about and monitoring prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, and the use of technological tools and software. Our CDO is responsible for our broader IT program, which includes our ability to remediate and recover from a cybersecurity incident while reducing impacts to the business and operations. Our CDO and CISO regularly report directly to the Cybersecurity Committee of the Board of Directors on our Cybersecurity Program and efforts to prevent, detect, mitigate, and remediate issues. In addition, we have an escalation process in place to inform senior management and the Cybersecurity Committee and the Board of Directors of material issues.

Management Experience

Our CDO and CISO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. Our CDO joined PTC as Chief Digital and Information Officer in January 2022 and is responsible for PTC’s global information technology (IT) team, overseeing PTC’s digital infrastructure and working with business leaders to guide PTC’s digital process optimization strategy. He has more than two decades of IT and operations leadership. Before joining PTC, he served as Global Vice President and Chief Information Officer for Avaya, where he led a globally-dispersed team of 1,200 IT professionals to support the entire global Avaya enterprise. Prior to Avaya, he held technology leadership roles at Arise Virtual Solutions Inc., Oracle, and Colorado College.

Our CISO joined PTC as Cyber Information Security Officer in April 2022 and, before joining PTC, was the Vice President, Information Technology, North America and Europe for Alorica, where he led Alorica’s transformation to a secure endpoint architecture for 90,000 global remote and hybrid employees.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity is a risk area with oversight at the highest levels of the organization, including the Executive and Board Level. The overall operational program is led by the Cybersecurity Strategy Council, a cross-functional team of executives and subject matter experts, led by our Chief Product Security Officer, Chief Information Security Officer and Chief Compliance Officer. The Cybersecurity Strategy Council oversees a “Three Lines Model” of Operations, Risk Monitoring and Oversight, and Audit, to effectively address cybersecurity, risk management, and control. All Cybersecurity, Risk, and Internal Audit functions report to the PTC Executive Leadership Team.

We provide regular updates on our cybersecurity strategic plans, programs, and initiatives to the Cybersecurity Committee of the Board of Directors at its four regularly scheduled meetings per year. Our Incident Response Plans provide for notice, and continued updates, to the Cybersecurity Committee of applicable incidents on a timely basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The overall operational program is led by the Cybersecurity Strategy Council, a cross-functional team of executives and subject matter experts, led by our Chief Product Security Officer, Chief Information Security Officer and Chief Compliance Officer. The Cybersecurity Strategy Council oversees a “Three Lines Model” of Operations, Risk Monitoring and Oversight, and Audit, to effectively address cybersecurity, risk management, and control. All Cybersecurity, Risk, and Internal Audit functions report to the PTC Executive Leadership Team.We provide regular updates on our cybersecurity strategic plans, programs, and initiatives to the Cybersecurity Committee of the Board of Directors at its four regularly scheduled meetings per year. Our Incident Response Plans provide for notice, and continued updates, to the Cybersecurity Committee of applicable incidents on a timely basis
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] All Cybersecurity, Risk, and Internal Audit functions report to the PTC Executive Leadership Team.
Cybersecurity Risk Role of Management [Text Block]

Management’s Role in Assessing and Managing Our Risks from Cybersecurity Threats

Our Cybersecurity Program is overseen by executives on our Executive Leadership Team and managed by our Cybersecurity Strategy Council, including our Senior Vice President, Chief Information Security Officer (CISO), who reports to our Executive Vice President, Chief Digital and Information Officer (CDO). Our CISO is responsible for day-to-day risk management activities, including staying informed about and monitoring prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, and the use of technological tools and software. Our CDO is responsible for our broader IT program, which includes our ability to remediate and recover from a cybersecurity incident while reducing impacts to the business and operations. Our CDO and CISO regularly report directly to the Cybersecurity Committee of the Board of Directors on our Cybersecurity Program and efforts to prevent, detect, mitigate, and remediate issues. In addition, we have an escalation process in place to inform senior management and the Cybersecurity Committee and the Board of Directors of material issues.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CDO and CISO regularly report directly to the Cybersecurity Committee of the Board of Directors on our Cybersecurity Program and efforts to prevent, detect, mitigate, and remediate issues.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Our CDO and CISO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. Our CDO joined PTC as Chief Digital and Information Officer in January 2022 and is responsible for PTC’s global information technology (IT) team, overseeing PTC’s digital infrastructure and working with business leaders to guide PTC’s digital process optimization strategy. He has more than two decades of IT and operations leadership. Before joining PTC, he served as Global Vice President and Chief Information Officer for Avaya, where he led a globally-dispersed team of 1,200 IT professionals to support the entire global Avaya enterprise. Prior to Avaya, he held technology leadership roles at Arise Virtual Solutions Inc., Oracle, and Colorado College.

Our CISO joined PTC as Cyber Information Security Officer in April 2022 and, before joining PTC, was the Vice President, Information Technology, North America and Europe for Alorica, where he led Alorica’s transformation to a secure endpoint architecture for 90,000 global remote and hybrid employees.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our CDO is responsible for our broader IT program, which includes our ability to remediate and recover from a cybersecurity incident while reducing impacts to the business and operations
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 733,997 $ 376,333 $ 245,540
v3.25.3
Insider Trading Arrangements - USD ($)
$ in Millions
 3 Months Ended
Nov. 18, 2025
Sep. 30, 2025
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  

Director and Executive Officer Adoption, Modification or Termination of 10b5-1 Plans in Q4’25

Our Section 16 officers and directors may enter into plans or arrangements for the purchase or sale of our securities that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Such plans and arrangements must comply in all respects with our insider trading policies, including our policy governing entry into and operation of 10b5-1 plans and arrangements.

During the quarter ended September 30, 2025, the following Section 16 officers adopted Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K of the Exchange Act). All plans adopted covered only sales of PTC common stock. No plans were modified or terminated.

 

Name and Title of Director or Section 16 Officer

Date of Adoption, Modification, or Termination

Duration of the Plan

 

Aggregate Number of Shares of Common Stock that may be Sold under the Plan

Kristian Talvitie
Executive Vice President, Chief Financial Officer

 

Adopted
August 6, 2025

Ends
 February 6, 2026

4,658

Aaron von Staats

Executive Vice President, General Counsel

 

 

Adopted

September 5, 2025

 

Ends

August 15, 2026

 

967, plus all net vested shares issued for the FY2025 Corporate Incentive Plan, plus 10% of total shares that vest on November 15, 2025 under performance-based RSU awards granted on November 16, 2022, November 15, 2023, and November 13, 2024, plus 80% of net vested shares after selling 10% of total shares that vest on November 15, 2025 under time-based and performance-based RSU awards granted on November 16, 2022, November 15, 2023, and November 13, 2024 (1)(2)(3)
(1)
The total number of shares that would be issued for the FY2025 Corporate Incentive Plan could not be known when the plan was adopted as the FY2025 performance period had not yet ended and attainment of the performance measure was not known.
(2)
The total number of shares that would be earned and vested under the performance-based RSU awards for the FY2025 performance period could not be known when the plan was adopted as the FY2025 performance period had not yet ended and attainment of the performance measures was not known.
(3)
The total number of net vested shares could not be known when the plan was adopted as the amount of shares to be withheld for taxes was not known.
Rule 10b5-1 Arrangement Terminated   false
Rule 10b51 Arr Modified Flag   false
Sales of assets permitted under credit agreement $ 250  
Kristian Talvitie    
Trading Arrangements, by Individual    
Name   Kristian Talvitie
Title   Executive Vice President, Chief Financial Officer
Rule 10b5-1 Arrangement Adopted   true
Adoption Date   August 6, 2025
Expiration Date   February 6, 2026
Arrangement Duration   184 days
Aggregate Available   4,658
Aaron von Staats    
Trading Arrangements, by Individual    
Name   Aaron von Staats
Title   Executive Vice President, General Counsel
Rule 10b5-1 Arrangement Adopted   true
Adoption Date   September 5, 2025
Expiration Date   August 15, 2026
Arrangement Duration   344 days
Aggregate Available   967
v3.25.3
Description of Business and Basis of Presentation
 12 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation

1. Description of Business and Basis of Presentation

Business

PTC Inc. was incorporated in 1985 and is headquartered in Boston, Massachusetts. PTC is a global software company that provides a portfolio of innovative digital solutions that work together to transform how physical products are engineered, manufactured, and serviced.

Basis of Presentation

Our fiscal year-end is September 30. The consolidated financial statements include PTC Inc. (the parent company) and its wholly-owned subsidiaries, including those operating outside the United States. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

We prepare our financial statements under generally accepted accounting principles in the United States that require management to make estimates and assumptions that affect the amounts reported and the related disclosures. Actual results could differ from these estimates.
v3.25.3
Summary of Significant Accounting Policies
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Foreign Currency Translation

For our non-U.S. operations where the functional currency is the local currency, we translate assets and liabilities at exchange rates in effect at the balance sheet date and record translation adjustments in stockholders’ equity. For our non-U.S. operations where the U.S. Dollar is the functional currency, we remeasure monetary assets and liabilities using exchange rates in effect at the balance sheet date and non-monetary assets and liabilities at historical rates and record resulting exchange gains or losses in Other income, net in the Consolidated Statements of Operations. We translate income statement amounts at average rates for the period. Transaction gains and losses are recorded in Other income, net in the Consolidated Statements of Operations.

Revenue Recognition

Nature of Products and Services

Our sources of revenue include: (1) subscriptions, (2) perpetual licenses, (3) support for perpetual licenses and (4) professional services. Subscriptions include term-based on-premises licenses and related support, Software-as-a-Service (SaaS), and hosting services. Revenue is derived from the licensing of computer software products, cloud-based offerings, and related support and professional services contracts. In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised products or services. The amount of revenue recognized reflects the consideration that we expect to be entitled to receive in exchange for these products or services. To achieve the core principle of this standard, we apply the following five steps:

(1)
identify the contract with the customer,
(2)
identify the performance obligations in the contract,
(3)
determine the transaction price,
(4)
allocate the transaction price to performance obligations in the contract, and
(5)
recognize revenue when or as we satisfy a performance obligation.

We enter into contracts that include combinations of licenses, support, cloud-based offerings, and professional services, each of which are accounted for as separate performance obligations with differing revenue recognition patterns referenced below.

 

Performance Obligation

 

When Performance Obligation is Typically Satisfied

Term-based subscriptions

 

 

On-premises software licenses

 

Point in Time: Upon the later of when the software is made available or the subscription term commences

Support and cloud-based offerings (including SaaS)

 

Over Time: Ratably over the contractual term; commencing upon the later of when the software is made available or the subscription term commences

Perpetual software licenses

 

Point in Time: When the software is made available

Support for perpetual software licenses

 

Over Time: Ratably over the contractual term

Professional services

 

Over Time: As services are provided

Judgments and Estimates

Our contracts with customers for subscriptions typically include commitments to transfer term-based, on-premises software licenses bundled with support and/or cloud services. Significant judgment is used in determining the performance obligations related to these bundled products and services. On-premises software is determined to be a distinct performance obligation from support which is sold for the same term of the subscription. For subscription arrangements which include cloud services and on-premises licenses, we assess whether the cloud component is highly interrelated with the on-premises term-based software licenses. Other than a limited population of subscriptions, the cloud component is not currently deemed to be interrelated with the on-premises term software and, as a result, cloud services are accounted for as a distinct performance obligation from the software and support components of the subscription.

Judgment is required to allocate the transaction price to each performance obligation. We use the estimated standalone selling price method to allocate the transaction price for items that are not sold separately. The estimated standalone selling price is determined using all information reasonably available to us, including market conditions and other observable inputs. The corresponding revenues are recognized as the related performance obligations are satisfied. Where subscriptions include on-premises software and support only, we determined that approximately 55% of the estimated standalone selling price for subscriptions is attributable to software licenses and approximately 45% is attributable to support for those licenses. Some of our subscription offerings include a combination of on-premises and cloud-based technology. In such cases, the cloud-based technology is generally considered distinct and receives an allocation of approximately 5% to 50% of the estimated standalone selling price of the subscription. The amounts allocated to cloud are based on assessment of the relative value of the cloud functionality in the subscription, with the remaining amounts allocated between software and support.

Our multi-year, non-cancellable subscription contracts provide customers with an annual right to exchange software within the subscription with other software. Although the exchange right is limited to software products within a similar product grouping, the exchange right is not limited to products with substantially similar features and functionality as those originally delivered. We determined that, for on-premises licenses, this right to exchange previously delivered software for different software represents variable consideration to be accounted for as a liability. We have identified a standard portfolio of contracts with common characteristics and applied the expected value method of determining variable consideration associated with this right. Additionally, in isolated situations that are outside of the standard portfolio of contracts due to contract size, longer contract duration, or other unique contractual terms, we use the most likely amount method to determine the amount of variable consideration. In both circumstances, the variable consideration included in the transaction price is constrained to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As of September 30, 2025 and 2024, the total liability was $39.7 million and $26.0 million, respectively, primarily associated with the annual right to exchange on-premises subscription software.

Practical Expedients

We have elected certain practical expedients associated with our revenue recognition policy. We do not account for significant financing components if the period between revenue recognition and when the customer pays for the products or services is one year or less. Additionally, we recognize revenue equal to the amount we have a right to invoice when the amount corresponds directly with the value to the customer of our performance to date. Finally, revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities.

Cash Equivalents

Our cash equivalents are invested in money market accounts and time deposits of financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that are intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with original maturity periods of three months or less when purchased.

Concentration of Credit Risk and Fair Value of Financial Instruments

The amounts reflected in the Consolidated Balance Sheets for Cash and cash equivalents, Accounts receivable and Accounts payable approximate their fair value due to their short maturities. Financial instruments that potentially subject us to concentration of credit risk consist primarily of investments, trade accounts receivable and foreign currency derivative instruments. Our cash, cash equivalents, and foreign currency derivatives are placed with financial institutions with high credit standings. Our credit risk for derivatives is also mitigated due to the short-term nature of the contracts. Our customer base consists of many geographically diverse customers dispersed across many industries. No individual customer comprised more than 10% of our trade accounts receivable as of September 30, 2025 or 2024 or more than 10% of our revenue for the years ended September 30, 2025, 2024 or 2023.

Fair Value Measurements

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

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 that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Allowance for Doubtful Accounts

We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In determining the adequacy of the allowance for doubtful accounts, we analyze specific individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, and accounts receivable aging trends.

Derivatives

Generally accepted accounting principles require all derivatives, whether designated in a hedging relationship or not, to be recorded on the balance sheet at fair value. Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. Our most significant foreign currency exposures relate to Eurozone countries, Japan, Sweden, Switzerland, China and India. Our foreign currency risk management strategy is principally designed to mitigate the future potential financial impact of changes in the U.S. Dollar value of anticipated transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. We enter into derivative transactions, specifically foreign currency forward contracts and foreign currency option contracts, to manage our exposure to foreign currency exchange risk to reduce earnings volatility. We do not enter into derivative transactions for trading or speculative purposes. For a description of our non-designated hedge and net investment hedge activity see Note 15. Derivative Financial Instruments.

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 four 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, any 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 currency monetary assets and liabilities 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.

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.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in Operating right-of-use lease assets, Short-term lease obligations, and Long-term lease obligations on our Consolidated Balance Sheets. Our operating leases are primarily for office space, automobiles, servers, and office equipment. We made an election not to separate lease components from non-lease components for office space, servers and office equipment. We combine fixed payments for non-lease components with lease payments and account for them together as a single lease component, which increases the amount of our lease assets and liabilities. Finance leases are included in Property and equipment, Accrued expenses and other current liabilities, and Other liabilities on our Consolidated Balance Sheets.

Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the leases. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term as that of the lease payments at the commencement date. The right-of-use assets include any lease payments made and exclude lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term, unless the right-of-use asset has been impaired.

Our lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We generally use the base non-cancellable lease term when determining the lease assets and liabilities.

Certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease assets and liabilities. These variable payments include insurance, taxes, index-based payment adjustments, and payments for maintenance and utilities.

Our operating leases expire at various dates through 2037.

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Computer hardware and software are typically amortized over three to five years, and furniture and fixtures over three to twelve years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining terms of the related leases. Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in income.

Software Development Costs

We incur costs to develop computer software to be licensed or otherwise marketed to customers. Our research and development expenses consist principally of salaries and benefits, costs of computer software and equipment, and facility expenses. Research and development costs are expensed as incurred, except for costs of internally developed or externally purchased software that qualify for capitalization. Development costs for software to be sold externally incurred subsequent to the establishment of technological feasibility, but prior to the general release of the product, are capitalized and, upon general release, are amortized using the greater of either the straight-line method over the expected life of the related products or based upon the pattern in which economic benefits related to such assets are realized. The straight-line method is used if it approximates the same amount of expense as that calculated using the ratio that current period gross product revenues bear to total anticipated gross product revenues. No internal development costs for software to be sold externally were capitalized in 2025, 2024 or 2023. We did not purchase any software in 2025. We purchased software of $4.1 million and $1.0 million in 2024 and 2023, respectively. Additionally, we acquired capitalized software through business combinations (for further detail, see Note 5. Acquisitions and Disposition of Businesses). These assets are included in Acquired intangible assets, net in the accompanying Consolidated Balance Sheets.

Business Combinations

We allocate the purchase price of acquisitions to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value. Goodwill is measured as the excess of the purchase price over the value of net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Any adjustments to estimated fair value are recorded to goodwill, provided that we are within the measurement period (up to one year from the acquisition date) and that we continue to collect information to determine estimated fair value. Subsequent to the measurement period or our final determination of estimated fair value, whichever comes first, adjustments are recorded in the Consolidated Statements of Operations.

Goodwill, Acquired Intangible Assets and Long-lived Assets

Goodwill is the amount by which the purchase price in a business acquisition exceeds the fair value of net identifiable assets on the date of purchase.

Goodwill is evaluated for impairment annually as of the end of the third quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors we consider important, on an overall company basis that could trigger an impairment review include significant under-performance relative to historical or projected future operating results, significant changes in our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, a significant decline in our stock price for a sustained period and a reduction of our market capitalization relative to net book value.

Our annual goodwill impairment test is based on either a quantitative or qualitative assessment. A quantitative assessment compares the fair value of the reporting unit to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss equal to the difference between the carrying value of goodwill and its estimated fair value. We estimate the fair values of our reporting unit using discounted cash flow valuation models. Those models require estimates of future revenues, profits, capital expenditures, working capital, terminal values based on revenue multiples, and discount rates for the reporting unit. We estimate these amounts by evaluating historical trends; current budgets and operating plans; and industry data. A qualitative assessment is designed to determine whether we believe it is more likely than not that the fair value of our reporting unit exceeds its carrying value. A qualitative assessment includes a review of qualitative factors, including company-specific (financial performance and long-range plans), industry, and macroeconomic factors, and a consideration of the fair value of the reporting unit at the last valuation date.

During the third fiscal quarter of 2025, we completed our annual impairment test of goodwill, which was based on a qualitative assessment, and concluded that there was no impairment. Through September 30, 2025, there were no events or changes in circumstances that indicated that the carrying values of goodwill or acquired intangible assets may not be recoverable.

Long-lived assets primarily include property and equipment, right-of-use lease assets, and acquired intangible assets with finite lives (including purchased software, customer lists and trademarks). Purchased software is amortized over periods up to 16 years, customer lists are amortized over periods up to 20 years and trademarks are amortized over periods up to 15 years. We review long-lived assets for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. An impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset or asset group. If impairment is indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis.

In 2025, we recorded an impairment charge of $15.6 million, of which $12.8 million related to lease right-of-use assets and $2.8 million related to fixed assets. This impairment was triggered by the sublease of certain portions of our Seaport headquarters, which resulted in both reassessment of the asset grouping and identification of potential impairment. After determining the appropriate asset group, we performed a recoverability test by comparing the undiscounted cash flows for each asset group with its carrying value, in each case concluding that impairment was indicated. The fair value of each asset group was then estimated using a discounted cash flow model. This fair value assessment involved assumptions and estimates, including the sublease term, variable lease payments, the market discount rate, expected construction and broker costs, and estimates of future sublease cash flows for the period after the present sublease ends (when applicable). The impairment charge was recorded to Impairment and other charges (credits), net in the Consolidated Statements of Operations.

Advertising Expenses

Advertising costs are expensed as incurred. Total advertising expenses incurred were $11.7 million, $15.0 million and $11.7 million in 2025, 2024 and 2023, respectively, and are included in Sales and marketing expenses in the accompanying Consolidated Statements of Operations.

Income Taxes

Our income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences and tax operating loss and credit carryforwards. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not that all or a portion of deferred tax assets will not be realized, we establish a valuation allowance. To the extent we establish a valuation allowance or increase this allowance in a period, we include an expense within Provision for income taxes in the Consolidated Statements of Operations.

Comprehensive Income

Comprehensive income consists of Net income and Other comprehensive income, which includes foreign currency translation adjustments, changes in unrecognized actuarial gains and losses (net of tax) related to pension benefits, unrealized gains and losses on hedging instruments and unrealized gains and losses on marketable securities. We do not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as we intend to reinvest permanently undistributed earnings of our foreign subsidiaries. Accumulated other comprehensive loss is reported as a component of Stockholders’ equity and comprised the following as of September 30, 2025: cumulative translation adjustment losses of $40.8 million, unrecognized actuarial losses related to pension benefits of $13.6 million ($9.4 million net of tax), and accumulated net losses from net investment hedges of $38.5 million ($31.0 million net of tax). As of September 30, 2024, Accumulated other comprehensive loss comprised the following: cumulative translation adjustment losses of $78.1 million, unrecognized actuarial losses related to pension benefits of $15.2 million ($10.5 million net of tax), and accumulated net losses from net investment hedges of $14.8 million ($13.1 million net of tax).

Earnings per Share (EPS)

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, restricted shares and restricted stock units using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of proceeds from the assumed exercise of stock options, unrecognized compensation expense and any tax benefits as additional proceeds. Anti-dilutive shares excluded from the calculations of diluted EPS were immaterial in the years ended September 30, 2025, 2024, and 2023.

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

 

(in thousands, except per share data)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Net income

 

$

733,997

 

 

$

376,333

 

 

$

245,540

 

Weighted average shares outstanding

 

 

120,005

 

 

 

119,679

 

 

 

118,341

 

Dilutive effect of employee stock options, restricted shares and restricted stock units

 

 

772

 

 

 

1,063

 

 

 

993

 

Diluted weighted average shares outstanding

 

 

120,777

 

 

 

120,742

 

 

 

119,334

 

Earnings per share—Basic

 

$

6.12

 

 

$

3.14

 

 

$

2.07

 

Earnings per share—Diluted

 

$

6.08

 

 

$

3.12

 

 

$

2.06

 

Stock-Based Compensation

We measure the compensation cost of employee services received in exchange for an award of equity based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 11. Equity Incentive Plans for a description of the types of equity awards granted, the compensation expense related to such awards and detail of such awards outstanding. See Note 7. Income Taxes for detail of the tax benefit related to stock-based compensation recognized in the Consolidated Statements of Operations.

Recently Adopted Accounting Pronouncements

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU became effective for us in 2025 and resulted in disclosure changes only (see Note 17. Segments).

Pending Accounting Pronouncements

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.
v3.25.3
Revenue from Contracts with Customers
 12 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Receivables, Contract Assets, and Contract Liabilities

 

(in thousands)

 

September 30,

 

 

 

2025

 

 

2024

 

Short-term receivables

 

$

1,001,085

 

 

$

861,953

 

Long-term receivables

 

$

378,941

 

 

$

200,099

 

Contract asset

 

$

11,044

 

 

$

14,410

 

Deferred revenue

 

$

827,065

 

 

$

775,274

 

 

As of September 30, 2025, all our contract assets are expected to be transferred to receivables within the next 12 months and therefore are included in Other current assets. As of September 30, 2024, all our contract assets were included in Other current assets.

Approximately $10.9 million of the September 30, 2024 contract asset balance was transferred to receivables during the year ended September 30, 2025 as a result of the right to payment becoming unconditional. Additions to contract asset of approximately $7.5 million primarily related to revenue recognized in the period, net of billings. There were no impairments of contract assets in the year ended September 30, 2025.

During the year ended September 30, 2025, we recognized $748.8 million of revenue that was included in deferred revenue as of September 30, 2024. The remainder of the change in the Deferred revenue balance was driven by additional deferrals of $800.6 million, primarily from new billings, as well as an increase in the balance resulting from changes in foreign currency exchange rates. For subscription contracts, we generally invoice customers annually.

Costs to Obtain or Fulfill a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year. These deferred costs (primarily commissions) are amortized proportionately related to revenue over 5 years, which is generally longer than the term of the initial contract because of anticipated renewals as commissions for renewals are not commensurate with commissions related to our initial contracts. As of September 30, 2025 and September 30, 2024, deferred costs of $45.1 million and $42.5 million, respectively, were included in Other current assets and $78.2 million and $76.4 million, respectively, were included in Other assets. Amortization expense related to costs to obtain a contract with a customer was $54.0 million, $52.0 million, and $53.4 million in the years ended September 30, 2025, 2024, and 2023, respectively. There were no substantial impairments of the contract cost asset in the years ended September 30, 2025 and 2024.

Remaining Performance Obligations (RPO)

Our contracts with customers include transaction price 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 September 30, 2025, RPO totaled $2,870.7 million, of which $827.1 million is recorded in Deferred revenue and $2,043.6 million is not yet recorded in the Consolidated Balance Sheets. Of the total, we expect to recognize approximately 55% over the next 12 months, 24% over the next 13 to 24 months, and the remaining amount thereafter.

Disaggregation of Revenue

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Recurring revenue(1)

 

$

2,600,514

 

 

$

2,134,030

 

 

$

1,907,918

 

Perpetual license

 

 

31,375

 

 

 

32,196

 

 

 

38,640

 

Professional services

 

 

107,337

 

 

 

132,246

 

 

 

150,495

 

Total revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 
(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)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Product lifecycle management (PLM)

 

$

1,741,310

 

 

$

1,459,078

 

 

$

1,330,316

 

Computer-aided design (CAD)

 

 

997,916

 

 

 

839,394

 

 

 

766,737

 

Total revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

 

We license products to customers worldwide. Our sales and marketing operations outside the United States are conducted principally through our international sales subsidiaries throughout Europe and the Asia Pacific region. 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)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Americas(1)

 

$

1,327,229

 

 

$

1,087,929

 

 

$

1,023,273

 

Europe(2)

 

 

995,094

 

 

 

859,387

 

 

 

753,796

 

Asia Pacific

 

 

416,903

 

 

 

351,156

 

 

 

319,984

 

Total revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

 

(1)
Includes revenue in the United States totaling $1,287.5 million, $1,057.3 million, and $993.8 million for 2025, 2024 and 2023, respectively.
(2)
Includes revenue in Germany totaling $368.8 million, $330.5 million, and $292.0 million for 2025, 2024 and 2023, respectively.
v3.25.3
Property and Equipment
 12 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following:

 

(in thousands)

 

September 30,

 

 

 

2025

 

 

2024

 

Computer hardware and software

 

$

253,382

 

 

$

262,085

 

Furniture and fixtures

 

 

18,341

 

 

 

20,177

 

Leasehold improvements

 

 

72,657

 

 

 

79,802

 

Gross property and equipment

 

 

344,380

 

 

 

362,064

 

Accumulated depreciation and amortization

 

 

(283,537

)

 

 

(286,877

)

Net property and equipment

 

$

60,843

 

 

$

75,187

 

 

Depreciation expense was $23.7 million, $27.6 million and $29.0 million in 2025, 2024 and 2023, respectively. In 2025, we recognized an impairment charge of $2.8 million on leasehold improvements and furniture and fixtures related to subleased facilities. For additional information on this impairment charge, see Note 2. Summary of Significant Accounting Policies.

Our material long-lived assets primarily resided in the United States in 2025, 2024 and 2023.

v3.25.3
Acquisitions and Disposition of Businesses
 12 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Acquisitions and Disposition of Businesses

5. Acquisitions and Disposition of Businesses

Acquisition and transaction-related costs were $9.1 million, $3.1 million and $18.7 million in 2025, 2024 and 2023, respectively. Acquisition and transaction-related costs include direct costs of potential and completed acquisitions (e.g., investment banker fees and professional fees, including legal and valuation services) and expenses related to acquisition integration activities (e.g., professional fees and severance). Other transactional charges include third-party costs related to unusual transactions, such as the divestiture of a portion of our business. These costs are classified in General and administrative expenses in the accompanying Consolidated Statements of Operations.

Our results of operations include or exclude, as applicable, the results of acquired or sold businesses beginning on their respective acquisition or sale date.

The acquisitions described below have been accounted for as business combinations. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the respective acquisition date. The fair values of intangible assets were based on valuations using discounted cash flow models which require the use of significant estimates and assumptions, including estimating future revenues, future costs, and an applicable discount rate. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill.

pure-systems

On October 4, 2023, we acquired pure-systems GmbH pursuant to a Share Purchase Agreement. pure-systems was a leading provider of product and software variant management solutions used by manufacturing companies to efficiently manage the different versions of software and systems engineering assets. The purchase price was $93.5 million, net of cash acquired, which we financed primarily with a draw on the revolving line of our credit facility. pure-systems had approximately 50 employees on the close date.

The following table outlines the purchase price allocation for pure-systems:

(in thousands)

 

 

 

Goodwill

 

$

77,118

 

Customer relationships

 

 

17,400

 

Purchased software

 

 

10,000

 

Trademarks

 

 

800

 

Net tax liability

 

 

(8,860

)

Acquired debt

 

 

(2,475

)

Other net liabilities

 

 

(526

)

Total

 

$

93,457

 

The acquired customer relationships, purchased software, and trademarks are being amortized over useful lives of 18 years, 10 years, and 10 years, respectively, based on the expected economic benefit pattern of the assets. The acquired goodwill will not be deductible for income tax purposes. The amount of goodwill resulting from the purchase price allocation reflects the expected value that will be created by expanding our application lifecycle management (ALM) offerings, which are included within our PLM product group.

Our results of operations for the reported periods if presented on a pro forma basis would not differ materially from our reported results.

ServiceMax

On January 3, 2023, we acquired ServiceMax, Inc. pursuant to a Share Purchase Agreement dated November 17, 2022 by and among PTC, ServiceMax, Inc., and ServiceMax JV, LP. ServiceMax developed and licensed cloud-native, product-centric field service management (FSM) software, which is included within our PLM product group. The purchase price of $1,448.2 million, net of cash acquired, was payable in two installments. Upon closing of the transaction, we paid the first installment of $828.2 million, as adjusted for working capital, indebtedness, cash, and transaction expenses as set forth in the Share Purchase Agreement. The remaining installment of $650.0 million, of which $620.0 million represented the fair value as of the acquisition date and $30.0 million was imputed interest, was paid in October 2023. The fair value of the deferred acquisition payment was calculated based on our borrowing rate at the time of the acquisition.

PTC borrowed $630 million under the revolving line of our credit facility and $500 million under the term loan of our credit facility to repay amounts under the prior credit facility and to pay the closing purchase price and transaction expenses related to the acquisition. ServiceMax had approximately 500 employees on the close date. In the year ended September 30, 2023, ServiceMax revenue was $137.6 million and ServiceMax earnings were immaterial.

The following table sets forth the purchase price allocation for ServiceMax. The purchase price allocation includes the finalization of measurement period adjustments related to intangibles and deferred tax liabilities that resulted in a $3.5 million increase in customer relationships, a $3.2 million increase in net tax liability, and a $0.3 million decrease in goodwill compared to the balances reported as of March 31, 2023. We also recorded a liability of $620.0 million related to the fair value of the $650.0 million deferred purchase price payment.

(in thousands)

 

 

 

Goodwill

 

$

974,850

 

Customer relationships

 

 

512,700

 

Purchased software

 

 

106,900

 

Accounts receivable

 

 

58,722

 

Trademarks

 

 

9,000

 

Other net assets

 

 

5,540

 

Net tax liability

 

 

(121,656

)

Deferred revenue

 

 

(97,829

)

Total

 

$

1,448,227

 

The acquired customer relationships, purchased software, and trademarks are being amortized over useful lives of 20 years, 10 years, and 10 years, respectively, based on the expected economic benefit pattern of the assets. The acquired goodwill will not be deductible for income tax purposes. The amount of goodwill resulting from the purchase price allocation reflects expected future growth as ServiceMax expands our closed-loop product lifecycle management (PLM) strategy.

Unaudited Pro Forma Financial Information

The unaudited pro forma financial information in the table below summarizes the combined results of operations for PTC and ServiceMax for the pro forma year ended September 30, 2023. The unaudited pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal 2022. Since the acquisition took place in fiscal 2023, the unaudited pro forma financial information was prepared as though ServiceMax was acquired at the beginning of fiscal 2022. The unaudited pro forma financial information for all periods presented includes adjustments to reflect certain business combination effects, including: amortization of acquired intangible assets, including the elimination of related ServiceMax expenses; acquisition-related costs incurred by both parties; reversal of certain costs incurred by ServiceMax which would not have been incurred had the acquisition occurred at the beginning of fiscal 2022; interest expense under the new combined capital structure; stock-based compensation charges; and the related tax effects as though ServiceMax was acquired as of the beginning of fiscal 2022.

The unaudited pro forma financial information for the year ended September 30, 2023 presented below combines the historical results of PTC for the period, the historical results of ServiceMax for the three months ended January 31, 2023, and the effects of the pro forma adjustments listed above.

(in thousands)

 

Pro forma year ended
September 30,

 

 

 

2023

 

Revenue

 

$

2,140,738

 

Net income

 

$

239,437

 

The impact from acquisitions other than ServiceMax for the reported periods if presented on a pro forma basis would not differ materially from our reported results.

Other Acquisitions

In the third quarter of 2025, we acquired IncQuery Group GmbH pursuant to a Share Purchase Agreement. The purchase price was $7.9 million, net of cash acquired, of which $6.5 million was paid in the period and $1.4 million is contingent consideration that may be paid in 2027 to the extent earned.

PLM Services Business Disposition

In 2022, we sold a portion of our PLM services business to ITC Infotech India Limited pursuant to a Strategic Partner Agreement dated as of April 20, 2022 by and between PTC and ITC Infotech. Consideration received from ITC Infotech for the sale was approximately $60.4 million, consisting of $32.5 million cash paid on closing and $28.0 million of services to be provided by ITC Infotech to PTC for no additional charge. Additionally, there was contingent consideration of up to $20 million based on certain performance milestones. We elected to defer the recognition of gains associated with contingent consideration until they became realizable.

In the year ended September 30, 2025, we recognized a $13.1 million gain upon the achievement of performance milestones associated with this contingent consideration. This consideration will be received in credits for future services to be provided by ITC Infotech rather than in cash. The gain was recognized in Other income, net in the Consolidated Statements of Operations.
v3.25.3
Goodwill and Acquired Intangible Assets
 12 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Intangible Assets

6. Goodwill and Acquired Intangible Assets

Goodwill and acquired intangible assets consisted of the following:

(in thousands)

 

September 30, 2025

 

 

September 30, 2024

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

Goodwill (not amortized)

 

 

 

 

 

 

 

$

3,493,316

 

 

 

 

 

 

 

 

$

3,461,891

 

Intangible assets with finite lives (amortized)(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased software

 

$

639,104

 

 

$

472,357

 

 

$

166,747

 

 

$

634,439

 

 

$

436,471

 

 

$

197,968

 

Capitalized software

 

 

22,877

 

 

 

22,877

 

 

 

—

 

 

 

22,877

 

 

 

22,877

 

 

 

—

 

Customer lists and relationships

 

 

1,149,262

 

 

 

505,202

 

 

 

644,060

 

 

 

1,141,086

 

 

 

457,718

 

 

 

683,368

 

Trademarks and trade names

 

 

38,179

 

 

 

24,323

 

 

 

13,856

 

 

 

37,961

 

 

 

21,821

 

 

 

16,140

 

Other

 

 

4,019

 

 

 

4,019

 

 

 

—

 

 

 

3,941

 

 

 

3,941

 

 

 

—

 

 

 

$

1,853,441

 

 

$

1,028,778

 

 

$

824,663

 

 

$

1,840,304

 

 

$

942,828

 

 

$

897,476

 

Total goodwill and acquired intangible assets

 

 

 

 

 

 

 

$

4,317,979

 

 

 

 

 

 

 

 

$

4,359,367

 

 

(1)
The weighted-average useful lives of purchased software, customer lists and relationships, and trademarks and trade names with a remaining net book value are 11 years, 17 years, and 11 years, respectively. The weighted-average useful life for all intangible assets with remaining net book value is 16 years.

The changes in the carrying amounts of Goodwill from September 30, 2024 to September 30, 2025 are due to the impact of acquisitions and to foreign currency translation adjustments related to those asset balances that are recorded in non-U.S. currencies.

Changes in Goodwill were as follows:

 

(in thousands)

 

 

 

Balance, September 30, 2023

 

$

3,358,511

 

pure-systems acquisition

 

 

77,118

 

Foreign currency translation adjustments

 

 

26,262

 

Balance, September 30, 2024

 

$

3,461,891

 

Other acquisitions

 

 

5,977

 

Foreign currency translation adjustments

 

 

25,448

 

Balance, September 30, 2025

 

$

3,493,316

 

 

The aggregate amortization expense for intangible assets with finite lives recorded for the years ended September 30, 2025, 2024 and 2023 was reflected in our Consolidated Statements of Operations as follows:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Amortization of acquired intangible assets

 

$

45,948

 

 

$

42,018

 

 

$

40,022

 

Cost of revenue

 

 

32,828

 

 

 

38,495

 

 

 

35,694

 

Total amortization expense

 

$

78,776

 

 

$

80,513

 

 

$

75,716

 

 

The estimated aggregate future amortization expense for intangible assets with finite lives remaining as of September 30, 2025 is $79.6 million for 2026, $79.7 million for 2027, $76.9 million for 2028, $73.8 million for 2029, $66.2 million for 2030 and $448.5 million thereafter.
v3.25.3
Income Taxes
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

Our Income before income taxes consisted of the following:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Domestic

 

$

418,265

 

 

$

43,504

 

 

$

(49,193

)

Foreign

 

 

501,912

 

 

 

425,458

 

 

 

381,759

 

Total income before income taxes

 

$

920,177

 

 

$

468,962

 

 

$

332,566

 

 

Our Provision for income taxes consisted of the following:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

128,230

 

 

$

44,642

 

 

$

7,311

 

State

 

 

21,754

 

 

 

25,359

 

 

 

10,020

 

Foreign

 

 

62,479

 

 

 

61,668

 

 

 

53,019

 

 

 

 

212,463

 

 

 

131,669

 

 

 

70,350

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(43,333

)

 

 

(60,378

)

 

 

(11,821

)

State

 

 

(15,630

)

 

 

(7,387

)

 

 

(10,028

)

Foreign

 

 

32,680

 

 

 

28,725

 

 

 

38,525

 

 

 

 

(26,283

)

 

 

(39,040

)

 

 

16,676

 

Provision for income taxes

 

$

186,180

 

 

$

92,629

 

 

$

87,026

 

Taxes computed at the statutory federal income tax rates are reconciled to the Provision for income taxes as follows:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Statutory federal income tax rate

 

$

193,237

 

 

 

21

%

 

$

98,482

 

 

 

21

%

 

$

69,839

 

 

 

21

%

State income taxes, net of federal tax benefit

 

 

6,124

 

 

 

1

%

 

 

4,631

 

 

 

1

%

 

 

577

 

 

 

0

%

Federal research and development credits

 

 

(8,552

)

 

 

(1

)%

 

 

(11,203

)

 

 

(2

)%

 

 

(7,751

)

 

 

(2

)%

Uncertain tax positions

 

 

(1,904

)

 

 

—

 

 

 

7,268

 

 

 

2

%

 

 

23,302

 

 

 

7

%

Foreign tax credit

 

 

(14,410

)

 

 

(2

)%

 

 

(30,119

)

 

 

(7

)%

 

 

(11,415

)

 

 

(3

)%

Foreign rate differences

 

 

(12,135

)

 

 

(1

)%

 

 

(15,368

)

 

 

(3

)%

 

 

(20,829

)

 

 

(6

)%

Foreign tax on U.S. provision

 

 

14,452

 

 

 

2

%

 

 

15,120

 

 

 

3

%

 

 

11,415

 

 

 

3

%

Excess tax benefits from restricted stock

 

 

(8,534

)

 

 

(1

)%

 

 

(9,225

)

 

 

(2

)%

 

 

(6,963

)

 

 

(2

)%

U.S. permanent items

 

 

(920

)

 

 

—

 

 

 

2,711

 

 

 

0

%

 

 

5,341

 

 

 

2

%

Non-deductible compensation

 

 

9,096

 

 

 

1

%

 

 

10,157

 

 

 

2

%

 

 

8,344

 

 

 

3

%

Base Erosion Anti-Abuse Tax (BEAT)

 

 

2,653

 

 

 

—

 

 

 

3,264

 

 

 

1

%

 

 

—

 

 

 

—

 

GILTI, net of foreign tax credits

 

 

27,008

 

 

 

3

%

 

 

31,388

 

 

 

7

%

 

 

17,861

 

 

 

5

%

Foreign-Derived Intangible Income (FDII)

 

 

(20,162

)

 

 

(2

)%

 

 

(15,148

)

 

 

(3

)%

 

 

(8,987

)

 

 

(3

)%

Non-deductible imputed interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,292

 

 

 

2

%

Other, net

 

 

227

 

 

 

(1

)%

 

 

671

 

 

 

0

%

 

 

—

 

 

 

(1

)%

Provision for income taxes

 

$

186,180

 

 

 

20

%

 

$

92,629

 

 

 

20

%

 

$

87,026

 

 

 

26

%

In 2025, 2024, and 2023, our effective tax rate was impacted by our corporate structure in which our foreign taxes are at a net effective tax rate lower than the U.S. rate. A significant amount of our foreign earnings is generated by our subsidiaries organized in Ireland and the Cayman Islands. In 2025, 2024, and 2023, the foreign rate differential predominantly relates to these earnings. In addition to the foreign rate differential, our tax rate differed from the U.S. statutory federal income tax due to the net effects of the GILTI and FDII regimes (together referred to as U.S. Tax reform), and the excess tax benefit related to stock-based compensation.

Our effective tax rates for 2025 and 2024 were impacted by a number of offsetting items as outlined below, as well as by the year-over-year increase in Income before income taxes, which was primarily domestic; however, there was ultimately no net change in the effective tax rate year-over-year. In 2025 and 2024, our rate included the effects of IRS procedural guidance requiring consent for previously automatic changes of accounting method. The IRS procedural guidance change significantly increased our estimated taxable income in 2024, with a lesser impact to taxable income in 2025. In 2025, we recorded tax expense of $10.9 million primarily related to accrued interest stemming from the effects of the procedural guidance. In 2024, we recorded a benefit of $4.4 million primarily related to an increase to the estimated tax benefit for the deductions associated with GILTI and FDII.

Additionally, in 2025, we recorded tax benefits of $10.8 million related to tax reserves in foreign jurisdictions.

In 2024, the rate was impacted by a U.S. Tax Court ruling in Varian Medical Systems, Inc. v. Commissioner, issued on August 26, 2024. The ruling related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Act (our fiscal 2018). As a result, we recorded a $14.4 million benefit for additional foreign tax credits that became available to us. These benefits were offset by a tax expense of $4.6 million related to a tax reserve in a foreign jurisdiction.

Additionally in 2023, our results include tax expense of $21.8 million relating to an uncertain tax position regarding transfer pricing in a foreign jurisdiction. Our rate was also impacted by non-deductible imputed interest related to the deferred payment on the acquisition of ServiceMax, Inc.

As of September 30, 2025 and 2024, income taxes payable and income tax accruals recorded on the accompanying Consolidated Balance Sheets were $179.1 million ($28.7 million in Accrued income taxes and $150.4 million in Other liabilities) and $75.3 million ($40.0 million in Accrued income taxes, $6.2 million in Accrued expenses and other current liabilities and $29.1 million in Other liabilities), respectively. As of September 30, 2025 and 2024, prepaid taxes recorded in Prepaid expenses on the accompanying Consolidated Balance Sheets were $20.4 million and $14.0 million, respectively. We made net income tax payments of $121.7 million, $68.6 million and $65.9 million in 2025, 2024 and 2023, respectively.

The significant temporary differences that created deferred tax assets and liabilities are shown below:

 

(in thousands)

 

September 30,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

12,074

 

 

$

14,141

 

Foreign tax credits

 

 

5,996

 

 

 

2,028

 

Capitalized research and development

 

 

176,610

 

 

 

136,001

 

Pension benefits

 

 

6,868

 

 

 

7,629

 

Prepaid expenses

 

 

22,391

 

 

 

18,551

 

Deferred revenue

 

 

2,970

 

 

 

2,607

 

Stock-based compensation

 

 

23,514

 

 

 

22,231

 

Other reserves not currently deductible

 

 

39,888

 

 

 

34,422

 

Amortization of intangible assets

 

 

36,560

 

 

 

60,527

 

Research and development and other tax credits

 

 

8,984

 

 

 

25,706

 

Lease liabilities

 

 

43,650

 

 

 

46,460

 

Fixed assets

 

 

114,109

 

 

 

106,741

 

Capital loss carryforward

 

 

4,517

 

 

 

3,875

 

Other

 

 

5,608

 

 

 

3,528

 

Gross deferred tax assets

 

 

503,739

 

 

 

484,447

 

Valuation allowance

 

 

(8,529

)

 

 

(21,755

)

Total deferred tax assets

 

 

495,210

 

 

 

462,692

 

Deferred tax liabilities:

 

 

 

 

 

 

Acquired intangible assets not deductible

 

 

(246,107

)

 

 

(257,731

)

Lease assets

 

 

(29,298

)

 

 

(34,160

)

Pension prepayments

 

 

(4,279

)

 

 

(3,283

)

Deferred revenue

 

 

(10,212

)

 

 

(1,243

)

Depreciation

 

 

(3,277

)

 

 

(4,683

)

Deferred income

 

 

(14,518

)

 

 

(11,636

)

Prepaid commissions

 

 

(14,479

)

 

 

(13,738

)

Other

 

 

(9,120

)

 

 

(9,030

)

Total deferred tax liabilities

 

 

(331,290

)

 

 

(335,504

)

Net deferred tax assets

 

$

163,920

 

 

$

127,188

 

We reassess our valuation allowance requirements each financial reporting period. We assess available positive and negative evidence to estimate whether sufficient future taxable income will be generated to use our existing deferred tax assets.

For U.S. tax return purposes, net operating loss (NOL) carryforwards and tax credits are generally available to be carried forward to future years, subject to certain limitations. At September 30, 2025, we had U.S. federal tax effected NOL carryforwards from acquisitions of $0.4 million which expire in 2026 to 2033. The use of these NOL carryforwards is limited as a result of the change in ownership rules under Internal Revenue Code Section 382. Additionally, we have tax effected state NOL carryforwards, net of federal benefit, of $4.9 million, which expire beginning in 2027 and ending in 2042.

As of September 30, 2025, we had federal R&D credit carryforwards of $2.2 million, which expire beginning in 2026 and ending in 2035, and Massachusetts R&D credit carryforwards of $16.8 million, which expire beginning in 2026 and ending in 2040. We also had foreign tax credits of $6.0 million, which expire beginning in 2032 and ending in 2035.

We also have tax effected NOL carryforwards in non-U.S. jurisdictions totaling $6.7 million, the majority of which do not expire, and non-U.S. tax credit carryforwards of $1.2 million that expire beginning in 2031 and ending in 2037. Additionally, we have tax effected amortization carryforwards of $18.0 million in a foreign jurisdiction. There are limitations imposed on the use of such attributes that could restrict the recognition of any tax benefits.

As of September 30, 2025, we have a valuation allowance of $3.4 million against net deferred tax assets in the United States and a valuation allowance of $5.1 million against net deferred tax assets in certain foreign jurisdictions. The $3.4 million U.S. valuation allowance relates to Massachusetts tax credit carryforwards which we do not expect to realize a benefit from prior to expiration. The valuation allowance recorded against net deferred tax assets of certain foreign jurisdictions is established primarily for our capital loss carryforwards, the majority of which do not expire. However, there are limitations imposed on the utilization of such capital losses that could restrict the recognition of any tax benefits.

The changes to the valuation allowance were primarily due to the following:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Valuation allowance, beginning of year

 

$

21,755

 

 

$

21,695

 

 

$

22,283

 

Net increase (decrease) in deferred tax assets with a full valuation allowance

 

 

(13,226

)

 

 

60

 

 

 

(588

)

Valuation allowance, end of year

 

$

8,529

 

 

$

21,755

 

 

$

21,695

 

Our policy is to record estimated interest and penalties related to the underpayment of income taxes as a component of our income tax provision. In 2025, 2024 and 2023 we recorded net interest expense of $10.0 million, $3.3 million and $0.5 million, respectively. In 2025, 2024 and 2023 we had no penalty expenses in our income tax provision. As of September 30, 2025 and 2024, we had accrued $13.6 million and $3.1 million of estimated interest expense, respectively. We had no accrued tax penalties as of September 30, 2025, 2024 or 2023.

 

 

 

Year ended September 30,

 

Unrecognized tax benefits (in thousands)

 

2025

 

 

2024

 

 

2023

 

Unrecognized tax benefit, beginning of year

 

$

65,035

 

 

$

50,742

 

 

$

23,923

 

Tax positions related to current year:

 

 

 

 

 

 

 

 

 

Additions

 

 

14,736

 

 

 

7,570

 

 

 

7,075

 

Tax positions related to prior years:

 

 

 

 

 

 

 

 

 

Additions

 

 

104,375

 

 

 

10,705

 

 

 

20,855

 

Reductions

 

 

(9,669

)

 

 

(452

)

 

 

—

 

Settlements

 

 

(16,753

)

 

 

(3,530

)

 

 

—

 

Statute expirations

 

 

—

 

 

 

—

 

 

 

(1,111

)

Unrecognized tax benefit, end of year

 

$

157,724

 

 

$

65,035

 

 

$

50,742

 

 

In 2024, we requested consent from the IRS to change our tax accounting method for the treatment of certain deductions. In accordance with GAAP, our financial statements have not reflected the effects of this accounting method change as we had not received IRS consent as of September 30, 2025. Accordingly, since we reflected the benefits associated with this position in our U.S. federal tax return for the year ended September 30, 2024, which was filed during the fourth quarter of 2025, we have included an unrecognized tax benefit of $109.2 million within Other liabilities on the Consolidated Balance Sheets. We subsequently received formal consent from the IRS in October 2025. Consequently, we will release the reserve in the first quarter of 2026, primarily resulting in corresponding decreases to Deferred tax assets and the reserve for unrecognized tax benefits within Other liabilities. Additionally, this will result in a net income tax benefit of $6.5 million for the reversal of the associated accrued interest and indirect effects on GILTI and FDII as discussed above.

If all of our unrecognized tax benefits as of September 30, 2025 were to become recognizable in the future, we would record a benefit to the income tax provision of $32.1 million (which would be partially offset by an increase in the U.S. valuation allowance of $6.0 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. As described above, within the next 12 months the amount of unrecognized tax benefits related to the IRS consent will be reduced by $109.2 million. Apart from that, we do not believe it is reasonably possible that there could be additional reductions to the amount of unrecognized tax benefits within the next 12 months.

In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, including the IRS in the United States. 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. Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in material changes in our estimates. As of September 30, 2025, we remained subject to examination in the following major tax jurisdictions for the tax years indicated:

 

Major Tax Jurisdiction

 

Open Years

United States

 

2022 through 2025

Germany

 

2019 through 2025

France

 

2023 through 2025

Japan

 

2020 through 2025

Ireland

 

2019 through 2025

 

Additionally, net operating loss and tax credit carryforwards from certain earlier periods in these jurisdictions may be subject to examination to the extent they are used in later periods.

We incurred expenses related to stock-based compensation in 2025, 2024 and 2023 of $216.2 million, $223.5 million and $206.5 million, respectively. Accounting for the tax effects of stock-based awards requires that we establish a deferred tax asset as the compensation is recognized for financial reporting prior to recognizing the tax deductions. The tax benefit recognized in the Consolidated Statements of Operations related to stock-based compensation totaled $42.5 million, $27.5 million and $33.4 million in 2025, 2024 and 2023, respectively. Upon vesting of the stock-based awards, the actual tax deduction is compared with the cumulative financial reporting compensation cost and any excess tax deduction is considered a windfall tax benefit and is recorded to the tax provision. In 2025, 2024 and 2023, net windfall tax benefits of $7.4 million, $10.2 million and $7.8 million were recorded to the tax provision.

Prior to the passage of the U.S. Tax Cuts and Jobs Act in December of 2017 (the Tax Act), we asserted that substantially all of the undistributed earnings of our foreign subsidiaries were considered indefinitely reinvested and accordingly, no deferred taxes were provided. Pursuant to the provisions of the U.S. Tax Act, these earnings were subjected to U.S. federal taxation via a one-time transition tax, and there is therefore no longer a material cumulative basis difference associated with the undistributed earnings. We maintain our assertion of our intention to permanently reinvest these earnings outside the United States unless repatriation can be done substantially tax-free, with the exception of our Taiwan subsidiary. If we decide to repatriate any additional non-U.S. earnings in the future, we may be required to establish a deferred tax liability on such earnings. The amount of unrecognized deferred tax liability on the undistributed earnings would not be material.

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 will be applicable to us beginning in 2026. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. While there is no material impact on our financial statements for the year ended September 30, 2025, we are in the process of evaluating the prospective impact of the Act to our consolidated financial statements and cash flow.
v3.25.3
Debt
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt

8. Debt

As of September 30, 2025 and 2024, we had the following short- and long-term debt obligations:

 

(in thousands)

 

September 30,

 

 

2025

 

 

2024

 

4.000% Senior notes due 2028

 

$

500,000

 

 

$

500,000

 

3.625% Senior notes due 2025

 

 

—

 

 

 

500,000

 

Credit facility revolver line(1)(2)

 

 

231,250

 

 

 

262,000

 

Credit facility term loan(1)(2)

 

 

468,750

 

 

 

490,625

 

Total debt

 

 

1,200,000

 

 

 

1,752,625

 

Unamortized debt issuance costs for the senior notes(3)

 

 

(2,566

)

 

 

(4,053

)

Total debt, net of issuance costs(4)

 

$

1,197,434

 

 

$

1,748,572

 

 

(1)
Unamortized debt issuance costs related to the credit facility were $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 and $2.3 million included in Other current assets and $5.2 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2024.
(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 $25.0 million in 2026 and 2027, and $418.7 million in 2028.
(3)
As of September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheet. As of September 30, 2024, $0.4 million of unamortized debt issuance costs for the senior notes was included in Current portion of long-term debt and $3.6 million was included in Long-term debt on the Consolidated Balance Sheet.
(4)
As of September 30, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term. As of September 30, 2024, $521.5 million of debt was classified as short term, including $499.6 million associated with the 2025 senior notes and related debt issuance costs and $21.9 million associated with the credit facility term loan.

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) and $500 million in aggregate principal amount of 3.625% senior, unsecured long-term debt at par value, due in February 2025 (the 2025 Notes). In the second quarter of 2025, we redeemed the 2025 Notes using a draw on our revolving credit facility and cash on hand.

As of September 30, 2025, the total estimated fair value of the 2028 Notes was approximately $490.0 million based on quoted prices for the notes on that date.

We were in compliance with all the covenants for the 2028 Notes as of September 30, 2025.

Terms of the 2028 Notes

Interest on the 2028 Notes is payable semi-annually on February 15 and August 15. The debt indenture for the 2028 Notes includes covenants that limit our ability to, among other things, incur additional debt, grant liens on our properties or capital stock, enter into sale and leaseback transactions or asset sales, and make capital distributions.

We may, on one or more occasions, redeem the 2028 Notes in whole or in part at specified redemption prices. In certain circumstances constituting a change of control, we will be required to make an offer to repurchase the notes at a purchase price equal to 101% of the aggregate principal amount of the notes, plus accrued and unpaid interest. Our ability to repurchase the notes upon such event may be limited by law, by the indenture associated with the notes, by our then-available financial resources or by the terms of other agreements to which we may be party at such time. If we fail to repurchase the notes as required by the indenture, it would constitute an event of default under the indenture which, in turn, may also constitute an event of default under other obligations.

Credit Agreement

In January 2023, we entered into an amended and restated credit agreement for a secured multi-currency bank credit facility with a syndicate of banks. 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 September 30, 2025, unused commitments under our credit facility were approximately $1,018.8 million and amounts available for borrowing were $1,001.7 million.

As of September 30, 2025, the fair value of our credit facility approximates its book value.

PTC Inc. and certain foreign subsidiaries are eligible borrowers under the credit facility. Any borrowings by PTC Inc. under the credit facility would be guaranteed by PTC Inc.’s material domestic subsidiaries that become parties to the subsidiary guaranty, if any. Any borrowings by eligible foreign subsidiary borrowers would be guaranteed by PTC Inc. and any subsidiary guarantors and secured, subject to exceptions, by a first priority perfected security interest in substantially all existing and after-acquired personal property owned by PTC Inc. and its material domestic subsidiaries (except for certain indirect material domestic subsidiaries). As of the filing of this Form 10-K, there are no subsidiary guarantors of the obligations under the credit facility. As of September 30, 2025, $96.3 million was borrowed by an eligible foreign subsidiary borrower.

Loans under the credit facility bear interest at variable rates that reset every 30 to 180 days depending on the base rate (for USD borrowings, either the adjusted Daily Simple RFR or adjusted Term SOFR) and period selected by us. The spread over the base rate depends on our total leverage ratio. As of September 30, 2025, the annual rate for borrowings outstanding was 5.6%. 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.

The credit facility limits our ability to, among other things: incur additional indebtedness; incur liens or guarantee obligations; pay dividends and make other distributions; make investments and enter into joint ventures; dispose of assets; and engage in transactions with affiliates, except on an arms-length basis. Under the credit facility, PTC Inc. and its material domestic subsidiaries may not invest cash or property in, or loan amounts to, PTC Inc.’s foreign subsidiaries in aggregate amounts exceeding $100 million for purposes other than acquisitions of businesses. The credit facility also requires that we maintain certain financial ratios. As of September 30, 2025, we were in compliance with all financial and operating covenants of the credit facility.

In 2025, we incurred $1.2 million in financing costs in connection with the October 2024 amendment to our credit agreement, all of which was recorded as deferred debt issuance costs and included in Other assets and Other current assets on the Consolidated Balance Sheet. In 2023, we incurred $13.4 million in financing costs in connection with the January 2023 credit facility and related arrangements, of which $4.2 million (related to a since-extinguished bridge loan) was expensed in the period and $9.2 million was recorded as deferred debt issuance costs and included in Other assets and Other current assets on the Consolidated Balance Sheet. Deferred debt issuance costs are expensed over the term of the obligations.

Interest

In 2025, 2024 and 2023, we incurred interest expense of $77.0 million, $119.7 million, and $129.4 million, respectively, and paid $77.8 million, $137.0 million and $89.8 million, respectively, of interest on our debt. Interest expense in 2023 included $30.0 million of interest imputed on the $650.0 million deferred acquisition payment related to the ServiceMax acquisition. The average interest rate on borrowings outstanding during 2025, 2024 and 2023 was approximately 4.9%, 5.4% and 4.9%, respectively.
v3.25.3
Commitments and Contingencies
 12 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

9. Commitments and Contingencies

As of September 30, 2025 and 2024, we had letters of credit and bank guarantees outstanding of $15.6 million (of which $0.6 million was collateralized) and $15.6 million (of which $0.6 million was collateralized), respectively, primarily related to our corporate headquarters lease.

Legal and Regulatory Matters

With respect to legal proceedings and claims, we record an accrual for a contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

We are subject to legal proceedings and claims against us in the ordinary course of business. As of September 30, 2025, we estimate that the range of possible outcomes for such matters is immaterial and we do not believe that resolving them will have a material adverse impact on our financial condition, results of operations or cash flows. However, the results of legal proceedings cannot be predicted with certainty. Should any of these legal proceedings and claims be resolved against us, the operating results for a reporting period could be adversely affected.

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.
v3.25.3
Stockholders' Equity
 12 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

10. Stockholders’ Equity

Preferred Stock

We may issue up to 5.0 million shares of our preferred stock in one or more series. Of these shares, 0.5 million are designated as Series A Junior Participating Preferred Stock. Our Board of Directors is authorized to fix the rights and terms for any series of preferred stock without additional shareholder approval.

Common Stock

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, 2027. We use cash from operations and borrowings under our credit facility to make such repurchases. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.

In 2025, we repurchased 1.65 million shares for $300.0 million. We did not repurchase any shares in 2024 or 2023.

v3.25.3
Equity Incentive Plans
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Equity Incentive Plans

11. Equity Incentive Plans

We have two equity incentive plans, our 2000 Equity Incentive Plan and our 2016 Employee Stock Purchase Plan (ESPP).

Our 2000 Equity Incentive Plan provides for grants of nonqualified and incentive stock options, common stock, restricted stock, restricted stock units and stock appreciation rights to employees, directors, officers, and consultants. We award restricted stock units (RSUs) as the principal equity incentive awards, including certain performance-based awards that are earned based on achieving performance criteria established by the Compensation and People Committee of our Board of Directors on or prior to the grant date. Each RSU represents the contingent right to receive one share of our common stock.

Our ESPP allows eligible employees to contribute up to 10% of their base salary, up to a maximum of $25,000 per year and subject to any other plan limitations, toward the purchase of our common stock at a discounted price. The purchase price of the shares on each purchase date is equal to 85% of the lower of the fair market value of our common stock on the first and last trading days of each offering period. The ESPP is qualified under Section 423 of the Internal Revenue Code. We estimate the fair value of each purchase right under the ESPP on the date of grant using the Black-Scholes option valuation model and use the straight-line attribution approach to record the expense over the six-month offering period.

The following table shows total stock-based compensation expense recorded in our Consolidated Statements of Operations:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Cost of license revenue

 

$

409

 

 

$

133

 

 

$

145

 

Cost of support and cloud services revenue

 

 

16,435

 

 

 

14,479

 

 

 

12,801

 

Cost of professional services revenue

 

 

5,846

 

 

 

6,827

 

 

 

7,928

 

Sales and marketing

 

 

61,750

 

 

 

68,541

 

 

 

56,394

 

Research and development

 

 

65,119

 

 

 

60,266

 

 

 

58,931

 

General and administrative

 

 

66,646

 

 

 

73,215

 

 

 

70,260

 

Total stock-based compensation expense

 

$

216,205

 

 

$

223,461

 

 

$

206,459

 

 

Stock-based compensation expense in 2025, 2024 and 2023 includes $7.1 million, $6.8 million, and $6.8 million respectively, related to our ESPP.

2000 Equity Incentive Plan Accounting and Stock-Based Compensation Expense

The fair value of RSUs granted in 2025, 2024 and 2023 was based on the fair market value of our stock on the date of grant for service- and certain performance- based RSUs and based on a Monte Carlo simulation model for relative total shareholder return (rTSR) performance RSUs. The weighted average fair value per share of RSUs granted in 2025, 2024 and 2023 was $186.37, $164.73 and $130.64, respectively.

We account for forfeitures as they occur, rather than estimate expected forfeitures.

As of September 30, 2025, total unrecognized compensation cost related to unvested RSUs expected to vest was approximately $201.5 million and the weighted average remaining recognition period for unvested RSUs was 18 months. As of September 30, 2025, the weighted average remaining vesting term for outstanding awards was 1.1 years.

As of September 30, 2025, 4.9 million shares of common stock were available for grant under the equity incentive plan and 1.9 million shares of common stock were reserved for issuance upon vesting of RSUs granted and outstanding.

The following table sets forth the restricted stock unit activity for the year ended September 30, 2025.

(in thousands, except grant date fair value data)

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Aggregate
Intrinsic Value

 

Balance of outstanding RSUs at October 1, 2024

 

 

2,064

 

 

$

147.92

 

 

 

 

Granted(1)

 

 

1,232

 

 

$

186.37

 

 

 

 

Vested

 

 

(1,300

)

 

$

148.03

 

 

 

 

Forfeited or not earned

 

 

(100

)

 

$

152.65

 

 

 

 

Balance of outstanding RSUs at September 30, 2025

 

 

1,896

 

 

$

173.53

 

 

$

384,917

 
(1)
RSUs granted include 17 shares from prior period rTSR awards that were earned upon achievement of the performance criteria and vested in November 2024 and 10 shares from prior period performance-based awards that were earned upon achievement of the performance criteria and vested in November 2024.

The following table presents the number of RSU awards granted by award type:

(in thousands)

 

Year ended September 30, 2025

 

Performance-based RSUs(1)

 

 

94

 

Service-based RSUs(2)

 

 

1,045

 

Relative Total Shareholder Return RSUs(3)

 

 

66

 
(1)
The performance-based RSUs are primarily made up of RSUs granted to our executives and are eligible to vest based upon annual performance measures over a three-year period. To the extent earned, those performance-based RSUs will vest in three substantially equal installments on November 15, 2025, November 15, 2026, and November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of RSUs can be earned.
(2)
The service-based RSUs were granted to employees, including our executive officers. Substantially all service-based RSUs will vest in three substantially equal annual installments on or about the anniversary of the date of grant.
(3)
The rTSR RSUs were granted to our executives and are eligible to vest based on the performance of PTC stock relative to the stock performance of an index of PTC peer companies established as of the grant date, as determined at the end of the measurement period ending on September 30, 2027. The RSUs earned will vest on November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of rTSR RSUs eligible to be earned for the period may vest. If the stock price as of the beginning of the period is below the stock price at the end of the period, a maximum of 100% of the rTSR RSUs may vest.

The weighted-average fair value of the rTSR RSUs was $243.47 per target RSU on the grant date. The fair value of the rTSR RSUs was determined using a Monte Carlo simulation model, a generally accepted statistical technique used to simulate a range of possible future stock prices for PTC and the peer group. The significant assumptions used in the Monte Carlo simulation model were as follows:

 

 

2025

 

 

2024

 

 

2023

 

Average volatility of peer group

 

 

50.64

%

 

 

49.30

%

 

 

41.54

%

Risk-free interest rate

 

 

4.21

%

 

 

4.65

%

 

 

4.12

%

Dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

Expected term (in years)

 

 

2.88

 

 

 

2.87

 

 

 

2.87

 

The value of stock issued for vested RSUs is as follows:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Stock issued for vested RSUs

 

$

236,697

 

 

$

289,333

 

 

$

240,066

 

 

In 2025, shares issued upon vesting of restricted stock units were net of 0.4 million shares retained by us to cover employee tax withholdings of $80.4 million. In 2024, shares issued upon vesting of restricted stock units were net of 0.6 million shares retained by us to cover employee tax withholdings of $101.9 million. In 2023, shares issued upon vesting of restricted stock and restricted stock units were net of 0.6 million shares retained by us to cover employee tax withholdings of $82.8 million.

As of September 30, 2025 and September 30, 2024, we had liability-classified awards related to stock-based compensation based on a fixed monetary amount of $51.3 million and $47.7 million, respectively. The liability as of September 30, 2024 was settled via the issuance of shares in the first quarter of 2025.
v3.25.3
Employee Benefit Plan
 12 Months Ended
Sep. 30, 2025
Deferred Compensation Arrangements [Abstract]  
Employee Benefit Plan

12. Employee Benefit Plan

We offer a savings plan to eligible U.S. employees. The plan is qualified under Section 401(k) of the Internal Revenue Code. Participating employees may defer a portion of their pre-tax compensation, as defined, but not more than statutory limits. We contribute 50% of the amount contributed by the employee, up to a maximum of 3% of the employee’s earnings. Our matching contributions vest immediately. We made matching contributions of $9.3 million, $9.2 million and $8.6 million in 2025, 2024 and 2023, respectively.
v3.25.3
Pension Plans
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Pension Plans

13. Pension Plans

We maintain several international defined benefit pension plans primarily covering certain employees of Computervision, which we acquired in 1998, and CoCreate, which we acquired in 2008, and covering employees in Japan. Benefits are based upon length of service and average compensation with vesting after one to five years of service. The pension cost was actuarially computed using assumptions applicable to each subsidiary plan and economic environment. We adjust our pension liability related to our plans due to changes in actuarial assumptions and performance of plan investments, as shown below. The vested benefit obligation is determined as the actuarial present value of the vested benefits to which the employee is currently entitled to but based on the employee's expected date of separation or retirement. Effective in 1998, benefits under one of the international plans were frozen indefinitely.

The following table presents the actuarial assumptions used in accounting for the pension plans:

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted average assumptions used to determine benefit obligations at September 30 measurement date:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.8

%

 

 

3.3

%

 

 

4.2

%

Rate of increase in future compensation

 

 

3.0

%

 

 

3.0

%

 

 

3.0

%

Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.3

%

 

 

4.2

%

 

 

3.7

%

Rate of increase in future compensation

 

 

3.0

%

 

 

3.0

%

 

 

3.6

%

Rate of return on plan assets

 

 

4.8

%

 

 

4.8

%

 

 

4.8

%

 

In selecting the expected long-term rate of return on assets, we considered the current investment portfolio, and the investment return goals in the plans’ investment policy statements. We, with input from the plans’ professional investment managers and actuaries, also considered the average rate of earnings expected on the funds invested or to be invested to provide plan benefits. This process included determining expected returns for the various asset classes that comprise the plans’ target asset allocation. This basis for selecting the long-term asset return assumptions is consistent with the prior year. Using generally accepted diversification techniques, the plans’ assets, in aggregate and at the individual portfolio level, are invested so that the total portfolio risk exposure and risk-adjusted returns best meet the plans’ long-term liabilities to employees. Plan asset allocations are reviewed periodically and rebalanced to achieve target allocation among the asset categories when necessary. The discount rate is based on yield curves for highly rated corporate fixed income securities matched against cash flows for each future year.

The weighted long-term rate of return assumption, together with the assumptions used to determine the benefit obligations as of September 30, 2025 in the table above, will be used to determine our 2026 net periodic pension income, which we expect to be approximately $0.7 million.

As of September 30, 2025, the weighted average interest credit rate used in our two cash balance pension plans is 4.7%.

All non-service net periodic pension costs are presented in Other income, net on the Consolidated Statement of Operations. The actuarially computed components of net periodic pension cost recognized in our Consolidated Statements of Operations for each year are shown below:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest cost of projected benefit obligation

 

$

2,121

 

 

$

2,368

 

 

$

2,126

 

Service cost

 

 

578

 

 

 

674

 

 

 

690

 

Expected return on plan assets

 

 

(3,700

)

 

 

(3,361

)

 

 

(3,541

)

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

—

 

Recognized actuarial loss

 

 

697

 

 

 

398

 

 

 

241

 

Settlement gain

 

 

(65

)

 

 

(19

)

 

 

—

 

Net periodic pension (benefit) cost

 

$

(369

)

 

$

60

 

 

$

(484

)

 

The following tables display the change in benefit obligation and the change in the plan assets and funded status of the plans as well as the amounts recognized in our Consolidated Balance Sheets:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Projected benefit obligation, beginning of year

 

$

70,242

 

 

$

60,433

 

Service cost

 

 

578

 

 

 

674

 

Interest cost

 

 

2,121

 

 

 

2,368

 

Actuarial loss (gain)

 

 

(2,818

)

 

 

7,128

 

Foreign exchange impact

 

 

2,896

 

 

 

3,319

 

Participant contributions

 

 

93

 

 

 

100

 

Benefits paid

 

 

(2,711

)

 

 

(3,162

)

Settlements

 

 

(941

)

 

 

(618

)

Projected benefit obligation, end of year

 

$

69,460

 

 

$

70,242

 

Change in plan assets and funded status:

 

 

 

 

 

 

Plan assets at fair value, beginning of year

 

$

77,757

 

 

$

68,875

 

Actual return on plan assets

 

 

2,563

 

 

 

5,120

 

Employer contributions

 

 

3,238

 

 

 

3,697

 

Participant contributions

 

 

93

 

 

 

100

 

Foreign exchange impact

 

 

3,775

 

 

 

3,745

 

Settlements

 

 

(941

)

 

 

(618

)

Benefits paid

 

 

(2,711

)

 

 

(3,162

)

Plan assets at fair value, end of year

 

 

83,774

 

 

 

77,757

 

Projected benefit obligation, end of year

 

 

69,460

 

 

 

70,242

 

Underfunded status

 

$

(11,367

)

 

$

(12,438

)

Overfunded status

 

$

25,681

 

 

$

19,953

 

Accumulated benefit obligation, end of year

 

$

68,996

 

 

$

69,580

 

Amounts recognized in the balance sheet:

 

 

 

 

 

 

Non-current asset

 

$

25,681

 

 

$

19,953

 

Non-current liability

 

$

(10,979

)

 

$

(12,083

)

Current liability

 

$

(388

)

 

$

(355

)

Amounts in accumulated other comprehensive loss:

 

 

 

 

 

 

Unrecognized actuarial loss

 

$

13,620

 

 

$

15,230

 

 

As of September 30, 2025 and 2024, two of our pension plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. Three international plans were overfunded.

The following table shows the change in Accumulated other comprehensive loss:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

Accumulated other comprehensive loss, beginning of year

 

$

15,230

 

 

$

9,573

 

Recognized during year - amortization of net actuarial losses

 

 

(697

)

 

 

(398

)

Occurring during year - effect of settlement

 

 

65

 

 

 

19

 

Occurring during year - net actuarial losses (gains)

 

 

(1,681

)

 

 

5,369

 

Foreign exchange impact

 

 

703

 

 

 

667

 

Accumulated other comprehensive loss, end of year

 

$

13,620

 

 

$

15,230

 

 

 

In 2025, our actuarial gains were impacted by the increase in discount rate from 3.3% in 2024 to 3.8% in 2025. In 2024, our actuarial losses were impacted by the decrease in discount rate from 4.2% in 2023 to 3.3% in 2024.

The following table shows the percentage of total plan assets for each major category of plan assets:

 

 

 

September 30,

 

Asset category

 

2025

 

 

2024

 

Equity securities

 

 

19

%

 

 

12

%

Fixed income securities

 

 

57

%

 

 

62

%

Commodities

 

 

6

%

 

 

6

%

Insurance company funds

 

 

8

%

 

 

9

%

Cash

 

 

10

%

 

 

11

%

 

 

100

%

 

 

100

%

 

We periodically review the pension plans’ investments in the various asset classes. For the CoCreate plans in Germany, assets are actively allocated between equity and fixed income securities to achieve target return. For the other international plans, assets are allocated 100% to fixed income securities. The fixed income securities for the other international plans primarily include investments held with insurance companies with fixed returns. The plans’ investment managers are provided specific guidelines under which they are to invest the assets assigned to them. In general, investment managers are expected to remain fully invested in their asset class with further limitations on risk as related to investments in a single security, portfolio turnover and credit quality.

The German CoCreate plan's investment policy prohibits the use of derivatives associated with leverage and speculation or investments in securities issued by PTC, except through index-related strategies and/or commingled funds. An investment committee oversees management of the pension plans’ assets. Plan assets consist primarily of investments in equity and fixed income securities.

In 2025, 2024 and 2023, our actual return (loss) on plan assets was $2.6 million, $5.1 million and $(1.9) million, respectively.

Based on actuarial valuations and additional voluntary contributions, we contributed $3.2 million, $3.7 million and $1.3 million in 2025, 2024 and 2023, respectively, to the plans. In 2026, we expect to contribute $0.6 million to the plans and to directly pay $3.6 million in benefits.

As of September 30, 2025, benefit payments expected to be paid over the next ten years are as follows:

 

(in thousands)

 

Future Benefit Payments

 

2026

 

$

4,402

 

2027

 

$

5,072

 

2028

 

$

5,061

 

2029

 

$

5,164

 

2030

 

$

5,209

 

2031 to 2035

 

$

27,064

 

 

Fair Value of Plan Assets

The international plan assets are comprised primarily of investments in a trust and an insurance company. The underlying investments in the trust are primarily governmental fixed income securities and equities in funds and exchange-traded funds (ETFs). They are classified as Level 1 because the underlying units of the trust are traded in open public markets. The fair value of the underlying investments in equity securities and fixed income are based upon publicly-traded exchange prices.

 

(in thousands)

 

September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

$

47,554

 

 

$

—

 

 

$

—

 

 

$

47,554

 

Equities in funds

 

 

15,709

 

 

 

—

 

 

 

—

 

 

 

15,709

 

Commodities

 

 

5,077

 

 

 

—

 

 

 

—

 

 

 

5,077

 

Insurance company funds(1)

 

 

—

 

 

 

6,867

 

 

 

—

 

 

 

6,867

 

Cash

 

 

8,538

 

 

 

—

 

 

 

—

 

 

 

8,538

 

Options

 

 

29

 

 

 

—

 

 

 

—

 

 

 

29

 

Total plan assets

 

$

76,907

 

 

$

6,867

 

 

$

—

 

 

$

83,774

 

 

(in thousands)

 

September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

$

48,146

 

 

$

—

 

 

$

—

 

 

$

48,146

 

Equities in funds

 

 

9,550

 

 

 

—

 

 

 

—

 

 

 

9,550

 

Commodities

 

 

4,309

 

 

 

—

 

 

 

—

 

 

 

4,309

 

Insurance company funds(1)

 

 

—

 

 

 

7,385

 

 

 

—

 

 

 

7,385

 

Cash

 

 

8,277

 

 

 

—

 

 

 

—

 

 

 

8,277

 

Options

 

 

90

 

 

 

—

 

 

 

—

 

 

 

90

 

Total plan assets

 

$

70,372

 

 

$

7,385

 

 

$

—

 

 

$

77,757

 

 

(1)
These investments are comprised primarily of funds invested with an insurance company in Japan with a guaranteed rate of return. The insurance company invests these assets primarily in government and corporate bonds.
v3.25.3
Fair Value Measurements
 12 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

14. Fair Value Measurements

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 September 30, 2025 and 2024 were as follows:

 

(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

 

 

(in thousands)

 

September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

48,509

 

 

$

—

 

 

$

—

 

 

$

48,509

 

Forward contracts

 

 

—

 

 

 

1,202

 

 

 

—

 

 

 

1,202

 

 

$

48,509

 

 

$

1,202

 

 

$

—

 

 

$

49,711

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

4,166

 

 

 

—

 

 

 

4,166

 

 

$

—

 

 

$

4,166

 

 

$

—

 

 

$

4,166

 

 

(1)
Money market funds and time deposits.
v3.25.3
Derivative Financial Instruments
 12 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

15. Derivative Financial Instruments

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

 

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivative assets:(1)

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

2,871

 

 

$

181

 

 

$

3,136

 

 

$

1,021

 

Option contracts

 

$

—

 

 

$

—

 

 

$

6,228

 

 

$

—

 

Derivative liabilities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

—

 

 

$

630

 

 

$

4,773

 

 

$

3,536

 
(1)
As of September 30, 2025 and 2024, current derivative assets are recorded in Other current assets on the Consolidated Balance Sheets.
(2)
As of September 30, 2025 and 2024, current derivative liabilities are recorded in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.

Non-Designated Hedges

As of September 30, 2025 and 2024, we had outstanding forward and option contracts not designated as hedging instruments with notional amounts equivalent to the following:

 

 

 

September 30,

 

Currency Hedged (in thousands)

 

2025

 

 

2024

 

Euro / U.S. Dollar(1)

 

$

1,202,830

 

 

$

781,398

 

British Pound / U.S. Dollar

 

 

22,974

 

 

 

24,810

 

Israeli Shekel / U.S. Dollar

 

 

20,094

 

 

 

12,535

 

Indian Rupee / U.S. Dollar

 

 

53,465

 

 

 

—

 

Japanese Yen / U.S. Dollar(2)

 

 

131,284

 

 

 

42,340

 

Swiss Franc / U.S. Dollar

 

 

8,960

 

 

 

74,939

 

Swedish Krona / U.S. Dollar

 

 

21,568

 

 

 

48,596

 

Chinese Renminbi / U.S. Dollar

 

 

7,134

 

 

 

32,124

 

New Taiwan Dollar / U.S. Dollar

 

 

23,098

 

 

 

16,368

 

All other

 

 

26,679

 

 

 

25,368

 

Total

 

$

1,518,086

 

 

$

1,058,478

 
(1)
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. As of September 30, 2024, all the Euro to U.S. Dollar outstanding notional amount relates to forward contracts.
(2)
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 September 30, 2024, all the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts.

The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the years ended September 30, 2025, 2024 and 2023:

 

(in thousands)

 

 

 

Year ended September 30,

 

 

 

Location of Gain (Loss)

 

2025

 

 

2024

 

 

2023

 

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

 

Other income, net

 

$

(5,204

)

 

$

(6,238

)

 

$

(11,757

)

In 2025, 2024, and 2023, foreign currency losses, net were $2.5 million, $1.8 million, and $2.1 million, respectively.

Net Investment Hedges

As of September 30, 2025 and 2024, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

 

 

 

September 30,

 

Currency Hedged (in thousands)

 

2025

 

 

2024

 

Euro / U.S. Dollar

 

$

480,198

 

 

$

462,894

 

Japanese Yen / U.S. Dollar

 

 

10,260

 

 

 

10,739

 

Total

 

$

490,458

 

 

$

473,633

 

The following table shows the effect of our derivative instruments designated as net investment hedges on the Consolidated Statements of Operations for the years ended September 30, 2025, 2024, and 2023:

 

(in thousands)

 

 

 

Year ended September 30,

 

 

 

Location of Gain (Loss)

 

2025

 

 

2024

 

 

2023

 

Loss recognized in Other comprehensive income ("OCI")

 

OCI

 

$

(23,684

)

 

$

(21,643

)

 

$

(10,033

)

Gain (loss) reclassified from OCI to earnings

 

n/a

 

$

—

 

 

$

—

 

 

$

—

 

Gain recognized, excluded portion

 

Other income, net

 

$

6,251

 

 

$

4,346

 

 

$

4,241

 

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 September 30, 2025:

 

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of September 30, 2025

 

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

 

$

12,235

 

 

$

—

 

 

$

12,235

 

 

$

(4,773

)

 

$

—

 

 

$

7,462

 

 

The following table sets forth the offsetting of derivative liabilities as of September 30, 2025:

 

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of September 30, 2025

 

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

 

$

4,773

 

 

$

—

 

 

$

4,773

 

 

$

(4,773

)

 

$

—

 

 

$

—

 
v3.25.3
Segment and Geographic Information
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information

17. 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.

See Note 3. Revenue from Contracts with Customers for additional information about our revenue by geographic region and Note 4. Property and Equipment for additional information about our long-lived assets by geographic region.

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

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

      Cost of revenue, adjusted(1)

 

 

389,465

 

 

 

384,882

 

 

 

384,438

 

      Operating expenses, adjusted(2)

 

 

1,047,636

 

 

 

1,019,250

 

 

 

953,720

 

      Other segment items(3)

 

 

568,128

 

 

 

518,007

 

 

 

513,355

 

Consolidated net income

 

$

733,997

 

 

$

376,333

 

 

$

245,540

 
(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 (credits), net.
(3)
Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges (credits), net; Other income (expense), net; and Provision for income taxes.
v3.25.3
Leases
 12 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases

16. Leases

Our headquarters are located at 121 Seaport Boulevard, Boston, Massachusetts, encompassing approximately 250,000 square feet under a lease agreement that runs through June 2037. Base rent for the first year of the lease was $11.0 million and increases by $1 per square foot per year thereafter ($0.3 million per year). Base rent first became payable on July 1, 2020. In addition to the base rent, we are required to pay our pro rata portions of building operating costs and real estate taxes (together, “Additional Rent”). Annual Additional Rent is estimated to be approximately $8.2 million.

In 2025, we subleased certain portions of our Seaport headquarters for lease terms ending May 2031 and June 2037. We recognized an impairment charge of $12.8 million on right-of-use assets related to subleased facilities. For additional information on this impairment charge, see Note 2. Summary of Significant Accounting Policies.

The components of lease cost reflected in the Consolidated Statements of Operations for the years ended September 30, 2025, 2024, and 2023 were as follows:

 

(in thousands)

 

Year ended September 30,

 

 

2025

 

2024

 

2023

 

Operating lease cost

$

32,912

 

$

33,288

 

$

32,402

 

Short-term lease cost

 

1,453

 

 

3,691

 

 

5,411

 

Variable lease cost

 

10,572

 

 

9,919

 

 

10,945

 

Sublease income

 

(958

)

 

(1,436

)

 

(4,749

)

Total lease cost

$

43,979

 

$

45,462

 

$

44,009

 

 

Supplemental cash flow information for the years ended September 30, 2025, 2024, and 2023 was as follows:

 

(in thousands)

 

Year ended September 30,

 

 

2025

 

2024

 

2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 Operating cash flows from operating leases

$

36,303

 

$

35,498

 

$

36,038

 

Right-of-use assets obtained in exchange for new lease obligations:

 

 

 

 

 

 

 

 

 

Operating leases(1)

$

16,664

 

$

11,079

 

$

28,257

 

 

(1)
In the year ended September 30, 2023, operating lease additions included $4.0 million related to the ServiceMax acquisition.

Supplemental balance sheet information related to the leases as of September 30, 2025 and 2024 was as follows:

 

 

 

September 30,

 

 

2025

 

2024

 

Weighted-average remaining lease term - operating leases

9.4 years

 

10.3 years

 

Weighted-average discount rate - operating leases

 

5.3

%

 

5.4

%

 

Maturities of lease liabilities as of September 30, 2025 are as follows:

 

(in thousands)

Operating Leases

 

2026

$

31,829

 

2027

 

26,987

 

2028

 

22,214

 

2029

 

18,674

 

2030

 

 

17,460

 

Thereafter

 

 

104,477

 

Total future lease payments

 

 

221,641

 

Less: imputed interest

 

 

(49,208

)

Total lease liability

 

$

172,433

 

As of September 30, 2025, we had an operating lease that had not yet commenced. The lease will commence in 2026 with a lease term of 5 years and we will make future lease payments of approximately $7.4 million.

v3.25.3
Segments
 12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segments

17. 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.

See Note 3. Revenue from Contracts with Customers for additional information about our revenue by geographic region and Note 4. Property and Equipment for additional information about our long-lived assets by geographic region.

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

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

      Cost of revenue, adjusted(1)

 

 

389,465

 

 

 

384,882

 

 

 

384,438

 

      Operating expenses, adjusted(2)

 

 

1,047,636

 

 

 

1,019,250

 

 

 

953,720

 

      Other segment items(3)

 

 

568,128

 

 

 

518,007

 

 

 

513,355

 

Consolidated net income

 

$

733,997

 

 

$

376,333

 

 

$

245,540

 
(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 (credits), net.
(3)
Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges (credits), net; Other income (expense), net; and Provision for income taxes.
v3.25.3
Subsequent Events
 12 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

18. Subsequent Events

Kepware and ThingWorx Divestiture

On November 5, 2025, we entered into an Asset Purchase Agreement with Parrot US Buyer, L.P., a Delaware limited partnership (“Purchaser”), an entity controlled by investment funds affiliated with TPG Global, LLC. Pursuant to the Asset Purchase Agreement, on the terms and subject to the conditions therein, PTC has agreed to sell, and Purchaser has agreed to acquire, PTC’s Kepware and ThingWorx businesses (collectively, the “Business”), in exchange for total consideration consisting of $600 million in cash (the “Purchase Price”) payable at the closing of the transactions contemplated by the Asset Purchase Agreement, subject to certain adjustments, plus the assumption by Purchaser of certain liabilities of the Business specified in the Asset Purchase Agreement, as well as the right to contingent consideration in an amount not to exceed $125 million in certain circumstances following a sale of the Business by Purchaser. The transaction is expected to close in the first half of calendar year 2026.

As described in greater detail in the Asset Purchase Agreement, the Purchase Price will be (i) increased or decreased to the extent the Working Capital (as defined in the Asset Purchase Agreement) of the Business as of the Closing is higher or lower than a specified target amount, (ii) decreased by the amount of any Indebtedness (as defined in the Asset Purchase Agreement) of the Business as of the Closing, (iii) decreased by $35 million to the extent the Business does not achieve certain financial performance metrics in the month ending prior to Closing, and (iv) decreased by a specified amount reflecting the average billed accounts receivable of the Business as of the four-quarter period ending June 30, 2025.

Credit Facility

On November 18, 2025, we entered into an amendment to our credit agreement. The amendment amends the asset sale restrictions to eliminate the restriction entirely for the divestiture of PTC’s Kepware and ThingWorx businesses pursuant to that certain Asset Purchase Agreement dated November 5, 2025, between PTC and Purchaser and to permit sales of assets up to an aggregate of $250 million in book value in any fiscal year as long as no Default or Event of Default exists or would exist after consummation of the sale.

On November 20, 2025, we borrowed $70 million under our revolving credit facility to fund working capital requirements.

Share Repurchases

In the first quarter of 2026, we continued our share repurchase program. Through November 20, 2025, we have repurchased $71 million of our common stock.
v3.25.3
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Foreign Currency Translation

Foreign Currency Translation

For our non-U.S. operations where the functional currency is the local currency, we translate assets and liabilities at exchange rates in effect at the balance sheet date and record translation adjustments in stockholders’ equity. For our non-U.S. operations where the U.S. Dollar is the functional currency, we remeasure monetary assets and liabilities using exchange rates in effect at the balance sheet date and non-monetary assets and liabilities at historical rates and record resulting exchange gains or losses in Other income, net in the Consolidated Statements of Operations. We translate income statement amounts at average rates for the period. Transaction gains and losses are recorded in Other income, net in the Consolidated Statements of Operations.
Revenue Recognition

Revenue Recognition

Nature of Products and Services

Our sources of revenue include: (1) subscriptions, (2) perpetual licenses, (3) support for perpetual licenses and (4) professional services. Subscriptions include term-based on-premises licenses and related support, Software-as-a-Service (SaaS), and hosting services. Revenue is derived from the licensing of computer software products, cloud-based offerings, and related support and professional services contracts. In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised products or services. The amount of revenue recognized reflects the consideration that we expect to be entitled to receive in exchange for these products or services. To achieve the core principle of this standard, we apply the following five steps:

(1)
identify the contract with the customer,
(2)
identify the performance obligations in the contract,
(3)
determine the transaction price,
(4)
allocate the transaction price to performance obligations in the contract, and
(5)
recognize revenue when or as we satisfy a performance obligation.

We enter into contracts that include combinations of licenses, support, cloud-based offerings, and professional services, each of which are accounted for as separate performance obligations with differing revenue recognition patterns referenced below.

 

Performance Obligation

 

When Performance Obligation is Typically Satisfied

Term-based subscriptions

 

 

On-premises software licenses

 

Point in Time: Upon the later of when the software is made available or the subscription term commences

Support and cloud-based offerings (including SaaS)

 

Over Time: Ratably over the contractual term; commencing upon the later of when the software is made available or the subscription term commences

Perpetual software licenses

 

Point in Time: When the software is made available

Support for perpetual software licenses

 

Over Time: Ratably over the contractual term

Professional services

 

Over Time: As services are provided

Judgments and Estimates

Our contracts with customers for subscriptions typically include commitments to transfer term-based, on-premises software licenses bundled with support and/or cloud services. Significant judgment is used in determining the performance obligations related to these bundled products and services. On-premises software is determined to be a distinct performance obligation from support which is sold for the same term of the subscription. For subscription arrangements which include cloud services and on-premises licenses, we assess whether the cloud component is highly interrelated with the on-premises term-based software licenses. Other than a limited population of subscriptions, the cloud component is not currently deemed to be interrelated with the on-premises term software and, as a result, cloud services are accounted for as a distinct performance obligation from the software and support components of the subscription.

Judgment is required to allocate the transaction price to each performance obligation. We use the estimated standalone selling price method to allocate the transaction price for items that are not sold separately. The estimated standalone selling price is determined using all information reasonably available to us, including market conditions and other observable inputs. The corresponding revenues are recognized as the related performance obligations are satisfied. Where subscriptions include on-premises software and support only, we determined that approximately 55% of the estimated standalone selling price for subscriptions is attributable to software licenses and approximately 45% is attributable to support for those licenses. Some of our subscription offerings include a combination of on-premises and cloud-based technology. In such cases, the cloud-based technology is generally considered distinct and receives an allocation of approximately 5% to 50% of the estimated standalone selling price of the subscription. The amounts allocated to cloud are based on assessment of the relative value of the cloud functionality in the subscription, with the remaining amounts allocated between software and support.

Our multi-year, non-cancellable subscription contracts provide customers with an annual right to exchange software within the subscription with other software. Although the exchange right is limited to software products within a similar product grouping, the exchange right is not limited to products with substantially similar features and functionality as those originally delivered. We determined that, for on-premises licenses, this right to exchange previously delivered software for different software represents variable consideration to be accounted for as a liability. We have identified a standard portfolio of contracts with common characteristics and applied the expected value method of determining variable consideration associated with this right. Additionally, in isolated situations that are outside of the standard portfolio of contracts due to contract size, longer contract duration, or other unique contractual terms, we use the most likely amount method to determine the amount of variable consideration. In both circumstances, the variable consideration included in the transaction price is constrained to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. As of September 30, 2025 and 2024, the total liability was $39.7 million and $26.0 million, respectively, primarily associated with the annual right to exchange on-premises subscription software.

Practical Expedients

We have elected certain practical expedients associated with our revenue recognition policy. We do not account for significant financing components if the period between revenue recognition and when the customer pays for the products or services is one year or less. Additionally, we recognize revenue equal to the amount we have a right to invoice when the amount corresponds directly with the value to the customer of our performance to date. Finally, revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities.
Cash Equivalents

Cash Equivalents

Our cash equivalents are invested in money market accounts and time deposits of financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that are intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with original maturity periods of three months or less when purchased.
Concentration of Credit Risk and Fair Value of Financial Instruments

Concentration of Credit Risk and Fair Value of Financial Instruments

The amounts reflected in the Consolidated Balance Sheets for Cash and cash equivalents, Accounts receivable and Accounts payable approximate their fair value due to their short maturities. Financial instruments that potentially subject us to concentration of credit risk consist primarily of investments, trade accounts receivable and foreign currency derivative instruments. Our cash, cash equivalents, and foreign currency derivatives are placed with financial institutions with high credit standings. Our credit risk for derivatives is also mitigated due to the short-term nature of the contracts. Our customer base consists of many geographically diverse customers dispersed across many industries. No individual customer comprised more than 10% of our trade accounts receivable as of September 30, 2025 or 2024 or more than 10% of our revenue for the years ended September 30, 2025, 2024 or 2023.
Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

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 that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In determining the adequacy of the allowance for doubtful accounts, we analyze specific individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, and accounts receivable aging trends.

Derivatives

Derivatives

Generally accepted accounting principles require all derivatives, whether designated in a hedging relationship or not, to be recorded on the balance sheet at fair value. Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. Our most significant foreign currency exposures relate to Eurozone countries, Japan, Sweden, Switzerland, China and India. Our foreign currency risk management strategy is principally designed to mitigate the future potential financial impact of changes in the U.S. Dollar value of anticipated transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. We enter into derivative transactions, specifically foreign currency forward contracts and foreign currency option contracts, to manage our exposure to foreign currency exchange risk to reduce earnings volatility. We do not enter into derivative transactions for trading or speculative purposes. For a description of our non-designated hedge and net investment hedge activity see Note 15. Derivative Financial Instruments.

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 four 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, any 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 currency monetary assets and liabilities 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.

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.
Leases

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in Operating right-of-use lease assets, Short-term lease obligations, and Long-term lease obligations on our Consolidated Balance Sheets. Our operating leases are primarily for office space, automobiles, servers, and office equipment. We made an election not to separate lease components from non-lease components for office space, servers and office equipment. We combine fixed payments for non-lease components with lease payments and account for them together as a single lease component, which increases the amount of our lease assets and liabilities. Finance leases are included in Property and equipment, Accrued expenses and other current liabilities, and Other liabilities on our Consolidated Balance Sheets.

Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the leases. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term as that of the lease payments at the commencement date. The right-of-use assets include any lease payments made and exclude lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term, unless the right-of-use asset has been impaired.

Our lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We generally use the base non-cancellable lease term when determining the lease assets and liabilities.

Certain lease agreements contain variable payments, which are expensed as incurred and not included in the lease assets and liabilities. These variable payments include insurance, taxes, index-based payment adjustments, and payments for maintenance and utilities.

Our operating leases expire at various dates through 2037.
Property and Equipment

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Computer hardware and software are typically amortized over three to five years, and furniture and fixtures over three to twelve years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining terms of the related leases. Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in income.
Software Development Costs

Software Development Costs

We incur costs to develop computer software to be licensed or otherwise marketed to customers. Our research and development expenses consist principally of salaries and benefits, costs of computer software and equipment, and facility expenses. Research and development costs are expensed as incurred, except for costs of internally developed or externally purchased software that qualify for capitalization. Development costs for software to be sold externally incurred subsequent to the establishment of technological feasibility, but prior to the general release of the product, are capitalized and, upon general release, are amortized using the greater of either the straight-line method over the expected life of the related products or based upon the pattern in which economic benefits related to such assets are realized. The straight-line method is used if it approximates the same amount of expense as that calculated using the ratio that current period gross product revenues bear to total anticipated gross product revenues. No internal development costs for software to be sold externally were capitalized in 2025, 2024 or 2023. We did not purchase any software in 2025. We purchased software of $4.1 million and $1.0 million in 2024 and 2023, respectively. Additionally, we acquired capitalized software through business combinations (for further detail, see Note 5. Acquisitions and Disposition of Businesses). These assets are included in Acquired intangible assets, net in the accompanying Consolidated Balance Sheets.
Business Combinations

Business Combinations

We allocate the purchase price of acquisitions to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value. Goodwill is measured as the excess of the purchase price over the value of net identifiable assets acquired. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Any adjustments to estimated fair value are recorded to goodwill, provided that we are within the measurement period (up to one year from the acquisition date) and that we continue to collect information to determine estimated fair value. Subsequent to the measurement period or our final determination of estimated fair value, whichever comes first, adjustments are recorded in the Consolidated Statements of Operations.
Goodwill, Acquired Intangible Assets And Long-lived Assets

Goodwill, Acquired Intangible Assets and Long-lived Assets

Goodwill is the amount by which the purchase price in a business acquisition exceeds the fair value of net identifiable assets on the date of purchase.

Goodwill is evaluated for impairment annually as of the end of the third quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors we consider important, on an overall company basis that could trigger an impairment review include significant under-performance relative to historical or projected future operating results, significant changes in our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, a significant decline in our stock price for a sustained period and a reduction of our market capitalization relative to net book value.

Our annual goodwill impairment test is based on either a quantitative or qualitative assessment. A quantitative assessment compares the fair value of the reporting unit to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss equal to the difference between the carrying value of goodwill and its estimated fair value. We estimate the fair values of our reporting unit using discounted cash flow valuation models. Those models require estimates of future revenues, profits, capital expenditures, working capital, terminal values based on revenue multiples, and discount rates for the reporting unit. We estimate these amounts by evaluating historical trends; current budgets and operating plans; and industry data. A qualitative assessment is designed to determine whether we believe it is more likely than not that the fair value of our reporting unit exceeds its carrying value. A qualitative assessment includes a review of qualitative factors, including company-specific (financial performance and long-range plans), industry, and macroeconomic factors, and a consideration of the fair value of the reporting unit at the last valuation date.

During the third fiscal quarter of 2025, we completed our annual impairment test of goodwill, which was based on a qualitative assessment, and concluded that there was no impairment. Through September 30, 2025, there were no events or changes in circumstances that indicated that the carrying values of goodwill or acquired intangible assets may not be recoverable.

Long-lived assets primarily include property and equipment, right-of-use lease assets, and acquired intangible assets with finite lives (including purchased software, customer lists and trademarks). Purchased software is amortized over periods up to 16 years, customer lists are amortized over periods up to 20 years and trademarks are amortized over periods up to 15 years. We review long-lived assets for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. An impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset or asset group. If impairment is indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis.

In 2025, we recorded an impairment charge of $15.6 million, of which $12.8 million related to lease right-of-use assets and $2.8 million related to fixed assets. This impairment was triggered by the sublease of certain portions of our Seaport headquarters, which resulted in both reassessment of the asset grouping and identification of potential impairment. After determining the appropriate asset group, we performed a recoverability test by comparing the undiscounted cash flows for each asset group with its carrying value, in each case concluding that impairment was indicated. The fair value of each asset group was then estimated using a discounted cash flow model. This fair value assessment involved assumptions and estimates, including the sublease term, variable lease payments, the market discount rate, expected construction and broker costs, and estimates of future sublease cash flows for the period after the present sublease ends (when applicable). The impairment charge was recorded to Impairment and other charges (credits), net in the Consolidated Statements of Operations.

Advertising Expenses

Advertising Expenses

Advertising costs are expensed as incurred. Total advertising expenses incurred were $11.7 million, $15.0 million and $11.7 million in 2025, 2024 and 2023, respectively, and are included in Sales and marketing expenses in the accompanying Consolidated Statements of Operations.
Income Taxes

Income Taxes

Our income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences and tax operating loss and credit carryforwards. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not that all or a portion of deferred tax assets will not be realized, we establish a valuation allowance. To the extent we establish a valuation allowance or increase this allowance in a period, we include an expense within Provision for income taxes in the Consolidated Statements of Operations.
Comprehensive Income

Comprehensive Income

Comprehensive income consists of Net income and Other comprehensive income, which includes foreign currency translation adjustments, changes in unrecognized actuarial gains and losses (net of tax) related to pension benefits, unrealized gains and losses on hedging instruments and unrealized gains and losses on marketable securities. We do not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as we intend to reinvest permanently undistributed earnings of our foreign subsidiaries. Accumulated other comprehensive loss is reported as a component of Stockholders’ equity and comprised the following as of September 30, 2025: cumulative translation adjustment losses of $40.8 million, unrecognized actuarial losses related to pension benefits of $13.6 million ($9.4 million net of tax), and accumulated net losses from net investment hedges of $38.5 million ($31.0 million net of tax). As of September 30, 2024, Accumulated other comprehensive loss comprised the following: cumulative translation adjustment losses of $78.1 million, unrecognized actuarial losses related to pension benefits of $15.2 million ($10.5 million net of tax), and accumulated net losses from net investment hedges of $14.8 million ($13.1 million net of tax).
Earnings per Share (EPS)

Earnings per Share (EPS)

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, restricted shares and restricted stock units using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of proceeds from the assumed exercise of stock options, unrecognized compensation expense and any tax benefits as additional proceeds. Anti-dilutive shares excluded from the calculations of diluted EPS were immaterial in the years ended September 30, 2025, 2024, and 2023.

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

 

(in thousands, except per share data)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Net income

 

$

733,997

 

 

$

376,333

 

 

$

245,540

 

Weighted average shares outstanding

 

 

120,005

 

 

 

119,679

 

 

 

118,341

 

Dilutive effect of employee stock options, restricted shares and restricted stock units

 

 

772

 

 

 

1,063

 

 

 

993

 

Diluted weighted average shares outstanding

 

 

120,777

 

 

 

120,742

 

 

 

119,334

 

Earnings per share—Basic

 

$

6.12

 

 

$

3.14

 

 

$

2.07

 

Earnings per share—Diluted

 

$

6.08

 

 

$

3.12

 

 

$

2.06

 
Stock-Based Compensation

Stock-Based Compensation

We measure the compensation cost of employee services received in exchange for an award of equity based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 11. Equity Incentive Plans for a description of the types of equity awards granted, the compensation expense related to such awards and detail of such awards outstanding. See Note 7. Income Taxes for detail of the tax benefit related to stock-based compensation recognized in the Consolidated Statements of Operations.
Pending Accounting Pronouncements

Pending Accounting Pronouncements

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.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 30, 2025
Accounting Policies [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)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Net income

 

$

733,997

 

 

$

376,333

 

 

$

245,540

 

Weighted average shares outstanding

 

 

120,005

 

 

 

119,679

 

 

 

118,341

 

Dilutive effect of employee stock options, restricted shares and restricted stock units

 

 

772

 

 

 

1,063

 

 

 

993

 

Diluted weighted average shares outstanding

 

 

120,777

 

 

 

120,742

 

 

 

119,334

 

Earnings per share—Basic

 

$

6.12

 

 

$

3.14

 

 

$

2.07

 

Earnings per share—Diluted

 

$

6.08

 

 

$

3.12

 

 

$

2.06

 
v3.25.3
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Receivables, Contract Assets and Liabilities

Receivables, Contract Assets, and Contract Liabilities

 

(in thousands)

 

September 30,

 

 

 

2025

 

 

2024

 

Short-term receivables

 

$

1,001,085

 

 

$

861,953

 

Long-term receivables

 

$

378,941

 

 

$

200,099

 

Contract asset

 

$

11,044

 

 

$

14,410

 

Deferred revenue

 

$

827,065

 

 

$

775,274

 

 
Disaggregation of Revenue

Disaggregation of Revenue

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Recurring revenue(1)

 

$

2,600,514

 

 

$

2,134,030

 

 

$

1,907,918

 

Perpetual license

 

 

31,375

 

 

 

32,196

 

 

 

38,640

 

Professional services

 

 

107,337

 

 

 

132,246

 

 

 

150,495

 

Total revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 
(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)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Product lifecycle management (PLM)

 

$

1,741,310

 

 

$

1,459,078

 

 

$

1,330,316

 

Computer-aided design (CAD)

 

 

997,916

 

 

 

839,394

 

 

 

766,737

 

Total revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

 
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)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Americas(1)

 

$

1,327,229

 

 

$

1,087,929

 

 

$

1,023,273

 

Europe(2)

 

 

995,094

 

 

 

859,387

 

 

 

753,796

 

Asia Pacific

 

 

416,903

 

 

 

351,156

 

 

 

319,984

 

Total revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

 

(1)
Includes revenue in the United States totaling $1,287.5 million, $1,057.3 million, and $993.8 million for 2025, 2024 and 2023, respectively.
(2)
Includes revenue in Germany totaling $368.8 million, $330.5 million, and $292.0 million for 2025, 2024 and 2023, respectively.
v3.25.3
Property and Equipment (Tables)
 12 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Components of Property and Equipment

Property and equipment consisted of the following:

 

(in thousands)

 

September 30,

 

 

 

2025

 

 

2024

 

Computer hardware and software

 

$

253,382

 

 

$

262,085

 

Furniture and fixtures

 

 

18,341

 

 

 

20,177

 

Leasehold improvements

 

 

72,657

 

 

 

79,802

 

Gross property and equipment

 

 

344,380

 

 

 

362,064

 

Accumulated depreciation and amortization

 

 

(283,537

)

 

 

(286,877

)

Net property and equipment

 

$

60,843

 

 

$

75,187

 
v3.25.3
Acquisitions and Disposition of Businesses (Tables)
 12 Months Ended
Sep. 30, 2025
Business Combination [Line Items]  
Unaudited Pro Forma Financial Information

The unaudited pro forma financial information for the year ended September 30, 2023 presented below combines the historical results of PTC for the period, the historical results of ServiceMax for the three months ended January 31, 2023, and the effects of the pro forma adjustments listed above.

(in thousands)

 

Pro forma year ended
September 30,

 

 

 

2023

 

Revenue

 

$

2,140,738

 

Net income

 

$

239,437

 
Pure Systems  
Business Combination [Line Items]  
Schedule of Purchase Price Allocation

The following table outlines the purchase price allocation for pure-systems:

(in thousands)

 

 

 

Goodwill

 

$

77,118

 

Customer relationships

 

 

17,400

 

Purchased software

 

 

10,000

 

Trademarks

 

 

800

 

Net tax liability

 

 

(8,860

)

Acquired debt

 

 

(2,475

)

Other net liabilities

 

 

(526

)

Total

 

$

93,457

 
Servicemax Inc. acquisition  
Business Combination [Line Items]  
Schedule of Purchase Price Allocation

The following table sets forth the purchase price allocation for ServiceMax. The purchase price allocation includes the finalization of measurement period adjustments related to intangibles and deferred tax liabilities that resulted in a $3.5 million increase in customer relationships, a $3.2 million increase in net tax liability, and a $0.3 million decrease in goodwill compared to the balances reported as of March 31, 2023. We also recorded a liability of $620.0 million related to the fair value of the $650.0 million deferred purchase price payment.

(in thousands)

 

 

 

Goodwill

 

$

974,850

 

Customer relationships

 

 

512,700

 

Purchased software

 

 

106,900

 

Accounts receivable

 

 

58,722

 

Trademarks

 

 

9,000

 

Other net assets

 

 

5,540

 

Net tax liability

 

 

(121,656

)

Deferred revenue

 

 

(97,829

)

Total

 

$

1,448,227

 
v3.25.3
Goodwill and Acquired Intangible Assets (Tables)
 12 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Acquired Intangible Assets

Goodwill and acquired intangible assets consisted of the following:

(in thousands)

 

September 30, 2025

 

 

September 30, 2024

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

Goodwill (not amortized)

 

 

 

 

 

 

 

$

3,493,316

 

 

 

 

 

 

 

 

$

3,461,891

 

Intangible assets with finite lives (amortized)(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased software

 

$

639,104

 

 

$

472,357

 

 

$

166,747

 

 

$

634,439

 

 

$

436,471

 

 

$

197,968

 

Capitalized software

 

 

22,877

 

 

 

22,877

 

 

 

—

 

 

 

22,877

 

 

 

22,877

 

 

 

—

 

Customer lists and relationships

 

 

1,149,262

 

 

 

505,202

 

 

 

644,060

 

 

 

1,141,086

 

 

 

457,718

 

 

 

683,368

 

Trademarks and trade names

 

 

38,179

 

 

 

24,323

 

 

 

13,856

 

 

 

37,961

 

 

 

21,821

 

 

 

16,140

 

Other

 

 

4,019

 

 

 

4,019

 

 

 

—

 

 

 

3,941

 

 

 

3,941

 

 

 

—

 

 

 

$

1,853,441

 

 

$

1,028,778

 

 

$

824,663

 

 

$

1,840,304

 

 

$

942,828

 

 

$

897,476

 

Total goodwill and acquired intangible assets

 

 

 

 

 

 

 

$

4,317,979

 

 

 

 

 

 

 

 

$

4,359,367

 

 

(1)
The weighted-average useful lives of purchased software, customer lists and relationships, and trademarks and trade names with a remaining net book value are 11 years, 17 years, and 11 years, respectively. The weighted-average useful life for all intangible assets with remaining net book value is 16 years.
Schedule of Changes in Goodwill

Changes in Goodwill were as follows:

 

(in thousands)

 

 

 

Balance, September 30, 2023

 

$

3,358,511

 

pure-systems acquisition

 

 

77,118

 

Foreign currency translation adjustments

 

 

26,262

 

Balance, September 30, 2024

 

$

3,461,891

 

Other acquisitions

 

 

5,977

 

Foreign currency translation adjustments

 

 

25,448

 

Balance, September 30, 2025

 

$

3,493,316

 
Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives

The aggregate amortization expense for intangible assets with finite lives recorded for the years ended September 30, 2025, 2024 and 2023 was reflected in our Consolidated Statements of Operations as follows:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Amortization of acquired intangible assets

 

$

45,948

 

 

$

42,018

 

 

$

40,022

 

Cost of revenue

 

 

32,828

 

 

 

38,495

 

 

 

35,694

 

Total amortization expense

 

$

78,776

 

 

$

80,513

 

 

$

75,716

 
v3.25.3
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Taxes

Our Income before income taxes consisted of the following:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Domestic

 

$

418,265

 

 

$

43,504

 

 

$

(49,193

)

Foreign

 

 

501,912

 

 

 

425,458

 

 

 

381,759

 

Total income before income taxes

 

$

920,177

 

 

$

468,962

 

 

$

332,566

 
Schedule of Provision For Income Taxes

Our Provision for income taxes consisted of the following:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

128,230

 

 

$

44,642

 

 

$

7,311

 

State

 

 

21,754

 

 

 

25,359

 

 

 

10,020

 

Foreign

 

 

62,479

 

 

 

61,668

 

 

 

53,019

 

 

 

 

212,463

 

 

 

131,669

 

 

 

70,350

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

(43,333

)

 

 

(60,378

)

 

 

(11,821

)

State

 

 

(15,630

)

 

 

(7,387

)

 

 

(10,028

)

Foreign

 

 

32,680

 

 

 

28,725

 

 

 

38,525

 

 

 

 

(26,283

)

 

 

(39,040

)

 

 

16,676

 

Provision for income taxes

 

$

186,180

 

 

$

92,629

 

 

$

87,026

 
Summary of Federal Income Tax Rate and Effective Income Tax Rate

Taxes computed at the statutory federal income tax rates are reconciled to the Provision for income taxes as follows:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Statutory federal income tax rate

 

$

193,237

 

 

 

21

%

 

$

98,482

 

 

 

21

%

 

$

69,839

 

 

 

21

%

State income taxes, net of federal tax benefit

 

 

6,124

 

 

 

1

%

 

 

4,631

 

 

 

1

%

 

 

577

 

 

 

0

%

Federal research and development credits

 

 

(8,552

)

 

 

(1

)%

 

 

(11,203

)

 

 

(2

)%

 

 

(7,751

)

 

 

(2

)%

Uncertain tax positions

 

 

(1,904

)

 

 

—

 

 

 

7,268

 

 

 

2

%

 

 

23,302

 

 

 

7

%

Foreign tax credit

 

 

(14,410

)

 

 

(2

)%

 

 

(30,119

)

 

 

(7

)%

 

 

(11,415

)

 

 

(3

)%

Foreign rate differences

 

 

(12,135

)

 

 

(1

)%

 

 

(15,368

)

 

 

(3

)%

 

 

(20,829

)

 

 

(6

)%

Foreign tax on U.S. provision

 

 

14,452

 

 

 

2

%

 

 

15,120

 

 

 

3

%

 

 

11,415

 

 

 

3

%

Excess tax benefits from restricted stock

 

 

(8,534

)

 

 

(1

)%

 

 

(9,225

)

 

 

(2

)%

 

 

(6,963

)

 

 

(2

)%

U.S. permanent items

 

 

(920

)

 

 

—

 

 

 

2,711

 

 

 

0

%

 

 

5,341

 

 

 

2

%

Non-deductible compensation

 

 

9,096

 

 

 

1

%

 

 

10,157

 

 

 

2

%

 

 

8,344

 

 

 

3

%

Base Erosion Anti-Abuse Tax (BEAT)

 

 

2,653

 

 

 

—

 

 

 

3,264

 

 

 

1

%

 

 

—

 

 

 

—

 

GILTI, net of foreign tax credits

 

 

27,008

 

 

 

3

%

 

 

31,388

 

 

 

7

%

 

 

17,861

 

 

 

5

%

Foreign-Derived Intangible Income (FDII)

 

 

(20,162

)

 

 

(2

)%

 

 

(15,148

)

 

 

(3

)%

 

 

(8,987

)

 

 

(3

)%

Non-deductible imputed interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,292

 

 

 

2

%

Other, net

 

 

227

 

 

 

(1

)%

 

 

671

 

 

 

0

%

 

 

—

 

 

 

(1

)%

Provision for income taxes

 

$

186,180

 

 

 

20

%

 

$

92,629

 

 

 

20

%

 

$

87,026

 

 

 

26

%
Schedule of Deferred Tax Assets and Liabilities

The significant temporary differences that created deferred tax assets and liabilities are shown below:

 

(in thousands)

 

September 30,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

12,074

 

 

$

14,141

 

Foreign tax credits

 

 

5,996

 

 

 

2,028

 

Capitalized research and development

 

 

176,610

 

 

 

136,001

 

Pension benefits

 

 

6,868

 

 

 

7,629

 

Prepaid expenses

 

 

22,391

 

 

 

18,551

 

Deferred revenue

 

 

2,970

 

 

 

2,607

 

Stock-based compensation

 

 

23,514

 

 

 

22,231

 

Other reserves not currently deductible

 

 

39,888

 

 

 

34,422

 

Amortization of intangible assets

 

 

36,560

 

 

 

60,527

 

Research and development and other tax credits

 

 

8,984

 

 

 

25,706

 

Lease liabilities

 

 

43,650

 

 

 

46,460

 

Fixed assets

 

 

114,109

 

 

 

106,741

 

Capital loss carryforward

 

 

4,517

 

 

 

3,875

 

Other

 

 

5,608

 

 

 

3,528

 

Gross deferred tax assets

 

 

503,739

 

 

 

484,447

 

Valuation allowance

 

 

(8,529

)

 

 

(21,755

)

Total deferred tax assets

 

 

495,210

 

 

 

462,692

 

Deferred tax liabilities:

 

 

 

 

 

 

Acquired intangible assets not deductible

 

 

(246,107

)

 

 

(257,731

)

Lease assets

 

 

(29,298

)

 

 

(34,160

)

Pension prepayments

 

 

(4,279

)

 

 

(3,283

)

Deferred revenue

 

 

(10,212

)

 

 

(1,243

)

Depreciation

 

 

(3,277

)

 

 

(4,683

)

Deferred income

 

 

(14,518

)

 

 

(11,636

)

Prepaid commissions

 

 

(14,479

)

 

 

(13,738

)

Other

 

 

(9,120

)

 

 

(9,030

)

Total deferred tax liabilities

 

 

(331,290

)

 

 

(335,504

)

Net deferred tax assets

 

$

163,920

 

 

$

127,188

 
Summary of Valuation Allowance

The changes to the valuation allowance were primarily due to the following:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Valuation allowance, beginning of year

 

$

21,755

 

 

$

21,695

 

 

$

22,283

 

Net increase (decrease) in deferred tax assets with a full valuation allowance

 

 

(13,226

)

 

 

60

 

 

 

(588

)

Valuation allowance, end of year

 

$

8,529

 

 

$

21,755

 

 

$

21,695

 
Schedule of Unrecognized Tax Benefit

 

 

Year ended September 30,

 

Unrecognized tax benefits (in thousands)

 

2025

 

 

2024

 

 

2023

 

Unrecognized tax benefit, beginning of year

 

$

65,035

 

 

$

50,742

 

 

$

23,923

 

Tax positions related to current year:

 

 

 

 

 

 

 

 

 

Additions

 

 

14,736

 

 

 

7,570

 

 

 

7,075

 

Tax positions related to prior years:

 

 

 

 

 

 

 

 

 

Additions

 

 

104,375

 

 

 

10,705

 

 

 

20,855

 

Reductions

 

 

(9,669

)

 

 

(452

)

 

 

—

 

Settlements

 

 

(16,753

)

 

 

(3,530

)

 

 

—

 

Statute expirations

 

 

—

 

 

 

—

 

 

 

(1,111

)

Unrecognized tax benefit, end of year

 

$

157,724

 

 

$

65,035

 

 

$

50,742

 
Summary of Income Tax Examinations Years As of September 30, 2025, we remained subject to examination in the following major tax jurisdictions for the tax years indicated:

Major Tax Jurisdiction

 

Open Years

United States

 

2022 through 2025

Germany

 

2019 through 2025

France

 

2023 through 2025

Japan

 

2020 through 2025

Ireland

 

2019 through 2025
v3.25.3
Debt (Tables)
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Obligations

As of September 30, 2025 and 2024, we had the following short- and long-term debt obligations:

 

(in thousands)

 

September 30,

 

 

2025

 

 

2024

 

4.000% Senior notes due 2028

 

$

500,000

 

 

$

500,000

 

3.625% Senior notes due 2025

 

 

—

 

 

 

500,000

 

Credit facility revolver line(1)(2)

 

 

231,250

 

 

 

262,000

 

Credit facility term loan(1)(2)

 

 

468,750

 

 

 

490,625

 

Total debt

 

 

1,200,000

 

 

 

1,752,625

 

Unamortized debt issuance costs for the senior notes(3)

 

 

(2,566

)

 

 

(4,053

)

Total debt, net of issuance costs(4)

 

$

1,197,434

 

 

$

1,748,572

 

 

(1)
Unamortized debt issuance costs related to the credit facility were $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 and $2.3 million included in Other current assets and $5.2 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2024.
(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 $25.0 million in 2026 and 2027, and $418.7 million in 2028.
(3)
As of September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheet. As of September 30, 2024, $0.4 million of unamortized debt issuance costs for the senior notes was included in Current portion of long-term debt and $3.6 million was included in Long-term debt on the Consolidated Balance Sheet.
(4)
As of September 30, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term. As of September 30, 2024, $521.5 million of debt was classified as short term, including $499.6 million associated with the 2025 senior notes and related debt issuance costs and $21.9 million associated with the credit facility term loan.
v3.25.3
Equity Incentive Plans (Tables)
 12 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of Classification of Compensation Expense

The following table shows total stock-based compensation expense recorded in our Consolidated Statements of Operations:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Cost of license revenue

 

$

409

 

 

$

133

 

 

$

145

 

Cost of support and cloud services revenue

 

 

16,435

 

 

 

14,479

 

 

 

12,801

 

Cost of professional services revenue

 

 

5,846

 

 

 

6,827

 

 

 

7,928

 

Sales and marketing

 

 

61,750

 

 

 

68,541

 

 

 

56,394

 

Research and development

 

 

65,119

 

 

 

60,266

 

 

 

58,931

 

General and administrative

 

 

66,646

 

 

 

73,215

 

 

 

70,260

 

Total stock-based compensation expense

 

$

216,205

 

 

$

223,461

 

 

$

206,459

 
Schedule of Restricted Stock Unit Activity

The following table sets forth the restricted stock unit activity for the year ended September 30, 2025.

(in thousands, except grant date fair value data)

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Aggregate
Intrinsic Value

 

Balance of outstanding RSUs at October 1, 2024

 

 

2,064

 

 

$

147.92

 

 

 

 

Granted(1)

 

 

1,232

 

 

$

186.37

 

 

 

 

Vested

 

 

(1,300

)

 

$

148.03

 

 

 

 

Forfeited or not earned

 

 

(100

)

 

$

152.65

 

 

 

 

Balance of outstanding RSUs at September 30, 2025

 

 

1,896

 

 

$

173.53

 

 

$

384,917

 
(1)
RSUs granted include 17 shares from prior period rTSR awards that were earned upon achievement of the performance criteria and vested in November 2024 and 10 shares from prior period performance-based awards that were earned upon achievement of the performance criteria and vested in November 2024.
Schedule of Number of RSU Awards Granted by Award Type

The following table presents the number of RSU awards granted by award type:

(in thousands)

 

Year ended September 30, 2025

 

Performance-based RSUs(1)

 

 

94

 

Service-based RSUs(2)

 

 

1,045

 

Relative Total Shareholder Return RSUs(3)

 

 

66

 
(1)
The performance-based RSUs are primarily made up of RSUs granted to our executives and are eligible to vest based upon annual performance measures over a three-year period. To the extent earned, those performance-based RSUs will vest in three substantially equal installments on November 15, 2025, November 15, 2026, and November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of RSUs can be earned.
(2)
The service-based RSUs were granted to employees, including our executive officers. Substantially all service-based RSUs will vest in three substantially equal annual installments on or about the anniversary of the date of grant.
(3)
The rTSR RSUs were granted to our executives and are eligible to vest based on the performance of PTC stock relative to the stock performance of an index of PTC peer companies established as of the grant date, as determined at the end of the measurement period ending on September 30, 2027. The RSUs earned will vest on November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of rTSR RSUs eligible to be earned for the period may vest. If the stock price as of the beginning of the period is below the stock price at the end of the period, a maximum of 100% of the rTSR RSUs may vest.
Schedule of Valuation Assumptions The significant assumptions used in the Monte Carlo simulation model were as follows:

 

 

2025

 

 

2024

 

 

2023

 

Average volatility of peer group

 

 

50.64

%

 

 

49.30

%

 

 

41.54

%

Risk-free interest rate

 

 

4.21

%

 

 

4.65

%

 

 

4.12

%

Dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

Expected term (in years)

 

 

2.88

 

 

 

2.87

 

 

 

2.87

 
Schedule of Value of Stock Issued for Vested RSUs

The value of stock issued for vested RSUs is as follows:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Stock issued for vested RSUs

 

$

236,697

 

 

$

289,333

 

 

$

240,066

 
v3.25.3
Pension Plans (Tables)
 12 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Accounting For The Pension Plans

The following table presents the actuarial assumptions used in accounting for the pension plans:

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted average assumptions used to determine benefit obligations at September 30 measurement date:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.8

%

 

 

3.3

%

 

 

4.2

%

Rate of increase in future compensation

 

 

3.0

%

 

 

3.0

%

 

 

3.0

%

Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.3

%

 

 

4.2

%

 

 

3.7

%

Rate of increase in future compensation

 

 

3.0

%

 

 

3.0

%

 

 

3.6

%

Rate of return on plan assets

 

 

4.8

%

 

 

4.8

%

 

 

4.8

%
Components of Net Periodic Pension Cost

All non-service net periodic pension costs are presented in Other income, net on the Consolidated Statement of Operations. The actuarially computed components of net periodic pension cost recognized in our Consolidated Statements of Operations for each year are shown below:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Interest cost of projected benefit obligation

 

$

2,121

 

 

$

2,368

 

 

$

2,126

 

Service cost

 

 

578

 

 

 

674

 

 

 

690

 

Expected return on plan assets

 

 

(3,700

)

 

 

(3,361

)

 

 

(3,541

)

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

—

 

Recognized actuarial loss

 

 

697

 

 

 

398

 

 

 

241

 

Settlement gain

 

 

(65

)

 

 

(19

)

 

 

—

 

Net periodic pension (benefit) cost

 

$

(369

)

 

$

60

 

 

$

(484

)
Change in Benefit Obligation and Plan Assets

The following tables display the change in benefit obligation and the change in the plan assets and funded status of the plans as well as the amounts recognized in our Consolidated Balance Sheets:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Projected benefit obligation, beginning of year

 

$

70,242

 

 

$

60,433

 

Service cost

 

 

578

 

 

 

674

 

Interest cost

 

 

2,121

 

 

 

2,368

 

Actuarial loss (gain)

 

 

(2,818

)

 

 

7,128

 

Foreign exchange impact

 

 

2,896

 

 

 

3,319

 

Participant contributions

 

 

93

 

 

 

100

 

Benefits paid

 

 

(2,711

)

 

 

(3,162

)

Settlements

 

 

(941

)

 

 

(618

)

Projected benefit obligation, end of year

 

$

69,460

 

 

$

70,242

 

Change in plan assets and funded status:

 

 

 

 

 

 

Plan assets at fair value, beginning of year

 

$

77,757

 

 

$

68,875

 

Actual return on plan assets

 

 

2,563

 

 

 

5,120

 

Employer contributions

 

 

3,238

 

 

 

3,697

 

Participant contributions

 

 

93

 

 

 

100

 

Foreign exchange impact

 

 

3,775

 

 

 

3,745

 

Settlements

 

 

(941

)

 

 

(618

)

Benefits paid

 

 

(2,711

)

 

 

(3,162

)

Plan assets at fair value, end of year

 

 

83,774

 

 

 

77,757

 

Projected benefit obligation, end of year

 

 

69,460

 

 

 

70,242

 

Underfunded status

 

$

(11,367

)

 

$

(12,438

)

Overfunded status

 

$

25,681

 

 

$

19,953

 

Accumulated benefit obligation, end of year

 

$

68,996

 

 

$

69,580

 

Amounts recognized in the balance sheet:

 

 

 

 

 

 

Non-current asset

 

$

25,681

 

 

$

19,953

 

Non-current liability

 

$

(10,979

)

 

$

(12,083

)

Current liability

 

$

(388

)

 

$

(355

)

Amounts in accumulated other comprehensive loss:

 

 

 

 

 

 

Unrecognized actuarial loss

 

$

13,620

 

 

$

15,230

 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The following table shows the change in Accumulated other comprehensive loss:

 

(in thousands)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

Accumulated other comprehensive loss, beginning of year

 

$

15,230

 

 

$

9,573

 

Recognized during year - amortization of net actuarial losses

 

 

(697

)

 

 

(398

)

Occurring during year - effect of settlement

 

 

65

 

 

 

19

 

Occurring during year - net actuarial losses (gains)

 

 

(1,681

)

 

 

5,369

 

Foreign exchange impact

 

 

703

 

 

 

667

 

Accumulated other comprehensive loss, end of year

 

$

13,620

 

 

$

15,230

 

 
Percentage of Total Plan Assets

The following table shows the percentage of total plan assets for each major category of plan assets:

 

 

 

September 30,

 

Asset category

 

2025

 

 

2024

 

Equity securities

 

 

19

%

 

 

12

%

Fixed income securities

 

 

57

%

 

 

62

%

Commodities

 

 

6

%

 

 

6

%

Insurance company funds

 

 

8

%

 

 

9

%

Cash

 

 

10

%

 

 

11

%

 

 

100

%

 

 

100

%
Expected Future Benefit Payments

As of September 30, 2025, benefit payments expected to be paid over the next ten years are as follows:

 

(in thousands)

 

Future Benefit Payments

 

2026

 

$

4,402

 

2027

 

$

5,072

 

2028

 

$

5,061

 

2029

 

$

5,164

 

2030

 

$

5,209

 

2031 to 2035

 

$

27,064

 
Fair Value of Plan Assets

(in thousands)

 

September 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

$

47,554

 

 

$

—

 

 

$

—

 

 

$

47,554

 

Equities in funds

 

 

15,709

 

 

 

—

 

 

 

—

 

 

 

15,709

 

Commodities

 

 

5,077

 

 

 

—

 

 

 

—

 

 

 

5,077

 

Insurance company funds(1)

 

 

—

 

 

 

6,867

 

 

 

—

 

 

 

6,867

 

Cash

 

 

8,538

 

 

 

—

 

 

 

—

 

 

 

8,538

 

Options

 

 

29

 

 

 

—

 

 

 

—

 

 

 

29

 

Total plan assets

 

$

76,907

 

 

$

6,867

 

 

$

—

 

 

$

83,774

 

 

(in thousands)

 

September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

$

48,146

 

 

$

—

 

 

$

—

 

 

$

48,146

 

Equities in funds

 

 

9,550

 

 

 

—

 

 

 

—

 

 

 

9,550

 

Commodities

 

 

4,309

 

 

 

—

 

 

 

—

 

 

 

4,309

 

Insurance company funds(1)

 

 

—

 

 

 

7,385

 

 

 

—

 

 

 

7,385

 

Cash

 

 

8,277

 

 

 

—

 

 

 

—

 

 

 

8,277

 

Options

 

 

90

 

 

 

—

 

 

 

—

 

 

 

90

 

Total plan assets

 

$

70,372

 

 

$

7,385

 

 

$

—

 

 

$

77,757

 

 

(1)
These investments are comprised primarily of funds invested with an insurance company in Japan with a guaranteed rate of return. The insurance company invests these assets primarily in government and corporate bonds.
v3.25.3
Fair Value Measurements (Tables)
 12 Months Ended
Sep. 30, 2025
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 September 30, 2025 and 2024 were as follows:

 

(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

 

 

(in thousands)

 

September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents(1)

 

$

48,509

 

 

$

—

 

 

$

—

 

 

$

48,509

 

Forward contracts

 

 

—

 

 

 

1,202

 

 

 

—

 

 

 

1,202

 

 

$

48,509

 

 

$

1,202

 

 

$

—

 

 

$

49,711

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

 

—

 

 

 

4,166

 

 

 

—

 

 

 

4,166

 

 

$

—

 

 

$

4,166

 

 

$

—

 

 

$

4,166

 

 

(1)
Money market funds and time deposits.
v3.25.3
Derivative Financial Instruments (Tables)
 12 Months Ended
Sep. 30, 2025
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

 

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivative assets:(1)

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

2,871

 

 

$

181

 

 

$

3,136

 

 

$

1,021

 

Option contracts

 

$

—

 

 

$

—

 

 

$

6,228

 

 

$

—

 

Derivative liabilities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

—

 

 

$

630

 

 

$

4,773

 

 

$

3,536

 
(1)
As of September 30, 2025 and 2024, current derivative assets are recorded in Other current assets on the Consolidated Balance Sheets.
As of September 30, 2025 and 2024, current derivative liabilities are recorded in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.
Schedule of Notional Amounts of Outstanding Forward and Options Contracts

As of September 30, 2025 and 2024, we had outstanding forward and option contracts not designated as hedging instruments with notional amounts equivalent to the following:

 

 

 

September 30,

 

Currency Hedged (in thousands)

 

2025

 

 

2024

 

Euro / U.S. Dollar(1)

 

$

1,202,830

 

 

$

781,398

 

British Pound / U.S. Dollar

 

 

22,974

 

 

 

24,810

 

Israeli Shekel / U.S. Dollar

 

 

20,094

 

 

 

12,535

 

Indian Rupee / U.S. Dollar

 

 

53,465

 

 

 

—

 

Japanese Yen / U.S. Dollar(2)

 

 

131,284

 

 

 

42,340

 

Swiss Franc / U.S. Dollar

 

 

8,960

 

 

 

74,939

 

Swedish Krona / U.S. Dollar

 

 

21,568

 

 

 

48,596

 

Chinese Renminbi / U.S. Dollar

 

 

7,134

 

 

 

32,124

 

New Taiwan Dollar / U.S. Dollar

 

 

23,098

 

 

 

16,368

 

All other

 

 

26,679

 

 

 

25,368

 

Total

 

$

1,518,086

 

 

$

1,058,478

 
(1)
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. As of September 30, 2024, all the Euro to U.S. Dollar outstanding notional amount relates to forward contracts.
(2)
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 September 30, 2024, all the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts.

As of September 30, 2025 and 2024, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

 

 

 

September 30,

 

Currency Hedged (in thousands)

 

2025

 

 

2024

 

Euro / U.S. Dollar

 

$

480,198

 

 

$

462,894

 

Japanese Yen / U.S. Dollar

 

 

10,260

 

 

 

10,739

 

Total

 

$

490,458

 

 

$

473,633

 
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 years ended September 30, 2025, 2024 and 2023:

 

(in thousands)

 

 

 

Year ended September 30,

 

 

 

Location of Gain (Loss)

 

2025

 

 

2024

 

 

2023

 

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

 

Other income, net

 

$

(5,204

)

 

$

(6,238

)

 

$

(11,757

)
In 2025, 2024, and 2023,

The following table shows the effect of our derivative instruments designated as net investment hedges on the Consolidated Statements of Operations for the years ended September 30, 2025, 2024, and 2023:

 

(in thousands)

 

 

 

Year ended September 30,

 

 

 

Location of Gain (Loss)

 

2025

 

 

2024

 

 

2023

 

Loss recognized in Other comprehensive income ("OCI")

 

OCI

 

$

(23,684

)

 

$

(21,643

)

 

$

(10,033

)

Gain (loss) reclassified from OCI to earnings

 

n/a

 

$

—

 

 

$

—

 

 

$

—

 

Gain recognized, excluded portion

 

Other income, net

 

$

6,251

 

 

$

4,346

 

 

$

4,241

 
Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of September 30, 2025:

 

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of September 30, 2025

 

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

 

$

12,235

 

 

$

—

 

 

$

12,235

 

 

$

(4,773

)

 

$

—

 

 

$

7,462

 
Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of September 30, 2025:

 

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of September 30, 2025

 

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

 

$

4,773

 

 

$

—

 

 

$

4,773

 

 

$

(4,773

)

 

$

—

 

 

$

—

 
v3.25.3
Segment and Geographic Information (Tables)
 12 Months Ended
Sep. 30, 2025
Segment Reporting Information [Line Items]  
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)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

      Cost of revenue, adjusted(1)

 

 

389,465

 

 

 

384,882

 

 

 

384,438

 

      Operating expenses, adjusted(2)

 

 

1,047,636

 

 

 

1,019,250

 

 

 

953,720

 

      Other segment items(3)

 

 

568,128

 

 

 

518,007

 

 

 

513,355

 

Consolidated net income

 

$

733,997

 

 

$

376,333

 

 

$

245,540

 
(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 (credits), net.
(3)
Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges (credits), net; Other income (expense), net; and Provision for income taxes.
v3.25.3
Leases (Tables)
 12 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Components of Lease Cost

The components of lease cost reflected in the Consolidated Statements of Operations for the years ended September 30, 2025, 2024, and 2023 were as follows:

 

(in thousands)

 

Year ended September 30,

 

 

2025

 

2024

 

2023

 

Operating lease cost

$

32,912

 

$

33,288

 

$

32,402

 

Short-term lease cost

 

1,453

 

 

3,691

 

 

5,411

 

Variable lease cost

 

10,572

 

 

9,919

 

 

10,945

 

Sublease income

 

(958

)

 

(1,436

)

 

(4,749

)

Total lease cost

$

43,979

 

$

45,462

 

$

44,009

 

Supplemental cash flow information for the years ended September 30, 2025, 2024, and 2023 was as follows:

 

(in thousands)

 

Year ended September 30,

 

 

2025

 

2024

 

2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 Operating cash flows from operating leases

$

36,303

 

$

35,498

 

$

36,038

 

Right-of-use assets obtained in exchange for new lease obligations:

 

 

 

 

 

 

 

 

 

Operating leases(1)

$

16,664

 

$

11,079

 

$

28,257

 

 

(1)
In the year ended September 30, 2023, operating lease additions included $4.0 million related to the ServiceMax acquisition.

Supplemental balance sheet information related to the leases as of September 30, 2025 and 2024 was as follows:

 

 

 

September 30,

 

 

2025

 

2024

 

Weighted-average remaining lease term - operating leases

9.4 years

 

10.3 years

 

Weighted-average discount rate - operating leases

 

5.3

%

 

5.4

%
Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2025 are as follows:

 

(in thousands)

Operating Leases

 

2026

$

31,829

 

2027

 

26,987

 

2028

 

22,214

 

2029

 

18,674

 

2030

 

 

17,460

 

Thereafter

 

 

104,477

 

Total future lease payments

 

 

221,641

 

Less: imputed interest

 

 

(49,208

)

Total lease liability

 

$

172,433

 

As of September 30, 2025, we had an operating lease that had not yet commenced. The lease will commence in 2026 with a lease term of 5 years and we will make future lease payments of approximately $7.4 million.

v3.25.3
Segments (Tables)
 12 Months Ended
Sep. 30, 2025
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)

 

Year ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

2,739,226

 

 

$

2,298,472

 

 

$

2,097,053

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

      Cost of revenue, adjusted(1)

 

 

389,465

 

 

 

384,882

 

 

 

384,438

 

      Operating expenses, adjusted(2)

 

 

1,047,636

 

 

 

1,019,250

 

 

 

953,720

 

      Other segment items(3)

 

 

568,128

 

 

 

518,007

 

 

 

513,355

 

Consolidated net income

 

$

733,997

 

 

$

376,333

 

 

$

245,540

 
(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 (credits), net.
(3)
Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges (credits), net; Other income (expense), net; and Provision for income taxes.
v3.25.3
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended
Sep. 30, 2025
USD ($)
Segment
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]        
Percent of standalone selling price for subscriptions that contains software license 55.00%      
Percent of standalone selling price for subscriptions that contains support 45.00%      
Contract with customer, total liability $ 39,700,000 $ 26,000,000    
Lease expiration date       2037
Development costs for software 0 0 $ 0  
Impairment of goodwill 0      
Advertising expense 11,700,000 15,000,000 11,700,000  
Cumulative translation adjustment gains (loss) 40,800,000 78,100,000    
Pension benefits, before tax 13,600,000 15,200,000    
Accumulated other comprehensive (income) loss, defined benefit plan, after tax 9,400,000 10,500,000    
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Net Investment Hedges, Before Tax 38,500,000 14,800,000    
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Net Investment Hedges, Effect Net of Tax 31,000,000 13,100,000    
Impairment charge $ 15,600,000      
Number of operating segments | Segment 1      
Number of Reportable Segments | Segment 1      
Purchased Software        
Summary Of Significant Accounting Policies [Line Items]        
Finite-lived intangible assets acquired $ 0 $ 4,100,000 $ 1,000,000  
Right-of-Use Assets        
Summary Of Significant Accounting Policies [Line Items]        
Impairment charge 12,800,000      
Fixed Assets        
Summary Of Significant Accounting Policies [Line Items]        
Impairment charge $ 2,800,000      
Minimum        
Summary Of Significant Accounting Policies [Line Items]        
Percent of standalone selling price for subscriptions 5.00%      
Minimum | Software and Computer Equipment        
Summary Of Significant Accounting Policies [Line Items]        
Amortization period (in years) 3 years      
Minimum | Furniture And Fixtures        
Summary Of Significant Accounting Policies [Line Items]        
Amortization period (in years) 3 years      
Maximum        
Summary Of Significant Accounting Policies [Line Items]        
Percent of standalone selling price for subscriptions 50.00%      
Maximum | Purchased Software        
Summary Of Significant Accounting Policies [Line Items]        
Amortization period (in years) 16 years      
Maximum | Customer Lists and Relationships        
Summary Of Significant Accounting Policies [Line Items]        
Amortization period (in years) 20 years      
Maximum | Trademarks        
Summary Of Significant Accounting Policies [Line Items]        
Amortization period (in years) 15 years      
Maximum | Software and Computer Equipment        
Summary Of Significant Accounting Policies [Line Items]        
Amortization period (in years) 5 years      
Maximum | Furniture And Fixtures        
Summary Of Significant Accounting Policies [Line Items]        
Amortization period (in years) 12 years      
Not Designated as Hedging Instrument | Foreign Exchange Forward        
Summary Of Significant Accounting Policies [Line Items]        
Derivative maturity 4 months      
Not Designated as Hedging Instrument | Foreign Exchange Option        
Summary Of Significant Accounting Policies [Line Items]        
Derivative maturity 14 months      
Net Investment Hedging | Designated as Hedging Instrument | Foreign Exchange Forward        
Summary Of Significant Accounting Policies [Line Items]        
Derivative maturity 3 months      
v3.25.3
Summary of Significant Accounting Policies (Earnings Per Share Basic And Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Accounting Policies [Abstract]      
Net Income (Loss) $ 733,997 $ 376,333 $ 245,540
Weighted average shares outstanding 120,005 119,679 118,341
Dilutive effect of employee stock options, restricted shares and restricted stock units 772 1,063 993
Diluted weighted average shares outstanding 120,777 120,742 119,334
Earnings per share-Basic $ 6.12 $ 3.14 $ 2.07
Earnings per share-Diluted $ 6.08 $ 3.12 $ 2.06
v3.25.3
Revenue from Contracts with Customers - Schedule of Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]    
Short-term receivables $ 1,001,085 $ 861,953
Long-term receivables 378,941 200,099
Contract asset 11,044 14,410
Deferred revenue $ 827,065 $ 775,274
v3.25.3
Revenue from Contracts with Customers - Additional Information (Details) - USD ($)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Revenue from External Customer [Line Items]          
Contract asset expected to be transferred to receivables within the next 12 months all        
Contract assets included in other current assets   all      
Contract with customer, asset, reclassified to receivable       $ 10,900,000  
Contract with customer, asset, increase in contract assets related to revenue recognized       7,500,000  
Deferred revenue, revenue recognized     $ 748,800,000    
Deferred revenue, additions     $ 800,600,000    
Capitalized contract cost, amortization period 5 years   5 years    
Amortization expense related to costs to obtain a contract with a customer     $ 54,000,000 52,000,000 $ 53,400,000
Impairments of the contract cost asset $ 0 $ 0 0 0  
Impairment of contract assets       0  
Deferred revenue 827,065,000 775,274,000 827,065,000 775,274,000  
Revenue, remaining performance obligation, amount 2,870,700,000   2,870,700,000    
Unrecorded          
Revenue from External Customer [Line Items]          
Revenue, remaining performance obligation, amount 2,043,600,000   2,043,600,000    
Other Current Assets          
Revenue from External Customer [Line Items]          
Capitalized contract cost, net 45,100,000 42,500,000 45,100,000 42,500,000  
Other Assets          
Revenue from External Customer [Line Items]          
Capitalized contract cost, net $ 78,200,000 $ 76,400,000 $ 78,200,000 $ 76,400,000  
v3.25.3
Revenue from Contracts with Customers - Remaining Performance Obligations - Additional Information (Details)
Sep. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, percentage 55.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, percentage 24.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01 | 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: 2026-10-01 | Minimum  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period 13 months
v3.25.3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Disaggregation Of Revenue [Line Items]      
Revenue $ 2,739,226 $ 2,298,472 $ 2,097,053
Recurring revenue      
Disaggregation Of Revenue [Line Items]      
Revenue [1] 2,600,514 2,134,030 1,907,918
Perpetual license      
Disaggregation Of Revenue [Line Items]      
Revenue 31,375 32,196 38,640
Professional services      
Disaggregation Of Revenue [Line Items]      
Professional services $ 107,337 $ 132,246 $ 150,495
[1] Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.
v3.25.3
Revenue from Contracts with Customers - Summary of Revenue and Profit Attributable to Product Groups (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Revenue from External Customer [Line Items]      
Total revenue $ 2,739,226 $ 2,298,472 $ 2,097,053
Product lifecycle management (PLM)      
Revenue from External Customer [Line Items]      
Total revenue 1,741,310 1,459,078 1,330,316
Computer-aided design (CAD)      
Revenue from External Customer [Line Items]      
Total revenue $ 997,916 $ 839,394 $ 766,737
v3.25.3
Revenue from Contracts with Customers - Revenue By Geographic Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Revenue Reconciling Item [Line Items]      
Total revenue $ 2,739,226 $ 2,298,472 $ 2,097,053
Operating Segments      
Segment Reporting Revenue Reconciling Item [Line Items]      
Total revenue 2,739,226 2,298,472 2,097,053
Americas | Operating Segments      
Segment Reporting Revenue Reconciling Item [Line Items]      
Total revenue [1] 1,327,229 1,087,929 1,023,273
Europe | Operating Segments      
Segment Reporting Revenue Reconciling Item [Line Items]      
Total revenue [2] 995,094 859,387 753,796
Asia Pacific | Operating Segments      
Segment Reporting Revenue Reconciling Item [Line Items]      
Total revenue $ 416,903 $ 351,156 $ 319,984
[1] Includes revenue in the United States totaling $1,287.5 million, $1,057.3 million, and $993.8 million for 2025, 2024 and 2023, respectively.
[2] Includes revenue in Germany totaling $368.8 million, $330.5 million, and $292.0 million for 2025, 2024 and 2023, respectively.
v3.25.3
Revenue from Contracts with Customers - Revenue By Geographic Segment (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Total revenue $ 2,739,226 $ 2,298,472 $ 2,097,053
United States      
Total revenue 1,287,500 1,057,300 993,800
Germany      
Total revenue $ 368,800 $ 330,500 $ 292,000
v3.25.3
Impairment and Other Charges (Credits), Net - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost And Reserve [Line Items]      
Sublease Income $ 958 $ 1,436 $ 4,749
Restructuring and other charges (credits), net $ 15,643 $ (802) $ (460)
v3.25.3
Property and Equipment - Components of Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Abstract]    
Computer hardware and software $ 253,382 $ 262,085
Furniture and fixtures 18,341 20,177
Leasehold improvements 72,657 79,802
Gross property and equipment 344,380 362,064
Accumulated depreciation and amortization (283,537) (286,877)
Net property and equipment $ 60,843 $ 75,187
v3.25.3
Property and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Property, Plant and Equipment [Line Items]      
Depreciation $ 23.7 $ 27.6 $ 29.0
Impairment charge 15.6    
Leasehold Improvements And Furniture And Fixtures      
Property, Plant and Equipment [Line Items]      
Impairment charge $ 2.8    
v3.25.3
Acquisitions and Disposition of Businesses - Additional Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Oct. 04, 2023
USD ($)
Employees
Oct. 02, 2023
USD ($)
Jan. 03, 2023
USD ($)
Employees
Jun. 01, 2022
USD ($)
Jun. 30, 2025
USD ($)
Sep. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Business Acquisition [Line Items]                    
Business combination, acquisition and transaction related costs               $ 9,100 $ 3,100 $ 18,700
Borrowings under credit facility               860,000 1,084,845 1,540,000
Revenue               $ 2,739,226 $ 2,298,472 2,097,053
Acquired finite-lived intangible asset, weighted average useful life               16 years    
Gain on achieving performance milestones with contingent consideration               $ 13,100    
Customer relationships                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life               17 years    
Purchased Software                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life               11 years    
Trademarks                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life               11 years    
Term Loan Facility                    
Business Acquisition [Line Items]                    
Borrowings under credit facility     $ 500,000              
Pure Systems                    
Business Acquisition [Line Items]                    
Payments to acquire business, net of cash $ 93,500                  
Number Of Employees | Employees 50                  
Pure Systems | Customer relationships                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life 18 years                  
Pure Systems | Purchased Software                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life 10 years                  
Pure Systems | Trademarks                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life 10 years                  
Servicemax acquisition                    
Business Acquisition [Line Items]                    
Payments to acquire business, net of cash     1,448,200              
Deferred acquisition payments   $ 650,000 650,000             650,000
Preliminary purchase price     828,200              
Payments to acquire business   620,000 $ 620,000              
Number Of Employees | Employees     500              
Revenue                   $ 137,600
Increase in Goodwill           $ 300        
Imputed interest payable   $ 30,000                
Servicemax acquisition | Net Tax Liablity [Member]                    
Business Acquisition [Line Items]                    
Increase in net tax liability             $ 3,200      
Servicemax acquisition | Customer relationships                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life     20 years              
Increase in customer relationships             $ 3,500      
Servicemax acquisition | Purchased Software                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life     10 years              
Servicemax acquisition | Trademarks                    
Business Acquisition [Line Items]                    
Acquired finite-lived intangible asset, weighted average useful life     10 years              
Servicemax acquisition | Revolving Credit Facility                    
Business Acquisition [Line Items]                    
Borrowings under credit facility     $ 630,000              
Other Acquisitions                    
Business Acquisition [Line Items]                    
Payments to acquire business, net of cash         $ 7,900          
Preliminary purchase price         6,500          
Contingent consideration payable         $ 1,400          
PLM Services Business Disposition                    
Business Acquisition [Line Items]                    
Total consideration       $ 60,400            
Cash Consideration       32,500            
Contingent Consideration       20,000            
PLM Services Business Disposition | Service To Be Performed [Member]                    
Business Acquisition [Line Items]                    
Non Cash Consideration       $ 28,000            
v3.25.3
Acquisitions and Disposition of Businesses - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Oct. 04, 2023
Sep. 30, 2023
Jan. 03, 2023
Business Combination [Line Items]          
Goodwill $ 3,493,316 $ 3,461,891   $ 3,358,511  
Pure Systems          
Business Combination [Line Items]          
Goodwill     $ 77,118    
Net tax liability     (8,860)    
Acquired debt     (2,475)    
Other net liabilities     (526)    
Total     93,457    
Servicemax acquisition          
Business Combination [Line Items]          
Goodwill         $ 974,850
Accounts receivable         58,722
Other net assets         5,540
Net tax liability         (121,656)
Deferred revenue         (97,829)
Total         1,448,227
Customer relationships | Pure Systems          
Business Combination [Line Items]          
Intangible assets     17,400    
Customer relationships | Servicemax acquisition          
Business Combination [Line Items]          
Intangible assets         512,700
Purchased Software | Pure Systems          
Business Combination [Line Items]          
Intangible assets     10,000    
Purchased Software | Servicemax acquisition          
Business Combination [Line Items]          
Intangible assets         106,900
Trademarks | Pure Systems          
Business Combination [Line Items]          
Intangible assets     $ 800    
Trademarks | Servicemax acquisition          
Business Combination [Line Items]          
Intangible assets         $ 9,000
v3.25.3
Acquisitions and Disposition of Businesses - Schedule of Unaudited Pro Forma Financial Information (Details) - ServiceMax Acquisition [Member]
$ in Thousands
 12 Months Ended
Sep. 30, 2023
USD ($)
Business Combination [Line Items]  
Revenue $ 2,140,738
Net income $ 239,437
v3.25.3
Goodwill and Acquired Intangible Assets - Additional Information (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Estimated aggregate future amortization expense for intangible assets, 2026 $ 79.6
Estimated aggregate future amortization expense for intangible assets, 2027 79.7
Estimated aggregate future amortization expense for intangible assets, 2028 76.9
Estimated aggregate future amortization expense for intangible assets, 2029 73.8
Estimated aggregate future amortization expense for intangible assets, 2030 66.2
Estimated aggregate future amortization expense for intangible assets, thereafter $ 448.5
v3.25.3
Goodwill and Acquired Intangible Assets - Schedule of Goodwill and Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Goodwill (not amortized) $ 3,493,316 $ 3,461,891 $ 3,358,511
Intangible assets with finite lives (amortized), Gross Carrying Amount 1,853,441 1,840,304  
Intangible assets with finite lives (amortized), Accumulated Amortization 1,028,778 942,828  
Intangible assets with finite lives (amortized), Net Book Value 824,663 897,476  
Intangible Assets, Net (Including Goodwill) 4,317,979 4,359,367  
Purchased Software      
Intangible assets with finite lives (amortized), Gross Carrying Amount 639,104 634,439  
Intangible assets with finite lives (amortized), Accumulated Amortization 472,357 436,471  
Intangible assets with finite lives (amortized), Net Book Value 166,747 197,968  
Capitalized Software      
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      
Intangible assets with finite lives (amortized), Gross Carrying Amount 1,149,262 1,141,086  
Intangible assets with finite lives (amortized), Accumulated Amortization 505,202 457,718  
Intangible assets with finite lives (amortized), Net Book Value 644,060 683,368  
Trademarks and Trade Names      
Intangible assets with finite lives (amortized), Gross Carrying Amount 38,179 37,961  
Intangible assets with finite lives (amortized), Accumulated Amortization 24,323 21,821  
Intangible assets with finite lives (amortized), Net Book Value 13,856 16,140  
Other      
Intangible assets with finite lives (amortized), Gross Carrying Amount 4,019 3,941  
Intangible assets with finite lives (amortized), Accumulated Amortization 4,019 3,941  
Intangible assets with finite lives (amortized), Net Book Value $ 0 $ 0  
v3.25.3
Goodwill and Acquired Intangible Assets - Schedule of Goodwill and Acquired Intangible Assets (Parenthetical) (Details)
 12 Months Ended
Sep. 30, 2025
Weighted average useful lives (in years) 16 years
Purchased Software  
Weighted average useful lives (in years) 11 years
Customer Lists and Relationships  
Weighted average useful lives (in years) 17 years
Trademarks and Trade Names  
Weighted average useful lives (in years) 11 years
v3.25.3
Goodwill and Acquired Intangible Assets - Schedule of Changes in Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Goodwill [Line Items]    
Balance, beginning of period $ 3,461,891 $ 3,358,511
Foreign currency translation adjustments 25,448 26,262
Balance, end of period 3,493,316 3,461,891
Pure Systems Acquisition    
Goodwill [Line Items]    
Goodwill, acquired   $ 77,118
Other Acquisitions    
Goodwill [Line Items]    
Goodwill, acquired $ 5,977  
v3.25.3
Goodwill and Acquired Intangible Assets - Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of acquired intangible assets $ 45,948 $ 42,018 $ 40,022
Cost of revenue 32,828 38,495 35,694
Total amortization expense $ 78,776 $ 80,513 $ 75,716
v3.25.3
Income Taxes - Summary of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 418,265 $ 43,504 $ (49,193)
Foreign 501,912 425,458 381,759
Income before income taxes $ 920,177 $ 468,962 $ 332,566
v3.25.3
Income Taxes - Schedule of Provision For Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Federal $ 128,230 $ 44,642 $ 7,311
State 21,754 25,359 10,020
Foreign 62,479 61,668 53,019
Current provision for income taxes 212,463 131,669 70,350
Federal (43,333) (60,378) (11,821)
State (15,630) (7,387) (10,028)
Foreign 32,680 28,725 38,525
Deferred provision for income taxes (26,283) (39,040) 16,676
Provision for income taxes $ 186,180 $ 92,629 $ 87,026
v3.25.3
Income Taxes - Summary of Federal Income Tax Rate and Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 01, 2022
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Reconciliation, Amount        
Statutory federal income tax rate   $ 193,237 $ 98,482 $ 69,839
State income taxes, net of federal tax benefit   6,124 4,631 577
Federal research and development credits   (8,552) (11,203) (7,751)
Uncertain tax positions   (1,904) 7,268 23,302
Foreign tax credit   (14,410) (30,119) (11,415)
Foreign rate differences   (12,135) (15,368) (20,829)
Foreign tax on U.S. provision   14,452 15,120 11,415
Excess tax benefits from restricted stock   (8,534) (9,225) (6,963)
U.S. permanent items   (920) 2,711 5,341
Non-deductible compensation   9,096 10,157 8,344
Base Erosion Anti-Abuse Tax (BEAT)   2,653 3,264 0
GILTI, net of foreign tax credits   27,008 31,388 17,861
Foreign-Derived Intangible Income (FDII)   (20,162) (15,148) (8,987)
Non-deductible imputed interest   0 0 6,292
Other, net   227 671 0
Provision for income taxes   $ 186,180 $ 92,629 $ 87,026
Reconciliation, Percent        
Statutory federal income tax rate   21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit   1.00% 1.00% 0.00%
Federal research and development credits   (1.00%) (2.00%) (2.00%)
Uncertain tax positions   0.00% 2.00% 7.00%
Foreign tax credit   (2.00%) (7.00%) (3.00%)
Foreign rate differences   (1.00%) (3.00%) (6.00%)
Foreign tax on U.S. provision   2.00% 3.00% 3.00%
Excess tax benefits from restricted stock   (1.00%) (2.00%) (2.00%)
U.S. permanent items   0.00% 0.00% 2.00%
Non-deductible compensation   1.00% 2.00% 3.00%
Base Erosion Anti-Abuse Tax (BEAT)   0.00% 1.00% 0.00%
GILTI, net of foreign tax credits   3.00% 7.00% 5.00%
Foreign-Derived Intangible Income (FDII)   (2.00%) (3.00%) (3.00%)
Non-deductible imputed interest   0.00% 0.00% 2.00%
Other, net   (1.00%) 0.00% (1.00%)
Provision for income taxes   20.00% 20.00% 26.00%
PLM Services Business Disposition        
Reconciliation, Amount        
Sale of a portion of the PLM services business $ 60,400      
v3.25.3
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Deferred Tax Assets, Net [Abstract]        
Net operating loss carryforwards $ 12,074 $ 14,141    
Foreign tax credits 5,996 2,028    
Capitalized research and development 176,610 136,001    
Pension benefits 6,868 7,629    
Prepaid expenses 22,391 18,551    
Deferred revenue 2,970 2,607    
Stock-based compensation 23,514 22,231    
Other reserves not currently deductible 39,888 34,422    
Amortization of intangible assets 36,560 60,527    
Research and development and other tax credits 8,984 25,706    
Lease liabilities 43,650 46,460    
Fixed assets 114,109 106,741    
Capital loss carryforward 4,517 3,875    
Other 5,608 3,528    
Gross deferred tax assets 503,739 484,447    
Valuation allowance (8,529) (21,755) $ (21,695) $ (22,283)
Total deferred tax assets 495,210 462,692    
Deferred Tax Liabilities, Net [Abstract]        
Acquired intangible assets not deductible (246,107) (257,731)    
Lease assets (29,298) (34,160)    
Pension prepayments (4,279) (3,283)    
Deferred revenue (10,212) (1,243)    
Depreciation (3,277) (4,683)    
Deferred income (14,518) (11,636)    
Prepaid commissions (14,479) (13,738)    
Other (9,120) (9,030)    
Total deferred tax liabilities (331,290) (335,504)    
Net deferred tax assets $ 163,920 $ 127,188    
v3.25.3
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Line Items]        
Income taxes payable $ 179,100,000 $ 75,300,000    
Accrued income taxes 28,700,000 40,000,000    
Prepaid income taxes 20,400,000 14,000,000    
Income tax payments 121,700,000 68,600,000 $ 65,900,000  
Foreign tax credits 5,996,000 2,028,000    
Gross deferred amortization carryforward 18,000,000      
Valuation allowance 8,529,000 21,755,000 21,695,000 $ 22,283,000
Interest Expense 77,019,000 119,653,000 129,417,000  
Unrecognized tax benefit 157,724,000 65,035,000 50,742,000 $ 23,923,000
Penalty expense 0 0 0  
Interest expense related to income tax accruals 13,600,000 3,100,000    
Accrued tax penalties 0 0 0  
Income tax provision upon recognition of unrecognized tax benefit 32,100,000      
Unrecognized tax benefits, increase in valuation allowance upon recognition 6,000,000      
Stock-based compensation 216,205,000 223,461,000 206,459,000  
Tax benefit recognition related to stock based compensation 42,500,000 27,500,000 33,400,000  
Provision (benefit) for income taxes 186,180,000 92,629,000 87,026,000  
Income Tax Expense        
Income Tax Disclosure [Line Items]        
Interest Expense 10,000,000 3,300,000 500,000  
Reversal of Associated Accrued Interest and Indirect Effects on GILTI and FDII        
Income Tax Disclosure [Line Items]        
Provision (benefit) for income taxes (6,500,000)      
Accrued Interest Stemming        
Income Tax Disclosure [Line Items]        
Provision (benefit) for income taxes 10,900,000 (4,400,000)    
Domestic Country        
Income Tax Disclosure [Line Items]        
Valuation allowance $ 3,400,000      
Domestic Country | Minimum        
Income Tax Disclosure [Line Items]        
Credit carryforwards expiration 2026      
Non-U.S. tax credit carryforwards expiration 2026      
Domestic Country | Maximum        
Income Tax Disclosure [Line Items]        
Credit carryforwards expiration 2035      
Non-U.S. tax credit carryforwards expiration 2033      
Domestic Country | Expire in 2026 to 2033        
Income Tax Disclosure [Line Items]        
Net operating loss carryforwards $ 400,000      
Domestic Country | Expiration beginning in 2026 and ending in 2035        
Income Tax Disclosure [Line Items]        
Credit carryforwards 2,200,000      
State and Local Jurisdiction        
Income Tax Disclosure [Line Items]        
Valuation allowance $ 3,400,000      
State and Local Jurisdiction | Minimum        
Income Tax Disclosure [Line Items]        
Credit carryforwards expiration 2026      
Non-U.S. tax credit carryforwards expiration 2027      
State and Local Jurisdiction | Maximum        
Income Tax Disclosure [Line Items]        
Credit carryforwards expiration 2040      
Non-U.S. tax credit carryforwards expiration 2042      
State and Local Jurisdiction | Expiration Beginning in 2027        
Income Tax Disclosure [Line Items]        
Net operating loss carryforwards $ 4,900,000      
State and Local Jurisdiction | Research Tax Credit Carryforward        
Income Tax Disclosure [Line Items]        
Credit carryforwards 16,800,000      
Foreign Country        
Income Tax Disclosure [Line Items]        
Net operating loss carryforwards 6,700,000      
Credit carryforwards 6,000,000      
Foreign tax credits 1,200,000      
Valuation allowance 5,100,000      
Provision (benefit) for income taxes $ (10,800,000) 4,600,000    
Tax credits   14,400,000    
Foreign Country | Minimum        
Income Tax Disclosure [Line Items]        
Credit carryforwards expiration 2032      
Non-U.S. tax credit carryforwards expiration 2031      
Foreign Country | Maximum        
Income Tax Disclosure [Line Items]        
Credit carryforwards expiration 2035      
Non-U.S. tax credit carryforwards expiration 2037      
Windfall Tax Benefit        
Income Tax Disclosure [Line Items]        
Provision (benefit) for income taxes $ (7,400,000) (10,200,000) (7,800,000)  
Transfer Pricing Foreign Jurisdiction        
Income Tax Disclosure [Line Items]        
Uncertain tax     $ 21,800,000  
Other Current Liabilities        
Income Tax Disclosure [Line Items]        
Accrued income taxes   6,200,000    
Other Liabilities        
Income Tax Disclosure [Line Items]        
Accrued income taxes 150,400,000 $ 29,100,000    
Other Liabilities | IRS Procedural Guidance Requiring Consent Domestic        
Income Tax Disclosure [Line Items]        
Unrecognized tax benefit $ 109,200,000      
v3.25.3
Income Taxes - Summary of Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance, beginning of year $ 21,755 $ 21,695 $ 22,283
Net increase (decrease) in deferred tax assets with a full valuation allowance (13,226) 60 (588)
Valuation allowance, end of year $ 8,529 $ 21,755 $ 21,695
v3.25.3
Income Taxes - Schedule of Unrecognized Tax Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefit, beginning of year $ 65,035 $ 50,742 $ 23,923
Tax positions related to current year:      
Additions 14,736 7,570 7,075
Tax positions related to prior years:      
Additions 104,375 10,705 20,855
Reductions (9,669) (452) 0
Settlements (16,753) (3,530) 0
Statute expirations 0 0 (1,111)
Unrecognized tax benefit, end of year $ 157,724 $ 65,035 $ 50,742
v3.25.3
Income Taxes - Summary of Major Tax Jurisdiction (Details)
 12 Months Ended
Sep. 30, 2025
United States  
Income Tax Examination [Line Items]  
Open Years 2022 2023 2024 2025
Germany  
Income Tax Examination [Line Items]  
Open Years 2019 2020 2021 2022 2023 2024 2025
France  
Income Tax Examination [Line Items]  
Open Years 2023 2024 2025
Japan  
Income Tax Examination [Line Items]  
Open Years 2020 2021 2022 2023 2024 2025
Ireland  
Income Tax Examination [Line Items]  
Open Years 2019 2020 2021 2022 2023 2024 2025
v3.25.3
Debt - Schedule of Long-term Debt Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Feb. 13, 2020
Debt Instrument [Line Items]      
Total debt $ 1,200,000 $ 1,752,625  
Unamortized debt issuance costs for the senior notes [1] (2,566) (4,053)  
Total debt, net of issuance costs [2] 1,197,434 1,748,572  
4.000% Senior Notes Due 2028      
Debt Instrument [Line Items]      
Senior Notes     $ 500,000
3.625% Senior Notes Due 2025      
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] 231,250 262,000  
Long-term Debt | Secured Debt      
Debt Instrument [Line Items]      
Payment to credit facility revolver [3],[4] 468,750 490,625  
Long-term Debt | 4.000% Senior Notes Due 2028      
Debt Instrument [Line Items]      
Senior Notes 500,000 500,000  
Long-term Debt | 3.625% Senior Notes Due 2025      
Debt Instrument [Line Items]      
Senior Notes $ 0 $ 500,000  
[1] As of September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheet. As of September 30, 2024, $0.4 million of unamortized debt issuance costs for the senior notes was included in Current portion of long-term debt and $3.6 million was included in Long-term debt on the Consolidated Balance Sheet.
[2] As of September 30, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term. As of September 30, 2024, $521.5 million of debt was classified as short term, including $499.6 million associated with the 2025 senior notes and related debt issuance costs and $21.9 million associated with the credit facility term loan.
[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 $25.0 million in 2026 and 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 $3.3 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2025 and $2.3 million included in Other current assets and $5.2 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2024.
v3.25.3
Debt - Schedule of Long-term Debt Obligations (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense [1] $ 2,566 $ 4,053
Long term debt $ 25,000 521,467
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 year two $ 25,000  
Long term debt maturity repayments year three 25,000  
Long term debt maturity repayments year four 418,700  
Long term debt 21,900  
Senior Notes    
Debt Instrument [Line Items]    
Long term debt 499,600  
Other Current Assets | Line of Credit    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense 2,700 2,300
Other Noncurrent Assets | Line of Credit    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense 3,300 $ 5,200
Current portion of long-term debt | Senior Notes    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense 400  
Long-term Debt    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Expense $ 3,600  
[1] As of September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheet. As of September 30, 2024, $0.4 million of unamortized debt issuance costs for the senior notes was included in Current portion of long-term debt and $3.6 million was included in Long-term debt on the Consolidated Balance Sheet.
v3.25.3
Debt - Senior Notes - Additional Information (Details) - USD ($)
$ in Millions
Feb. 13, 2020
Sep. 30, 2025
Senior Notes    
Debt Instrument [Line Items]    
Redemption price, percentage 101.00%  
4.000% Senior Notes Due 2028    
Debt Instrument [Line Items]    
Senior Notes $ 500.0  
Interest rate 4.00%  
4.000% Senior Notes Due 2028 | Senior Notes    
Debt Instrument [Line Items]    
Fair value amount   $ 490.0
3.625% Senior Notes Due 2025    
Debt Instrument [Line Items]    
Senior Notes $ 500.0  
Interest rate 3.625%  
v3.25.3
Debt - Credit Agreement - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 02, 2023
Jan. 03, 2023
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Jan. 31, 2023
Debt Instrument [Line Items]            
Financing cost current         $ 4.2  
Deferred debt issuance cost         9.2  
Interest expense     $ 77.0 $ 119.7 129.4  
Periodic interest payment     77.8 $ 137.0 $ 89.8  
Amount borrowed from credit facility foreign subsidiary     $ 96.3      
Interest rate during period     4.90% 5.40% 4.90%  
Servicemax acquisition            
Debt Instrument [Line Items]            
Interest related to the deferred acquisition payment         $ 30.0  
Deferred acquisition payments $ 650.0 $ 650.0     650.0  
Line of Credit            
Debt Instrument [Line Items]            
Unused commitments under credit facility     $ 1,018.8      
Amounts available for borrowing     1,001.7      
Investment limit in foreign subsidiaries     100.0      
Financing costs     $ 1.2   $ 13.4  
Line of Credit | Minimum            
Debt Instrument [Line Items]            
Variable interest rate, length of time between updates     30 days      
Credit facility commitment fees percentage     0.175%      
Line of Credit | Maximum            
Debt Instrument [Line Items]            
Variable interest rate, length of time between updates     180 days      
Credit facility commitment fees percentage     0.325%      
Secured Debt            
Debt Instrument [Line Items]            
Credit facility amount           $ 500.0
Annual rate for borrowings outstanding     5.60%      
Revolving Credit Facility            
Debt Instrument [Line Items]            
Credit facility amount           $ 1,250.0
v3.25.3
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]    
Letters of credit and bank guarantees outstanding $ 15.6 $ 15.6
Bank guarantees outstanding collateralized $ 0.6 $ 0.6
v3.25.3
Stockholders' Equity - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Oct. 01, 2024
Class of Stock [Line Items]        
Preferred stock, shares authorized 5,000,000 5,000,000    
Common stock, shares authorized 500,000,000 500,000,000    
Stock repurchased during period (in shares) 1,650,000 0 0  
Stock repurchased during period, value $ 300.0      
Maximum        
Class of Stock [Line Items]        
Common stock, shares authorized 500,000,000      
Stock authorized to repurchase       $ 2,000.0
Series A Junior Participating Preferred Stock        
Class of Stock [Line Items]        
Preferred stock, shares authorized 500,000      
v3.25.3
Equity Incentive Plans - Additional Information (Details)
 12 Months Ended
Sep. 30, 2025
USD ($)
shares
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
shares
Sep. 30, 2023
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common Stock Issuable per Restricted Stock Unit | shares 1    
Stock-based compensation $ 216,205,000 $ 223,461,000 $ 206,459,000
Total unrecognized compensation cost $ 201,500,000    
Weighted average remaining recognition period, in months 18 months    
Common stock were available for grant under the 2000 plan | shares 4,900,000    
Common stock were reserved for issuance | shares 1,900,000    
ESPP maximum contribution percentage 10.00%    
ESPP maximum contribution amount by employee $ 25,000    
ESPP purchase price as a % of stock price 85.00%    
Vesting term for outstanding awards 1 year 1 month 6 days    
Shares withheld for tax withholding obligation | shares 400,000 600,000 600,000
Payments of withholding taxes in connection with vesting of stock-based awards $ 80,205,000 $ 102,001,000 $ 82,448,000
Liability classified awards related to stock-based compensation 51,300,000 47,700,000  
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation $ 7,100,000 $ 6,800,000 $ 6,800,000
Restricted Shares and Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value per share | $ / shares $ 186.37 $ 164.73 $ 130.64
TSR Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value per share | $ / shares 243.47    
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average fair value per share | $ / shares [1] $ 186.37    
Payments of withholding taxes in connection with vesting of stock-based awards $ 80,400,000 $ 101,900,000 $ 82,800,000
[1] RSUs granted include 17 shares from prior period rTSR awards that were earned upon achievement of the performance criteria and vested in November 2024 and 10 shares from prior period performance-based awards that were earned upon achievement of the performance criteria and vested in November 2024.
v3.25.3
Equity Incentive Plans - Schedule of Classification of Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 216,205 $ 223,461 $ 206,459
Sales and marketing      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 61,750 68,541 56,394
Research and development      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 65,119 60,266 58,931
General and administrative      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 66,646 73,215 70,260
License | Cost of Sales      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 409 133 145
Support and cloud services | Cost of Sales      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total stock-based compensation expense 16,435 14,479 12,801
Professional services | Cost of Sales      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Total stock-based compensation expense $ 5,846 $ 6,827 $ 7,928
v3.25.3
Equity Incentive Plans - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Shares  
Balance of outstanding restricted stock units, beginning, Shares | shares 2,064
Granted, shares | shares 1,232 [1]
Vested, Shares | shares (1,300)
Forfeited or not earned, Shares | shares (100)
Balance of outstanding restricted stock units, ending, Shares | shares 1,896
Weighted- Average Grant Date Fair Value  
Balance of outstanding restricted stock units, beginning (in USD per share) | $ / shares $ 147.92
Granted (in USD per share) | $ / shares 186.37 [1]
Vested (in USD per share) | $ / shares 148.03
Forfeited or not earned (in USD per share) | $ / shares 152.65
Balance of outstanding restricted stock units, ending (in USD per share) | $ / shares $ 173.53
Intrinsic value [Abstract]  
Aggregate Intrinsic Value, Ending Balance of outstanding restricted stock | $ $ 384,917
[1] RSUs granted include 17 shares from prior period rTSR awards that were earned upon achievement of the performance criteria and vested in November 2024 and 10 shares from prior period performance-based awards that were earned upon achievement of the performance criteria and vested in November 2024.
v3.25.3
Equity Incentive Plans - Schedule of Restricted Stock Unit Activity (Parenthetical) (Details)
 1 Months Ended
Nov. 30, 2024
shares
Prior Period TSR Awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, shares 17
Prior Period Performance-based Awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, shares 10
v3.25.3
Equity Incentive Plans - Schedule of Number of RSU Awards Granted by Award Type (Details)
shares in Thousands
 12 Months Ended
Sep. 30, 2025
shares
Performance-Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, shares 94 [1]
Service-Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, shares 1,045 [2]
TSR Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted, shares 66 [3]
[1] The performance-based RSUs are primarily made up of RSUs granted to our executives and are eligible to vest based upon annual performance measures over a three-year period. To the extent earned, those performance-based RSUs will vest in three substantially equal installments on November 15, 2025, November 15, 2026, and November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of RSUs can be earned.
[2] The service-based RSUs were granted to employees, including our executive officers. Substantially all service-based RSUs will vest in three substantially equal annual installments on or about the anniversary of the date of grant.
[3] The rTSR RSUs were granted to our executives and are eligible to vest based on the performance of PTC stock relative to the stock performance of an index of PTC peer companies established as of the grant date, as determined at the end of the measurement period ending on September 30, 2027. The RSUs earned will vest on November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of rTSR RSUs eligible to be earned for the period may vest. If the stock price as of the beginning of the period is below the stock price at the end of the period, a maximum of 100% of the rTSR RSUs may vest.
v3.25.3
Equity Incentive Plans - Schedule of Restricted Stock Unit Grants for the Period (Parenthetical) (Details)
 12 Months Ended
Sep. 30, 2025
Installment
Performance-Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Number of equal annual installments 3
Performance-Based Restricted Stock Units | Maximum Two Times | Maximum | Catch-Up Provision  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of RSUs two times
Service-Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of equal annual installments 3
TSR Units | Maximum | Catch-Up Provision  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of number of RSUs 100.00%
TSR Units | Maximum Two Times | Maximum | Catch-Up Provision  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of RSUs two times
v3.25.3
Equity Incentive Plans - Schedule of Valuation Assumptions (Details)
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Volatility Assumptions [Abstract]      
Average volatility of peer group 50.64% 49.30% 41.54%
Risk-free interest rate 4.21% 4.65% 4.12%
Dividend yield 0.00% 0.00% 0.00%
Expected term (in years) 2 years 10 months 17 days 2 years 10 months 13 days 2 years 10 months 13 days
v3.25.3
Equity Incentive Plans - Schedule of Value of Stock Issued for Vested RSUs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]      
Total stock issued for vested RSUs $ 236,697 $ 289,333 $ 240,066
v3.25.3
Employee Benefit Plan - Additional Information (Details) - Savings Plan - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Defined contribution plan, percentage of employee's contributions matched by employer 50.00%    
Defined contribution plan, percentage of employer contribution on employee's earnings 3.00%    
Matching contributions by employer $ 9.3 $ 9.2 $ 8.6
v3.25.3
Pension Plans - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Weighted average interest credit rate used in only cash balance pension plans   4.70%    
Defined benefit plan, plan assets, increase (decrease) for actual return (loss)   $ 2,600 $ 5,100 $ (1,900)
Defined benefit plan, plan assets, contributions by employer   $ 3,200 $ 3,700 $ 1,300
Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic pension income $ 700      
Defined benefit plan, plan assets, contributions by employer 600      
Defined benefit plan, plan assets, contributions by employer, directly to plans $ 3,600      
Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30, Rate of return on plan assets   4.80% 4.80% 4.80%
Net periodic pension income   $ (369) $ 60 $ (484)
Defined benefit plan, plan assets, increase (decrease) for actual return (loss)   2,563 5,120  
Defined benefit plan, plan assets, contributions by employer   $ 3,238 $ 3,697  
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate   3.80% 3.30% 4.20%
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation DiscountRate Decrease     3.30% 4.20%
Pension Plan | Foreign Plan        
Defined Benefit Plan Disclosure [Line Items]        
Current asset allocation target for fixed income securities   100.00%    
v3.25.3
Pension Plans - Accounting For The Pension Plans (Details) - Pension Plan
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Weighted average assumptions used to determine benefit obligations at September 30 measurement date, Discount rate 3.80% 3.30% 4.20%
Weighted average assumptions used to determine benefit obligations at September 30 measurement date, Rate of increase in future compensation 3.00% 3.00% 3.00%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30, Discount rate 3.30% 4.20% 3.70%
Weighted average assumptions used to determine net periodic pension costs for fiscals years ended September 30, Rate of increase of future compensation 3.00% 3.00% 3.60%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30, Rate of return on plan assets 4.80% 4.80% 4.80%
v3.25.3
Pension Plans - Components of Net Periodic Pension Cost (Details) - Pension Plan - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Interest cost of projected benefit obligation $ 2,121 $ 2,368 $ 2,126
Service cost 578 674 690
Expected return on plan assets (3,700) (3,361) (3,541)
Amortization of prior service cost 0 0 0
Recognized actuarial loss 697 398 241
Settlement gain (65) (19) 0
Net periodic pension (benefit) cost $ (369) $ 60 $ (484)
v3.25.3
Pension Plans - Change in Benefit Obligation And Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year $ 77,757    
Actual return (loss) on plan assets 2,600 $ 5,100 $ (1,900)
Employer contributions 3,200 3,700 1,300
Plan assets at fair value, end of year 83,774 77,757  
Unrecognized actuarial loss 13,600 15,200  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation, beginning of year 70,242 60,433  
Service cost 578 674 690
Interest cost 2,121 2,368 2,126
Actuarial loss (gain) (2,818) 7,128  
Foreign exchange impact 2,896 3,319  
Participant contributions 93 100  
Benefits paid (2,711) (3,162)  
Settlements (941) (618)  
Projected benefit obligation, end of year 69,460 70,242 60,433
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 77,757 68,875  
Actual return (loss) on plan assets 2,563 5,120  
Employer contributions 3,238 3,697  
Participant contributions 93 100  
Foreign exchange impact 3,775 3,745  
Settlements (941) (618)  
Benefits paid (2,711) (3,162)  
Plan assets at fair value, end of year 83,774 77,757 $ 68,875
Accumulated benefit obligation, end of year 68,996 69,580  
Non-current asset 25,681 19,953  
Non-current liability (10,979) (12,083)  
Current liability (388) (355)  
Unrecognized actuarial loss 13,620 15,230  
Pension Plan | Underfunded Plan      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Defined Benefit Plan, Underfunded or Overfunded Status (11,367) (12,438)  
Pension Plan | Overfunded Plan      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Defined Benefit Plan, Underfunded or Overfunded Status $ 25,681 $ 19,953  
v3.25.3
Pension Plans - Change in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
AOCI Attributable to Parent, Before Tax [Roll Forward]    
Beginning balance $ 3,214,398 $ 2,677,290
Ending balance 3,826,229 3,214,398
Pension Plan    
AOCI Attributable to Parent, Before Tax [Roll Forward]    
Beginning balance 15,230 9,573
Recognized during year - amortization of net actuarial losses (697) (398)
Occurring during year - effect of settlement 65 19
Occurring during year - net actuarial losses (gains) (1,681) 5,369
Foreign exchange impact 703 667
Ending balance $ 13,620 $ 15,230
v3.25.3
Pension Plans - Percentage of Total Plan Assets (Details) - Pension Plan
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]    
Asset Category 100.00% 100.00%
Equity Securities    
Defined Benefit Plan Disclosure [Line Items]    
Asset Category 19.00% 12.00%
Fixed Income Securities    
Defined Benefit Plan Disclosure [Line Items]    
Asset Category 57.00% 62.00%
Commodity Option    
Defined Benefit Plan Disclosure [Line Items]    
Asset Category 6.00% 6.00%
Insurance Company    
Defined Benefit Plan Disclosure [Line Items]    
Asset Category 8.00% 9.00%
Cash    
Defined Benefit Plan Disclosure [Line Items]    
Asset Category 10.00% 11.00%
v3.25.3
Pension Plans - Expected Future Benefit Payments (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Retirement Benefits [Abstract]  
2026 $ 4,402
2027 5,072
2028 5,061
2029 5,164
2030 5,209
2031 to 2035 $ 27,064
v3.25.3
Pension Plans - Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets $ 83,774 $ 77,757
Government    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 47,554 48,146
Equities in Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 15,709 9,550
Commodity Option    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 5,077 4,309
Insurance Company Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets [1] 6,867 7,385
Cash    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 8,538 8,277
Options    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 29 90
Level 1    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 76,907 70,372
Level 1 | Government    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 47,554 48,146
Level 1 | Equities in Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 15,709 9,550
Level 1 | Commodity Option    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 5,077 4,309
Level 1 | Insurance Company Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets [1] 0 0
Level 1 | Cash    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 8,538 8,277
Level 1 | Options    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 29 90
Level 2    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 6,867 7,385
Level 2 | Government    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 2 | Equities in Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 2 | Commodity Option    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 2 | Insurance Company Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets [1] 6,867 7,385
Level 2 | Cash    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 2 | Options    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 3    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 3 | Government    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 3 | Equities in Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 3 | Commodity Option    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 3 | Insurance Company Funds    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets [1] 0 0
Level 3 | Cash    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets 0 0
Level 3 | Options    
Fair Value of Plan Assets [Line Items]    
Fair value of plan assets $ 0 $ 0
[1] These investments are comprised primarily of funds invested with an insurance company in Japan with a guaranteed rate of return. The insurance company invests these assets primarily in government and corporate bonds.
v3.25.3
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Financial assets:    
Cash equivalents [1] $ 38,031 $ 48,509
Financial assets, fair value 50,266 49,711
Financial liabilities:    
Financial liabilities, fair value 4,773 4,166
Forward Contracts    
Financial assets:    
Foreign currency contract, asset 6,007 1,202
Financial liabilities:    
Foreign currency contracts, liability 4,773 4,166
Option Contacts    
Financial assets:    
Foreign currency contract, asset 6,228  
Level 1    
Financial assets:    
Cash equivalents [1] 38,031 48,509
Financial assets, fair value 38,031 48,509
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 Contacts    
Financial assets:    
Foreign currency contract, asset 0  
Level 2    
Financial assets:    
Cash equivalents [1] 0 0
Financial assets, fair value 12,235 1,202
Financial liabilities:    
Financial liabilities, fair value 4,773 4,166
Level 2 | Forward Contracts    
Financial assets:    
Foreign currency contract, asset 6,007 1,202
Financial liabilities:    
Foreign currency contracts, liability 4,773 4,166
Level 2 | Option Contacts    
Financial assets:    
Foreign currency contract, asset 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 Contacts    
Financial assets:    
Foreign currency contract, asset $ 0  
[1] Money market funds and time deposits.
v3.25.3
Derivative Financial Instruments - Schedule of Derivative Financial Instruments at Gross Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Designated as Hedging Instrument | Forward Contracts    
Derivative [Line Items]    
Gross Amount of Recognized Assets [1] $ 2,871 $ 181
Gross Amount of Recognized Liabilities [2] 0 630
Designated as Hedging Instrument | Option contracts    
Derivative [Line Items]    
Gross Amount of Recognized Assets 0 0
Not Designated as Hedging Instrument | Forward Contracts    
Derivative [Line Items]    
Fair Value of Derivatives Not Designated As Hedging Instruments [1] 3,136 1,021
Fair Value of Derivatives Not Designated As Hedging Instruments [2] 4,773 3,536
Not Designated as Hedging Instrument | Option contracts    
Derivative [Line Items]    
Fair Value of Derivatives Not Designated As Hedging Instruments $ 6,228 $ 0
[1] As of September 30, 2025 and 2024, current derivative assets are recorded in Other current assets on the Consolidated Balance Sheets.
[2] As of September 30, 2025 and 2024, current derivative liabilities are recorded in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.
v3.25.3
Derivative Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Derivative [Line Items]      
Loss on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, net $ (2.5) $ (1.8) $ (2.1)
v3.25.3
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
Sep. 30, 2025
Sep. 30, 2024
Derivative [Line Items]    
Notional amount $ 1,518,086 $ 1,058,478
Euro / U.S. Dollar    
Derivative [Line Items]    
Notional amount 1,202,830 781,398
British Pound / U.S. Dollar    
Derivative [Line Items]    
Notional amount 22,974 24,810
Israeli Shekel / U.S. Dollar    
Derivative [Line Items]    
Notional amount 20,094 12,535
Japanese Yen / U.S. Dollar    
Derivative [Line Items]    
Notional amount 131,284 42,340
Indian Rupee / U.S. Dollar    
Derivative [Line Items]    
Notional amount 53,465 0
Swiss Franc / U.S. Dollar    
Derivative [Line Items]    
Notional amount 8,960 74,939
Swedish Krona / U.S. Dollar    
Derivative [Line Items]    
Notional amount 21,568 48,596
Chinese Renminbi / U.S. Dollar    
Derivative [Line Items]    
Notional amount 7,134 32,124
New Taiwan Dollar / U.S. Dollar    
Derivative [Line Items]    
Notional amount 23,098 16,368
All other    
Derivative [Line Items]    
Notional amount $ 26,679 $ 25,368
v3.25.3
Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts and Options (Parenthetical) (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Euro / U.S. Dollar | Forward Contracts  
Derivative [Line Items]  
Notional amount $ 835.4
Euro / U.S. Dollar | Option contracts  
Derivative [Line Items]  
Notional amount 367.4
Japanese Yen / U.S. Dollar | Forward Contracts  
Derivative [Line Items]  
Notional amount 41.9
Japanese Yen / U.S. Dollar | Option contracts  
Derivative [Line Items]  
Notional amount $ 89.4
v3.25.3
Derivative Financial Instruments - Schedule of Derivative Instruments and Hedging Activities Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]      
Loss recognized in Other comprehensive income ("OCI") $ (17,863) $ (16,315) $ (7,516)
Foreign Exchange Forward Contract and Options | Not Designated as Hedging Instrument | Other income (expense), net      
Derivative Instruments Gain Loss [Line Items]      
Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged (5,204) (6,238) (11,757)
Forward Contracts | Designated as Hedging Instrument | Net Investment Hedging      
Derivative Instruments Gain Loss [Line Items]      
Loss recognized in Other comprehensive income ("OCI") (23,684) (21,643) (10,033)
Gain (loss) reclassified from OCI to earnings 0 0 0
Gain recognized, excluded portion $ 6,251 $ 4,346 $ 4,241
v3.25.3
Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts (Details) - Forward Contracts - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Notional amount $ 490,458 $ 473,633
Euro / U.S. Dollar    
Derivative [Line Items]    
Notional amount 835,400  
Euro / U.S. Dollar | Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Notional amount 480,198 462,894
Japanese Yen / U.S. Dollar    
Derivative [Line Items]    
Notional amount 41,900  
Japanese Yen / U.S. Dollar | Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Notional amount $ 10,260 $ 10,739
v3.25.3
Derivative Financial Instruments - Schedule of Offsetting Assets (Details) - Foreign exchange contracts
$ in Thousands
Sep. 30, 2025
USD ($)
Derivative [Line Items]  
Gross Amount of Recognized Assets $ 12,235
Gross Amounts Offset in the Consolidated Balance Sheets 0
Net Amounts of Assets Presented in the Consolidated Balance Sheets 12,235
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments (4,773)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received 0
Net Amount $ 7,462
v3.25.3
Derivative Financial Instruments - Schedule of Offsetting Liabilities (Details) - Foreign exchange contracts
$ in Thousands
Sep. 30, 2025
USD ($)
Derivative [Line Items]  
Gross Amount of Recognized Liabilities $ 4,773
Gross Amounts Offset in the Consolidated Balance Sheets 0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets 4,773
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments (4,773)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Pledged 0
Net Amount $ 0
v3.25.3
Leases - Additional Information (Details)
 12 Months Ended
Sep. 30, 2025
USD ($)
ft²
Lessee Lease Description [Line Items]  
Boston Lease Square Feet | ft² 250,000
Boston lease year one payments $ 11,000,000
Boston lease per square foot annual increase 1
Boston lease annual increase 300,000
Boston lease building operating cost amount estimate year one 8,200,000
Asset Impairment Charges $ 15,600,000
Leases not yet commenced, Term of contract 5 years
Future lease payments $ 7,400,000
Right-of-Use Assets [Member]  
Lessee Lease Description [Line Items]  
Asset Impairment Charges $ 12,800,000
v3.25.3
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Lease Cost      
Operating lease cost $ 32,912 $ 33,288 $ 32,402
Short-term lease cost 1,453 3,691 5,411
Variable lease cost 10,572 9,919 10,945
Sublease income (958) (1,436) (4,749)
Total lease cost $ 43,979 $ 45,462 $ 44,009
v3.25.3
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]      
Operating cash flows from operating leases $ 36,303 $ 35,498 $ 36,038
Right-of-use assets obtained in exchange for new lease obligations, operating leases [1] $ 16,664 $ 11,079 $ 28,257
[1] In the year ended September 30, 2023, operating lease additions included $4.0 million related to the ServiceMax acquisition.
v3.25.3
Leases - Schedule of Supplemental Cash Flow Information (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Lessee, Lease, Description [Line Items]      
Right-of-use assets obtained in exchange for new lease obligations, operating leases [1] $ 16,664 $ 11,079 $ 28,257
Servicemax Inc. acquisition      
Lessee, Lease, Description [Line Items]      
Right-of-use assets obtained in exchange for new lease obligations, operating leases     $ 4,000
[1] In the year ended September 30, 2023, operating lease additions included $4.0 million related to the ServiceMax acquisition.
v3.25.3
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details)
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]    
Weighted-average remaining lease term - operating leases 9 years 4 months 24 days 10 years 3 months 18 days
Weighted-average discount rate - operating leases 5.30% 5.40%
v3.25.3
Leases - Schedule of Maturities of Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
2026 $ 31,829
2027 26,987
2028 22,214
2029 18,674
2030 17,460
Thereafter 104,477
Total future lease payments 221,641
Less: imputed interest (49,208)
Total lease liability $ 172,433
v3.25.3
Segments - Additional Information (Details)
 12 Months Ended
Sep. 30, 2025
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.
v3.25.3
Segments - Schedule of Significant Expenses and Net Income for Reportable Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]      
Revenue $ 2,739,226 $ 2,298,472 $ 2,097,053
Net income 733,997 376,333 245,540
Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 2,739,226 2,298,472 2,097,053
Cost of revenue, adjusted [1] 389,465 384,882 384,438
Operating expenses, adjusted [2] 1,047,636 1,019,250 953,720
Other segment items [3] 568,128 518,007 513,355
Net income $ 733,997 $ 376,333 $ 245,540
[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 (credits), net.
[3] Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges (credits), net; Other income (expense), net; and Provision for income taxes.
v3.25.3
Subsequent Events (Details) - USD ($)
shares in Thousands, $ in Thousands
 2 Months Ended 12 Months Ended
Nov. 20, 2025
Nov. 18, 2025
Nov. 05, 2025
Nov. 20, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
Subsequent Event [Line Items]              
Sales of assets permitted under credit agreement   $ 250,000          
Borrowings under credit facility         $ 860,000 $ 1,084,845 $ 1,540,000
Repurchases of common stock         $ 301,090    
Stock repurchased during period (in shares)         1,650 0 0
Subsequent Event              
Subsequent Event [Line Items]              
Preliminary purchase price     $ 600,000        
Change in amount of asset     35,000        
Sales of assets permitted under credit agreement   $ 250,000          
Borrowings under credit facility $ 70,000            
Repurchases of common stock       $ 71,000      
Subsequent Event | Maximum              
Subsequent Event [Line Items]              
Contingent consideration     $ 125,000