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quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934   For the transition period from_ to_ Commission File Number: 0-18059   PTC Inc. (Exact name of registrant as specified in its charter)     Massachusetts   04-2866152 (State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification Number) 121 Seaport Boulevard , Boston , MA 02210 (Address of principal executive offices, including zip code) ( 781 ) 370-5000 (Registrant’s telephone number, including area code)   Securities registered pursuant to Section 12(b) of the Act:   Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $.01 par value per share PTC NASDAQ Global Select Market   Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:   Large accelerated filer ☑   Accelerated filer ☐   Non-accelerated filer ☐   Smaller reporting company ☐                     Emerging growth company ☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ There were 118,996,116 shares of our common stock outstanding on February 3, 2026.   Table of Contents   PTC Inc. INDEX TO FORM 10-Q For the Quarter Ended December 31, 2025   Page Number Part I—FINANCIAL INFORMATION   Item 1. Unaudited Condensed Consolidated Financial Statements: 1 Consolidated Balance Sheets as of December 31, 2025 and September 30, 2025 1 Consolidated Statements of Operations for the three months ended December 31, 2025 and December 31, 2024 2 Consolidated Statements of Comprehensive Income for the three months ended December 31, 2025 and December 31, 2024 3 Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and December 31, 2024 4 Consolidated Statements of Stockholders' Equity for the three months ended December 31, 2025 and December 31, 2024 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosures about Market Risk 29 Item 4. Controls and Procedures 29   Part II—OTHER INFORMATION   Item 1A. Risk Factors 30 Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds   30 Item 5.   Other Information   30 Item 6. Exhibits 31 Signature 32         Table of Contents     PART I—FINANCI AL INFORMATION ITEM 1. UNAUDITED CONDENSED CONS OLIDATED FINANCIAL STATEMENTS PTC Inc. CONSOLIDATED B ALANCE SHEETS (in thousands, except per share data) (unaudited)                       December 31, 2025     September 30, 2025   ASSETS             Current assets:             Cash and cash equivalents   $ 209,736     $ 184,415   Accounts receivable, net of allowance for doubtful accounts of $ 2,099  and $ 1,487  at December 31, 2025 and September 30, 2025, respectively     804,341       1,001,085   Prepaid expenses     158,516       119,107   Other current assets     69,629       78,760   Assets held for sale     145,204       —   Total current assets     1,387,426       1,383,367   Property and equipment, net     57,219       60,843   Goodwill     3,412,586       3,493,316   Acquired intangible assets, net     804,203       824,663   Deferred tax assets     74,747       194,070   Operating right-of-use lease assets     125,367       114,974   Other assets     565,715       545,939   Total assets   $ 6,427,263     $ 6,617,172   LIABILITIES AND STOCKHOLDERS’ EQUITY             Current liabilities:             Accounts payable   $ 20,337     $ 11,504   Accrued expenses and other current liabilities     130,122       136,140   Accrued compensation and benefits     126,607       199,561   Accrued income taxes     39,398       28,749   Current portion of long-term debt     25,000       25,000   Deferred revenue     701,631       812,271   Short-term lease obligations     23,242       24,179   Liabilities held for sale     71,385       —   Total current liabilities     1,137,722       1,237,404   Long-term debt     1,172,706       1,172,434   Deferred tax liabilities     30,237       30,151   Long-term deferred revenue     10,747       14,794   Long-term lease obligations     160,111       148,254   Other liabilities     73,321       187,906   Total liabilities     2,584,844       2,790,943   Commitments and contingencies (Note 11)             Stockholders’ equity:             Preferred stock, $ 0.01  par value; 5,000  shares authorized; none  issued     —       —   Common stock, $ 0.01  par value; 500,000  shares authorized; 118,892  and 119,536  shares issued and outstanding at December 31, 2025 and September 30, 2025, respectively     1,189       1,195   Additional paid-in capital     1,672,252       1,822,590   Retained earnings     2,250,125       2,083,607   Accumulated other comprehensive loss     ( 81,147 )     ( 81,163 ) Total stockholders’ equity     3,842,419       3,826,229   Total liabilities and stockholders’ equity   $ 6,427,263     $ 6,617,172     The accompanying notes are an integral part of the condensed consolidated financial statements. 1 Table of Contents     PTC Inc. CONSOLIDATED STATEM ENTS OF OPERATIONS (in thousands, except per share data) (unaudited)       Three months ended       December 31, 2025     December 31, 2024   Revenue:             License   $ 269,654     $ 172,754   Support and cloud services     393,256       360,962   Total software revenue     662,910       533,716   Professional services     22,915       31,412   Total revenue     685,825       565,128   Cost of revenue:             Cost of license revenue     13,342       10,223   Cost of support and cloud services revenue     79,229       71,352   Total cost of software revenue     92,571       81,575   Cost of professional services revenue     25,175       30,222   Total cost of revenue     117,746       111,797   Gross margin     568,079       453,331   Operating expenses:             Sales and marketing     140,891       157,532   Research and development     119,984       115,516   General and administrative     74,001       53,319   Amortization of acquired intangible assets     12,072       11,440   Total operating expenses     346,948       337,807   Operating income     221,131       115,524   Interest expense     ( 17,260 )     ( 22,048 ) Other expense, net     ( 896 )     ( 322 ) Income before income taxes     202,975       93,154   Provision for income taxes     36,457       10,922   Net income   $ 166,518     $ 82,232   Earnings per share—Basic   $ 1.40     $ 0.68   Earnings per share—Diluted   $ 1.39     $ 0.68   Weighted-average shares outstanding—Basic     119,330       120,243   Weighted-average shares outstanding—Diluted     119,989       121,145     The accompanying notes are an integral part of the condensed consolidated financial statements. 2 Table of Contents     PTC Inc. CONSOLIDATED STATEMENTS OF C OMPREHENSIVE INCOME (in thousands) (unaudited)       Three months ended       December 31, 2025     December 31, 2024   Net income   $ 166,518     $ 82,232   Other comprehensive income (loss), net of tax:             Hedge gain (loss) arising during the period, net of tax of $ 0.2  million and $( 8.2 ) million in the first quarter of 2026 and 2025, respectively     ( 589 )     25,240   Foreign currency translation adjustment, net of tax of $ 0  for each period     529       ( 63,997 ) Change in pension benefit, net of tax of $( 0.0 ) million and $( 0.1 ) million in the first quarter of 2026 and 2025, respectively     76       844   Other comprehensive income (loss)     16       ( 37,913 ) Comprehensive income   $ 166,534     $ 44,319     The accompanying notes are an integral part of the condensed consolidated financial statements. 3 Table of Contents     PTC Inc. CONSOLIDATED STATEM ENTS OF CASH FLOWS (in thousands) (unaudited)       Three months ended       December 31, 2025     December 31, 2024   Cash flows from operating activities:             Net income   $ 166,518     $ 82,232   Adjustments to reconcile net income to net cash provided by operating activities:             Depreciation and amortization     25,298       25,823   Amortization of right-of-use lease assets     8,830       7,928   Stock-based compensation     57,867       55,851   Other non-cash items, net     ( 279 )     ( 999 ) Changes in operating assets and liabilities, excluding the effects of acquisitions:             Accounts receivable     191,988       131,353   Accounts payable and accrued expenses     73,739       ( 13,192 ) Accrued compensation and benefits     ( 36,474 )     ( 2,144 ) Deferred revenue     ( 112,390 )     ( 27,810 ) Accrued income taxes     ( 11,037 )     ( 13,528 ) Other current assets and prepaid expenses     ( 148,613 )     ( 18,766 ) Operating lease liabilities     11,370       ( 3,850 ) Other noncurrent assets and liabilities     42,928       15,531   Net cash provided by operating activities     269,745       238,429   Cash flows from investing activities:             Additions to property and equipment     ( 2,341 )     ( 2,767 ) Settlement of net investment hedges     3,200       28,308   Net cash provided by investing activities     859       25,541   Cash flows from financing activities:             Borrowings under credit facility     70,000       50,000   Repayments of borrowings under credit facility     ( 70,000 )     ( 255,125 ) Repurchases of common stock     ( 200,034 )     ( 75,000 ) Payments of withholding taxes in connection with stock-based awards     ( 43,033 )     ( 42,789 ) Other financing activity     ( 1,007 )     ( 1,410 ) Net cash used in financing activities     ( 244,074 )     ( 324,324 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash     ( 1,209 )     ( 9,201 ) Net change in cash, cash equivalents, and restricted cash     25,321       ( 69,555 ) Cash, cash equivalents, and restricted cash, beginning of period     184,988       266,466   Cash, cash equivalents, and restricted cash, end of period   $ 210,309     $ 196,911   Supplemental disclosure of non-cash financing and investing activities:             Withholding taxes in connection with stock-based awards, accrued   $ 7,191     $ 4,648   Operating right-of-use assets obtained in exchange for operating lease liabilities   $ 18,738     $ 2,607     The accompanying notes are an integral part of the condensed consolidated financial statements. 4 Table of Contents     PTC Inc. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands) (unaudited)       Three months ended December 31, 2025       Common Stock                 Accumulated             Shares     Amount     Additional Paid-In Capital     Retained Earnings     Other Comprehensive Loss     Total Stockholders’ Equity   Balance as of September 30, 2025     119,536     $ 1,195     $ 1,822,590     $ 2,083,607     $ ( 81,163 )   $ 3,826,229   Common stock issued for employee stock-based awards     781       8       ( 8 )     —       —       —   Shares surrendered by employees to pay taxes related to stock-based awards     ( 283 )     ( 3 )     ( 49,828 )     —       —       ( 49,831 ) Compensation expense from stock-based awards     —       —       100,648       —       —       100,648   Repurchases of common stock, including excise tax     ( 1,142 )     ( 11 )     ( 201,150 )     —       —       ( 201,161 ) Net income     —       —       —       166,518       —       166,518   Loss on net investment hedges, net of tax     —       —       —       —       ( 589 )     ( 589 ) Foreign currency translation adjustment     —       —       —       —       529       529   Change in defined benefit pension items, net of tax     —       —       —       —       76       76   Balance as of December 31, 2025     118,892     $ 1,189     $ 1,672,252     $ 2,250,125     $ ( 81,147 )   $ 3,842,419                                               Three months ended December 31, 2024       Common Stock                 Accumulated             Shares     Amount     Additional Paid-In Capital     Retained Earnings     Other Comprehensive Loss     Total Stockholders’ Equity   Balance as of September 30, 2024     120,155     $ 1,202     $ 1,965,307     $ 1,349,610     $ ( 101,721 )   $ 3,214,398   Common stock issued for employee stock-based awards     695       7       ( 7 )     —       —       —   Shares surrendered by employees to pay taxes related to stock-based awards     ( 248 )     ( 3 )     ( 47,190 )     —       —       ( 47,193 ) Compensation expense from stock-based awards     —       —       93,297       —       —       93,297   Repurchases of common stock, including excise tax     ( 383 )     ( 4 )     ( 74,996 )     —       —       ( 75,000 ) Net income     —       —       —       82,232       —       82,232   Gain on net investment hedges, net of tax     —       —       —       —       25,240       25,240   Foreign currency translation adjustment     —       —       —       —       ( 63,997 )     ( 63,997 ) Change in defined benefit pension items, net of tax     —       —       —       —       844       844   Balance as of December 31, 2024     120,219     $ 1,202     $ 1,936,411     $ 1,431,842     $ ( 139,634 )   $ 3,229,821                                           The accompanying notes are an integral part of the condensed consolidated financial statements. 5 Table of Contents     PTC Inc. NOTES TO CON DENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Basis of Presentation General The accompanying unaudited condensed consolidated financial statements include the accounts of PTC Inc. and its wholly owned subsidiaries and have been prepared by management in accordance with accounting principles generally accepted in the United States of America (GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited quarterly financial statements should be read in conjunction with our annual consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary for a fair statement of our financial position, results of operations and cash flows as of the dates and for the periods indicated. The September 30, 2025 Consolidated Balance Sheet included herein is derived from our audited consolidated financial statements. Unless otherwise indicated, all references to a year mean our fiscal year, which ends on September 30. Pending Accounting Pronouncements Narrow-Scope Improvements for Interim Reporting In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. The ASU will be effective for us in the first quarter of 2029, with early adoption permitted. We expect the adoption to result in disclosure changes only. Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by eliminating project stage-based capitalization and clarifying the probable-to-complete threshold to commence the capitalization of software costs. The ASU will be effective for us in the first quarter of 2029, with early adoption permitted. The standard may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. Measurements of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU will be effective for us in the first quarter of 2027, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. 6 Table of Contents     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. 2. Revenue from Contracts with Customers Receivables, Co ntract Assets and Contract Liabilities   (in thousands)   December 31, 2025     September 30, 2025   Short-term receivables   $ 804,341     $ 1,001,085   Long-term receivables   $ 409,166     $ 378,941   Contract asset   $ 13,792     $ 11,044   Deferred revenue   $ 712,378     $ 827,065   During the three months ended December 31, 2025, we recognized $ 344.3 million of revenue that was included in Deferred revenue as of September 30, 2025 . The remainder of the change in the Deferred revenue balance was driven by additional deferrals, primarily from new billings, offset by a $ 60.3 million decrease due to the reclassification of balances related to Kepware and ThingWorx to Liabilities held for sale and a decrease resulting from changes in foreign currency exchange rates. Our multi-year, non-cancellable on-premises subscription contracts provide customers with an annual right to exchange software within the subscription with other software. As of December 31, 2025 and September 30, 2025, our total revenue liability was $ 43.2 million and $ 39.7 million, respectively, primarily associated with the annual right to exchange on-premises subscription software. Remaining Performance Obligations (RPO) Our contracts with customers include amounts allocated to performance obligations that will be satisfied and recognized as revenue at a later date. The value of RPO and timing of recognition may be impacted by several factors, including the performance obligation type, duration and timing of commencement, as well as foreign currency exchange rate fluctuations. As of December 31, 2025, RPO totaled $ 2,936.3 million (including $ 195.3 million related to the Kepware and ThingWorx businesses), of which $ 712.4 million is recorded in Deferred revenue, $ 60.3 million is recorded in Liabilities held for sale, and $ 2,163.6 is not yet recorded in the Consolidated Balance Sheets. Of the total, we expect to recognize approximately 55 % over the next 12 months, 25 % over the next 13 to 24 months, and the remaining amount thereafter. 7 Table of Contents     Disaggregation of Revenue   (in thousands)   Three months ended       December 31, 2025     December 31, 2024   Recurring revenue (1)   $ 657,280     $ 524,311   Perpetual license     5,630       9,405   Professional services     22,915       31,412   Total revenue   $ 685,825     $ 565,128   (1) Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue. We report revenue by the following two product groups: (in thousands)   Three months ended       December 31, 2025     December 31, 2024   Product lifecycle management (PLM)   $ 431,542     $ 353,460   Computer-aided design (CAD)     254,283       211,668   Total revenue   $ 685,825     $ 565,128   Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below. (in thousands)   Three months ended       December 31, 2025     December 31, 2024   Americas   $ 320,935     $ 277,969   Europe     271,526       196,024   Asia Pacific     93,364       91,135   Total revenue   $ 685,825     $ 565,128     3. Stock-based Compensation Compensation expense recorded for our stock-based awards is classified in our Consolidated Statements of Operations as follows: (in thousands)   Three months ended       December 31, 2025     December 31, 2024   Cost of license revenue   $ 99     $ 34   Cost of support and cloud services revenue     4,246       4,058   Cost of professional services revenue     1,649       1,821   Sales and marketing     15,198       18,068   Research and development     15,915       16,155   General and administrative     20,760       15,715   Total stock-based compensation expense   $ 57,867     $ 55,851   As of December 31, 2025 and September 30, 2025 , we had liability-classified awards related to stock-based compensation based on a fixed monetary amount of $ 8.1 million and $ 51.3 million, respectively. The liability as of September 30, 2025 was settled via the issuance of shares in the first quarter of 2026 . 8 Table of Contents     4. Earnings per Share (EPS) and Common Stock EPS The following table presents the calculation for both basic and diluted EPS: (in thousands, except per share data)   Three months ended       December 31, 2025     December 31, 2024   Net income   $ 166,518     $ 82,232   Weighted-average shares outstanding—Basic     119,330       120,243   Dilutive effect of restricted stock units     659       902   Weighted-average shares outstanding—Diluted     119,989       121,145   Earnings per share—Basic   $ 1.40     $ 0.68   Earnings per share—Diluted   $ 1.39     $ 0.68   Anti-dilutive shares were immaterial for the three months ended December 31, 2025 and December 31, 2024. Common Stock Repurchases Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $ 2 billion of our common stock in the period October 1, 2024 through Septem ber 30, 2027. In the three months ended December 31, 2025 and December 31, 2024 , we repurchased 1.1 million shares for $ 200 million and 0.4 million shares for $ 75 million, respectively. The amount remaining under such authorization for repurchases as of December 31, 2025 is set forth in Part II, Item 2 Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued. 5. Acquisitions and Divestitures Acquisition and transaction-related costs in the three months ended December 31, 2025 totaled $ 10.7 million, compared to $ 0.2 million in the three months ended December 31, 2024. These costs are classified in General and administrative expense in the accompanying Consolidated Statements of Operations. 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 on or before April 1, 2026. 9 Table of Contents     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. The assets and liabilities of the Kepware and ThingWorx business were classified as held for sale in the first quarter of 2026. We expect that the sales proceeds less costs to sell will exceed the carrying value of the net assets. This divestiture did not qualify for discontinued operations and therefore, its results will be included in our Consolidated Statements of Operations in continuing operations through the date of sale. The following table presents the major classes of assets and liabilities classified as held for sale as of December 31, 2025. The following balances incorporate the use of management estimates and are subject to change based on developments leading up to the closing date of the transaction. (in thousands)   December 31, 2025   Accounts receivable, net   $ 33,593   Other current assets     7,632   Goodwill     82,204   Long-term receivables     11,104   Other assets     10,671   Total Assets held for sale   $ 145,204           Accrued compensation and benefits   $ 6,060   Deferred revenue, current     58,701   Other current liabilities     1,968   Other liabilities     4,656   Total Liabilities held for sale   $ 71,385   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. 6. Goodwill and Intangible Assets Goodwill and acquired intangible assets consisted of the following: (in thousands)   December 31, 2025     September 30, 2025       Gross Carrying Amount     Accumulated Amortization     Net Book Value     Gross Carrying Amount     Accumulated Amortization     Net Book Value   Goodwill               $ 3,412,586                 $ 3,493,316   Intangible assets with finite lives:                                     Purchased software   $ 547,186     $ 388,320     $ 158,866     $ 639,104     $ 472,357     $ 166,747   Capitalized software     22,877       22,877       —       22,877       22,877       —   Customer lists and relationships     1,093,024       460,800       632,224       1,149,262       505,202       644,060   Trademarks and trade names     31,982       18,869       13,113       38,179       24,323       13,856   Other     3,511       3,511       —       4,019       4,019       —   Total intangible assets with finite lives   $ 1,698,580     $ 894,377     $ 804,203     $ 1,853,441     $ 1,028,778     $ 824,663   Total goodwill and acquired intangible assets               $ 4,216,789                 $ 4,317,979     10 Table of Contents     Changes in Goodwill were as follows: (in thousands)       Balance, October 1, 2025   $ 3,493,316   Reclassification to Assets held for sale     ( 82,204 ) Foreign currency translation adjustment     1,474   Balance, December 31, 2025   $ 3,412,586   The aggregate amortization expense for intangible assets with finite lives is classified in our Consolidated Statements of Operations as follows: (in thousands)   Three months ended       December 31, 2025     December 31, 2024   Amortization of acquired intangible assets   $ 12,072     $ 11,440   Cost of revenue     7,900       8,300   Total amortization expense   $ 19,972     $ 19,740     7. Fair Value Measurements The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; or • Level 3: unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Money market funds, time deposits, and corporate notes/bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The principal market in which we execute our foreign currency derivatives is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants are generally large financial institutions. Our foreign currency derivatives’ valuation inputs are based on quoted prices and quoted pricing intervals from public data sources and do not involve management judgment. These contracts are typically classified within Level 2 of the fair value hierarchy. 11 Table of Contents     Our significant financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and September 30, 2025 were as follows: (in thousands)   December 31, 2025       Level 1     Level 2     Level 3     Total   Financial assets:                         Cash equivalents (1)   $ 44,996     $ —     $ —     $ 44,996   Forward contracts     —       2,887       —       2,887   Option contracts     —       5,898       —       5,898     $ 44,996     $ 8,785     $ —     $ 53,781   Financial liabilities:                         Forward contracts     —       1,866       —       1,866     $ —     $ 1,866     $ —     $ 1,866     (in thousands)   September 30, 2025       Level 1     Level 2     Level 3     Total   Financial assets:                         Cash equivalents (1)   $ 38,031     $ —     $ —     $ 38,031   Forward contracts     —       6,007       —       6,007   Option contracts     —       6,228       —       6,228     $ 38,031     $ 12,235     $ —     $ 50,266   Financial liabilities:                         Forward contracts     —       4,773       —       4,773     $ —     $ 4,773     $ —     $ 4,773   (1) Money market funds and time deposits. 8. Derivative Financial Instruments We enter into derivative transactions to manage our exposure to fluctuations in foreign exchange rates, specifically foreign currency forward contracts to manage our exposure related to monetary assets and liabilities denominated in foreign currencies and foreign exchange option contracts to manage our exposure related to forecasted cash flows. We do not enter into derivative transactions for trading or speculative purposes. The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets: (in thousands)   Fair Value of Derivatives Designated As Hedging Instruments     Fair Value of Derivatives Not Designated As Hedging Instruments       December 31, 2025     September 30, 2025     December 31, 2025     September 30, 2025   Derivative assets (1) :                         Forward contracts   $ 834     $ 2,871     $ 2,053     $ 3,136   Option contracts   $ —     $ —     $ 5,898     $ 6,228   Derivative liabilities (2) :                         Forward contracts   $ 13     $ —     $ 1,853     $ 4,773   (1) As of December 31, 2025 and September 30, 2025 , current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets. (2) As of December 31, 2025 and September 30, 2025 , current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. 12 Table of Contents     Non-Designated Hedges We hedge our net foreign currency monetary assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates. These contracts have maturities of up to approximately three months . Generally, we do not designate these foreign currency forward contracts as hedges for accounting purposes and changes in the fair value of these instruments are recognized immediately in earnings. Because we enter into forward contracts only as an economic hedge, gains or losses on the underlying foreign-denominated balance are generally offset by the losses or gains on the forward contract. Gains and losses on forward contracts and foreign denominated receivables and payables are included in Other expense, net. We hedge our forecasted U.S. Dollar cash flows with foreign exchange option contrac ts 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 expense, net. As of December 31, 2025 and September 30, 2025, we had outstanding forward and option contracts not designated as hedging instruments with notional amounts equivalent to the following: Currency Hedged (in thousands)   December 31, 2025     September 30, 2025   Euro / U.S. Dollar (1)   $ 1,034,390     $ 1,202,830   British Pound / U.S. Dollar     16,219       22,974   Israeli Shekel / U.S. Dollar     17,366       20,094   Indian Rupee / U.S. Dollar     80,943       53,465   Japanese Yen / U.S. Dollar (2)     96,794       131,284   Swiss Franc / U.S. Dollar     14,584       8,960   Swedish Krona / U.S. Dollar     16,427       21,568   New Taiwan Dollar / U.S. Dollar     5,777       23,098   Danish Krone / U.S. Dollar     11,890       2,556   All other     20,564       31,257   Total   $ 1,314,954     $ 1,518,086   (1) As of December 31, 2025 , $ 755.1 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $ 279.3 million relates to option contracts. As of September 30, 2025 , $ 835.4 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $ 367.4 million relates to option contracts . (2) As of December 31, 2025, $ 31.3 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $ 65.5 million relates to option contracts. As of September 30, 2025 , $ 41.9 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $ 89.4 million relates to option contracts. The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three months ended December 31, 2025 and December 31, 2024:  (in thousands)       Three months ended       Location of Gain (Loss)   December 31, 2025     December 31, 2024   Net realized and unrealized gain, excluding the underlying foreign currency exposure being hedged   Other expense, net   $ 212     $ 558   In the three months ended December 31, 2025 and December 31, 2024, total foreign currency losses, net were $ 1.9 million and $ 1.2 million, respectively. 13 Table of Contents     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 mo nths . Net investment hedge relationships are designated at inception, and effectiveness is assessed retrospectively on a quarterly basis using the net equity position of Euro and Japanese Yen functional subsidiaries. As the forward contracts are highly effective in offsetting exchange rate exposure, we record changes in these net investment hedges in Accumulated other comprehensive loss. Changes in the fair value of foreign exchange forward contracts due to changes in time value are excluded from the assessment of effectiveness. Our derivatives are not subject to any credit contingent features. We manage credit risk with counterparties by trading among several counterparties and we review our counterparties’ credit at least quarterly. As of December 31, 2025 and September 30, 2025, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following: Currency Hedged (in thousands)   December 31, 2025     September 30, 2025   Euro / U.S. Dollar   $ 528,136     $ 480,198   Japanese Yen / U.S. Dollar     19,496       10,260   Total   $ 547,632     $ 490,458     The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three months ended December 31, 2025 and December 31, 2024: (in thousands)       Three months ended       Location of Gain (Loss)   December 31, 2025     December 31, 2024   Gain (loss) recognized in Other comprehensive income (loss) ("OCI")   OCI   $ ( 782 )   $ 33,448   Gain (loss) reclassified from OCI to earnings   n/a   $ —     $ —   Gain recognized, excluded portion   Other expense, net   $ 1,931     $ 1,075   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. 14 Table of Contents     The following table sets forth the offsetting of derivative assets as of December 31, 2025: (in thousands)   Gross Amounts Offset in the Consolidated Balance Sheets           Gross Amounts Not Offset in the Consolidated Balance Sheets         As of December 31, 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   $ 8,785     $ —     $ 8,785     $ ( 1,866 )   $ —     $ 6,919   The following table sets forth the offsetting of derivative liabilities as of December 31, 2025: (in thousands)   Gross Amounts Offset in the Consolidated Balance Sheets           Gross Amounts Not Offset in the Consolidated Balance Sheets         As of December 31, 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   $ 1,866     $ —     $ 1,866     $ ( 1,866 )   $ —     $ —       9. Income Taxes (in thousands)   Three months ended       December 31, 2025     December 31, 2024   Income before income taxes   $ 202,975     $ 93,154   Provision for income taxes   $ 36,457     $ 10,922   Effective income tax rate     18 %     12 % The effective tax rate for the quarter ended December 31, 2025 was higher than the effective tax rate for the corresponding prior-year period primarily due to changes in the geographic mix of income before taxes. The effective tax rate for the quarter ended December 31, 2025 also reflected a net income tax benefit of $ 7.1 million related to Internal Revenue Service (IRS) procedural guidance, as desc ribed below. T he quarter ended December 31, 2024 included a benefit of $ 5.4 million associated with the impact of tax reserves related to prior years in a foreign jurisdiction. In the quarter ended December 31, 2025, our rate included the effects of IRS procedural guidance requiring consent for previously automatic changes of accounting method. In 2024, we requested consent from the IRS to change our tax accounting method for the treatment of certain deductions. In the quarter ended December 31, 2025, upon receiving consent from the IRS, we released the reserve established in 2025 related to the procedural guidance, which resulted in a net income tax benefit of $ 7.1 million for the reversal of the associated accrued interest and indirect effects on GILTI and FDII in 2024. In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, including the IRS in the U.S. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. We are currently under audit by tax authorities in several jurisdictions. Audits by tax authorities typically involve examination of the deductibility of certain permanent items, transfer pricing, limitations on net operating losses and tax credits. As of December 31, 2025 and September 30, 2025, income taxes payable and income tax accruals recorded on the accompanying Consolidated Balance Sheets were $ 76.1 million ($ 39.4 million in Accrued income taxes and $ 36.7 million recorded in Other Liabilities) and $ 179.1 million ($ 28.7 million in Accrued income taxes and $ 150.4 million in Other liabilities), respectively. 15 Table of Contents     As of December 31, 2025 and September 30, 2025, we had unrecognized tax benefits of $ 48.6 million and $ 157.7 million, respectively. This decrease predominantly relates to the release of the reserve established in 2025 related to the IRS procedural guidance, primarily resulting in corresponding decreases to Deferred tax assets and the reserve for unrecognized tax benefits within Other liabilities. Additionally, this resulted in a $ 7.1 million net income tax benefit as described above. If all our unrecognized tax benefits as of December 31, 2025 were to become recognizable in the future, we would record a benefit to the income tax provision of $ 48.6 million, which would be partially offset by an increase in the U.S. valuation allowance of $ 5.8 million. Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in favorable or unfavorable changes in our estimates. We believe it is reasonably possible that within the next 12 months the amount of unrecognized tax benefits related to the resolution of multi-jurisdictional tax positions could be reduced by up to $ 1 million. On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that are applicable to us beginning in 2026. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. Our financials reflect the impact of the provisions of the Act that are applicable beginning 2026.   10. Debt As of December 31, 2025 and September 30, 2025, we had the following debt obligations: (in thousands)   December 31, 2025     September 30, 2025   4.000% Senior notes due 2028   $ 500,000     $ 500,000   Credit facility revolver line (1)(2)     237,500       231,250   Credit facility term loan (1)(2)     462,500       468,750   Total debt     1,200,000       1,200,000   Unamortized debt issuance costs for the senior notes (3)     ( 2,294 )     ( 2,566 ) Total debt, net of issuance costs (4)   $ 1,197,706     $ 1,197,434   (1) Unamortized debt issuance costs related to the credit facility were $ 2.7 million included in Other current assets and $ 3.6 million included in Other assets on the Consolidated Balance Sheet as of December 31, 2025 and $ 2.7 million included in Other current assets and $ 3.3 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2025 . (2) The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028 . The term loan began amortizing in March 2024, with payment s remaini ng of $ 18.8 mill ion in 2026, $ 25.0 million in 2027, and $ 418.7 million in 2028. (3) As of December 31, 2025 and September 30, 2025 , all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheet s . (4) As of December 31, 2025 and September 30, 2025, $ 25.0 million of debt associated with the credit facility term loan was classifie d as short term. Senior Unsecured Notes In February 2020, we issued $ 500 million in aggregate principal amount of 4.0 % senior, unsecured long-term debt at par value, due in 2028 (the 2028 notes). As of December 31, 2025, the total estimated fair value of the 2028 notes was approximately $ 493.0 million based on quoted prices for the notes on that date. We were in compliance with all the covenants for our senior notes as of December 31, 2025. Credit Agreement Our credit facility consists of (i) a $ 1.25 billion revolving credit facility, (ii) a $ 500 million term loan credit facility, and (iii) an incremental facility pursuant to which we may incur additional term loan tranches or increase the revolving credit facility. 16 Table of Contents     As of December 31, 2025, unused commitments under our revolving credit facility were $ 1,012.5 million and the amount available to borrow was $ 995.4 million. As of December 31, 2025, the fair value of our credit facility approximates its book value. PTC and certain foreign subsidiaries are eligible borrowers under the credit facility. As of December 31, 2025, $ 46.3 million was borrowed by an eligible foreign subsidiary borrower. Loans under the credit facility bear interest at variable rates. As of December 31, 2025, the annual rate for borrowings outstanding was 5.2 % . 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. As of December 31, 2025, we were in compliance with all financial and operating covenants of the credit facility. Interest In the three months ended December 31, 2025 and December 31, 2024, we incurred interest expense on our debt of $ 17.3 million and $ 22.0 million, respectively. The average interest rate on borrowings outstanding was approximately 4.8 % and 4.7 % during the three months ended December 31, 2025 and December 31, 2024 , respectively. 11. Commitments and Contingencies Guarantees and Indemnification Obligations We enter into standard indemnification agreements with our customers and business partners in the ordinary course of our business. Under such agreements, we typically indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to our products. Indemnification may also cover other types of claims, including claims relating to certain data breaches. These agreements typically limit our liability with respect to indemnification claims other than intellectual property infringement claims. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and, accordingly, we believe the estimated fair value of liabilities under these agreements is immaterial. We warrant that our software products will perform in all material respects in accordance with our standard published specifications during the term of the license. Additionally, we generally warrant that our consulting services will be performed consistent with generally accepted industry standards and, in the case of fixed price services, the agreed-upon specifications. In most cases, liability for these warranties is capped. If necessary, we would provide for the estimated cost of product and service warranties based on specific warranty claims and claim history; however, we have not incurred significant cost under our product or services warranties. As a result, we believe the estimated fair value of these liabilities is immaterial. 17 Table of Contents     12. Segments We operate as a single operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer . The CODM evaluates financial performance and allocates resources based on consolidated results, including consolidated net income. The total assets of the segment are reported on the Consolidated Balance Sheets. The following table presents revenue, significant expenses, and consolidated net income for our reportable segment: (in thousands)   Three months ended       December 31, 2025     December 31, 2024   Revenue   $ 685,825     $ 565,128   Costs and expenses:                   Cost of revenue, adjusted (1)     103,852       97,584         Operating expenses, adjusted (2)     272,340       276,214         Other segment items (3)     143,115       109,098   Consolidated net income   $ 166,518     $ 82,232   (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, and acquisition and transaction-related charges . (3) Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Other expense, net; and Provision for income taxes. 18 Table of Contents     ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS O F FINANCIAL CONDITION AND RESULTS OF OPERATIONS Business Overview PTC is a global software company headquartered in Boston, Massachusetts. We employ over 7,000 people and support more than 30,000 customers globally. We primarily serve customers in the following industry verticals: • Industrials • Federal, Aerospace and Defense • Electronics and High Tech • Automotive • Medical Technology and Life Sciences Our customers are focused on improving their competitiveness in the face of global competition and increasing product complexity, and our suite of software offerings is a strategic enabler of this and their digital transformation initiatives. Given the breadth and openness of our portfolio, we enable the Intelligent Product Lifecycle: establishing a strong product data foundation in the engineering department and democratizing the access and use of that data across the enterprise to drive cross-functional collaboration, accelerate new product introduction timelines, and deliver higher product quality. By embracing the Intelligent Product Lifecycle, our customers establish the quality, consistency, and traceability of product data, ensuring the data is up-to-date, accessible, reliable, and actionable. Our customers can then go on to use this data to break down silos, streamline workflows, and achieve interoperability across departments, functions, and systems. This includes the growing emphasis on AI-driven transformation across our customers’ teams, operations, and processes. A product data foundation is the backbone of AI-driven transformation. Our business is based on a subscription model and 95% of our 2025 revenue was recurring in nature. Compared to a perpetual license model, our subscription model naturally drives higher customer engagement and retention and provides better business predictability. This, in turn, enables us to make steady and sustained investments to support our customers and pursue mid-to-long-term growth opportunities. Forward-Looking Statements Statements in this document that are not historic facts, including statements about our future operating, financial and growth expectations, potential stock repurchases, and the expected timing of closing the sale of the Kepware and ThingWorx businesses (the "divestiture"), are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: the macroeconomic and/or global manufacturing climates may not improve or may deteriorate due to, among other factors, the effects of import tariffs, threats of additional and reciprocal import tariffs, global trade and geopolitical tensions and uncertainty, volatile foreign exchange rates, high interest rates or increases in interest rates, inflation, and tightening of credit standards and availability, any of which could cause customers to delay or reduce purchases of new software, adopt competing software solutions, reduce the number of subscriptions they carry, or delay payments to us, which would adversely affect our ARR (Annual Run Rate) and/or financial results and cash flow and growth; our investments in our software solutions, including the integration of artificial intelligence (AI) capabilities into our software solutions, may not drive expansion of those solutions and/or generate the ARR and/or cash flow we expect if customers are slower to adopt those solutions than we expect or if they adopt competing solutions; customers may not build the product data foundations 19 Table of Contents     essential for the AI-driven transformation of their business when or as we expect, which could adversely affect our ARR and/or financial results and cash flow and growth; our go-to-market realignment and related initiatives may not generate the ARR and/or financial results or cash flow when or as we expect; the divestiture may not be consummated when or as we expect if, among other factors, regulatory approvals under applicable laws and regulations are not received when or as we expect, or if other closing conditions are not satisfied when or as we expect or are waived; the future thresholds upon which the additional contingent consideration of up to $125 million related to the divestiture would become payable may not be achieved; other uses of cash or our credit facility limits could limit or preclude the return of excess cash and the net proceeds of the divestiture to shareholders by way of share repurchases, or could change the amount and timing of any share repurchases; and foreign exchange rates may differ materially from those we expect. In addition, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including changes to tax laws in the U.S. and other countries and the geographic mix of our revenue, expenses, and profits. Other risks and uncertainties that could cause actual results to differ materially from those projected are described below throughout or referenced in Part II, Item 1A. Risk Factors of this report.   Our Operating and Non-GAAP Financial Measures Our discussion of results includes discussion of our ARR operating measure, non-GAAP financial measures, and disclosure of our results on a constant currency basis. ARR and our non-GAAP financial measures are described below in Operating and Non-GAAP Financial Measures . The methodology used to calculate constant currency disclosures is described in Results of Operations - Impact of Foreign Currency Exchange on Results of Operations . You should read those sections to understand our operating measure, non-GAAP financial measures, and constant currency disclosures. Executive Overview ARR grew 13% (8% constant currency) to $2.49 billion as of the end of Q1’26 compared to Q1’25. Cash provided by operating activities grew 13% to $270 million in Q1'26 compared to Q1'25. Free cash flow grew 13% to $267 million in Q1'26 compared to Q1'25. In Q1'26, we made $10 million of divestiture-related payments. Our cash flow growth is attributable to resilient top-line growth due to our subscription business model and operational discipline. In Q1'26, we repurchased $200 million of our outstanding shares. Revenue grew 21% (19% constant currency) to $686 million in Q1'26 compared to Q1'25, driven by growth in license revenue due to the higher total value and longer average duration of renewal contracts that commenced in the period. Operating margin grew by approximately 1180 basis points in Q1'26 compared to Q1'25, reflecting higher revenue as well as continued operating discipline. Diluted earnings per share grew 104% to $1.39 in Q1'26 compared to Q1'25, driven by revenue growth. In Q1'26, we entered into an agreement to sell our Kepware and ThingWorx businesses and classified related assets and liabilities as held for sale. We may receive up to $600 million upon closing of the transaction, subject to adjustments as set forth in the purchase agreement. For further detail, refer to Note 5. Acquisitions and Divestitures to the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q. The transaction is expected to close on or before April 1, 2026. Our expected use of the net after-tax proceeds will follow our overall capital allocation strategy of returning excess cash to shareholders via share repurchases.   20 Table of Contents     Results of Operations (Dollar amounts in millions, except per share data)   Three months ended     Percent Change       December 31, 2025     December 31, 2024     Actual     Constant Currency (1)   ARR   $ 2,494.2     $ 2,205.3       13 %     8 %                         Total recurring revenue (2)   $ 657.3     $ 524.3       25 %     23 % Perpetual license     5.6       9.4       (40 )%     (41 )% Professional services     22.9       31.4       (27 )%     (27 )% Total revenue     685.8       565.1       21 %     19 % Total cost of revenue     117.7       111.8       5 %     4 % Gross margin     568.1       453.3       25 %     22 % Operating expenses     346.9       337.8       3 %     2 % Operating income   $ 221.1     $ 115.5       91 %     79 % Non-GAAP operating income (1)   $ 309.6     $ 191.3       62 %     55 % Operating margin     32.2 %     20.4 %             Non-GAAP operating margin (1)     45.1 %     33.9 %             Diluted earnings per share   $ 1.39     $ 0.68               Non-GAAP diluted earnings per share (1)   $ 1.92     $ 1.10                                       Cash provided by operating activities   $ 269.7     $ 238.4               Capital expenditures     (2.3 )     (2.8 )             Free cash flow   $ 267.4     $ 235.7                 (1) See Operating and Non-GAAP Financial Measures below for a reconciliation of our GAAP results to our non-GAAP financial measures and Impact of Foreign Currency Exchange on Results of Operations below for a description of how we calculate our results on a constant currency basis. (2) Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue. Impact of Foreign Currency Exchange on Results of Operations Approximately 55% of our revenue and 30% of our expenses are transacted in currencies other than the U.S. Dollar. Because we report our results of operations in U.S. Dollars, currency translation, particularly changes in the Euro, Yen, Shekel, and Rupee relative to the U.S. Dollar, affects our reported results. Our constant currency disclosures are calculated by multiplying the results in local currency for the quarterly periods for FY'26 and FY'25 by the exchange rates in effect on September 30, 2025. If Q1'26 reported results were converted into U.S. Dollars using the rates in effect as of September 30, 2025, ARR would have been higher by $6 million, revenue would have been higher by $4 million, and expenses would have been higher by $1 million. If Q1'25 reported results were converted into U.S. Dollars using the rates in effect as of September 30, 2025, ARR would have been higher by $102 million, revenue would have been higher by $16 million, and expenses would have been higher by $6 million. Revenue Under ASC 606, the volume, mix, and duration of contract types (support, SaaS, on-premises subscription) starting or renewing in any given period can have a material impact on revenue in the period, and as a result can impact the comparability of reported revenue period over period. We recognize revenue for the license portion of on-premises subscription contracts when we deliver the licenses to the customer, typically on the start date, and we recognize revenue on the support portion of on-premises subscription contracts and stand-alone support contracts ratably over the term. Revenue from our cloud services (primarily SaaS) contracts is recognized ratably. We expect that over time a higher portion of our revenue will be recognized ratably as we expand our SaaS offerings, release additional cloud functionality into our products, and migrate customers from on-premises subscriptions to SaaS. Given the different mix, duration and volume of new and renewing contracts in any period, year-over-year or sequential revenue can vary significantly. 21 Table of Contents     Revenue by Line of Business (Dollar amounts in millions)   Three months ended     Percent Change       December 31, 2025     December 31, 2024     Actual     Constant Currency   License   $ 269.7     $ 172.8       56 %     52 % Support and cloud services     393.3       361.0       9 %     7 % Software revenue     662.9       533.7       24 %     21 % Professional services     22.9       31.4       (27 )%     (27 )% Total revenue   $ 685.8     $ 565.1       21 %     19 % Software revenue growth in Q1'26 was driven by license revenue growth, which reflects the higher total value and longer average duration of contracts that renewed in the current-year period. Support and cloud services revenue growth in Q1'26 was driven by growth in both PLM and CAD. Professional services revenue decreased in Q1'26 as we continue to execute on our strategy of leveraging partners to deliver services rather than contracting to deliver services ourselves. Software Revenue by Product Group (Dollar amounts in millions)   Three months ended     Percent Change       December 31, 2025     December 31, 2024     Actual     Constant Currency   PLM   $ 409.9     $ 323.6       27 %     24 % CAD     253.0       210.1       20 %     17 % Software revenue   $ 662.9     $ 533.7       24 %     21 % PLM software revenue growth in Q1'26 was primarily driven by Windchill revenue growth in Europe. PLM ARR grew 13% (9% constant currency) from Q1'25 to Q1'26, primarily driven by Windchill and Codebeamer. PLM ARR grew 24% (12% constant currency) in Europe, 15% (13% constant currency) in Asia Pacific, and 6% (6% constant currency) in the Americas. CAD software revenue growth in Q1'26 was driven by Creo revenue growth in the Americas and Europe. CAD ARR grew 13% (8% constant currency) from Q1'25 to Q1'26, primarily driven by Creo. CAD ARR grew 20% (7% constant currency) in Europe, 12% (10% constant currency) in Asia Pacific, and 7% (7% constant currency) in the Americas.   22 Table of Contents     Gross Margin (Dollar amounts in millions)   Three months ended             December 31, 2025     December 31, 2024     Percent Change   License gross margin   $ 256.3     $ 162.5       58 % License gross margin percentage     95 %     94 %       Support and cloud services gross margin   $ 314.0     $ 289.6       8 % Support and cloud services gross margin percentage     80 %     80 %       Professional services gross margin   $ (2.3 )   $ 1.2       (290 )% Professional services gross margin percentage     (10 )%     4 %                           Total gross margin   $ 568.1     $ 453.3       25 % Total gross margin percentage     83 %     80 %                           Non-GAAP gross margin (1)   $ 582.0     $ 467.5       24 % Non-GAAP gross margin percentage (1)     85 %     83 %       (1) Non-GAAP financial measures are reconciled to GAAP results under Non-GAAP Financial Measures below. License gross margin growth in Q1'26 was in line with license revenue growth. Cost of license revenue grew in Q1'26 compared to Q1'25, primarily due to higher royalty expenses. Support and cloud services gross margin growth in Q1'26 was in line with support and cloud services revenue growth. Cost of support and cloud services revenue grew 11% in Q1'26 compared to Q1'25, primarily due to increasing compensation-related costs and cloud and software subscription-related costs as the business grows. Professional services gross margin decreased in Q1'26 compared to Q1'25, primarily driven by a sharper decrease in professional services revenue than in professional services expense. The decreases in professional services revenue and costs are due to our continued execution on our strategy of leveraging partners to deliver services rather than contracting to deliver services ourselves. Operating Expenses (Dollar amounts in millions)   Three months ended             December 31, 2025     December 31, 2024     Percent Change   Sales and marketing   $ 140.9     $ 157.5       (11 )% % of total revenue     21 %     28 %       Research and development   $ 120.0     $ 115.5       4 % % of total revenue     17 %     20 %       General and administrative   $ 74.0     $ 53.3       39 % % of total revenue     11 %     9 %       Amortization of acquired intangible assets   $ 12.1     $ 11.4       6 % % of total revenue     2 %     2 %       Total operating expenses   $ 346.9     $ 337.8       3 % Total headcount increased 4% between Q1’25 and Q1’26. Operating expenses in Q1'26 increased compared to Q1'25, primarily due to the following: • a $10 million increase in acquisition and transaction-related costs, driven by costs associated with the Kepware and ThingWorx divestiture; and • a $6 million increase in travel-related expenses; 23 Table of Contents     partially offset by: • a $6 million decrease in compensation expense (including stock-based compensation), mainly driven by severance in Q1'25 related to the go-to-market realignment (which was primarily included in Sales and marketing). Interest Expense (Dollar amounts in millions)   Three months ended             December 31, 2025     December 31, 2024     Percent Change   Interest expense   $ (17.3 )   $ (22.0 )     (22 )% Interest expense in both Q1'26 and Q1'25 includes interest on our revolving credit facility, term loan, and our senior notes due in 2028. Interest expense in Q1'25 also included interest on our senior notes due in 2025, which were redeemed in Q2'25. Interest expense decreased in Q1'26 compared to Q1'25 due to lower debt balances. Income Taxes (Dollar amounts in millions)   Three months ended             December 31, 2025     December 31, 2024     Percent Change   Income before income taxes   $ 203.0     $ 93.2       118 % Provision for income taxes   $ 36.5     $ 10.9       234 % Effective income tax rate     18 %     12 %       The effective tax rate for Q1'26 was higher than the effective tax rate for the corresponding prior-year period primarily due to changes in the geographic mix of income before taxes. The effective tax rate for Q1’26 also reflected a net income tax benefit of $7 million related to IRS procedural guidance, as described below. Q1’25 included a benefit of $5 million associated with the impact of tax reserves related to prior years in a foreign jurisdiction. In Q1’26, our rate included the effects of IRS procedural guidance requiring consent for previously automatic changes of accounting method. In 2024, we requested consent from the IRS to change our tax accounting method for the treatment of certain deductions. In Q1’26, upon receiving consent from the IRS, we released the reserve established in 2025 related to the procedural guidance, which resulted in a net income tax benefit of $7 million for the reversal of the associated accrued interest and indirect effects on GILTI and FDII in 2024. On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that are applicable to us beginning in FY'26. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. Our financials reflect the impact of the provisions of the Act that are applicable beginning FY'26. Critical Accounting Policies and Estimates There were no material changes to our critical accounting policies and estimates as set forth under the heading Critical Accounting Policies and Estimates in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Annual Report on Form 10-K. 24 Table of Contents     Recent Accounting Pronouncements In accordance with recently issued accounting pronouncements, we will be required to comply with certain changes in accounting rules and regulations. Refer to Note 1. Basis of Presentation to the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q, which is incorporated herein by reference, for all recently issued accounting pronouncements. We are evaluating the impact of ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software and ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets and have not yet determined whether they will have a material impact. Liquidity and Capital Resources (in millions)   December 31, 2025     September 30, 2025   Cash and cash equivalents   $ 209.7     $ 184.4   Restricted cash     0.6       0.6   Total   $ 210.3     $ 185.0                 (in millions)   Three months ended       December 31, 2025     December 31, 2024   Net cash provided by operating activities   $ 269.7     $ 238.4   Net cash provided by investing activities   $ 0.9     $ 25.5   Net cash used in financing activities   $ (244.1 )   $ (324.3 ) Cash, Cash Equivalents and Restricted Cash We invest our cash with highly rated financial institutions. Cash and cash equivalents include highly liquid investments with original maturities of three months or less. Due to the stability of our subscription model and consistency of annual, up-front billing, we aim to maintain a low cash balance. A significant portion of our cash is generated and held outside the U.S. As of December 31, 2025, we had cash and cash equivalents of $23 million in the U.S., $101 million in Europe, $69 million in Asia Pacific (including India) and $17 million in other countries. We have substantial cash requirements in the U.S. but believe that the combination of our existing U.S. cash and cash equivalents, cash available under our revolving credit facility, future U.S. operating cash inflows, and our ability to repatriate cash to the U.S. will be sufficient to meet our ongoing U.S. operating expenses and known capital requirements. Cash Provided by Operating Activities Cash provided by operating activities increased $31 million in Q1'26 compared to Q1'25. Growth was driven by higher collections and lower vendor disbursements, partially offset by higher tax payments and higher salary and related payments. Additionally, Q1'26 included $10 million of divestiture-related payments. Cash Provided by Investing Activities Cash provided by investing activities in Q1'26 and Q1'25 was driven by inflows from the settlement of net investment hedges. Cash Used in Financing Activities Cash used in financing activities in Q1'26 included $200 million of repurchases of common stock. Cash used in financing activities in Q1'25 included net payments of $205 million on our credit facility and $75 million of repurchases of common stock. 25 Table of Contents     Outstanding Debt (in millions)   December 31, 2025     September 30, 2025   4.000% Senior notes due 2028   $ 500.0     $ 500.0   Credit facility revolver line     237.5       231.3   Credit facility term loan     462.5       468.8   Total debt   $ 1,200.0     $ 1,200.0   Unamortized debt issuance costs for the senior notes     (2.3 )     (2.6 ) Total debt, net of issuance costs   $ 1,197.7     $ 1,197.4               Undrawn under credit facility revolver   $ 1,012.5     $ 1,018.8   Undrawn under credit facility revolver available to borrow   $ 995.4     $ 1,001.7   As of December 31, 2025, we were in compliance with all financial and operating covenants of the credit facility and the note indenture. As of December 31, 2025, the annual rate for borrowings outstanding under the credit facility was 5.2%. Our credit facility and our senior notes are described in Note 10. Debt to the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q. As of December 31, 2025, $25 million of our debt associated with the credit facility term loan was classified as current. Future Expectations We believe that existing cash and cash equivalents, together with cash inflows from operations and amounts available under the credit facility, will be sufficient to meet our working capital and capital expenditure requirements through at least the next twelve months and to meet our known long-term capital requirements. We expect to use the net after-tax proceeds of the Kepware and ThingWorx divestiture to repurchase shares, in line with our long-term goal of returning excess cash to shareholders. Our expected uses and sources of cash could change, our cash position could be reduced, and we could incur additional debt obligations if we retire other debt, engage in strategic transactions, or repurchase shares, any of which could be commenced, suspended, or completed at any time. Any such repurchases or retirement of debt will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any debt retirement or issuance, share repurchases, or strategic transactions may be material. Operating and Non-GAAP Financial Measures Operating Measure ARR ARR (Annual Run Rate) represents the annualized value of our portfolio of active subscription software, SaaS, hosting, and support contracts as of the end of the reporting period. We calculate ARR as follows: • We consider a contract to be active when the product or service contractual term commences (the “start date”) until the right to use the product or service ends (the “expiration date”). Even if the contract with the customer is executed before the start date, the contract will not count toward ARR until the customer right to receive the benefit of the products or services has commenced. 26 Table of Contents     • For contracts that include annual values that change over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include any future committed increases in the contract value as of the date of the ARR calculation . • As ARR includes only contracts that are active at the end of the reporting period, ARR does not reflect assumptions or estimates regarding future contract renewals or non-renewals. • Active contracts are annualized by dividing the total active contract value by the contract duration in days (expiration date minus start date), then multiplying that by 365 days (or 366 days for leap years). We believe ARR is a valuable operating measure to assess the health of a subscription business because it is aligned with the amount that we invoice the customer on an annual basis. We generally invoice customers annually for the current year of the contract. A customer with a one-year contract will typically be invoiced for the total value of the contract at the beginning of the contractual term, while a customer with a multi-year contract will be invoiced for each annual period at the beginning of each year of the contract. ARR increases by the annualized value of active contracts that commence in a reporting period and decreases by the annualized value of contracts that expire in the reporting period. As ARR is not annualized recurring revenue, it is not calculated based on recognized or unearned revenue and is not affected by variability in the timing of revenue under ASC 606, particularly for on-premises license subscriptions where a substantial portion of the total value of the contract is recognized as revenue at a point in time upon the later of when the software is made available, or the subscription term commences. ARR should be viewed independently of recognized and unearned revenue and is not intended to be combined with, or to replace, either of those items. Investors should consider our ARR operating measure only in conjunction with our GAAP financial results. Non-GAAP Financial Measures Our non-GAAP financial measures and the reasons we use them and exclude the items identified below are described in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended September 30, 2025. The non-GAAP financial measures presented in the discussion of our results of operations and the respective most directly comparable GAAP measures are: • non-GAAP gross margin—GAAP gross margin • non-GAAP operating income—GAAP operating income • non-GAAP operating margin—GAAP operating margin • non-GAAP net income—GAAP net income • non-GAAP diluted earnings per share—GAAP diluted earnings per share • free cash flow—cash flow from operations 27 Table of Contents     The non-GAAP financial measures other than free cash flow exclude, as applicable: stock-based compensation expense; amortization of acquired intangible assets; acquisition and transaction-related charges included in General and administrative expenses; Impairment and other charges (credits), net; non-operating charges (credits), net; and income tax adjustments as defined in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and as reflected in the reconciliation tables. The items excluded from the non-GAAP financial measures often have a material impact on our financial results, certain of those items are recurring, and other items often recur. Accordingly, the non-GAAP financial measures included in this Quarterly Report on Form 10-Q should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with GAAP. The following tables reconcile each of these non-GAAP financial measures to its most closely comparable GAAP measure on our financial statements. (in millions, except per share amounts)   Three months ended       December 31, 2025     December 31, 2024   GAAP gross margin   $ 568.1     $ 453.3   Stock-based compensation     6.0       5.9   Amortization of acquired intangible assets included in cost of revenue     7.9       8.3   Non-GAAP gross margin   $ 582.0     $ 467.5   GAAP operating income   $ 221.1     $ 115.5   Stock-based compensation     57.9       55.9   Amortization of acquired intangible assets     20.0       19.7   Acquisition and transaction-related charges     10.7       0.2   Non-GAAP operating income   $ 309.6     $ 191.3   GAAP net income   $ 166.5     $ 82.2   Stock-based compensation     57.9       55.9   Amortization of acquired intangible assets     20.0       19.7   Acquisition and transaction-related charges     10.7       0.2   Non-operating charges, net (1)     0.8       —   Income tax adjustments (2)     (25.1 )     (24.7 ) Non-GAAP net income   $ 230.7     $ 133.3   GAAP diluted earnings per share   $ 1.39     $ 0.68   Stock-based compensation     0.48       0.46   Amortization of acquired intangible assets     0.17       0.16   Acquisition and transaction-related charges     0.09       0.00   Non-operating charges, net (1)     0.01       —   Income tax adjustments (2)     (0.21 )     (0.20 ) Non-GAAP diluted earnings per share   $ 1.92     $ 1.10               Cash provided by operating activities   $ 269.7     $ 238.4   Capital expenditures     (2.3 )     (2.8 ) Free cash flow   $ 267.4     $ 235.7     (1) In Q1'26, we recognized a $0.8 million financing charge related to a debt commitment agreement associated with our anticipated divestiture of the Kepware and ThingWorx businesses. (2) Income tax adjustments reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above. Additionally, in Q1'25, adjustments exclude a $5.4 million benefit related to the tax impact of tax reserves related to prior years in a foreign jurisdiction. Operating margin impact of non-GAAP adjustments:     Three months ended       December 31, 2025     December 31, 2024   GAAP operating margin     32.2 %     20.4 % Stock-based compensation     8.4 %     9.9 % Amortization of acquired intangible assets     2.9 %     3.5 % Acquisition and transaction-related charges     1.6 %     0.0 % Non-GAAP operating margin     45.1 %     33.9 %   28 Table of Contents       ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There have been no significant changes in our market risk exposure as described in Item 7A. Quantitative and Qualitative Disclosures about Market Risk of our 2025 Annual Report on Form 10-K. ITEM 4. CONTROLS AN D PROCEDURES Evaluation of Effectiveness of Disclosure Controls and Procedures Our management maintains disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer (our principal executive officer and principal financial officer, respectively), as appropriate, to allow for timely decisions regarding required disclosure. We evaluated, under the supervision and with the participation of management, including our principal executive and principal financial officers, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this quarterly report. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2025. Changes in Internal Control over Financial Reporting There was no change in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act that occurred during the period ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 29 Table of Contents     PART II—OTHE R INFORMATION ITEM 1A. RI SK FACTORS In addition to other information set forth in this report, you should carefully consider the risk factors described in Part I. Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.   ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The table below shows the shares of our common stock we repurchased in Q1'26. Period Total Number of Shares (or Units) Purchased   Average Price Paid per Share (or Unit)   Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs   Approximate Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs  (1)    October 1, 2025 - October 31, 2025   —   $ —     —   $ 1,700,012,666    November 1, 2025 - November 30, 2025   644,000   $ 174.77     644,000   $ 1,587,459,787    December 1, 2025 - December 31, 2025   497,657   $ 175.72     497,657   $ 1,500,012,797   Total   1,141,657   $ 175.18     1,141,657   $ 1,500,012,797   (1) As announced on November 6, 2024, 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. ITEM 5. OTHER INFORMATION Director and Executive Officer Adoption, Modification or Termination of 10b5-1 Plans in Q1'26 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 December 31, 2025, the below director adopted a Rule-10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K of the Securities Exchange Act of 1934, as amended). The plan adopted contemplates only sales of PTC common stock. No plans of Section 16 officers or directors 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 Corinna Lathan Director Adopted November 11, 2025 Ends March 31, 2027 3,675   30 Table of Contents     ITEM 6. EXH IBITS             Incorporated by Reference Exhibit Number     Description   Filed Herewith     Form     Filling Date     Exhibit     SEC File No.                           2.1   Asset Purchase Agreement dated November 5, 2025 by and between PTC Inc. and Parrot US Buyer, L.P.       8-K   November 5, 2025   10.1   0-18059                           3.1   Restated Articles of Organization of PTC Inc.       10-K   November 23, 2015   3.1   0-18059                           3.2   Amended and Restated By-Laws of PTC Inc.       10-K   November 14, 2024   3.2   0-18059                           4.1   Indenture dated as of February 13, 2020, between PTC Inc. and Wells Fargo Bank, National Association, as trustee       8-K   February 13, 2020   4.1   0-18059                           4.2   Form of 4.000% senior unsecured notes due 2028       8-K   February 13, 2020   4.3   0-18059                           10.1*   Executive Agreement dated November 17, 2025 by and between Jon Stevenson and PTC Inc.   X                                           31.1   Certification of the Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)   X                                           31.2   Certification of the Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a)   X                                         32**   Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350   X                                         101.INS   Inline XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document                                               101.SCH   Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents                                               104   The cover page of the Q1 Form 10-Q formatted in Inline XBRL (included in Exhibit 101)                       * Identifies a management contract or compensatory plan or arrangement in which an executive officer or director of PTC participates. ** Indicates that the exhibit is being furnished, not filed, with this report.   31 Table of Contents     SIGNA TURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.     PTC Inc.             By:   /S/ JENNIFER DIRICO       Jennifer DiRico Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 5, 2026 32