PEGA

MKT CAP:$6B

Pegasystems Inc.

Market Cap

$6B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$37.48-$18.58 (-33.14%)

Apr 22, 2026

Company Details

Pegasystems Inc. develops, markets, licenses, hosts, and supports enterprise software applications in the United States, rest of the Americas, the United Kingdom, rest of Europe, the Middle East, Africa, and the Asia-Pacific. It provides Pe...

CEO

Alan Trefler

IPO Date

Jul 19, 1996

Website

www.pega.com

Key Metrics TTM

Revenue

$1.7B

+3.5% YoY

Net Income

$341M

EPS (Diluted)

$1.86

Free Cash Flow

$495M

Revenue / Share

$9.51

Gross Margin

75.0%

Operating Margin

10.2%

Net Margin

20.0%

FCF Margin

29.1%

P/S

3.7x

P/E

18.3x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$430M-9.6%EPS $0.18

FY 2025

Feb 10, 2026

$1.7B+16.6%EPS $2.13

Q4 2025

Feb 10, 2026

$504M+2.7%EPS $1.27

Q3 2025

Oct 21, 2025

$381M+17.3%EPS $0.24

Q2 2025

Jul 22, 2025

$385M+9.5%EPS $0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$274M	$179M	-$85M
Q3 22	$271M	$178M	-$77M
Q4 22	$396M	$304M	$34M
Q1 23	$325M	$228M	-$22M
Q2 23	$298M	$202M	-$41M
Q3 23	$335M	$241M	-$11M
Q4 23	$474M	$384M	$155M
Q1 24	$330M	$235M	-$20M
Q2 24	$351M	$254M	$13M
Q3 24	$325M	$228M	-$12M
Q4 24	$491M	$388M	$143M
Q1 25	$476M	$373M	$127M
Q2 25	$385M	$275M	$17M
Q3 25	$381M	$275M	$14M
Q4 25	$504M	$401M	$104M
Q1 26	$430M	$323M	$37M

Valuation

Quarter	P/S	P/E
Q2 22	3.5x	—
Q3 22	2.2x	—
Q4 22	2.2x	—
Q1 23	3.2x	—
Q2 23	3.2x	—
Q3 23	2.7x	—
Q4 23	2.7x	57.5x
Q1 24	3.7x	69.8x
Q2 24	3.4x	39.1x
Q3 24	4.2x	51.2x
Q4 24	5.4x	80.9x
Q1 25	3.6x	30.2x
Q2 25	5.5x	42.0x
Q3 25	5.8x	36.0x
Q4 25	6.1x	27.0x
Q1 26	4.1x	20.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$20M	-$25M
Q3 22	-$8M	-$19M
Q4 22	$36M	$23M
Q1 23	$68M	$57M
Q2 23	$46M	$43M
Q3 23	$24M	$24M
Q4 23	$80M	$77M
Q1 24	$180M	$180M
Q2 24	$40M	$39M
Q3 24	$30M	$27M
Q4 24	$95M	$92M
Q1 25	$204M	$202M
Q2 25	$86M	$84M
Q3 25	$56M	$52M
Q4 25	$158M	$152M
Q1 26	$212M	$207M

Capital Expenditures

Quarter	CapEx
Q2 22	$5M
Q3 22	$10M
Q4 22	$13M
Q1 23	$11M
Q2 23	$2M
Q3 23	$338.0K
Q4 23	$3M
Q1 24	$604.0K
Q2 24	$1M
Q3 24	$3M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$4M
Q4 25	$6M
Q1 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-15.8%	+10.7%
Q3 22	+5.6%	+8.2%
Q4 22	+25.4%	+4.0%
Q1 23	-13.5%	-2.8%
Q2 23	+8.7%	-5.5%
Q3 23	+23.6%	-0.7%
Q4 23	+19.6%	-11.9%
Q1 24	+1.4%	+0.8%
Q2 24	+17.7%	-0.4%
Q3 24	-2.9%	-2.5%
Q4 24	+3.5%	+9.1%
Q1 25	+44.1%	-0.5%
Q2 25	+9.5%	+8.6%
Q3 25	+17.3%	+9.0%
Q4 25	+2.7%	+15.0%
Q1 26	-9.6%	+12.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$31M	11.4%
Q3 22	$34M	12.5%
Q4 22	$29M	7.3%
Q1 23	$43M	13.1%
Q2 23	$36M	12.1%
Q3 23	$31M	9.4%
Q4 23	$33M	7.0%
Q1 24	$35M	10.5%
Q2 24	$36M	10.3%
Q3 24	$37M	11.4%
Q4 24	$35M	7.0%
Q1 25	$41M	8.7%
Q2 25	$37M	9.6%
Q3 25	$43M	11.3%
Q4 25	$34M	6.8%
Q1 26	$46M	10.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$74M	$33M	$157M
Q3 22	$75M	$26M	$154M
Q4 22	$73M	$23M	$152M
Q1 23	$75M	$23M	$150M
Q2 23	$74M	$23M	$144M
Q3 23	$75M	$27M	$132M
Q4 23	$71M	$23M	$134M
Q1 24	$72M	$24M	$128M
Q2 24	$75M	$25M	$140M
Q3 24	$74M	$36M	$128M
Q4 24	$76M	$28M	$140M
Q1 25	$74M	$34M	$138M
Q2 25	$79M	$32M	$147M
Q3 25	$79M	$42M	$140M
Q4 25	$81M	$41M	$153M
Q1 26	$82M	$49M	$156M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	-15.8%	-34.3%	-50.1
Q3 22	5.6%	-27.9%	-22.3
Q4 22	25.4%	9.2%	34.6
Q1 23	-13.5%	-2.7%	-16.2
Q2 23	8.7%	-11.3%	-2.5
Q3 23	23.6%	0.7%	24.3
Q4 23	19.6%	34.0%	53.6
Q1 24	1.4%	-1.7%	-0.3
Q2 24	17.7%	7.4%	25.1
Q3 24	-2.9%	-1.7%	-4.6
Q4 24	3.5%	36.3%	39.8
Q1 25	44.1%	28.0%	72.1
Q2 25	9.5%	8.2%	17.7
Q3 25	17.3%	8.0%	25.3
Q4 25	2.7%	22.3%	25.1
Q1 26	-9.6%	9.2%	-0.4

Rule of 40

Revenue Segments

Quarter	Consulting	Maintenance	Pega Cloud	Perpetual License	Subscription License
Q2 22	$59M	$78M	$94M	$2M	$42M
Q3 22	$56M	$78M	$97M	$9M	$31M
Q4 22	$55M	$82M	$103M	$364.0K	$156M
Q1 23	$53M	$80M	$108M	$403.0K	$85M
Q2 23	$58M	$82M	$115M	$2M	$41M
Q3 23	$56M	$84M	$118M	$3M	$74M
Q4 23	$54M	$87M	$120M	$5M	$208M
Q1 24	$54M	$81M	$131M	$859.0K	$63M
Q2 24	$52M	$80M	$134M	$36.0K	$85M
Q3 24	$54M	$81M	$144M	$456.0K	$45M
Q4 24	$53M	$81M	$150M	$2M	$205M
Q1 25	$60M	$76M	$151M	$1M	$187M
Q3 25	$56M	$80M	$185M	$158.0K	$61M
Q1 26	$55M	$75M	$205M	—	$95M

Revenue by Geography

Quarter	Asia Pacific	Emea	Other Americas	United Kingdom	United States
Q2 22	$36M	$45M	$16M	$29M	$148M
Q3 22	$34M	$46M	$19M	$24M	$148M
Q4 22	$38M	$54M	$22M	$32M	$250M
Q1 23	$32M	$51M	$15M	$42M	$185M
Q2 23	$45M	$54M	$20M	$29M	$150M
Q3 23	$47M	$68M	$23M	$42M	$155M
Q4 23	$38M	$69M	$27M	$45M	$295M
Q1 24	$33M	$62M	$22M	$32M	$181M
Q2 24	$49M	$53M	$21M	$39M	$189M
Q3 24	$42M	$60M	$29M	$38M	$156M
Q4 24	$42M	$74M	$24M	$49M	$302M
Q1 25	$58M	$74M	$34M	$41M	$269M
Q3 25	$55M	$64M	$24M	$53M	$185M
Q1 26	$46M	$74M	$39M	$52M	$219M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$109M	$188M	$297M
Q3 22	$108M	$168M	$276M
Q4 22	$145M	$152M	$297M
Q1 23	$168M	$156M	$324M
Q2 23	$187M	$126M	$313M
Q3 23	$169M	$167M	$336M
Q4 23	$230M	$193M	$423M
Q1 24	$292M	$327M	$619M
Q2 24	$258M	$407M	$665M
Q3 24	$288M	$415M	$703M
Q4 24	$337M	$403M	$740M
Q1 25	$231M	$141M	$372M
Q2 25	$202M	$210M	$412M
Q3 25	$149M	$203M	$351M
Q4 25	$212M	$213M	$426M
Q1 26	$270M	$204M	$474M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	164M	+0.2%	-9.4%
Q3 22	164M	+0.2%	+0.6%
Q4 22	175M	+6.5%	+6.9%
Q1 23	165M	-5.4%	+1.1%
Q2 23	166M	+0.5%	+1.5%
Q3 23	167M	+0.4%	+1.6%
Q4 23	179M	+7.3%	+2.4%
Q1 24	169M	-5.8%	+2.0%
Q2 24	177M	+5.0%	+6.6%
Q3 24	171M	-3.2%	+2.7%
Q4 24	191M	+11.7%	+6.9%
Q1 25	189M	-1.3%	+12.0%
Q2 25	182M	-3.5%	+2.9%
Q3 25	184M	+1.1%	+7.5%
Q4 25	184M	+0.0%	-3.7%
Q1 26	179M	-2.9%	-5.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$44.7K	6K
Q3 22	$44.1K	6K
Q4 22	$64.5K	6K
Q1 23	$53.0K	6K
Q2 23	$48.5K	6K
Q3 23	$54.5K	6K
Q4 23	$87.7K	5K
Q1 24	$61.1K	5K
Q2 24	$65.0K	5K
Q3 24	$60.1K	5K
Q4 24	$90.2K	5K
Q1 25	$87.4K	5K
Q2 25	$70.6K	5K
Q3 25	$70.1K	5K
Q4 25	$90.1K	6K
Q1 26	$76.8K	6K

Revenue / Employee