Strong Revenue Growth Across the Business
Total revenue grew 21.4% YoY to $685.8M in Q1 FY2026, up from $565.1M in Q1 FY2025, reflecting robust demand for PTC's industrial software solutions including PLM and IoT products.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
PTC delivered a standout Q1 FY2026 with revenue surging 21.4% YoY to $685.8M and net income more than doubling to $166.5M, driven by strong operating leverage that expanded operating margin by nearly 12 percentage points.
营收
6.86亿美元
同比 +21.36%
每股收益（稀释）
1.39美元
同比 +104.41%
毛利率
82.8%
同比 +2.6 个百分点
营业利润
2.21亿美元
同比 +91.42%
SEC XBRL 原值
Ptc (PTC) Q1 FY2026 营收 6.86亿美元，同比增长 21.4%。 营业利润率 32.2%，较去年同期的 20.4% 扩大 11.8 个百分点。 经营活动现金流 2.7亿美元，同比增长 13.1%。 PTC 的财年 Q1 FY2026 对应日历 Q4 2025。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 1.58 | 1.58 | 不及预期 -0.2% |
| 2026年3月 | 2.69 | 2.13 | 超预期 +26.4% |
| 2025年12月本次财报 | 1.92 | 1.58 | 超预期 +21.6% |
| 2025年9月 | 3.47 | 2.29 | 超预期 +51.3% |
2025年12月 调整后（非 GAAP） EPS 1.92美元，分析师一致预期 1.58美元，超预期 +21.6%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 1.39美元。
由 AI 基于本次 SEC 报告整理
Total revenue grew 21.4% YoY to $685.8M in Q1 FY2026, up from $565.1M in Q1 FY2025, reflecting robust demand for PTC's industrial software solutions including PLM and IoT products.
来源: 10-Q Income Statement
Operating income nearly doubled, rising 91.4% YoY to $221.1M, while operating margin expanded dramatically from 20.4% to 32.2%—an improvement of approximately 11.8 percentage points—demonstrating strong cost discipline relative to revenue growth.
来源: 10-Q Income Statement
Gross margin improved to 82.8% from 80.2% a year ago, a 2.6 percentage point gain, even as cost of revenue rose only 5.3% against 21.4% revenue growth, suggesting a favorable shift toward higher-margin software and subscription revenue.
来源: 10-Q Income Statement & Key Ratios
Total liabilities declined 9.2% YoY to $2.58B while stockholders' equity grew 19.0% to $3.84B, improving the company's financial position. Current liabilities fell sharply by 27.1% to $1.14B, boosting the current ratio to 1.22.
来源: 10-Q Balance Sheet
PTC repurchased $200.0M in shares during Q1 FY2026, a 166.7% increase from $75.0M in the prior-year period, signaling management's confidence in the company's financial health and commitment to returning capital to shareholders.
来源: 10-Q Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 1 中 3 低 1
Long-term debt increased 15.1% YoY to $1.17B while the company simultaneously accelerated share buybacks to $200M in a single quarter. This dual pressure on cash could constrain financial flexibility if business conditions deteriorate. The debt-to-equity ratio stands at 0.67.
来源: 10-Q Balance Sheet & Cash Flow Statement
R&D expense grew only 3.9% YoY to $120.0M, well below the 21.4% revenue growth rate, which could indicate under-investment in future product development. In the highly competitive industrial software market, sustained innovation is critical to maintaining market share against rivals like Siemens and Dassault Systèmes.
来源: 10-Q Income Statement
Cash and equivalents stood at only $209.7M as of Q1 FY2026, while the company spent $200M on buybacks and carries $1.17B in long-term debt. This thin cash cushion could limit PTC's ability to pursue acquisitions or weather unexpected revenue shortfalls.
来源: 10-Q Balance Sheet & Cash Flow Statement
Investing cash flow collapsed 96.6% YoY to just $0.9M, suggesting a dramatic pullback in capital expenditures or acquisitions. While this boosts near-term free cash flow, it may indicate limited near-term strategic expansion activity.
来源: 10-Q Cash Flow Statement
PTC's 82.8% gross margin reflects heavy reliance on software and subscription revenue tied to industrial customers. A slowdown in manufacturing capital spending—particularly in automotive or aerospace—could disproportionately impact renewal rates and new bookings, compressing margins rapidly.
来源: 10-Q Income Statement & Key Ratios
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 6.86 亿美元 | 5.65 亿美元 | +21.36% |
营业成本 亿美元 | 1.18 亿美元 | 1.12 亿美元 | +5.32% |
毛利润 亿美元 | 5.68 亿美元 | 4.53 亿美元 | +25.31% |
营业利润 亿美元 | 2.21 亿美元 | 1.16 亿美元 | +91.42% |
净利润 亿美元 | 1.67 亿美元 | 0.82 亿美元 | +102.50% |
每股收益（基本） 美元 | 1.40 美元 | 0.68 美元 | +105.88% |
每股收益（稀释） 美元 | 1.39 美元 | 0.68 美元 | +104.41% |
研发费用 亿美元 | 1.20 亿美元 | 1.16 亿美元 | +3.87% |
答案基于本次 SEC 报告与本页数据