PTC Inc

Strong Q3 results: ARR + cash flow beat + execution turn - PTC reported $60M net new ARR in Q3, described as above the high end of guidance and driving YOY constant-currency ARR growth that exceeded guidance. - Operating cash flow: $261M; Free cash flow: $249M — both above guidance range. - CFO emphasized broad-based strength across key metrics and ongoing momentum in the go-to-market transformation (improved productivity/quality and more executive-level engagement).

Raised full-year growth outlook and tighter range; Q4 step-up expected - Company increased annual constant-currency ARR growth guidance (excluding Kepware & ThingWorx) to ~9.0%–9.5% (midpoint 9.25%). - FY26 net new ARR (midpoint): $214M (increased midpoint vs prior guidance). - Q4 expectations: meaningful acceleration in net new ARR to ~$79M–$92M (vs Q3), supported by expected conversion of higher deferred ARR into revenue/ARR.

Capital returns: large buybacks accelerate; M&A quiet; organic flywheel emphasized - In Q3, PTC repurchased $525M of common stock, more than double the previously provided target, citing an opportunistic/compressed stock price. - Full-year buyback expectation: ~$1.625B (up from earlier ~$1.225B–$1.325B guidance). - Fully diluted share count expected to fall to ~116M for FY26 (vs 121M in FY25). - M&A stance: still focused on small tuck-ins to accelerate the roadmap; management said capacity is there but no large new M&A signaled.