Analyst Consensus ?
ConsensusBuy32 ratings
Bullish2062.5%
Neutral928.1%
Bearish39.4%
PTC Inc. · PTC · FY2026 Q2 · Calendar Q2 2026
PTC Beats on EPS and Revenue, Raises Guidance on AI-Driven Displacement Wins
PTC's Q2 results underscore a company mid-way through a product and go-to-market transformation that is bearing fruit. The 28% EPS surprise and 9% revenue beat were driven by AI-enabled product data modernization winning competitive displacement deals across Windchill+, Creo, Onshape, and Codebeamer. Management raised revenue and EPS guidance for the second consecutive quarter while keeping ARR targets unchanged, signaling confidence in near-term monetization but leaving open questions about when ARR growth reaccelerates to double digits. The expanded $2 billion buyback through FY2028 and $250 million repurchased in Q2 show shareholder-return discipline. The 7.2% subsequent price drift lower from the initial positive reaction suggests some investors question whether the deferred ARR buildup and unchanged ARR guidance can convert into durable growth soon enough.
Reported After market closeNASDAQTechnology
$15.74B market cap
100quality score
Company context
Snapshot as of publicationPTC Inc. operates as a global provider of software and services, with its market presence extending across the Americas, Europe, and the Asia Pacific regions. The company's business is organized into two primary divisions: Software Products and Professional Services. Among its key offerings is the ThingWorx platform, which furnishes enterprises with a suite of functionalities to drive digital innovation across their operations. These solutions are characterized by ease of creation and deployment, scalability for future demands, and their ability to accelerate value realization for customers. Another significant product, Vuforia, enables the visualization of digital information within real-world contexts and facilitates the development of augmented reality applications.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.69
Consensus $2
EPS surprise
+28.1%
Reported versus consensus
Reported revenue
$774.3M
Consensus $712.4M
Revenue surprise
+8.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$136.3Previous close
$120Low
$172.65Average
$255High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Stifel | Buy | Buy | Maintain | Jul 30, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Jul 30, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jul 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 30, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 8, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Mar 23, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Mar 17, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Feb 5, 2026 |
| JP Morgan | Underweight | Neutral | Downgrade | Feb 2, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 28, 2026 |
| Baird | Outperform | Outperform | Maintain | May 1, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 1, 2024 |
| Loop Capital | Buy | Buy | Maintain | Feb 2, 2023 |
| Berenberg | Buy | Buy | Maintain | Jan 11, 2023 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 17, 2022 |
| Needham | Buy | Buy | Maintain | Dec 16, 2020 |
| Credit Suisse | Neutral | Neutral | Maintain | Oct 30, 2020 |
| Wedbush | Neutral | Neutral | Maintain | Jan 23, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jan 23, 2020 |
| Guggenheim | Neutral | Buy | Downgrade | Jul 25, 2019 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 25, 2019 |
| Bank of America | Underperform | Neutral | Downgrade | Apr 25, 2019 |
| B of A Securities | Underperform | Neutral | Downgrade | Apr 25, 2019 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jul 9, 2018 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 17, 2017 |
| Benchmark | Buy | Buy | Maintain | May 18, 2017 |
| Brean Capital | Buy | Buy | Maintain | Oct 7, 2016 |
| CLSA | Outperform | Outperform | Maintain | Oct 4, 2016 |
| Evercore ISI Group | Buy | Buy | Maintain | Sep 15, 2016 |
| Sterne Agee CRT | Buy | Neutral | Upgrade | Feb 1, 2016 |
| Sterne Agee | Buy | Neutral | Upgrade | Feb 1, 2016 |
| Mitsubishi UFJ | Neutral | Neutral | Maintain | Jan 13, 2016 |
Named analyst price targets
Upside is calculated against the persisted previous close $136.3. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Analyst unavailable | $165 | $132.46 | +21.1% | Jul 30, 2026 |
| Piper Sandler | Analyst unavailable | $157 | $132.46 | +15.2% | Jul 30, 2026 |
| Barclays | Saket Kalia | $155 | $132.46 | +13.7% | Jul 30, 2026 |
| BMO Capital | Daniel Jester | $164 | $132.46 | +20.3% | Jul 30, 2026 |
| BMO Capital | Analyst unavailable | $155 | $115.56 | +13.7% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $150 | $124.74 | +10.1% | Jul 13, 2026 |
| BNP Paribas | Analyst unavailable | $130 | $116.94 | -4.6% | Jun 18, 2026 |
| Berenberg Bank | Analyst unavailable | $170 | $144.88 | +24.7% | May 27, 2026 |
| Robert W. Baird | Analyst unavailable | $198 | $136.76 | +45.3% | May 7, 2026 |
| Barclays | Analyst unavailable | $185 | $136.76 | +35.7% | May 7, 2026 |
| Stifel Nicolaus | Analyst unavailable | $180 | $157.24 | +32.1% | Feb 5, 2026 |
| RBC Capital | Analyst unavailable | $195 | $155.98 | +43.1% | Feb 5, 2026 |
| BMO Capital | Daniel Jester | $189 | $151.34 | +38.7% | Feb 5, 2026 |
| KeyBanc | Analyst unavailable | $210 | $151.34 | +54.1% | Feb 5, 2026 |
| Oppenheimer | Analyst unavailable | $200 | $164.63 | +46.7% | Jan 28, 2026 |
| Robert W. Baird | Joe Vruwink | $255 | $204.55 | +87.1% | Oct 22, 2025 |
| KeyBanc | Analyst unavailable | $245 | $202.51 | +79.8% | Jul 31, 2025 |
| Barclays | Saket Kalia | $233 | $202.51 | +70.9% | Jul 31, 2025 |
| Cantor Fitzgerald | Kristen Kluska | $120 | $202.63 | -12.0% | Jul 29, 2025 |
| Piper Sandler | Clarke Jeffries | $180 | $156.34 | +32.1% | May 1, 2025 |
| Robert W. Baird | Analyst unavailable | $185 | $143.81 | +35.7% | Apr 22, 2025 |
| KeyBanc | Jason Celino | $185 | $143.98 | +35.7% | Apr 16, 2025 |
| Barclays | Saket Kalia | $175 | $146.54 | +28.4% | Apr 14, 2025 |
| Robert W. Baird | Joe Vruwink | $228 | $189.1 | +67.3% | Nov 7, 2024 |
| Robert W. Baird | Joe Vruwink | $226 | $184.81 | +65.8% | Oct 22, 2024 |
| BMO Capital | Daniel Jester | $206 | $185.5 | +51.1% | Oct 15, 2024 |
| Loop Capital Markets | Yun Kim | $220 | $181 | +61.4% | Oct 14, 2024 |
| Mizuho Securities | Siti Panigrahi | $190 | $174.11 | +39.4% | Jun 4, 2024 |
| Oppenheimer | Ken Wong | $165 | $137.85 | +21.1% | Oct 30, 2023 |
| Loop Capital Markets | Daniel Jester | $166 | $130.08 | +21.8% | May 24, 2023 |
| Berenberg Bank | Analyst unavailable | $155 | $127.4 | +13.7% | Jan 11, 2023 |
| Barclays | Analyst unavailable | $120 | $114.55 | -12.0% | Apr 28, 2022 |
| Mizuho Securities | Analyst unavailable | $135 | $110.6 | -1.0% | Apr 28, 2022 |
| RBC Capital | Analyst unavailable | $130 | $99.12 | -4.6% | Apr 25, 2022 |
| Loop Capital Markets | Yun Kim | $160 | $122.37 | +17.4% | Nov 9, 2021 |
| Griffin | Jay Vleeschhouwer | $156 | $126.43 | +14.5% | Nov 8, 2021 |
| Barclays | Saket Kalia | $141 | $120.93 | +3.4% | Nov 4, 2021 |
| Deutsche Bank | Johannes Schaller CFA | $150 | $119.87 | +10.1% | Oct 5, 2021 |
Track every rating change on PTC the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+8.0%
Event window
SPY move
-0.3%
Same window
Abnormal move
+8.3%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
-7.2%
Up to 20 sessions
PTCSPY benchmark
Follow PTC with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Compared to Q1 FY2026, ARR growth decelerated modestly from 9% to 8.5% constant currency, though it landed at the top of Q2 guidance. Free cash flow growth accelerated from 13% to 14% YoY. The share repurchase program expanded significantly, from a $1.1-1.3 billion FY2026 authorization to a new $2 billion program running through FY2028. The Kepware and ThingWorx divestiture, announced in Q1 for completion by April 2026, is no longer highlighted in Q2 commentary, suggesting it is complete or proceeding as planned. New disclosures include the upcoming launch of the AI-native product PTC Next in June 2026 and a plan to deliver 14 AI feature releases in 2026, nearly double the prior year. Go-to-market transformation results are now tangible, with higher rep productivity, longer renewal durations, and a growing deferred ARR backlog cited as H2 pipeline drivers.
Guidance delta
Revenue and non-GAAP EPS guidance were raised for the second consecutive quarter. ARR guidance, however, was held unchanged, which stands out given the magnitude of the EPS and revenue beat. This may reflect management's preference for conservative ARR targeting while the deferred ARR backlog builds, or it may signal that the conversion of deferred ARR into recognized ARR is not yet visible enough to justify an upward revision.
Key takeaways
- EPS of $2.69 beat the $2.10 estimate by 28%, and revenue of $774M exceeded the $712M estimate by 9%.
- Constant-currency ARR grew 8.5%, landing at the top end of guidance.
- Free cash flow rose 14% YoY, and $250M of stock was repurchased in the quarter.
- AI-enabled product data modernization is driving competitive displacement wins across Windchill+, Creo, Onshape, and Codebeamer.
- A new $2B share-repurchase program was authorized, effective Oct 2026 through FY2028.
- Revenue and non-GAAP EPS guidance raised; ARR guidance left unchanged.
Management priorities
- Launch AI-native product PTC Next in June 2026.
- Deliver 14 new AI feature releases throughout 2026, nearly double the prior year.
- Expand AI agents across Creo, Onshape, ServiceMax, and Codebeamer.
- Execute the $2B share-repurchase program beginning Oct 2026.
- Continue building deferred ARR and a high-quality pipeline for H2.
Related earnings events
TechnologySources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T10:02:00.240222+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T10:02:00.235926+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.