0000876167-26-000051 | 10-Q | XBRL Viewer | Progress Software Corp MA

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Revenue Recognition - Narrative (Details) - USD ($)	Feb. 28, 2026	Nov. 30, 2025
Disaggregation of Revenue [Line Items]
Contract asset	$ 0	$ 0
Remaining performance obligation	527,500,000
Deferred contract costs	$ 6,200,000	$ 6,500,000
Minimum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period (in years)	3 years
Maximum
Disaggregation of Revenue [Line Items]
Capitalized contract cost, amortization period (in years)	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation (in percent)	75.00%
Remaining performance obligation, expected timing of satisfaction, period	12 months

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Feb. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements of Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") included herein are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicated information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. In our opinion, the financial statements include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending November 30, 2026. We have made estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying footnote disclosures. Actual results could differ significantly from these estimates. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnote disclosures included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025, as filed with the SEC on January 20, 2026 (our "2025 Annual Report"). Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for us beginning with the annual period ending November 30, 2026, allowing for adoption on a prospective basis or a retrospective option. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for us for our annual reporting for fiscal 2028 and for interim period reporting beginning in fiscal 2029 on a prospective basis. Both early adoption and retrospective application are permitted. We are currently evaluating the impact that the adoption of these standards will have on our consolidated financial statements and disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 will be effective for us in our first quarter of 2029, and may be adopted on a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. We are currently evaluating the timing, method of adoption, and impact of ASU 2025-06 on our consolidated financial statements and disclosures.

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Statement of Cash Flows [Abstract]
Proceeds from income tax refunds	$ 824	$ 778

Revenue Recognition - Schedule of Changes in Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2026 USD ($)
Contract With Customer, Liability [Roll Forward]
Balance, December 1, 2025	$ 425,079
Billings and other	247,331
Revenue recognized that was deferred in prior periods	(153,981)
Revenue recognized from current period arrangements	(93,818)
Balance, February 28, 2026	$ 424,611

Common Stock Repurchases	3 Months Ended
Common Stock Repurchases	Feb. 28, 2026
Equity [Abstract]
Common Stock Repurchases	Common Stock Repurchases On September 23, 2025, our Board of Directors increased the share repurchase authorization by $200.0 million to an aggregate authorization of $242.2 million. During the three months ended February 28, 2026 and 2025, we repurchased and retired 0.5 million shares for $20.0 million and 0.5 million shares for $30.0 million, respectively. As of February 28, 2026, there was $182.2 million remaining under the current authorization.

Debt (Tables)

3 Months Ended

Feb. 28, 2026

Line of Credit Facility [Abstract]

Schedule of Debt Obligations

As of February 28, 2026 and November 30, 2025, we had the following debt obligations:


(in thousands)	February 28, 2026		November 30, 2025
Current portion of long-term debt:
1.0% convertible senior notes due 2026	$	360,000	$	360,000
Unamortized discount and issuance costs for the Notes	(277)		(837)
Total current portion of long-term debt	359,723		359,163
Long-term debt:

3.5% convertible senior notes due 2030	450,000		450,000
Revolving credit facility(1)	540,000		600,000
Total face value of long-term debt	990,000		1,050,000
Unamortized discount and issuance costs for the Notes	(8,336)		(8,814)
Total long-term debt	981,664		1,041,186
Total debt	$	1,341,387	$	1,400,349

(1) Unamortized debt issuance costs related to the revolving credit facility of $9.9 million and $10.4 million are included in other assets on the condensed consolidated balance sheets as of February 28, 2026 and November 30, 2025, respectively.

Segment Information (Tables)

3 Months Ended

Feb. 28, 2026

Segment Reporting [Abstract]

Schedule of Significant Expenses and Other Segment

The Company's significant expenses and other segment items are provided in the table below:


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
Revenue	$	247,799	$	238,015
Cost of revenue (1)	33,495		34,614
Sales and marketing (2)	47,914		48,264
Product development (2)	44,879		41,965
General and administrative (2)	19,326		19,577
Stock-based compensation	18,474		14,683
Amortization of intangibles	34,368		36,230
Other segment items, net (3)	26,530		31,736
Net income	$	22,813	$	10,946

(1)Excludes amortization of intangibles and stock-based compensation.

(2)Excludes stock-based compensation.

(3)Includes restructuring expenses, acquisition-related expenses, cyber vulnerability response expenses, net, interest expense, interest income and other, net, foreign currency loss, net, and provision for income taxes.

Stock-Based Compensation - Schedule of Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 18,474	$ 14,683
Cost of maintenance, SaaS, and professional services
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	1,618	1,195
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	4,083	3,032
Product development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	5,595	4,410
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 7,178	$ 6,046

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangibles	$ 34.4	$ 36.2

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Debt - Narrative (Details) $ in Millions	3 Months Ended
Debt - Narrative (Details) $ in Millions	Feb. 28, 2026 USD ($)
Line of Credit \| Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Interest rate of credit facilities (in percent)	5.42%
Revolving credit facility
Line of Credit Facility [Line Items]
Repayments of lines of credit	$ 60.0

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2026 USD ($)
Goodwill [Roll Forward]
Balance, December 1, 2025	$ 1,309,054
Translation adjustments	16
Balance, February 28, 2026	$ 1,309,070

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Intangible Assets and Goodwill - Schedule of Future Amortization Expense From Intangible Assets Held (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 102,997
2027	112,166
2028	100,582
2029	100,582
2030	72,580
Thereafter	60,853
Net Book Value	$ 549,760	$ 584,028

Fair Value Measurements

3 Months Ended

Feb. 28, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at February 28, 2026:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	779	$	779	$	—	$	—
Liabilities
Foreign exchange derivatives	$	(6)	$	—	$	(6)	$	—
Contingent consideration	$	(1,080)	$	—	$	—	$	(1,080)

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2025:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets

Money market funds	$	779	$	779	$	—	$	—
Liabilities
Foreign exchange derivatives	$	(95)	$	—	$	(95)	$	—
Contingent consideration	$	(1,080)	$	—	$	—	$	(1,080)

When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings, and currency rates. In certain cases, where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.

We classify contingent consideration related to the Nuclia acquisition, which occurred in the third fiscal quarter of 2025, within Level 3 of the fair value hierarchy because the fair value is derived using significant unobservable inputs. We utilized the Monte Carlo simulation method to estimate the fair value of the contingent liability as of the acquisition date, and we have updated the fair value using an income approach in subsequent periods. The fair value of the contingent consideration, which is primarily dependent on the revenue of the acquired business in fiscal 2026, is remeasured each reporting period, with adjustments to fair value recorded as acquisition-related expenses in our condensed consolidated statement of operations. See Note 4, Business Combinations for additional details.

The following table reflects the activity for our contingent consideration obligation measured at fair value using Level 3 inputs for the three months ended February 28, 2026:


(in thousands)
Balance, December 1, 2025	$	(1,080)

Changes in fair value of contingent consideration	—
Balance, February 28, 2026	$	(1,080)

There were no transfers between levels of the fair value measurement hierarchy during the three months ended February 28, 2026 and 2025.

Assets and Liabilities Not Carried at Fair Value

Fair Value of the Convertible Senior Notes

The following table details the fair value and carrying value of our Convertible Senior Notes due 2026 and 2030 (together referred to as "the Notes"):


	February 28, 2026				November 30, 2025
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible senior notes due 2026(1)	$	359,723	$	358,020	$	359,163	$	357,300
Convertible senior notes due 2030(2)	441,664		452,489		441,186		452,295
Total	$	801,387	$	810,509	$	800,349	$	809,595

(1) The carrying value of the convertible senior notes due 2026 (the "2026 Notes"), is reflected net of $0.3 million and $0.8 million of unamortized debt issuance costs as of February 28, 2026 and November 30, 2025, respectively.

(2) The carrying value of the convertible senior notes due 2030 (the "2030 Notes"), is reflected net of $8.3 million and $8.8 million of unamortized debt issuance costs as of February 28, 2026 and November 30, 2025, respectively.

The fair value of the Notes is based on quoted prices in an over-the-counter market on the last trading day of the reporting period and classified within Level 2 in the fair value hierarchy.

Fair Value of Other Financial Assets and Liabilities

The carrying amounts of other financial assets and liabilities including cash and cash equivalents, accounts receivable, unbilled accounts receivable, accounts payable, and accrued liabilities approximate their respective fair values due to their immediate or short-term maturities.

Borrowings under our revolving credit facility are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments. The Company considers this a Level 2 input.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Fair Value Measurements - Schedule of Contingent Consideration Obligation Measured on Recurring Basis (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, December 1, 2025	$ (1,080)
Changes in fair value of contingent consideration	0
Balance, February 28, 2026	$ (1,080)

Common Stock Repurchases (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025	Sep. 23, 2025
Equity [Abstract]
Stock repurchase program additional authorized amount			$ 200.0
Stock repurchase authorization			$ 242.2
Common stock repurchased and retired (in shares)	0.5	0.5
Common stock repurchased and retired, net of adjustment	$ 20.0	$ 30.0
Remaining authorized repurchase amount	$ 182.2

Revenue Recognition - Schedule of Unbilled Receivables and Contract Assets (Details) $ in Thousands	Feb. 28, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
2027	$ 15,061
2028	8,098
2029	5,318
Total	$ 28,477

Earnings Per Share (Tables)

3 Months Ended

Feb. 28, 2026

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share on an interim basis:


	Three Months Ended
(in thousands, except per share data)	February 28, 2026		February 28, 2025
Net income	$	22,813	$	10,946
Weighted average shares outstanding	42,155		43,256
Effect of dilution from common stock equivalents	574		1,163
Effect of dilution from if-converted convertible notes	—		468
Diluted weighted average shares outstanding	42,729		44,887

Earnings per share:
Basic	$	0.54	$	0.25
Diluted	$	0.53	$	0.24

Intangible Assets and Goodwill (Tables)

3 Months Ended

Feb. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets are comprised of the following significant classes:


	February 28, 2026						November 30, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	403,375	$	(260,241)	$	143,134	$	403,375	$	(251,491)	$	151,884
Customer-related	777,930		(401,135)		376,795		777,930		(377,368)		400,562
Trademarks and trade names	77,111		(47,280)		29,831		77,111		(45,529)		31,582

Total	$	1,258,416	$	(708,656)	$	549,760	$	1,258,416	$	(674,388)	$	584,028

Schedule of Future Amortization Expense From Intangible Assets Held

Future amortization expense for intangible assets as of February 28, 2026, is as follows:


(in thousands)
Remainder of 2026	$	102,997
2027	112,166
2028	100,582
2029	100,582
2030	72,580
Thereafter	60,853
Total	$	549,760

Schedule of Goodwill

Changes in the carrying amount of goodwill in the three months ended February 28, 2026 are as follows:


(in thousands)
Balance, December 1, 2025	$	1,309,054

Translation adjustments	16

Balance, February 28, 2026	$	1,309,070

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Debt - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 30, 2025
Current portion of long-term debt:
Total current portion of long-term debt	$ 359,723	$ 359,163
Long-term debt:
Total face value of long-term debt	990,000	1,050,000
Unamortized discount and issuance costs for the Notes	(8,336)	(8,814)
Total long-term debt	981,664	1,041,186
Total	1,341,387	1,400,349
Convertible Debt
Current portion of long-term debt:
Unamortized discount and issuance costs for the Notes	(277)	(837)
Line of Credit \| Revolving credit facility
Long-term debt:
Total face value of long-term debt	540,000	600,000
Unamortized debt issuance cost	$ 9,900	10,400
1.0% convertible senior notes due 2026 \| Convertible Debt
Current portion of long-term debt:
Annual interest rate (in percent)	1.00%
Outstanding principal, current maturities	$ 360,000	360,000
3.5% convertible senior notes due 2030 \| Convertible Debt
Current portion of long-term debt:
Annual interest rate (in percent)	3.50%
Long-term debt:
Total face value of long-term debt	$ 450,000	$ 450,000

Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Earnings Per Share, Diluted [Abstract]
Net income	$ 22,813	$ 10,946
Weighted average shares outstanding (in shares)	42,155	43,256
Effect of dilution from common stock equivalents (in shares)	574	1,163
Effect of dilution from if-converted convertible notes (in shares)	0	468
Diluted weighted average shares outstanding (in shares)	42,729	44,887
Basic (in dollars per share)	$ 0.54	$ 0.25
Diluted (in dollars shares)	$ 0.53	$ 0.24

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Restructuring

3 Months Ended

Feb. 28, 2026

Restructuring Charges [Abstract]

Restructuring

The following table provides a summary of activity for all of our restructuring actions:


(in thousands)	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2025	$	2,585	$	3,254	$	5,839
Costs incurred	360		346		706
Cash disbursements	(767)		(2,157)		(2,924)
Translation and other adjustments	—		2		2
Balance, February 28, 2026	$	2,178	$	1,445	$	3,623

Costs incurred during the three months ended February 28, 2026 are primarily related to our restructuring action that commenced in fiscal year 2025 to optimize efficiency and sustainability, while ensuring alignment with the company’s long-term financial objectives. Cash disbursements for expenses incurred to date under this restructuring are expected to be made through the fourth quarter of fiscal year 2026. The restructuring reserve is included in other accrued liabilities on the condensed consolidated balance sheet as of February 28, 2026. We do not expect to incur additional material expenses in connection with this restructuring.

Revenue Recognition - Schedule of Revenue from External Customers by Revenue Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 247,799	$ 238,015
Software licenses
Disaggregation of Revenue [Line Items]
Total revenue	67,581	58,445
Software licenses \| Performance obligations transferred at a point in time:
Disaggregation of Revenue [Line Items]
Total revenue	67,581	58,445
Maintenance \| Performance obligations transferred over time:
Disaggregation of Revenue [Line Items]
Total revenue	100,339	99,535
SaaS \| Performance obligations transferred over time:
Disaggregation of Revenue [Line Items]
Total revenue	70,461	69,410
Professional services \| Performance obligations transferred over time:
Disaggregation of Revenue [Line Items]
Total revenue	$ 9,418	$ 10,625

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Cyber Related Matters (Details) $ in Millions	1 Months Ended	3 Months Ended
Cyber Related Matters (Details) $ in Millions	Jan. 31, 2026 claim	Feb. 28, 2026 USD ($)	Feb. 28, 2025 USD ($)
Business Interruption Loss [Line Items]
Cybersecurity insurance, maximum amount		$ 15.0
Cybersecurity insurance, additional coverage		3.5
Moveit Vulnerability
Business Interruption Loss [Line Items]
Loss contingency, claims dismissed, number \| claim	23
Loss contingency, pending claims, number \| claim	33
Cyber incident costs		1.4	$ 0.7
Insurance recoveries		$ 0.9	$ 0.7

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Feb. 28, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Revenue Recognition

3 Months Ended

Feb. 28, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Timing of Revenue Recognition

Our revenues are derived from licensing our products and from related services, which consist of maintenance, SaaS, and professional services. Information relating to revenue from external customers by revenue type is as follows:


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
Performance obligations transferred at a point in time:
Software licenses	$	67,581	$	58,445
Performance obligations transferred over time:
Maintenance	100,339		99,535
SaaS	70,461		69,410
Professional services	9,418		10,625
Total revenue	$	247,799	$	238,015

Geographic Revenue

In the following table, revenue attributed to North America includes sales to customers in the U.S. and Canada and sales to certain multinational organizations. Revenue from EMEA, Latin America, and the Asia Pacific region includes sales to customers in each region plus sales from the U.S. to distributors in these regions. Information relating to revenue from external customers from different geographical areas is as follows:


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
North America	$	152,689	$	154,646
EMEA	78,380		66,943
Latin America	5,526		5,052
Asia Pacific	11,204		11,374
Total revenue	$	247,799	$	238,015

No single customer, partner, or country outside the U.S. accounted for more than 10% of our total revenue for the three months ended February 28, 2026 or 2025.

Contract Balances

Unbilled Receivables and Contract Assets

As of February 28, 2026, billing of our non-current unbilled receivables is expected to occur as follows:


(in thousands)
2027	$	15,061
2028	8,098
2029	5,318

Total	$	28,477

Contract assets arise when revenue is recognized in excess of billings and the right to the amount due from customers is conditioned on something other than the passage of time, such as the completion of a related performance obligation. We did not have any net contract assets as of February 28, 2026 or November 30, 2025.

Deferred Revenue

Deferred revenue is recorded when revenue is recognized subsequent to customer invoicing. Deferred revenue expected to be recognized as revenue more than one year subsequent to the balance sheet date is included in long-term liabilities on the condensed consolidated balance sheets. Our deferred revenue balance is primarily made up of deferred maintenance and deferred revenue related to our SaaS offerings.

As of February 28, 2026, the changes in deferred revenue were as follows:


(in thousands)
Balance, December 1, 2025	$	425,079
Billings and other	247,331
Revenue recognized that was deferred in prior periods	(153,981)
Revenue recognized from current period arrangements	(93,818)
Balance, February 28, 2026	$	424,611

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of February 28, 2026, transaction price allocated to remaining performance obligations was $527.5 million. We expect to recognize approximately 75% of the revenue within the next year and the remainder thereafter.

Deferred Contract Costs

Certain of our sales incentive programs meet the requirements to be capitalized. Depending upon the sales incentive program and the related revenue arrangement, such capitalized costs are amortized over the longer of (i) the product life, which is generally three to five years; or (ii) the term of the related revenue contract. We determined that a three to five year product life represents the period of benefit that we receive from these incremental costs based on both qualitative and quantitative factors, which include customer contracts, industry norms, and product upgrades. Total deferred contract costs were $6.2 million and $6.5 million as of February 28, 2026 and November 30, 2025, respectively, and are included in other current assets and other assets on our condensed consolidated balance sheets. Amortization of deferred contract costs is included in sales and marketing expense on our condensed consolidated statements of operations and was insignificant in all periods presented.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Feb. 28, 2026	Mar. 26, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2026
Document Transition Report	false
Entity File Number	0-19417
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2746201
Entity Address, Address Line One	15 Wayside Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	280-4000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRGS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		42,078,610
Entity Registrant Name	PROGRESS SOFTWARE CORP /MA
Entity Central Index Key	0000876167
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Feb. 28, 2025
Restructuring Reserve [Roll Forward]
Balance, December 1, 2025	$ 5,839
Costs incurred	706	$ 7,029
Cash disbursements	(2,924)
Translation and other adjustments	2
Balance, February 28, 2026	3,623
Excess Facilities and Other Costs
Restructuring Reserve [Roll Forward]
Balance, December 1, 2025	2,585
Costs incurred	360
Cash disbursements	(767)
Translation and other adjustments	0
Balance, February 28, 2026	2,178
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Balance, December 1, 2025	3,254
Costs incurred	346
Cash disbursements	(2,157)
Translation and other adjustments	2
Balance, February 28, 2026	$ 1,445

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Segment Information

3 Months Ended

Feb. 28, 2026

Segment Reporting [Abstract]

Segment Information

Operating segments are components of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer.

We operate as one operating and reportable segment that is managed on a consolidated basis and derives substantially all of its revenue from the sale and support of one group of similar products and services, comprised of software products for the development, deployment, and management of responsible, AI-powered applications and digital experiences. The accounting policies of the Company's operating segment are the same as those described in Note 1, Nature of Business and Summary of Significant Accounting Policies to our Consolidated Financial Statements in Item 8 of our 2025 Annual Report. Our CODM does not receive profitability information at a lower level than consolidated results, and evaluates net income on a consolidated basis to set financial performance targets, assess performance, and make resource allocation decisions, primarily through comparison of actual results to forecasted results, year-over-year analysis, and review of historical performance trends. The measure of segment assets is reported on the Company's consolidated balance sheets as total consolidated assets.

The Company's significant expenses and other segment items are provided in the table below:


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
Revenue	$	247,799	$	238,015
Cost of revenue (1)	33,495		34,614
Sales and marketing (2)	47,914		48,264
Product development (2)	44,879		41,965
General and administrative (2)	19,326		19,577
Stock-based compensation	18,474		14,683
Amortization of intangibles	34,368		36,230
Other segment items, net (3)	26,530		31,736
Net income	$	22,813	$	10,946

(1)Excludes amortization of intangibles and stock-based compensation.

(2)Excludes stock-based compensation.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Earnings Per Share [Abstract]
Number of shares excluded from the calculation of diluted earnings per share (in shares)	3,486	397

Fair Value Measurements (Tables)

3 Months Ended

Feb. 28, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at February 28, 2026:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	779	$	779	$	—	$	—
Liabilities
Foreign exchange derivatives	$	(6)	$	—	$	(6)	$	—
Contingent consideration	$	(1,080)	$	—	$	—	$	(1,080)

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2025:


			Fair Value Measurements Using
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets

Money market funds	$	779	$	779	$	—	$	—
Liabilities
Foreign exchange derivatives	$	(95)	$	—	$	(95)	$	—
Contingent consideration	$	(1,080)	$	—	$	—	$	(1,080)

Schedule of Contingent Consideration Obligation Measured on Recurring Basis

The following table reflects the activity for our contingent consideration obligation measured at fair value using Level 3 inputs for the three months ended February 28, 2026:


(in thousands)
Balance, December 1, 2025	$	(1,080)

Changes in fair value of contingent consideration	—
Balance, February 28, 2026	$	(1,080)

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following table details the fair value and carrying value of our Convertible Senior Notes due 2026 and 2030 (together referred to as "the Notes"):


	February 28, 2026				November 30, 2025
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Convertible senior notes due 2026(1)	$	359,723	$	358,020	$	359,163	$	357,300
Convertible senior notes due 2030(2)	441,664		452,489		441,186		452,295
Total	$	801,387	$	810,509	$	800,349	$	809,595

Stock-Based Compensation - Narrative (Details) - metric	3 Months Ended
Stock-Based Compensation - Narrative (Details) - metric	Feb. 28, 2026	Feb. 28, 2025	Feb. 29, 2024
Employee Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Employee Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	5 years
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	4 years
Long-term Incentive Plan (LTIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation award service period (in years)	3 years	3 years	3 years
Number of performance metrics	2	2	2
Shares based on cumulative performance condition (in percent)	75.00%	75.00%	75.00%
Cumulative performance condition (in years)	3 years	3 years	3 years
Percentage of shares based on market condition of total shareholder return (in percent)	25.00%	25.00%	25.00%
Market condition period (in years)	3 years	3 years	3 years

Revenue Recognition - Schedule of Revenue from External Customers from Different Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 247,799	$ 238,015
North America
Disaggregation of Revenue [Line Items]
Total revenue	152,689	154,646
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	78,380	66,943
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	5,526	5,052
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 11,204	$ 11,374

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Cyber Related Matters	3 Months Ended
Cyber Related Matters	Feb. 28, 2026
Health Care Organizations [Abstract]
Cyber Related Matters	Cyber Related Matters MOVEit Vulnerability As previously disclosed, on the evening of May 28, 2023, we learned that our MOVEit Transfer (the on-premise version) and MOVEit Cloud (a cloud-hosted version of MOVEit Transfer) products were attacked by a threat actor who compromised and exfiltrated personal data from various customer-controlled MOVEit Transfer environments (the "MOVEit Vulnerability"). As a result of the MOVEit Vulnerability, we are party to certain class action lawsuits filed by individuals who claim to have been impacted by the exfiltration of data from the environments of our MOVEit Transfer customers, which have been centralized in multi-district litigation in the District of Massachusetts (the "MDL"). The MDL has also consolidated an insurance subrogation complaint (where an insurer is seeking recovery for expenses incurred on behalf of its insured in connection with the MOVEit Vulnerability) and, as of the date of this filing, one customer cross-claim. The MDL remains in a relatively early stage and is not expected to conclude within the next twelve months. Motions to dismiss were filed and partially granted in July 2025, then further partially granted in January 2026 in response to our motions for reconsideration. In all, the court has dismissed, in whole or in part, 23 of the 33 claims asserted by the plaintiffs in the MDL. As previously disclosed, we have also cooperated with inquiries and investigations from various governmental authorities, a number of which have been formally closed and, as of the date of this filing, have not resulted in any prosecution or enforcement actions. Expenses Incurred and Future Costs During the three months ended February 28, 2026 and 2025, we incurred net costs of approximately $1.4 million and $0.7 million, respectively, related to the MOVEit Vulnerability. The costs recognized are net of insurance recoveries of $0.9 million and $0.7 million for the three months ended February 28, 2026 and 2025, respectively. The timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. We expect to continue to incur investigation, legal, and professional services expenses associated with the MOVEit Vulnerability in future periods. We will recognize these expenses as services are received, net of insurance recoveries. While a loss from these matters is reasonably possible, we cannot reasonably estimate a range of possible losses at this time, particularly while the foregoing matters remain ongoing. Furthermore, with respect to the MDL, the proceedings remain in the early stages, alleged damages have not been specified, there is uncertainty as to the likelihood of a class or classes being certified or the ultimate size of any class if certified, and there are significant factual and legal issues to be resolved. With respect to the governmental inquiries and investigations, we are currently unable to reasonably estimate any possible adverse judgments, settlements, fines, or penalties. Therefore, we have not recorded a loss contingency liability for the MOVEit Vulnerability as of February 28, 2026. Insurance Coverage During the period when the MOVEit Vulnerability occurred, we maintained $15.0 million of cybersecurity insurance coverage, which is expected to reduce our exposure to expenses and liabilities arising from these events. As of February 28, 2026, we have approximately $3.5 million of remaining cybersecurity insurance coverage under the applicable policy. We will pursue recoveries to the maximum extent available under our insurance policies.

Fair Value Measurements - Schedule of Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 30, 2025
Contingent consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ (1,080)	$ (1,080)
Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange derivatives	(6)	(95)
Level 1 \| Contingent consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	0	0
Level 1 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange derivatives	0	0
Level 2 \| Contingent consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	0	0
Level 2 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange derivatives	(6)	(95)
Level 3 \| Contingent consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	(1,080)	(1,080)
Level 3 \| Foreign exchange derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign exchange derivatives	0	0
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	779	779
Money market funds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	779	779
Money market funds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	0	0
Money market funds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	$ 0	$ 0

Business Combinations	3 Months Ended
Business Combinations	Feb. 28, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combinations	Business Combinations Nuclia Acquisition On June 30, 2025, we completed the acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation AI solutions, for a purchase price with an aggregate fair value of $21.4 million, which was primarily allocated to purchased technology and goodwill. The purchase consideration consisted of $20.3 million of cash paid at closing and contingent consideration with an estimated fair value of $1.1 million. We are required to pay contingent earn-out consideration of up to $5.0 million to former Nuclia shareholders, based on the achievement of certain revenue targets during fiscal year 2026. The fair value of the earn-out liability was determined to be $1.1 million as of the acquisition date. We have not disclosed the amount of revenues and earnings of Nuclia since acquisition, nor pro forma financial information, as those amounts are not significant to our condensed consolidated financial statements.

- Definition

The entire disclosure for business combination.

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+ Details

Segment Information - Schedule of Significant Expenses and Other Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	$ 247,799	$ 238,015
Stock-based compensation	18,474	14,683
Amortization of intangibles	34,400	36,200
Net income	22,813	10,946
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	247,799	238,015
Cost of revenue	33,495	34,614
Sales and marketing	47,914	48,264
Product development	44,879	41,965
General and administrative	19,326	19,577
Stock-based compensation	18,474	14,683
Amortization of intangibles	34,368	36,230
Other segment items, net	26,530	31,736
Net income	$ 22,813	$ 10,946

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 30, 2025
Current assets:
Cash and cash equivalents	$ 113,171	$ 94,807
Accounts receivable, net	147,612	195,783
Unbilled receivables, current portion	40,759	46,599
Other current assets	68,599	62,776
Total current assets	370,141	399,965
Unbilled receivables, non-current portion	28,477	29,950
Property and equipment, net	14,901	13,694
Intangible assets, net	549,760	584,028
Goodwill	1,309,070	1,309,054
Right-of-use lease assets	30,595	25,842
Deferred tax assets	75,144	77,442
Other assets	16,686	17,683
Total assets	2,394,774	2,457,658
Current liabilities:
Accounts payable	13,873	15,934
Accrued compensation and related payroll taxes	45,297	71,804
Deferred revenue, current portion	330,766	324,750
Convertible senior notes, current portion, net	359,723	359,163
Operating lease liabilities, current portion	8,811	8,490
Other accrued liabilities	29,651	29,593
Total current liabilities	788,121	809,734
Long-term debt	540,000	600,000
Convertible senior notes, non-current portion, net	441,664	441,186
Operating lease liabilities, non-current portion	25,311	21,077
Deferred revenue, non-current portion	93,845	100,329
Deferred tax liabilities	1,178	1,158
Other non-current liabilities	5,860	5,825
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 42,074,590 shares in 2026 and 42,335,700 shares in 2025	421	423
Additional paid-in capital	398,033	383,696
Retained earnings	133,008	127,373
Accumulated other comprehensive loss	(32,667)	(33,143)
Total stockholders' equity	498,795	478,349
Total liabilities and stockholders' equity	$ 2,394,774	$ 2,457,658

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Revenue:
Total revenue	$ 247,799	$ 238,015
Costs of revenue:
Amortization of acquired intangibles	8,751	10,422
Total costs of revenue	43,864	46,231
Gross profit	203,935	191,784
Operating expenses:
Sales and marketing	51,997	51,296
Product development	50,474	46,375
General and administrative	26,504	25,623
Amortization of acquired intangibles	25,617	25,808
Cyber vulnerability response expenses, net	1,358	737
Restructuring expenses	706	7,029
Acquisition-related expenses	814	2,490
Total operating expenses	157,470	159,358
Income from operations	46,465	32,426
Other (expense) income:
Interest expense	(15,246)	(18,429)
Interest income and other, net	317	487
Foreign currency loss, net	(1,244)	(1,182)
Total other expense, net	(16,173)	(19,124)
Income before income taxes	30,292	13,302
Provision for income taxes	7,479	2,356
Net income	$ 22,813	$ 10,946
Earnings per share:
Basic (in dollars per share)	$ 0.54	$ 0.25
Diluted (in dollars per share)	$ 0.53	$ 0.24
Weighted average shares outstanding:
Basic (in shares)	42,155	43,256
Diluted (in shares)	42,729	44,887
Software licenses
Revenue:
Total revenue	$ 67,581	$ 58,445
Costs of revenue:
Cost of revenue	3,013	2,925
Maintenance, SaaS, and professional services
Revenue:
Total revenue	180,218	179,570
Costs of revenue:
Cost of revenue	$ 32,100	$ 32,884

Stock-Based Compensation

3 Months Ended

Feb. 28, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant service period. We estimate the fair value of each stock-based award on the measurement date using either the current market price of the stock, the Black-Scholes option valuation model, or the Monte Carlo Simulation valuation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate, and dividend yield. We recognize stock-based compensation expense related to options and restricted stock units on a straight-line basis over the service period of the award, which is generally four or five years for options and three or four years for restricted stock units, and adjust the expense each period for actual forfeitures. We recognize stock-based compensation expense related to performance stock units and our employee stock purchase plan using an accelerated attribution.

In 2026, 2025, and 2024, we granted performance-based restricted stock units that include two performance metrics under our Long-Term Incentive Plan ("LTIP") where the performance measurement period is three years. For the 2026, 2025, and 2024 plans, the vesting terms were based on the following: (i) 75% is based on achievement of a three-year cumulative operating income, and (ii) 25% is based on our level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three-year periods. The vesting of LTIP awards is also subject to continued employment of the grantees through the performance period, except in the event of a qualifying termination. In order to estimate the fair value of such awards, we used a Monte Carlo Simulation valuation model for the market condition portion of the award, and used the closing price of our common stock on the date of grant, less the present value of expected dividends when applicable, for the portion related to the performance condition.

The following table provides the classification of stock-based compensation as reflected in our condensed consolidated statements of operations:


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
Cost of maintenance, SaaS, and professional services	$	1,618	$	1,195
Sales and marketing	4,083		3,032
Product development	5,595		4,410
General and administrative	7,178		6,046
Total stock-based compensation	$	18,474	$	14,683

Debt

3 Months Ended

Feb. 28, 2026

Line of Credit Facility [Abstract]

Debt

As of February 28, 2026 and November 30, 2025, we had the following debt obligations:


(in thousands)	February 28, 2026		November 30, 2025
Current portion of long-term debt:
1.0% convertible senior notes due 2026	$	360,000	$	360,000
Unamortized discount and issuance costs for the Notes	(277)		(837)
Total current portion of long-term debt	359,723		359,163
Long-term debt:

3.5% convertible senior notes due 2030	450,000		450,000
Revolving credit facility(1)	540,000		600,000
Total face value of long-term debt	990,000		1,050,000
Unamortized discount and issuance costs for the Notes	(8,336)		(8,814)
Total long-term debt	981,664		1,041,186
Total debt	$	1,341,387	$	1,400,349

During the first fiscal quarter of 2026, we repaid $60.0 million on the revolving credit facility. The interest rate as of February 28, 2026 was 5.42%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Feb. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements of Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") included herein are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicated information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. In our opinion, the financial statements include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending November 30, 2026. We have made estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying footnote disclosures. Actual results could differ significantly from these estimates. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnote disclosures included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2025, as filed with the SEC on January 20, 2026 (our "2025 Annual Report").
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for us beginning with the annual period ending November 30, 2026, allowing for adoption on a prospective basis or a retrospective option. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for us for our annual reporting for fiscal 2028 and for interim period reporting beginning in fiscal 2029 on a prospective basis. Both early adoption and retrospective application are permitted. We are currently evaluating the impact that the adoption of these standards will have on our consolidated financial statements and disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 will be effective for us in our first quarter of 2029, and may be adopted on a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. We are currently evaluating the timing, method of adoption, and impact of ASU 2025-06 on our consolidated financial statements and disclosures.

Business Combinations (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Feb. 28, 2026	Feb. 28, 2025
Business Combination [Line Items]
Contingent consideration, liability		$ 1,080	$ 0
Nuclia Acquisition
Business Combination [Line Items]
Purchase price, aggregate fair value	$ 21,400
Cash payments in business acquisition	20,300
Contingent consideration, liability	1,100
Contingent earn-out consideration (up to)	$ 5,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangible Assets and Goodwill - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,258,416	$ 1,258,416
Accumulated Amortization	(708,656)	(674,388)
Net Book Value	549,760	584,028
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	403,375	403,375
Accumulated Amortization	(260,241)	(251,491)
Net Book Value	143,134	151,884
Customer-related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	777,930	777,930
Accumulated Amortization	(401,135)	(377,368)
Net Book Value	376,795	400,562
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	77,111	77,111
Accumulated Amortization	(47,280)	(45,529)
Net Book Value	$ 29,831	$ 31,582

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangible Assets and Goodwill

3 Months Ended

Feb. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

Intangible assets are comprised of the following significant classes:


	February 28, 2026						November 30, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Purchased technology	$	403,375	$	(260,241)	$	143,134	$	403,375	$	(251,491)	$	151,884
Customer-related	777,930		(401,135)		376,795		777,930		(377,368)		400,562
Trademarks and trade names	77,111		(47,280)		29,831		77,111		(45,529)		31,582

Total	$	1,258,416	$	(708,656)	$	549,760	$	1,258,416	$	(674,388)	$	584,028

In the three months ended February 28, 2026 and 2025, amortization expense related to intangible assets was $34.4 million and $36.2 million, respectively.

Future amortization expense for intangible assets as of February 28, 2026, is as follows:


(in thousands)
Remainder of 2026	$	102,997
2027	112,166
2028	100,582
2029	100,582
2030	72,580
Thereafter	60,853
Total	$	549,760

Goodwill

Changes in the carrying amount of goodwill in the three months ended February 28, 2026 are as follows:


(in thousands)
Balance, December 1, 2025	$	1,309,054

Translation adjustments	16

Balance, February 28, 2026	$	1,309,070

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Operating activities:
Net income	$ 22,813	$ 10,946
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment	1,496	1,619
Amortization of acquired intangibles and other	34,368	36,581
Amortization of debt discount and issuance costs	1,596	1,009
Stock-based compensation	18,474	14,683
Non-cash lease expense	2,321	3,443
Deferred income taxes	2,339	(1,696)
Credit losses and other sales allowances	2,588	1,323
Changes in operating assets and liabilities:
Accounts receivable	54,735	33,008
Other assets	(5,216)	(2,168)
Accounts payable and accrued liabilities	(31,270)	(22,821)
Lease liabilities	(2,531)	(3,080)
Income taxes payable	(502)	(260)
Deferred revenue	(2,585)	(3,640)
Net cash flows provided by operating activities	98,626	68,947
Investing activities:
Purchases of property and equipment	(2,705)	(1,290)
Payments for acquisitions	0	(1,195)
Net cash flows used in investing activities	(2,705)	(2,485)
Financing activities:
Proceeds from equity plans	5,436	6,238
Payments for taxes related to net share settlements of equity awards	(3,708)	(4,641)
Repurchases of common stock	(20,401)	(30,108)
Dividend equivalent payments to stockholders	(204)	(359)
Repayment of revolving line of credit	(60,000)	(30,000)
Net cash flows used in financing activities	(78,877)	(58,870)
Effect of exchange rate changes on cash and cash equivalents	1,320	(1,508)
Net increase in cash and cash equivalents	18,364	6,084
Cash and cash equivalents, beginning of period	94,807	118,077
Cash and cash equivalents, end of period	113,171	124,161
Supplemental disclosure:
Cash paid for income taxes, net of refunds of $824 and $778 in 2026 and 2025, respectively	4,171	3,121
Cash paid for interest	8,363	12,121
Non-cash investing and financing activities:
Total fair value of restricted stock awards, restricted stock units, and deferred stock units on date vested	9,009	10,677
Operating lease liabilities arising from obtaining right-of-use lease assets	6,269	555
Contingent consideration payable in Nuclia acquisition	$ 1,080	$ 0

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Nov. 30, 2024		43,361,000
Beginning balance at Nov. 30, 2024	$ 438,788	$ 434	$ 354,158	$ 120,405	$ (36,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		57,000
Issuance of stock under employee stock purchase plan	2,196		2,196
Exercise of stock options (in shares)		37,000
Exercise of stock options	1,470		1,470
Vesting of RSUs (in shares)		187,000
Vesting of RSUs	0	$ 2	(2)
Withholding tax payments related to net issuance of RSUs (in shares)		(81,000)
Withholding tax payments related to net issuance of RSUs	(4,641)	$ (1)	(4,640)
Stock-based compensation	$ 14,683		14,683
Common stock repurchases and retirements (in shares)	(500,000)	(539,000)
Common stock repurchases and retirements	$ (30,183)	$ (5)	(14,826)	(15,352)
Net income	10,946			10,946
Other comprehensive income (loss)	(1,412)				(1,412)
Ending balance (in shares) at Feb. 28, 2025		43,022,000
Ending balance at Feb. 28, 2025	$ 431,847	$ 430	353,039	115,999	(37,621)
Beginning balance (in shares) at Nov. 30, 2025	42,335,700	42,336,000
Beginning balance at Nov. 30, 2025	$ 478,349	$ 423	383,696	127,373	(33,143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under employee stock purchase plan (in shares)		63,000
Issuance of stock under employee stock purchase plan	2,302	$ 1	2,301
Exercise of stock options (in shares)		14,000
Exercise of stock options	490		490
Vesting of RSUs (in shares)		218,000
Vesting of RSUs	0	$ 2	(2)
Withholding tax payments related to net issuance of RSUs (in shares)		(90,000)
Withholding tax payments related to net issuance of RSUs	(3,708)	$ (1)	(3,707)
Stock-based compensation	$ 18,474		18,474
Common stock repurchases and retirements (in shares)	(500,000)	(466,000)
Common stock repurchases and retirements	$ (20,401)	$ (4)	(3,219)	(17,178)
Net income	22,813			22,813
Other comprehensive income (loss)	$ 476				476
Ending balance (in shares) at Feb. 28, 2026	42,074,590	42,075,000
Ending balance at Feb. 28, 2026	$ 498,795	$ 421	$ 398,033	$ 133,008	$ (32,667)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2026	Nov. 30, 2025
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	42,074,590	42,335,700
Common stock, shares outstanding (in shares)	42,074,590	42,335,700

Restructuring (Tables)

3 Months Ended

Feb. 28, 2026

Restructuring Charges [Abstract]

Schedule of Restructuring Activity

The following table provides a summary of activity for all of our restructuring actions:


(in thousands)	Excess Facilities and Other Costs		Employee Severance and Related Benefits		Total
Balance, December 1, 2025	$	2,585	$	3,254	$	5,839
Costs incurred	360		346		706
Cash disbursements	(767)		(2,157)		(2,924)
Translation and other adjustments	—		2		2
Balance, February 28, 2026	$	2,178	$	1,445	$	3,623

Stock-Based Compensation (Tables)

3 Months Ended

Feb. 28, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Classification of Stock-Based Compensation

The following table provides the classification of stock-based compensation as reflected in our condensed consolidated statements of operations:


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
Cost of maintenance, SaaS, and professional services	$	1,618	$	1,195
Sales and marketing	4,083		3,032
Product development	5,595		4,410
General and administrative	7,178		6,046
Total stock-based compensation	$	18,474	$	14,683

Earnings Per Share

3 Months Ended

Feb. 28, 2026

Earnings Per Share [Abstract]

Earnings Per Share

We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, restricted stock units, and deferred stock units, using the treasury stock method and the effect of our convertible debt using the if-converted method. The following table sets forth the calculation of basic and diluted earnings per share on an interim basis:


	Three Months Ended
(in thousands, except per share data)	February 28, 2026		February 28, 2025
Net income	$	22,813	$	10,946
Weighted average shares outstanding	42,155		43,256
Effect of dilution from common stock equivalents	574		1,163
Effect of dilution from if-converted convertible notes	—		468
Diluted weighted average shares outstanding	42,729		44,887

Earnings per share:
Basic	$	0.54	$	0.25
Diluted	$	0.53	$	0.24

We excluded stock awards representing approximately 3,486,000 and 397,000 shares of common stock, respectively, from the calculation of diluted earnings per share in the three months ended February 28, 2026 and 2025, respectively, as these awards were anti-dilutive.

The dilutive impact of the Notes on our calculation of diluted earnings per share is measured using the if-converted method. However, because the principal amount of the Notes will be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any. During the three months ended February 28, 2026, we excluded the Notes in our diluted earnings per share calculation because the conversion feature in the Notes was out of the money. During the three months ended February 28, 2025, we included the 2026 Notes in our diluted earnings per share calculation and we excluded the 2030 Notes in our diluted earnings per share calculation because the conversion feature in the 2030 Notes was out of the money.

Revenue Recognition (Tables)

3 Months Ended

Feb. 28, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Revenue Type


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
Performance obligations transferred at a point in time:
Software licenses	$	67,581	$	58,445
Performance obligations transferred over time:
Maintenance	100,339		99,535
SaaS	70,461		69,410
Professional services	9,418		10,625
Total revenue	$	247,799	$	238,015

Schedule of Revenue from External Customers from Different Geographical Areas


	Three Months Ended
(in thousands)	February 28, 2026		February 28, 2025
North America	$	152,689	$	154,646
EMEA	78,380		66,943
Latin America	5,526		5,052
Asia Pacific	11,204		11,374
Total revenue	$	247,799	$	238,015

Schedule of Unbilled Receivables and Contract Assets and Changes in Deferred Revenue

As of February 28, 2026, billing of our non-current unbilled receivables is expected to occur as follows:


(in thousands)
2027	$	15,061
2028	8,098
2029	5,318

Total	$	28,477

As of February 28, 2026, the changes in deferred revenue were as follows:


(in thousands)
Balance, December 1, 2025	$	425,079
Billings and other	247,331
Revenue recognized that was deferred in prior periods	(153,981)
Revenue recognized from current period arrangements	(93,818)
Balance, February 28, 2026	$	424,611

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2026	Feb. 28, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 22,813	$ 10,946
Other comprehensive income (loss):
Foreign currency translation adjustments	476	(1,412)
Comprehensive income	$ 23,289	$ 9,534

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Topic 946
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+ Details

Fair Value Measurements - Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Feb. 28, 2026	Nov. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 1,341,387	$ 1,400,349
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	801,387	800,349
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	810,509	809,595
Convertible senior notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs	300	800
Convertible senior notes due 2026 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	359,723	359,163
Convertible senior notes due 2026 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	358,020	357,300
Convertible senior notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized debt issuance costs	8,300	8,800
Convertible senior notes due 2030 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	441,664	441,186
Convertible senior notes due 2030 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 452,489	$ 452,295

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Insider Trading Arrangements

3 Months Ended

Feb. 28, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name and Title

Character of Trading Arrangement1

Date Adopted

Duration2

Aggregate Number of Shares of Common Stock to be Sold Pursuant to Trading Arrangement

Anthony Folger, EVP & Chief Financial Officer

Rule 10b5-1
Trading Arrangement

February 4, 2026

February 11, 2027

Up to 22,5553

Loren Jarrett,

EVP & GM, Digital Experience

Rule 10b5-1
Trading Arrangement

January 24, 2026

February 28, 2027

Up to 13,833

YuFan Stephanie Wang, EVP & Chief Legal Officer

Rule 10b5-1
Trading Arrangement

January 23, 2026

February 19, 2027

Up to 56,5464

1. Except as indicated by footnote, each trading arrangement marked as a "Rule 10b5-1 Trading Arrangement" is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the "Rule").

2. Except as indicated by footnote, each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table. Each trading arrangement marked as a "Rule 10b5-1 Trading Arrangement" only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

3. Includes: (i) 3,000 shares of our common stock; (ii) all common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of 13,555 Restricted Stock Units ("RSUs"); and (iii) up to 6,000 shares of common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of a maximum of 49,284 Performance Stock Units ("PSUs").

4. Includes: (i) 3,212 shares of our common stock; (ii) all common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of 5,548 RSUs; (iii) all common stock, net of shares withheld to cover tax withholding obligations, to be issued upon the anticipated vesting of a maximum of 20,752 PSUs; and (iv) 27,034 employee stock options expected to be exercised via same-day sale.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Anthony Folger [Member]

Trading Arrangements, by Individual

Name

Anthony Folger

Title

EVP & Chief Financial Officer