Proxy Takeaways: Top-Line Performance Improves in CY25/FY26

研报英文原文证据摘录

Proxy Takeaways: Top-Line Performance Improves in CY25/FY26

Application Software

EQUITY RESEARCH Industry Report

June 16, 2026

Proxy Takeaways: Top-Line Performance Improves in

Companies mentioned

Ticker Price Rating Target CY25/FY26

AGYS $87.49 Overweight $140.00

BL $28.49 Neutral $36.00 We analyzed the proxy statements across our coverage universe (AGYS,

BRZE $21.73 Overweight $38.00 BL, BRZE, FRSH, HUBS, KVYO, PAYC, PCTY, PRCH, QTWO, CRM, TYL and

CRM $164.55 Overweight $250.00 WDAY)

FRSH $9.51 Overweight $12.00

HUBS $186.06 Neutral $200.00 In the latest financial year-end, 69% of companies beat top-line targets,

KVYO $14.00 Overweight $28.00 and 31% missed, and all companies outperformed their margin/

PAYC $134.69 Neutral $135.00 profitability targets.

PCTY $106.93 Overweight $140.00 There are a few notable callouts we will highlight. After missing their ARR

PRCH $10.50 Overweight $13.00

targets in 2024 and 2025, HUBS beat by 0.7% in 2025. BL and WDAY were QTWO $44.05 Overweight $80.00

the biggest laggards (see Exhibits inside the note for more details). Both TYL $289.84 Neutral $340.00

WDAY $129.60 Overweight $160.00 missed their revenue targets for the third consecutive year, though they did

beat on operating margins. More positively, TYL again outperformed on all

Research Analysts: targets. CRM was somewhat muted with subscription revenue and "rule of

Matthew VanVliet 40" just in-line with their targets.

312-469-7405

Matthew.VanVliet@cantor.com Reach out if you are interested in discussing the data in greater detail or

Mason Marion would like the raw data compiled by the company. 917-756-8194

Mason.Marion@cantor.com Top-Line Performance Improves in CY25/FY26

69% companies beat their top-line related targets in CY25/FY26 vs just

33% in CY24/FY25.