PTC Inc: 3QF26 Review — Modest ARR Beat and Deferred ARR Strength Set Outlook for FY27E Growth for Acceleration

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PTC Inc: 3QF26 Review — Modest ARR Beat and Deferred ARR Strength Set Outlook for FY27E Growth for Acceleration

J P M O R G A N North America Equity Research

29 July 2026

PTC Inc Underweight

PTC, PTC US

3QF26 Review — Modest ARR Beat and Deferred ARR Price (29 Jul 26):$132.46

Strength Set Outlook for FY27E Growth for Acceleration Price Target (Dec-27):$145.00

PTC reported a strong 3QF26, with constant-currency ARR and FCF both coming Vertical SaaS & HealthTech

ACin modestly ahead of consensus, while reported revenue missed due to a single Alexei Gogolev

large contract duration item. CC ARR ex-divested businesses grew 9.1% yoy, (1-212) 622-9391

above the high end of the 8%–9% guidance range, which prompted management alexei.gogolev@jpmorgan.com

to raise the low end of FY26E constant-currency ARR growth to 9%–9.5% (prior: Ella Smith

7.5%–9.5%). On the call management sounded upbeat about pipeline and (1-212) 622-2451

momentum (with ~2x the deferred ARR it had at the comparable point last year, ella.smith@jpmchase.com

reinforcing the path to ARR growth acceleration in fiscal 2027 without requiring Destiny Jackson

incremental demand generation. CEO also flagged the recent go-to-market (1-212) 622-4360

destiny.jackson@jpmorgan.com

transformation yielding visible improvements in demand capture, rep

Isabella A Camajproductivity, renewal rates, and displacement wins. FCF in the quarter was only

(1-212) 834-2379

2% above consensus, with PTC keeping FY26E outlook unchanged at ~$850M. bella.camaj@jpmorgan.com

PTC’s capital allocation continues to tilt towards buybacks with management J.P. Morgan Securities LLC

buying an equivalent of ~3% of Mcap in 3QF26 and committing to repurchase an

equivalent of ~2% of Mcap in 4QF26E.

Quarterly Forecasts (FYE Sep)