Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsLatest reported annual revenue changed -2.6% from the prior reported annual observation.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Revenue contracted
Latest reported annual revenue changed -2.6% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2026-01-02.
- 1 filing risk check flagged
Flagged areas: Earnings quality.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Operating margin improved
Operating margin changed +4.0 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2026-01-02.
- Free cash flow was positive
Latest reported free cash flow was $361M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2026-01-02.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2026-01-02
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Field Systems Segment$1.54B42.9%+0.2% yoy
- Architects Engineers Construction And Owners Segment$1.5B41.8%+10.3% yoy
- Transportation And Logistics Segment$549M15.3%-30.4% yoy
Members sum to the consolidated $3.59B for this period.
- Architects Engineers Construction And Owners Segment$512Mshare n/a+10.5% yoy
- Field Systems Segment$478Mshare n/a+8.2% yoy
- Transportation And Logistics Segment$121Mshare n/a-22.3% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Subscription And Services$2.45B68.4%+2.2% yoy
- Product$1.14B31.6%-11.6% yoy
Members sum to the consolidated $3.59B for this period.
- North America$2.08Bshare n/a-0.1% yoy
- United States$1.91Bshare n/a-0.3% yoy
- Europe$1.02Bshare n/a-2.7% yoy
- Asia Pacific$350Mshare n/a-4.2% yoy
- Restof World$140Mshare n/a-25.9% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Field Systems$409M43.5%+13.9% yoy
- Architects Engineers Construction And Owners$391M41.6%+16.6% yoy
- Transportation And Logistics$140M14.9%-4.4% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2026-01-02 · among 3,990 US-listed filers · 316 in Healthcare| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $3.6B | 76thof 3,301 top third | 82ndof 291 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | -2.6% | 23rdof 3,137 bottom third | 18thof 277 bottom third |
Gross margin gross profit ÷ revenue | 69.1% | 84thof 1,603 top third | 78thof 212 top third |
Operating margin operating income ÷ revenue | 16.5% | 80thof 2,819 top third | 86thof 280 top third |
Net margin net income ÷ revenue | 11.8% | 74thof 3,263 top third | 84thof 290 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 10.1% | 66thof 2,679 middle third | 72ndof 261 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 7.3% | 57thof 3,576 middle third | 69thof 291 top third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 4.1% | 38thof 2,895 middle third | 45thof 272 middle third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 87 days | 15thof 2,398 bottom third | 13thof 266 bottom third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | 3.0× | 42ndof 1,546 middle third | 38thof 116 middle third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 0.9× | 11thof 1,118 bottom third | 7thof 75 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | 0.4% | 11thof 1,333 bottom third | 6thof 92 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 8.6% | 43rdof 1,073 middle third | 41stof 75 middle third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2026-01-02 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 0 changed periodsNo period on file has changed between its first report and the latest filing carrying it.
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
debt, leases, revenue, segments, contingencies, taxes and more · the filer's own wordsBusiness combinations · 1,121 characters as filed
NOTE 3: ACQUISITIONS There were no material acquisitions in 2025. In 2024, we acquired one business, with total purchase consideration of $26.3 million. In the aggregate, the business acquired contributed less than 1% of our total revenue during 2024. In 2023, we acquired three businesses, including an all-cash acquisition for Transporeon GmbH. The total purchase consideration for Transporeon was 1.9 billion or $2.1 billion, which included the repayment of outstanding Transporeon debt of $339.6 million. In allocating the purchase price, we recorded $1,390.1 million of goodwill, $939.8 million of identifiable intangible assets, $9.3 million of net tangible assets, and $256.6 million of deferred tax liability. The remaining two business acquired in 2023 with total purchase consideration of $47.0 million contributed less than 1% of our total revenue during 2023 in the aggregate. Acquisition costs of $1.0 million, $9.1 million , and $35.0 million in 2025, 2024, and 2023 , were expensed as incurred and included in Cost of sales and General and administrative expenses in our Consolidated Statements of Income. …
BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing
Commitments and contingencies · 519 characters as filed
NOTE 11: COMMITMENTS AND CONTINGENCIES Commitments At the end of 2025, we had non-cancellab le purchase commitments o f approximately $519.3 million as compared to $470.7 million at the end of 2024. These non-cancellable purchase commitments primarily represent (i) various non-cancellable agreements with certain software and service providers with minimum or fixed commitments, and (ii) open non-cancellable purchase orders for purchases with our inventory vendors. Litigation There are no material legal proceedings.
CommitmentsAndContingenciesDisclosureTextBlock
Debt · 4,138 characters as filed
NOTE 9: DEBT Total outstanding debt consisted of the following: At the End of Year Effective interest rate (In millions, except percentages) Date of Issuance End of 2025 2025 2024 Senior Notes: Senior Notes, 4.90%, due June 2028 June 2018 5.04% $ 600.0 $ 600.0 Senior Notes, 6.10%, due March 2033 March 2023 6.13% 800.0 800.0 Unamortized discount and issuance costs (7.8) (9.4) Total debt $ 1,392.2 $ 1,390.6 Senior Notes All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year for the 2028 senior notes and in March and September for the 2033 senior notes. For both the 2028 and 2033 senior notes, the interest rate is subject to adjustment from time to time if Moodys or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes. Our senior notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. We may redeem the notes of each series of senior notes at our option in whole or in part at any time at optional redemption prices. No principal amounts are due prior to the maturity dates. Our senior notes contain covenants limiting our ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, in each case, subject to certain exceptions. At the end …
DebtDisclosureTextBlock · excerpt; the full note is in the filing
Share-based compensation · 4,453 characters as filed
NOTE 15: EMPLOYEE STOCK BENEFIT PLANS Amended and Restated 2002 Stock Plan In September 2024, our stockholders approved an amendment to the 2002 Stock Plan to increase the number of shares of common stock available for issuance by 10.0 million shares. As such, our Amended and Restated 2002 Stock Plan provides for the grant of incentive and non-statutory stock options and Restricted Stock Units (RSUs) for up to 102.6 million shares. At the end of 2025, the remaining number of shares available for grant under the Amended and Restated 2002 Stock Plan was 15.1 million. Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in our Consolidated Statements of Income for the periods indicated: 2025 2024 2023 (In millions) Restricted stock units $ 131.6 $ 145.2 $ 132.8 Stock options 4.9 3.4 1.8 ESPP 10.0 10.0 10.8 Total stock-based compensation expense $ 146.5 $ 158.6 $ 145.4 Stock-based compensation expense was allocated as follows: 2025 2024 2023 (In millions) Cost of sales $ 15.4 $ 17.0 $ 14.6 Research and development 41.1 45.0 40.7 Sales and marketing 27.6 29.3 27.1 General and administrative 62.4 67.3 63.0 Total stock-based compensation expense $ 146.5 $ 158.6 $ 145.4 At the end of 2025, total unamortized stock-based compensation expense was $182.9 million, with a weighted-average recognition period of 1.8 years. Restricted Stock Units We grant RSUs containing only service conditions and RSUs containing a comb …
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing
Fair value · 839 characters as filed
NOTE 12: FAIR VALUE MEASUREMENTS Fair value is measured by using observable or, to the extent necessary, unobservable inputs. Financial instruments recorded at fair value include our deferred compensation plan. The fair value was $30.8 million and $31.0 million at the end of 2025 and 2024, and is included in Other non-current assets and Other non-current liabilities on our Consolidated Balance Sheets. The fair value was measured by using quoted prices in active markets. Financial instruments not recorded at fair value on a recurring basis (debt) had an estimated fair value of $1.5 billion and $1.4 billion at the end of 2025 and 2024. The fair value of the debt was determined based on observable market prices in less active markets. The fair values do not indicate the amount we would currently have to pay to extinguish the debt.
FairValueDisclosuresTextBlock
Goodwill and intangibles · 1,352 characters as filed
NOTE 6: INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: At the End of 2025 At the End of 2024 (In millions) Weighted-Average Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed product technology 7 $ 804.9 $ (592.3) $ 212.6 $ 819.0 $ (561.2) $ 257.8 Customer relationships 11 1,199.6 (491.6) 708.0 1,175.5 (440.2) 735.3 Trade names and other intellectual properties 5 35.1 (31.6) 3.5 39.0 (34.0) 5.0 $ 2,039.6 $ (1,115.5) $ 924.1 $ 2,033.5 $ (1,035.4) $ 998.1 As of the end of 2025 and 2024, $125.7 million and $182.8 million of fully amortized intangible assets were written off. The estimated future amortization expense of intangible assets at the end of 2025 was as follows: (In millions) 2026 $ 171.1 2027 157.7 2028 143.6 2029 122.1 2030 85.7 Thereafter 243.9 Total $ 924.1 Goodwill The changes in the carrying amount of goodwill by segment for 2025 were as follows: AECO Field Systems T&L Total (In millions) Balance as of year end 2024 $ 1,986.1 $ 958.2 $ 2,044.1 $ 4,988.4 Decreases due to divestitures (3.6) (3.6) Foreign currency translation and other adjustments 50.9 19.0 185.0 254.9 Balance as of year end 2025 $ 2,037.0 $ 977.2 $ 2,225.5 $ 5,239.7 …
GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing
Income taxes · 8,711 characters as filed
NOTE 14: INCOME TAXES Income before taxes and the provision (benefit) for taxes consisted of the following: 2025 2024 2023 (In millions) Income before taxes: United States $ 308.8 $ 216.4 $ 26.9 Foreign 200.6 1,789.5 330.1 Total $ 509.4 $ 2,005.9 $ 357.0 Provision (benefit) for taxes: U.S. Federal: Current $ 2.9 $ 94.1 $ 57.1 Deferred 35.6 (71.2) (92.5) 38.5 22.9 (35.4) U.S. State: Current 11.4 15.6 12.8 Deferred 3.9 2.1 (6.6) 15.3 17.7 6.2 Foreign: Current 68.8 364.8 80.4 Deferred (37.2) 96.1 (5.5) 31.6 460.9 74.9 Income tax provision $ 85.4 $ 501.5 $ 45.7 Effective tax rate 16.8 % 25.0 % 12.8 % The table below provides the updated requirements of ASU 2023-09 for 2025. See Note 1 Description Of Business And Accounting Policies for additional details on the adoption of ASU 2023-09. The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before taxes (effective tax rate) was as follows: 2025 (In millions) Amount Percent U.S. Federal statutory income tax rate $ 107.0 21.0 % Domestic federal reconciling items Cross-border taxes Global intangible low-taxed income (12.4) (2.4) % Other (4.5) (0.9) % Tax credits (14.1) (2.8) % Nontaxable and nondeductible items, net Stock-based compensation 7.0 1.4 % Other 0.4 0.1 % Change in valuation allowances 0.5 0.1 % Others (1.9) (0.4) % Subtotal domestic federal reconciling items (25.0) (4.9) % Domestic state and local income taxes, net of federal effect (1) 12.7 2.5 % …
IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing
Leases · 1,627 characters as filed
NOTE 10: LEASES We have operating leases primarily for certain of our major facilities, including corporate offices, research and development facilities, and manufacturing facilities. Lease terms range from 1 to 12 years, and certain leases include options to extend the lease for up to 10 years. We consider options to extend the lease in determining the lease term. Operating lease expense consisted of: 2025 2024 2023 (In millions) Operating lease expense $ 30.3 $ 31.4 $ 33.5 Short-term lease expense and other 13.5 15.0 17.1 Total lease expense $ 43.8 $ 46.4 $ 50.6 Supplemental cash flow information related to leases was as follows: 2025 2024 2023 (In millions) Cash paid for operating leases (1) $ 29.1 $ 30.3 $ 31.0 Right-of-use assets obtained in exchange for Operating lease liabilities: $ 39.2 $ 44.1 $ 47.0 (1) Excludes cash payments for short-term leases that are not capitalized. Supplemental balance sheet information related to leases was as follows: At the End of Year Classification 2025 2024 (In millions) Operating lease right-of-use assets Other non-current assets $ 145.6 $ 123.5 Current operating lease liabilities Other current liabilities $ 27.8 $ 21.2 Non-current operating liabilities Other non-current liabilities 141.1 123.4 Total operating lease liabilities $ 168.9 $ 144.6 Weighted-average discount rate 4.63 % 4.58 % Weighted-average remaining lease term 7 years 7 years At the end of 2025, the maturities of lease liabilities were as follows: (In millions) 2026 $ 34 …
LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing
New accounting pronouncements · 2,845 characters as filed
Recently Issued Accounting Pronouncements Not Yet Adopted In September 2025, the FASB issued Accounting Standards Update (ASU ) 2025-06, Intangibles Goodwill and Other Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU removes references to software development stages and requires software costs to be capitalized when (i) management authorizes and commits to funding a software project, and (ii) the project is probable of completion. The ASU is effective for interim and annual reports beginning in 2028, with early adoption permitted. The ASU may be applied on a prospective, modified prospective, or retrospective basis. We are currently evaluating the impact of adopting this ASU. In July 2025, the FASB issued ASU 2025-05, Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets . The ASU allows a practical expedient election to simplify the expected credit loss estimation for short-term accounts receivable and contract assets by assuming conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU is effective for interim and annual reports beginning in 2026 on a prospective basis, with early adoption permitted. We do not expect material changes from adopting this ASU. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses . The ASU requires …
NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing
Revenue recognition · 905 characters as filed
NOTE 13: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during 2025 and 2024 were as follows: (In millions) 2025 2024 Beginning balance of the period $ 896.0 $ 761.4 Revenue recognized from prior year-end (775.2) (652.3) Billings net of revenue recognized from current year and other 877.9 786.9 Ending balance of the period $ 998.7 $ 896.0 Remaining Performance Obligations At the end of 2025, approximately $2.0 billion of revenue was expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.4 billion, approximately 70%, of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.
RevenueFromContractWithCustomerTextBlock
Segment reporting · 5,969 characters as filed
NOTE 8: SEGMENT AND GEOGRAPHIC INFORMATION We determined our operating segments based on how our Chief Executive Officer, who is our CODM, views and evaluates operations. Various factors, including market separation and customer-specific applications, go-to-market channels, and products and services, were considered in determining these operating segments. Our CODM uses segment revenue and operating income to assess segment performance and to allocate resources. The CODM evaluates segment revenue and operating income by considering periodic forecast-to-actual variances and trends, as well as overall strategic initiatives. Asset information by segments is not regularly reviewed by the CODM. In each of our segments, we sell many individual products. For this reason, it is impracticable to segregate and identify revenue for each of the individual products or group of products we sell. Our reportable segments are described below: Architects, Engineers, Construction and Owners (AECO) . This segment primarily serves organizations across architecture, engineering, construction, and asset ownership through a connected lifecycle solution. Within this segment, our most substantial product portfolios are focused on architectural and interior design, structural and civil engineering, building and infrastructure construction, and the operations and maintenance of assets. Products are sold through a multi-channel approach, including direct, indirect, and digital channels. Field Systems . T …
SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing
Stockholders' equity · 2,098 characters as filed
NOTE 16: COMMON STOCK REPURCHASE In the first quarter of 2025, the Board of Directors approved the February 2025 Program of up to $1.0 billion in repurchases of the Companys common stock, which replaced and cancelled the prior 2024 stock repurchase program approved in January 2024. On December 3, 2025, the Board of Directors approved a new stock repurchase program for up to $1.0 billion in repurchases of the Companys common stock. The December 2025 Program does not have an expiration date and replaces the February 2025 program, of which $199 million was remaining but is now cancelled. Under the December 2025 Program, we may repurchase stock from time to time through accelerated stock repurchase programs, open market transactions, privately negotiated transactions, block purchases, tender offers, or other means. The timing and amount of any stock repurchased will depend on a variety of factors, including market conditions, our stock price, other available uses of capital, applicable legal requirements, and other factors. This program may be suspended, modified, or discontinued at any time without prior notice. The stock repurchase authorization does not have an expiration date. At the end of 2025 , there were remaining authorized funds of $925.1 million. During 2025, 2024, and 2023, we repurchased approximately 12.2 million, 2.9 million, and 2.4 million shares of common stock in open market purchases at an average price of $71.86, $60.97, and $42.50 per share for a total of $8 …
StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing
Commitments and contingencies · 725 characters as filed
NOTE 13. COMMITMENTS AND CONTINGENCIES Commitments At the end of the third quarter of 2025, we had unconditional purchase obligations of app roximately $385.1 million. These unconditional purchase obligations primarily represent (i) various non-cancellable agreements with certain service providers with minimum or fixed commitments, and (ii) open non-cancellable purchase orders for material purchases with our inventory vendors. Litigation From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, aside from ordinary routine litigation incidental to our business, that we or any of our subsidiaries are party to or our property is subject to.
CommitmentsAndContingenciesDisclosureTextBlock
Debt · 1,987 characters as filed
NOTE 8. DEBT Total outstanding debt consisted of the following: As of Effective interest rate Third Quarter of Year End Instrument Date of Issuance 2025 2024 (In millions) Senior Notes: Senior Notes, 4.90%, due June 2028 June 2018 5.04% $ 600.0 $ 600.0 Senior Notes, 6.10%, due March 2033 March 2023 6.13% 800.0 800.0 Unamortized discount and issuance costs (8.2) (9.4) Total debt $ 1,391.8 $ 1,390.6 Senior Notes All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year for the 2028 senior notes and in March and September for the 2033 senior notes. Additional details are unchanged from the information disclosed in Note 8 Debt of the 2024 Form 10-K. Credit Facilities 2022 Credit Facility In 2022, we entered into a five-year, unsecured, revolving credit facility in the aggregate principal amount of up to $1.25 billion. Subject to approval, we may increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The variable interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets. No amount was outstanding at the end of the third quarter of 2025 and at the end of 2024. At the end of the third quarter of 2025, we were in compliance with our debt covenants for the 2022 credit facility. Additional details are unchanged from the information disclosed in Note 8 D …
DebtDisclosureTextBlock · excerpt; the full note is in the filing
Fair value · 912 characters as filed
NOTE 9. FAIR VALUE MEASUREMENTS Fair value is measured by using observable or, to the extent necessary, unobservable inputs. Financial instruments recorded at fair value include our deferred compensation plan. The fair value was $31.4 million and $31.0 million at the end of the third quarter of 2025 and the end of 2024, and is included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The fair value was measured by using quoted prices in active markets. Financial instruments not recorded at fair value on a recurring basis (debt) had an estimated fair value of $1.5 billion and $1.4 billion at the end of the third quarter of 2025 and the end of 2024. The fair value of the debt was determined based on observable market prices in less active markets. The fair values do not indicate the amount we would currently have to pay to extinguish the debt.
FairValueDisclosuresTextBlock
Goodwill and intangibles · 1,271 characters as filed
NOTE 5. INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: As of Third Quarter of 2025 Year End 2024 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 817.4 $ (588.5) $ 228.9 $ 819.0 $ (561.2) $ 257.8 Customer relationships 1,274.6 (540.0) 734.6 1,175.5 (440.2) 735.3 Trade names and other intellectual properties 36.0 (32.1) 3.9 39.0 (34.0) 5.0 $ 2,128.0 $ (1,160.6) $ 967.4 $ 2,033.5 $ (1,035.4) $ 998.1 The estimated future amortization expense of intangible assets at the end of the third quarter of 2025 was as follows: (In millions) 2025 (Remaining) $ 43.7 2026 171.0 2027 157.7 2028 143.5 2029 122.0 Thereafter 329.5 Total $ 967.4 Goodwill The changes in the carrying amount of goodwill by segment for the first three quarters of 2025 were as follows: AECO Field Systems T&L Total (In millions) Balance as of year end 2024 $ 1,986.1 $ 958.2 $ 2,044.1 $ 4,988.4 Decreases due to divestitures (3.6) (3.6) Foreign currency translation and other adjustments 50.6 17.8 183.9 252.3 Balance as of the end of the third quarter of 2025 $ 2,036.7 $ 976.0 $ 2,224.4 $ 5,237.1 …
GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing
Income taxes · 1,655 characters as filed
NOTE 12. INCOME TAXES For the third quarter of 2025, our effective income tax rate was 10.9%, as compared to 44.5% in the corresponding period in 2024. The decrease was primarily due to certain disallowed losses in 2024 related to the Mobility divestiture and, to a lesser extent, a one-time benefit from the revaluation of deferred tax liabilities resulting from the German tax rate decrease in the current quarter. For the first three quarters, our effective income tax rate was 17.7%, as compared to 25.9% in the prior year. The decrease was primarily due to gains from the Ag divestiture in 2024 and, to a lesser extent, the one-time deferred tax benefit mentioned above. Unrecognized tax benefits of $42.2 million and $45.8 million at the end of the third quarter of 2025 and at the end of 2024, if recognized, would favorably affect the effective income tax rate in future periods. At the end of the third quarter of 2025 and at the end of 2024, we accrued interest and penalties of $9.6 million and $8.8 million. The OBBBA, signed into law on July 4, 2025, includes changes to U.S. federal tax regulations. We have accounted for its tax implications during the second and third quarters based on our current interpretation of the legislation, and the impact to our tax rate is immaterial. The OBBBA permanently repeals the domestic R&D capitalization requirement. As a result, we expect cash tax reductions of approximately $32 million in 2025 and approximately $80 million in subsequent y …
IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing
New accounting pronouncements · 2,992 characters as filed
Recently Issued Accounting Pronouncements Not Yet Adopted In September 2025, the FASB issued Accounting Standards Update (ASU ) 2025-06, Intangibles Goodwill and Other Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU removes references to software development stages and requires software costs to be capitalized when (i) management authorizes and commits to funding a software project, and (ii) the project is probable of completion. The ASU is effective for interim and annual reports beginning in 2028, with early adoption permitted. The ASU may be applied on a prospective, modified prospective, or retrospective basis. We are currently evaluating the impact of adopting this ASU. In July 2025, the FASB issued ASU 2025-05, Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets . The ASU allows a practical expedient election to simplify the expected credit loss estimation for short-term accounts receivable and contract assets by assuming conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU is effective for interim and annual reports beginning in 2026 on a prospective basis, with early adoption permitted. We are currently evaluating the impact of adopting this ASU. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses . The ASU requir …
NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing
Revenue recognition · 1,084 characters as filed
NOTE 10. DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during the third quarter and the first three quarters of 2025 and 2024 were as follows: Third Quarter of First Three Quarters of (In millions) 2025 2024 2025 2024 Beginning balance of the period $ 882.2 $ 813.6 $ 896.0 $ 761.4 Revenue recognized from prior year end (140.0) (113.4) (686.0) (585.9) Billings net of revenue recognized from current year and other 99.4 57.0 631.6 581.7 Ending balance of the period $ 841.6 $ 757.2 $ 841.6 $ 757.2 Remaining Performance Obligations At the end of the third quarter of 2025, approximately $1.7 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.2 billion, approximately 69%, of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.
RevenueFromContractWithCustomerTextBlock
Segment reporting · 6,028 characters as filed
NOTE 7. SEGMENT AND GEOGRAPHIC INFORMATION We determined our operating segments based on how our Chief Executive Officer, who is our Chief Operating Decision Maker (CODM), views and evaluates operations. Various factors, including market separation and customer-specific applications, go-to-market channels, and products and services, were considered in determining these operating segments. Our CODM uses segment revenue and operating income to assess segment performance and to allocate resources. The CODM evaluates segment revenue and operating income by considering periodic forecast-to-actual variances and trends, as well as overall strategic initiatives. Asset information by segments is not regularly reviewed by the CODM. In each of our segments, we sell many individual products. For this reason, it is impracticable to segregate and identify revenue for each of the individual products or group of products we sell. Our reportable segments are described below: Architects, Engineers, Construction and Owners (AECO) . This segment primarily serves customers working in architecture, engineering, construction, design, asset management, operations, and maintenance. Within this segment, our most substantial product portfolios are software solutions focused on design, engineering, building and civil construction, capital planning, and asset management software. Products are sold primarily through a direct channel to customers. Field Systems . This segment primarily serves customers wor …
SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing
Stockholders' equity · 2,012 characters as filed
NOTE 2. COMMON STOCK REPURCHASE In the first quarter of 2025, the Board of Directors approved a new stock repurchase program authorizing up to $1.0 billion in repurchases of our common stock. The new stock repurchase program replaced the prior 2024 stock repurchase program, which was approved in January 2024 and has been cancelled. Under the 2025 stock repurchase program, we may repurchase stock from time to time through accelerated stock repurchase programs, open market transactions, privately negotiated transactions, block purchases, tender offers, or other means. The timing and amount of any stock repurchased will depend on a variety of factors, including market conditions, our stock price, other available uses of capital, applicable legal requirements, and other factors. This program may be suspended, modified, or discontinued at any time without prior notice. The stock repurchase authorization does not have an expiration date. At the end of the third quarter of 2025, there were remaining authorized funds of $272.6 million. During the third quarter and first three quarters of 2025, we repurchased approximately 0.6 million and 10.3 million shares of common stock in open market purchases at an average price of $80.88 and $70.69 per share for a total of $50.0 million and $727.4 million. There were no stock repurchases during the third quarter of 2024. During the first three quarters of 2024, we repurchased approximately 2.9 million shares of common stock in open market purch …
StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing
Source: SEC DERA Financial Statement and Notes data sets (txt.tsv), excerpts of the filer's own note text; the full note is in the linked filing. Excerpts are the first part of each note exactly as tagged in the filing; open the filing for the full text and the tables. Descriptive and educational, not advice.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.