Equity Incentive Plans (Tables)

12 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement, Recognized Amount [Abstract]

Schedule of Classification of Compensation Expense

The following table shows total stock-based compensation expense recorded in our Consolidated Statements of Operations:

(in thousands)	Year ended September 30,
	2025		2024		2023
Cost of license revenue	$	409	$	133	$	145
Cost of support and cloud services revenue		16,435		14,479		12,801
Cost of professional services revenue		5,846		6,827		7,928
Sales and marketing		61,750		68,541		56,394
Research and development		65,119		60,266		58,931
General and administrative		66,646		73,215		70,260
Total stock-based compensation expense	$	216,205	$	223,461	$	206,459

Schedule of Restricted Stock Unit Activity

The following table sets forth the restricted stock unit activity for the year ended September 30, 2025.

(in thousands, except grant date fair value data)	Shares			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance of outstanding RSUs at October 1, 2024		2,064		$	147.92
Granted(1)		1,232		$	186.37
Vested		(1,300	)	$	148.03
Forfeited or not earned		(100	)	$	152.65
Balance of outstanding RSUs at September 30, 2025		1,896		$	173.53	$	384,917

(1)RSUs granted include 17 shares from prior period rTSR awards that were earned upon achievement of the performance criteria and vested in November 2024 and 10 shares from prior period performance-based awards that were earned upon achievement of the performance criteria and vested in November 2024.

Schedule of Number of RSU Awards Granted by Award Type

The following table presents the number of RSU awards granted by award type:

(in thousands)	Year ended September 30, 2025
Performance-based RSUs(1)		94
Service-based RSUs(2)		1,045
Relative Total Shareholder Return RSUs(3)		66

(1)The performance-based RSUs are primarily made up of RSUs granted to our executives and are eligible to vest based upon annual performance measures over a three-year period. To the extent earned, those performance-based RSUs will vest in three substantially equal installments on November 15, 2025, November 15, 2026, and November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of RSUs can be earned.

(2)The service-based RSUs were granted to employees, including our executive officers. Substantially all service-based RSUs will vest in three substantially equal annual installments on or about the anniversary of the date of grant.

(3)The rTSR RSUs were granted to our executives and are eligible to vest based on the performance of PTC stock relative to the stock performance of an index of PTC peer companies established as of the grant date, as determined at the end of the measurement period ending on September 30, 2027. The RSUs earned will vest on November 15, 2027, or the date the Compensation and People Committee determines the extent to which the applicable performance criteria have been achieved for each performance period. Up to a maximum of two times the number of rTSR RSUs eligible to be earned for the period may vest. If the stock price as of the beginning of the period is below the stock price at the end of the period, a maximum of 100% of the rTSR RSUs may vest.

Schedule of Valuation Assumptions

The significant assumptions used in the Monte Carlo simulation model were as follows:

	2025			2024			2023
Average volatility of peer group		50.64	%		49.30	%		41.54	%
Risk-free interest rate		4.21	%		4.65	%		4.12	%
Dividend yield		—	%		—	%		—	%
Expected term (in years)		2.88			2.87			2.87

Schedule of Value of Stock Issued for Vested RSUs

The value of stock issued for vested RSUs is as follows:

(in thousands)	Year ended September 30,
	2025		2024		2023
Stock issued for vested RSUs	$	236,697	$	289,333	$	240,066