Revenue from Contracts with Customers

6 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

2. Revenue from Contracts with Customers

Receivables, Contract Assets and Contract Liabilities

(in thousands)	March 31, 2026		September 30, 2025
Short-term receivables	$	852,643	$	1,001,085
Long-term receivables	$	446,508	$	378,941
Contract asset	$	12,070	$	11,044
Deferred revenue	$	771,050	$	827,065

During the six months ended March 31, 2026, we recognized $551.1 million of revenue that was included in Deferred revenue as of September 30, 2025. The remainder of the change in the Deferred revenue balance was driven by additional deferrals, primarily from new billings, offset by a decrease of approximately $56 million related to the Kepware and ThingWorx divestiture and a decrease resulting from changes in foreign currency exchange rates.

Our multi-year, non-cancellable on-premises subscription contracts provide customers with an annual right to exchange software within the subscription with other software. As of March 31, 2026 and September 30, 2025, our total revenue liability was $44.4 million and $39.7 million, respectively, primarily associated with the annual right to exchange on-premises subscription software.

Remaining Performance Obligations (RPO)

Our contracts with customers include amounts allocated to performance obligations that will be satisfied and recognized as revenue at a later date. The value of RPO and timing of recognition may be impacted by several factors, including the performance obligation type, duration and timing of commencement, as well as foreign currency exchange rate fluctuations. As of March 31, 2026, RPO totaled $2,514.5 million, of which $771.1 million is recorded in Deferred revenue and $1,743.4 million is not yet recorded in the Consolidated Balance Sheets. Of the total, we expect to recognize approximately 53% over the next 12 months, 27% over the next 13 to 24 months, and the remaining amount thereafter.

Disaggregation of Revenue

(in thousands)	Three months ended				Six months ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Recurring revenue(1)	$	743,376	$	601,549	$	1,400,656	$	1,125,860
Perpetual license		6,942		5,836		12,572		15,241
Professional services		23,985		28,981		46,900		60,393
Total revenue	$	774,303	$	636,366	$	1,460,128	$	1,201,494

(1)Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.

We report revenue by the following two product groups:

(in thousands)	Three months ended				Six months ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Product lifecycle management (PLM)	$	492,128	$	396,149	$	923,670	$	749,608
Computer-aided design (CAD)		282,175		240,217		536,458		451,886
Total revenue	$	774,303	$	636,366	$	1,460,128	$	1,201,494

Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below.

(in thousands)	Three months ended				Six months ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Americas	$	375,589	$	292,823	$	696,524	$	570,792
Europe		299,404		251,148		570,931		447,172
Asia Pacific		99,310		92,395		192,673		183,530
Total revenue	$	774,303	$	636,366	$	1,460,128	$	1,201,494