Edwyn
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | $442 | $531 | $602 | $694 | $753 |
| Gross Profit | $380 | $453 | $508 | $568 | $623 |
| Operating Income | $108 | $116 | $132 | $111 | $124 |
| Net Income | $80 | $78 | $95 | $70 | $68 |
Over the past five years, Progress Software Corp has demonstrated steady revenue growth, increasing from USD 442 million in 2020 to approximately USD 753 million in 2024. The gross profit has similarly risen over the period, albeit with a slight compression in gross margins from roughly 86% in 2020 to around 83% in the later years. Operating income increased from USD 107.7 million in 2020 to a peak of USD 132.1 million in 2022, followed by a notable dip to about USD 110.5 million in 2023 and a modest recovery to USD 124.0 million in 2024. While these fluctuations suggest some variability in operating efficiency, particularly between 2022 and 2023, the overall trend in operating income indicates that the company has maintained positive profitability despite varying pressures. Net income, however, reflects a more concerning trend. Although it increased from USD 79.7 million in 2020 to nearly USD 95.1 million in 2022, it subsequently fell by over 26% to USD 70.2 million in 2023 and further declined slightly to USD 68.4 million in 2024. This significant year-over-year drop in net income in 2023 may point to rising expenses, potential investments in strategic initiatives, or shifts in cost structures that have compressed margins. Given the context of the software industry—with heightened competition, evolving technology demands, and undercurrents of market consolidation—these financial signals suggest that while Progress Software Corp has successfully grown its top line and maintained a robust gross profit, it must address the declining bottom-line profitability to ensure sustainable long-term financial health.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.