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17. SegmentsWe operate as a single operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. The CODM evaluates financial performance and allocates resources based on consolidated results, including consolidated net income. The total assets of the segment are reported on the Consolidated Balance Sheets.See Note 3. Revenue from Contracts with Customers for additional information about our revenue by geographic region and Note 4. Property and Equipment for additional information about our long-lived assets by geographic region.The following table presents revenue, significant expenses, and consolidated net income for our reportable segment: (in thousands) Year ended September 30, 2025 2024 2023 Revenue $ 2,739,226 $ 2,298,472 $ 2,097,053 Costs and expenses: Cost of revenue, adjusted(1) 389,465 384,882 384,438 Operating expenses, adjusted(2) 1,047,636 1,019,250 953,720 Other segment items(3) 568,128 518,007 513,355 Consolidated net income $ 733,997 $ 376,333 $ 245,540 (1)Cost of revenue, adjusted excludes stock-based compensation and amortization of acquired intangible assets. (2)Operating expenses, adjusted excludes stock-based compensation, amortization of acquired intangible assets, acquisition and transaction-related charges, and Impairment and other charges (credits), net.(3)Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges (credits), net; Other income (expense), net; and Provision for income taxes.

17. SegmentsWe operate as a single operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. The CODM evaluates financial performance and allocates resources based on consolidated results, including consolidated net income. The total assets of the segment are reported on the Consolidated Balance Sheets.See Note 3. Revenue from Contracts with Customers for additional information about our revenue by geographic region and Note 4. Property and Equipment for additional information about our long-lived assets by geographic region.The following table presents revenue, significant expenses, and consolidated net income for our reportable segment: (in thousands) Year ended September 30, 2025 2024 2023 Revenue $ 2,739,226 $ 2,298,472 $ 2,097,053 Costs and expenses: Cost of revenue, adjusted(1) 389,465 384,882 384,438 Operating expenses, adjusted(2) 1,047,636 1,019,250 953,720 Other segment items(3) 568,128 518,007 513,355 Consolidated net income $ 733,997 $ 376,333 $ 245,540 (1)Cost of revenue, adjusted excludes stock-based compensation and amortization of acquired intangible assets. (2)Operating expenses, adjusted excludes stock-based compensation, amortization of acquired intangible assets, acquisition and transaction-related charges, and Impairment and other charges (credits), net.(3)Other segment items include stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges; Impairment and other charges (credits), net; Other income (expense), net; and Provision for income taxes.

3. Revenue from Contracts with CustomersReceivables, Contract Assets, and Contract Liabilities (in thousands) September 30, 2025 2024 Short-term receivables $ 1,001,085 $ 861,953 Long-term receivables $ 378,941 $ 200,099 Contract asset $ 11,044 $ 14,410 Deferred revenue $ 827,065 $ 775,274 As of September 30, 2025, all our contract assets are expected to be transferred to receivables within the next 12 months and therefore are included in Other current assets. As of September 30, 2024, all our contract assets were included in Other current assets. Approximately $10.9 million of the September 30, 2024 contract asset balance was transferred to receivables during the year ended September 30, 2025 as a result of the right to payment becoming unconditional. Additions to contract asset of approximately $7.5 million primarily related to revenue recognized in the period, net of billings. There were no impairments of contract assets in the year ended September 30, 2025.During the year ended September 30, 2025, we recognized $748.8 million of revenue that was included in deferred revenue as of September 30, 2024. The remainder of the change in the Deferred revenue balance was driven by additional deferrals of $800.6 million, primarily from new billings, as well as an increase in the balance resulting from changes in foreign currency exchange rates. For subscription contracts, we generally invoice customers annually.Costs to Obtain or Fulfill a ContractWe recognize an asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year. These deferred costs (primarily commissions) are amortized proportionately related to revenue over 5 years, which is generally longer than the term of the initial contract because of anticipated renewals as commissions for renewals are not commensurate with commissions related to our initial contracts. As of September 30, 2025 and September 30, 2024, deferred costs of $45.1 million and $42.5 million, respectively, were included in Other current assets and $78.2 million and $76.4 million, respectively, were included in Other assets. Amortization expense related to costs to obtain a contract with a customer was $54.0 million, $52.0 million, and $53.4 million in the years ended September 30, 2025, 2024, and 2023, respectively. There were no substantial impairments of the contract cost asset in the years ended September 30, 2025 and 2024.

9. Commitments and ContingenciesAs of September 30, 2025 and 2024, we had letters of credit and bank guarantees outstanding of $15.6 million (of which $0.6 million was collateralized) and $15.6 million (of which $0.6 million was collateralized), respectively, primarily related to our corporate headquarters lease.Legal and Regulatory MattersWith respect to legal proceedings and claims, we record an accrual for a contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.We are subject to legal proceedings and claims against us in the ordinary course of business. As of September 30, 2025, we estimate that the range of possible outcomes for such matters is immaterial and we do not believe that resolving them will have a material adverse impact on our financial condition, results of operations or cash flows. However, the results of legal proceedings cannot be predicted with certainty. Should any of these legal proceedings and claims be resolved against us, the operating results for a reporting period could be adversely affected.Guarantees and Indemnification ObligationsWe enter into standard indemnification agreements with our customers and business partners in the ordinary course of our business. Under such agreements, we typically indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to our products. Indemnification may also cover other types of claims, including claims relating to certain data breaches. These agreements typically limit our liability with respect to indemnification claims other than intellectual property infringement claims. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and, accordingly, we believe the estimated fair value of liabilities under these agreements is immaterial. We warrant that our software products will perform in all material respects in accordance with our standard published specifications during the term of the license. Additionally, we generally warrant that our consulting services will be performed consistent with generally accepted industry standards and, in the case of fixed price services, the agreed-upon specifications. In most cases, liability for these warranties is capped.

8. DebtAs of September 30, 2025 and 2024, we had the following short- and long-term debt obligations: (in thousands) September 30, 2025 2024 4.000% Senior notes due 2028 $ 500,000 $ 500,000 3.625% Senior notes due 2025 — 500,000 Credit facility revolver line(1)(2) 231,250 262,000 Credit facility term loan(1)(2) 468,750 490,625 Total debt 1,200,000 1,752,625 Unamortized debt issuance costs for the senior notes(3) (2,566 ) (4,053 ) Total debt, net of issuance costs(4) $ 1,197,434 $ 1,748,572 (1)Unamortized debt issuance costs related to the credit facility were $2.7 million included in Other current assets and $3.3 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2025 and $2.3 million included in Other current assets and $5.2 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2024.(2)The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028. The term loan began amortizing in March 2024, with payments remaining of $25.0 million in 2026 and 2027, and $418.7 million in 2028.(3)As of September 30, 2025, all unamortized debt issuance costs for the senior notes were included in Long-term debt on the Consolidated Balance Sheet. As of September 30, 2024, $0.4 million of unamortized debt issuance costs for the senior notes was included in Current portion of long-term debt and $3.6 million was included in Long-term debt on the Consolidated Balance Sheet.(4)As of September 30, 2025, $25.0 million of debt associated with the credit facility term loan was classified as short term. As of September 30, 2024, $521.5 million of debt was classified as short term, including $499.6 million associated with the 2025 senior notes and related debt issuance costs and $21.9 million associated with the credit facility term loan.Senior Unsecured Notes In February 2020, we issued $500 million in aggregate principal amount of 4.0% senior, unsecured long-term debt at par value, due in 2028 (the 2028 Notes) and $500 million in aggregate principal amount of 3.625% senior, unsecured long-term debt at par value, due in February 2025 (the 2025 Notes). In the second quarter of 2025, we redeemed the 2025 Notes using a draw on our revolving credit facility and cash on hand.As of September 30, 2025, the total estimated fair value of the 2028 Notes was approximately $490.

7. Income TaxesOur Income before income taxes consisted of the following: (in thousands) Year ended September 30, 2025 2024 2023 Domestic $ 418,265 $ 43,504 $ (49,193 ) Foreign 501,912 425,458 381,759 Total income before income taxes $ 920,177 $ 468,962 $ 332,566 Our Provision for income taxes consisted of the following: (in thousands) Year ended September 30, 2025 2024 2023 Current: Federal $ 128,230 $ 44,642 $ 7,311 State 21,754 25,359 10,020 Foreign 62,479 61,668 53,019 212,463 131,669 70,350 Deferred: Federal (43,333 ) (60,378 ) (11,821 ) State (15,630 ) (7,387 ) (10,028 ) Foreign 32,680 28,725 38,525 (26,283 ) (39,040 ) 16,676 Provision for income taxes $ 186,180 $ 92,629 $ 87,026 Taxes computed at the statutory federal income tax rates are reconciled to the Provision for income taxes as follows: (in thousands) Year ended September 30, 2025 2024 2023 Statutory federal income tax rate $ 193,237 21 % $ 98,482 21 % $ 69,839 21 % State income taxes, net of federal tax benefit 6,124 1 % 4,631 1 % 577 0 % Federal research and development credits (8,552 ) (1 )% (11,203 ) (2 )% (7,751 ) (2 )% Uncertain tax positions (1,904 ) — 7,268 2 % 23,302 7 % Foreign tax credit (14,410 ) (2 )% (30,119 ) (7 )% (11,415 ) (3 )% Foreign rate differences (12,135 ) (1 )% (15,368 ) (3 )% (20,829 ) (6 )% Foreign tax on U.S. provision 14,452 2 % 15,120 3 % 11,415 3 % Excess tax benefits from restricted stock (8,534 ) (1 )% (9,225 ) (2 )% (6,963 ) (2 )% U.S. permanent items (920 ) — 2,711 0 % 5,341 2 % Non-deductible compensation 9,096 1 % 10,157 2 % 8,344 3 % Base Erosion Anti-Abuse Tax (BEAT) 2,653 — 3,264 1 % — — GILTI, net of foreign tax credits 27,008 3 % 31,388 7 % 17,861 5 % Foreign-Derived Intangible Income (FDII) (20,162 ) (2 )% (15,148 ) (3 )% (8,987 ) (3 )% Non-deductible imputed interest — — — — 6,292 2 % Other, net 227 (1 )% 671 0 % — (1 )% Provision for income taxes $ 186,180 20 % $ 92,629 20 % $ 87,026 26 % In 2025, 2024, and 2023, our effective tax rate was impacted by our corporate structure in which our foreign taxes are at a net effective tax rate lower than the U.S. rate. A significant amount of our foreign earnings is generated by our subsidiaries organized in Ireland and the Cayman Islands. In 2025, 2024, and 2023, the foreign rate differential predominantly relates to these earnings. In addition to the foreign rate differential, our tax rate differed from the U.S.

16. LeasesOur headquarters are located at 121 Seaport Boulevard, Boston, Massachusetts, encompassing approximately 250,000 square feet under a lease agreement that runs through June 2037. Base rent for the first year of the lease was $11.0 million and increases by $1 per square foot per year thereafter ($0.3 million per year). Base rent first became payable on July 1, 2020. In addition to the base rent, we are required to pay our pro rata portions of building operating costs and real estate taxes (together, “Additional Rent”). Annual Additional Rent is estimated to be approximately $8.2 million.In 2025, we subleased certain portions of our Seaport headquarters for lease terms ending May 2031 and June 2037. We recognized an impairment charge of $12.8 million on right-of-use assets related to subleased facilities. For additional information on this impairment charge, see Note 2. Summary of Significant Accounting Policies.The components of lease cost reflected in the Consolidated Statements of Operations for the years ended September 30, 2025, 2024, and 2023 were as follows: (in thousands) Year ended September 30, 2025 2024 2023 Operating lease cost $ 32,912 $ 33,288 $ 32,402 Short-term lease cost 1,453 3,691 5,411 Variable lease cost 10,572 9,919 10,945 Sublease income (958 ) (1,436 ) (4,749 ) Total lease cost $ 43,979 $ 45,462 $ 44,009 Supplemental cash flow information for the years ended September 30, 2025, 2024, and 2023 was as follows: (in thousands) Year ended September 30, 2025 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 36,303 $ 35,498 $ 36,038 Right-of-use assets obtained in exchange for new lease obligations: Operating leases(1) $ 16,664 $ 11,079 $ 28,257 (1)In the year ended September 30, 2023, operating lease additions included $4.0 million related to the ServiceMax acquisition.Supplemental balance sheet information related to the leases as of September 30, 2025 and 2024 was as follows: September 30, 2025 2024 Weighted-average remaining lease term - operating leases 9.4 years 10.3 years Weighted-average discount rate - operating leases 5.3 % 5.

5. Acquisitions and Disposition of BusinessesAcquisition and transaction-related costs were $9.1 million, $3.1 million and $18.7 million in 2025, 2024 and 2023, respectively. Acquisition and transaction-related costs include direct costs of potential and completed acquisitions (e.g., investment banker fees and professional fees, including legal and valuation services) and expenses related to acquisition integration activities (e.g., professional fees and severance). Other transactional charges include third-party costs related to unusual transactions, such as the divestiture of a portion of our business. These costs are classified in General and administrative expenses in the accompanying Consolidated Statements of Operations. Our results of operations include or exclude, as applicable, the results of acquired or sold businesses beginning on their respective acquisition or sale date.The acquisitions described below have been accounted for as business combinations. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the respective acquisition date. The fair values of intangible assets were based on valuations using discounted cash flow models which require the use of significant estimates and assumptions, including estimating future revenues, future costs, and an applicable discount rate. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill.pure-systemsOn October 4, 2023, we acquired pure-systems GmbH pursuant to a Share Purchase Agreement. pure-systems was a leading provider of product and software variant management solutions used by manufacturing companies to efficiently manage the different versions of software and systems engineering assets. The purchase price was $93.5 million, net of cash acquired, which we financed primarily with a draw on the revolving line of our credit facility. pure-systems had approximately 50 employees on the close date.