Financials

Open Text Corporation financials

OTEX Software

OpenText Corporation is a Canadian technology firm founded in 1991, specializing in enterprise information management solutions such as OpenText Content Suite and Business Network. The company operates on a recurring revenue model based on subscriptions, licensing, and professional services, targeting a global enterprise customer base. Under the leadership of CEO Mark J. Barrenechea, OpenText has established significant market share by continuously innovating through cloud-based and AI-enhanced offerings. Its strategic focus on digital transformation and targeted acquisitions positions it well for future growth.

Snapshot

Open Text Corporation reported $5.17B in revenue in fiscal 2025, up -10.4% year over year, with an operating margin of 17.3%.

Revenue (FY2025): $5.17B
YoY growth: +-10.4%
Operating margin: 17.3%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	5,168,410	5,769,580	4,484,980	3,493,840
Cost of Sales	1,434,120	1,578,550	1,316,590	1,062,200
Gross Profit	3,734,290	4,191,030	3,168,390	2,431,640
Selling, General & Administrative Expenses	1,487,310	1,740,170	1,389,560	994,203
Depreciation & Amortization Expenses	452,464	564,003	434,167	305,346
Research & Development Expenses	755,936	864,463	659,214	440,448
Other Operating Expenses	145,890	135,305	169,159	46,873
Operating Profit	892,689	887,085	516,292	644,773
Interest Expense	(327,831)	(516,180)	(329,428)	(157,880)
Non-Operating Income	(82,787)	358,391	34,469	29,118
Total Non-Operating Income	(410,618)	(157,789)	(294,959)	(128,762)
Income Before Provision for Income Taxes	482,071	729,296	221,333	516,011
Provision for Income Taxes	46,005	264,012	70,767	118,752
Consolidated Net Income	436,066	465,284	150,566	397,259
Net Income Attributable to Minority Interests and Other	198	194	187	169
Net Income Attributable to Common Shareholders	435,868	465,090	150,379	397,090
Basic EPS	1.66	1.71	0.56	1.46
Diluted EPS	1.65	1.71	0.56	1.46
Basic Weighted Average Shares Outstanding	263	272	270	271,271
Diluted Weighted Average Shares Outstanding	264	273	270	271,909
Shares Outstanding	254,784	267,801	270,903	269,523

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	1,156,500	1,280,660	1,231,630	1,693,740
Total Cash and Cash Equivalents	1,156,500	1,280,660	1,231,630	1,693,740
Accounts Receivable	659,675	626,189	682,517	426,652
Total Trade Receivables	659,675	626,189	682,517	426,652
Other Current Assets	385,287	370,474	361,089	164,974
Total Current Assets	2,201,460	2,277,330	2,275,230	2,285,370
Net Property, Plant & Equipment	573,229	587,514	642,627	442,841
Net Intangible Assets	1,976,590	2,486,260	4,080,880	1,075,210
Goodwill	7,517,460	7,488,370	8,662,600	5,244,650
Other Long-Term Assets	1,505,320	1,366,240	1,427,860	1,130,900
Total Assets	13,774,100	14,205,700	17,089,200	10,179,000
Accounts Payable	1,026,580	931,116	996,261	448,607
Current Portion of Long-Term Debt	35,850	35,850	320,850	10,000
Current Portion of Leases	75,914	76,446	91,425	56,380
Unearned Revenue	1,515,380	1,521,420	1,721,780	902,202
Other Current Liabilities	93,325	235,666	89,297	51,069
Total Current Liabilities	2,747,050	2,800,490	3,219,610	1,468,260
Long-Term Debt	6,342,070	6,356,940	8,562,100	4,209,570
Leases	189,949	218,174	271,579	198,695
Other Long-Term Liabilities	564,402	630,415	1,013,810	270,193
Total Long-Term Liabilities	7,096,420	7,205,530	9,847,480	4,678,460
Total Liabilities	9,843,480	10,006,000	13,067,100	6,146,710
Treasury Stock	(138,164)	(123,268)	(151,597)	(159,966)
Additional Paid-in Capital	2,193,990	2,271,890	2,176,950	2,038,670
Accumulated Other Comprehensive Income	(67,067)	(69,619)	(53,559)	(7,659)
Retained Earnings	1,940,110	2,119,160	2,048,980	2,160,070
Total Common Shareholders' Equity	3,928,870	4,198,160	4,020,780	4,031,120
Minority Interests and Other	1,721	1,523	1,329	1,142
Total Shareholders' Equity	3,930,590	4,199,680	4,022,100	4,032,260
Total Liabilities and Shareholders' Equity	13,774,100	14,205,700	17,089,200	10,179,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	436,066	465,284	150,566	397,259
Depreciation & Amortization	663,221	833,182	674,104	509,375
Share-Based Compensation Expense	104,840	140,079	130,302	69,556
Other Adjustments	(63,809)	(462,255)	31,674	(42,770)
Changes in Trade Receivables	80,097	108,562	168,604	81,841
Changes in Accounts Payable	(23,012)	(65,887)	(127,092)	(24,177)
Changes in Income Taxes Payable	(246,681)	112,097	14,948	34,589
Changes in Unearned Revenue	3,565	(42,974)	(128,395)	(5,236)
Changes in Other Operating Activities	(123,669)	(120,397)	(135,506)	(38,627)
Cash from Operating Activities	830,618	967,691	779,205	981,810
Capital Expenditure	(143,222)	(159,295)	(123,832)	(93,109)
Payments for Business Acquisitions	—	(9,272)	(5,657,960)	(873,928)
Proceeds from Business Divestments	(11,686)	2,229,190	—	—
Other Investing Activities	1,400	(5,303)	130,375	(3,922)
Cash from Investing Activities	(153,508)	2,055,320	(5,651,420)	(970,959)
Issuance of Long-Term Debt	—	—	4,927,450	1,500,000
Repayments of Long-Term Debt	(35,851)	(2,568,350)	(202,926)	(860,000)
Net Issuance / (Repayments) of Long-Term Debt	(35,851)	(2,568,350)	4,724,520	640,000
Issuance of Common Shares	35,372	66,914	39,331	67,215
Repurchases of Common Shares	(543,905)	(203,102)	(21,919)	(288,580)
Net Issuance / (Repurchases) of Common Shares	(508,533)	(136,188)	17,412	(221,365)
Common Share Dividends Paid	(271,523)	(267,362)	(259,549)	(237,655)
Other Financing Activities	(18,772)	9,998	(79,334)	(42,524)
Cash from Financing Activities	(834,679)	(2,961,900)	4,403,050	138,456
Effect of Exchange Rate Changes on Cash and Cash Equivalents	32,882	(12,263)	7,203	(63,196)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(124,687)	48,841	(461,959)	86,111

Key metrics

$10.14B

Market Cap

17.72x

P/E

1.44x

P/S

8.32x

EV/EBITDA

10.7%

Return on Equity

6.0%

Return on Invested Capital

0.80x

Current Ratio

3527.1%

Dividend Yield

13.3%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q3 2026	$1.28B	+2.2%	15.7%	$201M
Q2 2026	$1.33B	+-0.6%	22.0%	$292M
Q1 2026	$1.29B	+1.5%	21.0%	$270M
Q4 2025	$1.31B	+-3.8%	13.9%	$182M
Q3 2025	$1.25B	—	16.7%	$209M
Q2 2025	$1.33B	—	22.2%	$296M
Q1 2025	$1.27B	—	16.3%	$206M
Q4 2024	$1.36B	—	14.2%	$193M

Margins

72.3%

Gross margin

17.3%

Operating margin

8.4%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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