---
schema_version: "secwatch.filing_event.v1"
accession: "0001013857-23-000199"
form_type: "8-K"
ticker: "PEGA"
cik: "0001013857"
company_name: "PEGASYSTEMS INC"
filed_at: "2023-10-25T23:59:59+00:00"
generated_at: "2026-06-09T09:36:54.741759+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Pegasystems Q3 rev $334.6M (+24%), GAAP loss narrows to $7.3M, ACV +12%, record free cash flow $124M

## Summary
- Record free cash flow of $124M through Q3 2023; operating cash flow $138M.
- Q3 total revenue $334.6M, up 24% YoY, driven by subscription revenue growth of 34%.
- GAAP net loss improved 92% to $7.3M; non-GAAP net income $37.6M vs loss $27.5M a year ago.
- Pega Cloud gross margin reached 74% through Q3; Cloud revenue $118M, up 21% YoY.
- Annual contract value grew 12% YoY (10% constant currency) to $1.169B.

## SEC filing metadata
- accession: 0001013857-23-000199
- form_type: 8-K
- ticker: PEGA
- cik: 0001013857
- company_name: PEGASYSTEMS INC
- filed_at: 2023-10-25T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1013857/000101385723000199/0001013857-23-000199-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1013857/000101385723000199/pega-20231025.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001013857-23-000199
- JSON: https://secwatch.observer/filing/0001013857-23-000199.json
- Plain text: https://secwatch.observer/filing/0001013857-23-000199.txt

## Key facts
- Earnings Releases
  PEGASYSTEMS INC reported the third quarter of 2023 results: revenue $334,643, net income $(7,279) - GAAP, EPS $(0.09) per diluted share - GAAP.
  - Period: the third quarter of 2023
  - Revenue: $334,643
  - Net income: $(7,279) - GAAP
  - EPS: $(0.09) per diluted share - GAAP
  - Result: reported results
  source text: (continued) (Dollars in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 Change 2023 2022 Change Total revenue $ 334,643 $ 270,731 24 % $ 958,383 $ 921,375 4 % Net (loss) - GAAP $ (7,279) $ (93,520) 92 % $ (74,857) $ (380,195) 80 % Net income (loss) - non-GAAP $ 37,595 $ (27,498) * $ 58,018 $
  evidence_url: https://www.sec.gov/Archives/edgar/data/1013857/000101385723000199/0001013857-23-000199-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.