UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549​

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No.   )

CHECK THE APPROPRIATE BOX:

(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)​

PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY):

 

ABOUT PTC

 

 

NOTICE OF 2026 ANNUAL MEETING OF SHAREHOLDERS

Other matters that are properly brought before the meeting may also be considered.

As of December 12, 2025, 118,919,711 shares of our common stock were issued and outstanding. Shareholders are entitled to one vote per share of common stock held as of such date.

HOW TO VOTE

 

 

TABLE OF CONTENTS

​	1​	​	​	2025 HIGHLIGHTS​	​
​	1	​	​	Business Performance Highlights	​
​	1	​	​	Sustainability Highlights	​
​	2​	​	​	Proxy Summary​	​
​	2	​	​	Director Nominees	​
​	3	​	​	Corporate Governance Highlights	​
​	3	​	​	Executive Compensation Highlights	​
​	4	​	​	2025 PricewaterhouseCoopers LLP Services and Fees	​
​	5​	​	​	Corporate Governance and the Board of Directors​	​
​	5​	​	​	Proposal 1 — Election of Directors​	​
​	5	​	​	Board Leadership Structure	​
​	6	​	​	Snapshot of Board Composition	​
​	7	​	​	Board Qualifications, Skills, and Experience	​
​	8	​	​	Director Nominees	​
​	8	​	​	Independence of Our Directors	​
​	9	​	​	Biographies	​
​	17	​	​	Board and Committee Meetings and Attendance at the Annual Meeting	​
​	17	​	​	Director Election Process and Voting Standard	​
​	17	​	​	Board Evaluation Process	​
​	18	​	​	Director Nominations and Board Refreshment	​
​	19	​	​	Board Risk Oversight	​
​	20	​	​	Committees of the Board	​
​	23	​	​	Director and Executive Officer Stock Ownership Requirements	​
​	23	​	​	Insider Trading Policies and Procedures	​
​	24	​	​	Director Compensation	​
​	26	​	​	Communications with the Board	​
​	27	​	​	Executive Compensation​	​
​	27​	​	​	Proposal 2 — Advisory Vote on the Compensation of Our Named Executive Officers	​
​	29	​	​	Compensation Discussion and Analysis	​
​	31	​	​	Our Compensation Philosophy	​
​	32	​	​	Our Executive Compensation Practices	​
​	33	​	​	Our Compensation Design	​
​	42	​	​	How We Set Executive Compensation	​
​	43	​	​	Other Important Elements of Our Compensation Program	​
​	46	​	​	Annual Assessment of Risks Associated with Our Compensation Programs	​
​	47	​	​	Compensation and People Committee Report	​

​	48	​	​	Compensation Tables	​
​	48	​	​	Summary Compensation Table	​
​	50	​	​	Grants of Plan-Based Awards	​
​	51	​	​	Outstanding Equity Awards at Fiscal Year-End	​
​	52	​	​	Options Exercised and Stock Vested	​
​	53	​	​	Potential Payments Upon Termination or Change in Control	​
​	56	​	​	Additional Compensation Matters	​
​	56	​	​	Pay Ratio Disclosure	​
​	56	​	​	Pay versus Performance Disclosure	​
​	59​	​	​	Auditor Matters​	​
​	59​	​	​	Proposal 3 — Advisory Vote to Confirm the Selection of PricewaterhouseCoopers LLP as Our Independent Registered Public Accounting Firm for 2026​	​
​	59	​	​	Engagement of Independent Auditor and Approval of Professional Services and Fees	​
​	61	​	​	PricewaterhouseCoopers LLP Services and Fees	​
​	62	​	​	Report of the Audit Committee	​
​	63​	​	​	Information about PTC Stock Ownership	​
​	63	​	​	Shareholders Who Own at Least 5% of PTC	​
​	64	​	​	Stock Owned by Directors and Officers	​
​	65​	​	​	Information about the Annual Meeting and Voting​	​
​	65	​	​	Proposals to be Voted on at the Meeting and Voting Standard	​
​	66	​	​	Attendance at the Virtual Annual Meeting	​
​	67	​	​	Questions and Requests	​
​	68​	​	​	Other Governance Disclosures and Matters	​
​	68	​	​	Our Executive Officers	​
​	68	​	​	Shareholder Proposals and Nominations	​
​	69	​	​	Transactions with Related Persons	​
​	69	​	​	Review of Transactions with Related Persons	​
​	69	​	​	Transactions with Related Persons	​
​	69	​	​	Delinquent Section 16(a) Reports	​
​	70	​	​	Help Us Reduce Our Environmental Impact	​
​	A-1​	​	​	Appendix A — Operating and Non-GAAP Financial Measures​	​
​	A-2	​	​	Calculations and Reconciliations	​

 

 

CAUTIONARY NOTE ABOUT
FORWARD-LOOKING STATEMENTS

This Proxy Statement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward- looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In particular, statements that are not historical facts, including but not limited to, statements about our anticipated financial results, capital development and growth, as well as about the development of our products, markets, and workforce, are forward-looking statements. These forward-looking statements are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions, whether in the negative or affirmative. Forward-looking statements are based on our current plans, expectations and assumptions and are not guarantees of future performance. Information about factors that could cause actual results to differ materially from those in the forward-looking statements can be found in PTC’s Annual Report on Form 10-K, Forms 10-Q and other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

WEBSITE AND OTHER REFERENCES

Website references included throughout this Proxy Statement and references to our 2025 Impact Report are provided for convenience. The content on the referenced websites and in the 2025 Impact Report is not incorporated herein and is not part of this Proxy Statement.

 

2025 HIGHLIGHTS

​

ARR (Annual Run Rate) is the value of our portfolio of recurring revenue contracts at the end of the period. Free cash flow is cash flow from operations net of capital expenditures. These measures are described and reconciled in Appendix A.

​

 

PROXY SUMMARY

This summary highlights information contained elsewhere in this proxy statement and does not contain all the information you should consider. You should read the entire proxy statement before voting.

All references to 2025, 2024, and 2023 refer to PTC’s fiscal years ended September 30, 2025, 2024, and 2023, respectively, unless otherwise indicated.

 

See Corporate Governance and the Board of Directors for more information about our board nominees and corporate governance practices.

​

ALIGNMENT OF EXECUTIVES AND SHAREHOLDERS

2025 TARGET COMPENSATION MIX

See Executive Compensation for more information about our executive compensation policies and practices.

​

 

​

See Auditor Matters for more information about PricewaterhouseCoopers LLP’s services and fees.

​

 

CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS

Our Board is led by an independent Chair. We believe this Board leadership structure serves the company and our shareholders well by providing effective independent Board leadership and oversight. As we believe independent Board leadership and oversight is always appropriate, our Corporate Governance Guidelines provide that if the Board Chair is not Independent, the Board will appoint a Lead Independent Director. The Board has adopted a Lead Independent Director Charter that establishes the responsibilities of a Lead Independent Director if one were to be appointed.

 

 

The Corporate Governance Committee’s mandate is to create and maintain a Board with a diverse set of qualifications, skills, experiences, and attributes that aligns with PTC’s current and anticipated future strategic needs. The Committee believes that certain qualifications, skills, and experience should be represented on the Board, although not every member of the Board must possess all such qualifications, skills, and experience to be considered capable of making valuable contributions to the Board.

 

The specific qualifications, skills, and experience identified as being possessed by each of the nominees as aligned to those described above are set forth below. The biographies of our directors that follow describe each director’s background and relevant experience in more detail. The Committee believes that the Board collectively possesses the experience and skills needed for PTC’s business and strategy.

BOARD NOMINEES HAVE A BALANCE OF QUALIFICATIONS, SKILLS, AND EXPERIENCE

Our Board of Directors has determined that all our directors, other than our Chief Executive Officer, Mr. Barua, are independent. None of the independent directors are known to have any business, financial, familial, or other type of relationship with PTC or its management that would impact the director’s independence.

 

 

 

 

 

 

 

 

 

The Board and committees hold regularly scheduled meetings over the course of the year and hold additional meetings as necessary. The Board met nine times in 2025. All director nominees attended at least 95% of meetings of the Board and the committees on which the director nominee served in 2025.

We expect that each director will attend the Annual Meeting of Shareholders each year. All director nominees who were directors at the time attended the 2025 Annual Meeting of Shareholders.

All directors stand for election each year. Directors are elected by a plurality of votes received. We maintain a Majority Voting Policy for uncontested director elections that requires a director who does not receive a majority of the votes cast for his or her proposed election to promptly tender his or her resignation from the Board. The Corporate Governance Committee will consider the resignation and recommend to the Board whether to accept the resignation. The Board will use its best efforts to act on the resignation and publicly disclose its decision and its rationale within 90 days following certification of the election results. The director tendering the resignation may not participate in the decisions of the Corporate Governance Committee or the Board that concern such resignation.

The Board conducts an annual evaluation process, which is facilitated by a third-party once every three years. In 2025, the Board completed an externally facilitated Board assessment.

 

The Corporate Governance Committee is responsible for identifying and evaluating director nominees and for recommending to the Board a slate of nominees for election at each Annual Meeting of Shareholders. Candidates may be suggested by directors, management, shareholders, or a search firm retained by the Committee. Shareholders may nominate candidates in accordance with the procedures described in Shareholder Proposals and Nominations. Candidates properly nominated by shareholders will be given the same consideration as other proposed candidates.

The Corporate Governance Committee, in consultation with all directors, considers the Board’s composition, including the alignment of the skills and professional experience of the directors with our long-term strategy. The Corporate Governance Committee evaluates candidates against the standards and qualifications set forth in our Corporate Governance Guidelines and the Corporate Governance Committee Charter as well as other relevant factors.

The Corporate Governance Committee considers each candidate’s character and professional ethics, judgment, leadership experience, business experience and acumen, familiarity with relevant industry issues, national and international experience, and other relevant skills and experience that may contribute to the Board’s effectiveness. In addition, all candidates must be able to dedicate sufficient time and resources for the diligent performance of the duties required of a member of the Board and must not hold positions or interests that conflict with their responsibilities to PTC. Candidates must also meet any qualifications for either individual directors or the Board under applicable laws and regulations. The Committee also considers whether the candidate is independent of PTC as at least a majority of members of the Board must qualify as independent in accordance with Nasdaq independence rules. The requirements and expectations of our directors, including their independence and limitations on other board service, are more fully described in our Corporate Governance Guidelines.

BOARD REFRESHMENT
Majority of the Board Appointed since 2021

 

The Board and the relevant committees review with PTC’s management the risk management practices for which they have oversight responsibility. Since overseeing risk is an ongoing process and inherent in PTC’s strategic decisions, the Board and the relevant committees do not view risk in isolation but discuss risk throughout the year in relation to ongoing operations and proposed actions and initiatives.

 

The Board has four standing committees: Audit, Compensation and People, Corporate Governance, and Cybersecurity. Each of the committees acts under a written charter, all of which are available on the Investor Relations page of our website at www.ptc.com. Mr. Barua, our President and Chief Executive Officer, does not serve on any committee.