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Side-by-side financial comparison of C3.ai, Inc. (AI) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $75.1M, roughly 5.7× C3.ai, Inc.). PEGASYSTEMS INC runs the higher net margin — 7.6% vs -139.3%, a 146.9% gap on every dollar of revenue. On growth, PEGASYSTEMS INC posted the faster year-over-year revenue change (-9.6% vs -20.3%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $-46.9M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
AI vs PEGA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $430.0M |
| Net Profit | $-104.7M | $32.8M |
| Gross Margin | 40.4% | 75.2% |
| Operating Margin | -149.2% | 8.6% |
| Net Margin | -139.3% | 7.6% |
| Revenue YoY | -20.3% | -9.6% |
| Net Profit YoY | -58.7% | -61.6% |
| EPS (diluted) | $-0.75 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $430.0M | ||
| Q4 25 | $75.1M | $504.3M | ||
| Q3 25 | $70.3M | $381.4M | ||
| Q2 25 | $108.7M | $384.5M | ||
| Q1 25 | $98.8M | $475.6M | ||
| Q4 24 | $94.3M | $490.8M | ||
| Q3 24 | $87.2M | $325.1M | ||
| Q2 24 | $86.6M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $-104.7M | $234.6M | ||
| Q3 25 | $-116.8M | $43.4M | ||
| Q2 25 | $-79.7M | $30.1M | ||
| Q1 25 | $-80.2M | $85.4M | ||
| Q4 24 | $-66.0M | $119.1M | ||
| Q3 24 | $-62.8M | $-14.4M | ||
| Q2 24 | $-72.9M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 40.4% | 79.5% | ||
| Q3 25 | 37.6% | 72.2% | ||
| Q2 25 | 62.1% | 71.5% | ||
| Q1 25 | 59.1% | 78.5% | ||
| Q4 24 | 61.3% | 79.1% | ||
| Q3 24 | 59.8% | 70.2% | ||
| Q2 24 | 59.6% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | -149.2% | 20.7% | ||
| Q3 25 | -177.7% | 3.8% | ||
| Q2 25 | -81.8% | 4.5% | ||
| Q1 25 | -88.7% | 26.7% | ||
| Q4 24 | -79.8% | 29.1% | ||
| Q3 24 | -83.2% | -3.6% | ||
| Q2 24 | -95.1% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | -139.3% | 46.5% | ||
| Q3 25 | -166.2% | 11.4% | ||
| Q2 25 | -73.3% | 7.8% | ||
| Q1 25 | -81.2% | 18.0% | ||
| Q4 24 | -69.9% | 24.3% | ||
| Q3 24 | -72.0% | -4.4% | ||
| Q2 24 | -84.2% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.75 | $0.81 | ||
| Q3 25 | $-0.86 | $0.24 | ||
| Q2 25 | $-0.60 | $0.17 | ||
| Q1 25 | $-0.62 | $0.91 | ||
| Q4 24 | $-0.52 | $1.35 | ||
| Q3 24 | $-0.50 | $-0.17 | ||
| Q2 24 | $-0.59 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $270.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $705.9M |
| Total Assets | $961.3M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $675.0M | $425.8M | ||
| Q3 25 | $711.9M | $351.4M | ||
| Q2 25 | $742.7M | $411.6M | ||
| Q1 25 | $724.3M | $371.7M | ||
| Q4 24 | $730.4M | $740.0M | ||
| Q3 24 | $762.5M | $703.0M | ||
| Q2 24 | $750.4M | $665.1M |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $771.9M | $787.4M | ||
| Q3 25 | $798.8M | $596.8M | ||
| Q2 25 | $838.3M | $624.5M | ||
| Q1 25 | $860.2M | $611.3M | ||
| Q4 24 | $859.0M | $585.5M | ||
| Q3 24 | $874.9M | $473.0M | ||
| Q2 24 | $873.4M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $961.3M | $1.6B | ||
| Q3 25 | $968.7M | $1.3B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.0B | $1.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | — |
| Free Cash FlowOCF − Capex | $-46.9M | $206.5M |
| FCF MarginFCF / Revenue | -62.4% | 48.0% |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-46.5M | $158.4M | ||
| Q3 25 | $-33.5M | $56.3M | ||
| Q2 25 | $11.3M | $86.3M | ||
| Q1 25 | $-22.0M | $204.2M | ||
| Q4 24 | $-38.7M | $95.2M | ||
| Q3 24 | $8.0M | $30.5M | ||
| Q2 24 | $21.3M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $-46.9M | $152.4M | ||
| Q3 25 | $-34.3M | $51.8M | ||
| Q2 25 | $10.3M | $84.1M | ||
| Q1 25 | $-22.4M | $202.3M | ||
| Q4 24 | $-39.5M | $92.4M | ||
| Q3 24 | $7.1M | $27.4M | ||
| Q2 24 | $18.8M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | -62.4% | 30.2% | ||
| Q3 25 | -48.8% | 13.6% | ||
| Q2 25 | 9.5% | 21.9% | ||
| Q1 25 | -22.7% | 42.5% | ||
| Q4 24 | -41.9% | 18.8% | ||
| Q3 24 | 8.2% | 8.4% | ||
| Q2 24 | 21.7% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 1.2% | ||
| Q3 25 | 1.1% | 1.2% | ||
| Q2 25 | 0.9% | 0.6% | ||
| Q1 25 | 0.4% | 0.4% | ||
| Q4 24 | 0.9% | 0.6% | ||
| Q3 24 | 1.1% | 0.9% | ||
| Q2 24 | 2.9% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
