Pegasystems二季度ACV低于预期并称AI市场变化拖累客户采购，盘前跌超15%

Pegasystems (PEGA) plunged more than 15% during pre-market trading on Wednesday following second quarter 2026 results that missed the mark due to "unprecedented changes in the AI market (that) caused clients to delay their purchasing decisions."
"The disclosure broadly echoes IBM's (IBM) July 14 preliminary Q2 update, in which IBM said shifting client capital-spending priorities altered buying patterns, while rapidly evolving cybersecurity concerns distracted clients and contributed to numerous large deals failing to close on expected timelines," said Citizens analyst Patrick Walravens in a Wednesday investor note.
Earlier this month, IBM issued "disappointing" preliminary second quarter results, citing reasons that appear similar to Pegasystems, prompting a massive selloff.
Citizens downgraded Pegasystems to Market Perform from Market Outperform following the results. Pegasystems indicated that changes in the AI market slowed their annual contract value, or ACV, during the first half of 2026. The software firm said this might continue for the remainder of the year.
Pagasystems' ACV totaled $1.62B during the second quarter versus the consensus of $1.658B. It was up 7% year over year but down 17% from the fourth quarter of 2025.
"While Pega Cloud continued to grow at a nice clip in 2Q, with 22% ACV growth, Blueprint seems to be a structural advantage that lowers the complexity of discovery and design for Pega, and we like the leadership of CEO Alan Trefler and CFO & COO Ken Stillwell. We are stepping to the sidelines," Walravens added.
RBC Capital Markets also had a negative reaction to the results.
"Pega reported generally disappointing F2Q26 results, sending shares down with Total ACV (+7% YoY/+8% cc) and Cloud ACV (+22% YoY/+22% cc) coming in well below RBCe/consensus estimates on a reported and cc basis, and both decelerating QoQ and YoY," said RBC analyst Rishi Jaluria in a note. "Beyond this, total RPO growth (+10% YoY/+11% cc) decelerated sequentially and YoY on both a reported and cc basis, while total cRPO growth was up 7%, decelerating by 10 pts sequentially and 19 pts YoY."
Finally, D.A. Davidson noted the results missed the mark but maintained its Buy rating and $55 price target on the stock.
"PEGA typically does not update guidance during the year, though commentary suggested headwinds could continue moving forward," said D.A. Davidson analyst Lucky Schreiner in a Wednesday note. "While we expected a back half-weighted year, PEGA's elongated sales cycles make us incrementally less constructive, while sustained healthy FCF keeps us positive overall."
Pegasystems competitors, such as ServiceNow (NOW) and Salesforce (CRM), were relatively flat during early trading on Wednesday.