Private software company releases earnings early to calm AI nerves

issued Wednesday, February 18, 2026 · 09:11 AM

[NEW YORK] Several software companies, including McAfee, reported earnings ahead of schedule to convince lenders of their resilience to disruption caused by artificial intelligence (AI).

Cybersecurity company McAfee told bond investors that preliminary revenue for the fourth quarter was $626 million, about the same as a year ago, according to people familiar with the matter. The company, backed by Advent International and Permira Advisors, brought forward the results to provide clarity during market volatility, the people said, asking not to be identified discussing personal information.

Rocket Software, an IT modernization company backed by Bain Capital, said its 2025 revenue rose 5.2% from a year earlier to about $1.4 billion, people said.

Meanwhile, Perforce Software, backed by Clearlake Capital and Francisco Partners, reported a slight decline in annual revenue in 2024 from US$654 million to US$644 million. In a recent conference call, Perforce executives detailed efforts to increase sales by incorporating AI into products, the people said.

The software industry is facing seismic shifts as rapid advances in AI threaten to burden companies with massive corporate debt. The incident, dubbed the “SaaSpocalypse,” sparked a massive sale of debt in the industry over concerns that the disruption would crush revenue growth for tech companies that relied heavily on borrowing. Many private lenders have actively defended this space, arguing that there are many borrowers who will benefit from AI.

Representatives for McAfee, Advent, Permira, Clearlake and Bain declined to comment, while representatives for Francisco Partners, Perforce and Rocket Software did not immediately respond to requests for comment.

McAfee, whose business relies on consumer cybersecurity subscriptions, also told lenders that an adjusted measure of fourth-quarter profit fell 1% year over year to $292 million. The company, which uses AI to detect fraud, reported a 9% decline in third-quarter adjusted profit from a year earlier due to one-time marketing investments and increased PC shipments.

The company’s roughly $2 billion worth of unsecured bonds due in 2030 was valued at $85 to the dollar as of February 9, up from 79.5 cents the previous week, according to pricing firm Trace. Debt has since declined and remains near this year’s lowest level due to continued software sales.

Rocket Software’s adjusted profit rose to $850 million this year from $801 million a year earlier, and annual recurring revenue rose 6.3% to about $1.1 billion, the people said. The company announced financial results related to its recently acquired Vertica analytics database from OpenText, which provides secure information management for AI, according to people familiar with the matter.

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Rocket Software’s approximately US$2.7 billion term loan due in 2028 was valued at about US$97 on Tuesday, according to data compiled by Bloomberg.

Clouddera, a data analytics firm backed by Clayton Dubilier & Rice and KKR, typically keeps its financials private, but decided to highlight its recent momentum in a statement on its website, people familiar with the matter said. The company ended fiscal 2026 with a strong fourth quarter, supported by “more than 50% year-over-year growth in new and expanded business and solid annual recurring revenue growth,” the company said.

The company’s US$2.2 billion term loan due in 2028 is valued at about US$94, up from US$86.5 as of January 30, according to data compiled by Bloomberg. The US$500 million second lien loan due in 2029 was valued at nearly 78 cents, up from last week’s US$74. bloomberg