Okta
ConvictionContext
B2B SaaS subscriptions (98% of revenue; subscription $750M of $765M in Q1 FY27); per-user/per-MAU pricing across Workforce Identity and Customer Identity (Auth0) clouds, sold direct and through partners
Revenue
FY2026ended Jan 2026): $2.919B; Q1 FY27 (ended Apr 2026): $765M; FY27 guide $3.185-3.205BRev growth
FY26 +12% YoYQ1 FY27 +11% YoY; FY27 guided +9-10%Gross margin
78% GAAPQ1 FY27: $595M gross profit on $765M); non-GAAP subscription gross margin in the low-80sOp margin
GAAP 7%Q1 FY27: $56M); non-GAAP 25% (Q1 FY27: $191M), FY27 guided 25-26%Capex intensity
Very low~1% of revenue; Q1 FY27 OCF $277M vs FCF $271M) - asset-light SaaS running largely on AWSMarket cap
~$25Bearly July 2026; sources range $24.9-25.8BThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Q1 FY2027 (quarter ended 2026-04-30, reported 2026-05-28); FY2026 (ended 2026-01-31, reported 2026-03-04); market data early July 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence