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 $24.9-25.8BPrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-05. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’22
$1.3B
FY’23
$1.9B+43%
FY’24
$2.3B+22%
FY’25
$2.6B+15%
FY’26
$2.9B+12%
Margins & balance sheet — FY’26
Gross margin77.4%
Operating margin5.1%
Net margin8.1%
Net cash$762M
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Okta
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 financial advice — analyst work product for a qualified professional.