Business
Okta Announces First Quarter Fiscal Year 2027 Financial Results
Okta Announces First Quarter Fiscal Year 2027 Financial Results
About this update from Okta, Inc.
[{"type":"text","content":"\n\nQ1 revenue and subscription revenue grew 11% year-over-year\n\n\n\nRemaining performance obligations (RPO) grew 16% year-over-year; current remaining performance obligations (cRPO) grew 12% year-over-year\n\n\n\nOperating cash flow of $277 million and free cash flow of $271 million\n\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOkta, Inc. (Nasdaq: OKTA), the leading independent identity provider, today announced financial results for its first quarter ended April 30, 2026.\n\n\n“AI agents are rapidly becoming a new workforce inside every organization, creating a wave of identities that must be secured and governed alongside human users,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “We’re expanding our opportunity as the world’s leading independent and neutral identity provider and helping customers make identity the unified control plane for their secure agentic enterprise.”\n\n\n“Okta is off to a strong start to the new fiscal year, highlighted by cRPO strength, robust free cash flow, and the return of capital to shareholders,” said Brett Tighe, Chief Financial Officer of Okta. “Last year’s go-to-market specialization is driving tangible results, including continued strength with large enterprises and increased sales productivity. The success of our new product portfolio, particularly Okta Identity Governance, validates that Okta’s unified identity platform is resonating with customers.”\n\n\nFirst Quarter Fiscal 2027 Financial Highlights:\n\n\n\nRevenue: Total revenue was $765 million, an increase of 11% year-over-year. Subscription revenue was $750 million, an increase of 11% year-over-year.\n\n\n\nRPO: RPO, or subscription backlog, was $4.719 billion, an increase of 16% year-over-year. cRPO, which represents subscription backlog expected to be recognized over the next 12 months, was $2.499 billion, up 12% compared to the first quarter of fiscal 2026.\n\n\n\nGAAP Operating Income: GAAP operating income was $56 million, or 7% of total revenue, compared to GAAP operating income of $39 million, or 6% of total revenue, in the first quarter of fiscal 2026.\n\n\n\nNon-GAAP Operating Income: Non-GAAP operating income was $191 million, or 25% of total revenue, compared to a non-GAAP operating income of $184 million, or 27% of total revenue, in the first quarter of fiscal 2026.\n\n\n\nGAAP Net Income: GAAP net i...