Okta, Inc. · NASDAQ:OKTA

Okta — Q1 2026 Earnings Presentation

40 slides from Okta's earnings presentation, May 27, 2025

  1. Slide 1: Q1 FY26 Investor Presentation

    Q1 FY26 Investor Presentation May 27, 2025 © Okta and/or its affiliates. © OktaAlland/or rightsitsreserved. affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only.

  2. Slide 2: Safe Harbor

    Safe Harbor This presentation contains "forward-looking statements" within we may fail to maintain strategic partnerships to promote or the meaning of the "safe harbor" provisions of the Private enhance our solutions; we may experience challenges Securities Litigation Reform Act of 1995, including b

  3. Slide 3: Agenda

    Agenda 01 Company Overview 02 Q1 FY26 Financial Review 03 Q2 & FY26 Financial Outlook 04 Appendix © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only. 3

  4. Slide 4: Company Overview

    Company Overview © Okta and/or its affiliates. All rights reserved. 4

  5. Slide 5: © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For

    © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only.

  6. Slide 6: Okta at a Glance

    Okta at a Glance Total Revenue 15% CAGR from FY23- FY26E(2) ~20,000 $2,850 - $2,860(1) Total Customers $2,610 4,870 $2,263 ($ in mil.) Customers spending >$100K $1,858 $4.084B Remaining performance obligations (RPO) (1) FY26E revenue is an estimate based on outlook as of May 27, 2025. (2) CAGR calcu

  7. Slide 7: FY26 Priorities

    FY26 Priorities Elevate the Win IT & Win Industry Security Developers with OSIC (1) with Okta with Auth0 (1) Okta Secure Identity Commitment © Okta Okta and/or and/orits itsaffiliates. affiliates.AllAllrights rightsreserved. reserved. Confidential Information of Okta – For Recipient’s Internal Use O

  8. Slide 8: Okta Secure Identity Commitment

    Okta Secure Identity Commitment To lead the industry in the fight against identity attacks Provide market- Harden our Champion Elevate our leading secure corporate customer best industry to be identity infrastructure practices to help more protected products and ensure they are from identity service

  9. Slide 9: Identity is the Critical Foundation for Connection and Trust Between Users and Technology

    Identity is the Critical Foundation for Connection and Trust Between Users and Technology Cloud Security Digital transformation © Okta and/or its affiliates. All rights reserved. 9

  10. Slide 10: Okta Provides an End-To-End Secure Identity Fabric for Securing Non-Human Identities

    Okta Provides an End-To-End Secure Identity Fabric for Securing Non-Human Identities Visibility Device Virtual identities machines Access control Non-human identities Service accounts OAUTH tokens Governance and remediation © Okta and/or its affiliates. All rights reserved. 10

  11. Slide 11: Every C-suite leader needs identity

    Every C-suite leader needs identity CMO, CDO, digital teams CEO CTO, app dev teams Business acceleration Frictionless Unifying User Conversion onboarding identity management Identity CPO, product team CIO, CISO, IT, security teams CFO Creating Security and Omnichannel Engagement trust privacy access

  12. Slide 12: Secure your Workforce with Okta, Secure your Customers with Auth0

    Secure your Workforce Secure your Customers with Okta with Auth0 Employees Customers Partners Non-human AI agents B2B customers B2B customers identities Built for IT and security teams Built for developers Secure identity Secure identity Secure identity Secure experiences - Journey Extensibility pro

  13. Slide 13: One unified identity solution

    One unified identity solution Employees Privileged users Contractors Partners Customers AI agents Non-human identities IAM IGA PAM CIAM Infrastructure Applications APIs On prem Cloud On prem IaaS Public Private servers apps apps © Okta Okta and/or and/orits itsaffiliates. affiliates.AllAllrights rig

  14. Slide 14: Okta's unique multilayered approach to identity security

    Okta’s unique multilayered approach to identity security © Okta and/or its affiliates. All rights reserved. 14

  15. Slide 15: $80B TAM

    We are here Okta’s Opportunity $80B * TAM *See Appendix for TAM calculation methodology. Figure not drawn to scale. © Okta and/or its affiliates. All rights reserved. 15

  16. Slide 16: Multiple Growth Vectors

    Multiple Growth Vectors Innovation in platform Landing and expanding Leveraging partner International expansion and network in large enterprise ecosystem © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only. 16

  17. Slide 17: Okta is the Superior Choice vs. Microsoft - Every Time

    Okta is the Superior Choice vs. Microsoft - Every Time Enterprise Agility Reliability & Ease of Use & Time to Executing on Identity Depth of Integrations Mitigate Commercial (Okta for Global 20001 Performance Value Challenges (IPSIE-enabled31 Shared and Operational Risk & Okta for M&A32) (Unified Se

  18. Slide 18: Q1 FY26 Financial Review & Financial Outlook

    Q1 FY26 Financial Review & Financial Outlook © Okta and/or its affiliates. All rights reserved. 18

  19. Slide 19: Q1 FY26 Financial Highlights

    Q1 FY26 Financial Highlights Q1 FY26 vs. Q1 FY25 Total Revenue $688M + 12% Subscription Revenue $673M + 12% Remaining Performance Obligations (RPO) $4,084M + 21% Current Remaining Performance Obligations (cRPO) $2,227M + 14% TTM Dollar Based Net Retention Rate 106% - 5 pts Non-GAAP Gross Margin(1) 8

  20. Slide 20: Total Revenue Up 12% Y/Y; Subscription Revenue Up 12% Y/Y

    Total Revenue Up 12% Y/Y; Subscription Revenue Up 12% Y/Y Quarterly Revenue(1) $688 $682 $665 ($ In Millions) $646 $617 $605 $584 $556 $510 $518 $481 $452 98% 98% 98% 98% 98% 98% 97% 97% 97% 97% 97% 96% 4% 3% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY

  21. Slide 21: cRPO is a Leading Indicator for Future Subscription Revenue

    cRPO(1) is a Leading Indicator for Future Subscription Revenue cRPO (subscription backlog Quarterly Bookings ≤ 12 months) New Customers Dollar amount added to cRPO is impacted Future Upsells(2) by factors such as the cRPO moves to subscription Components that number of customers, quarterly revenue i

  22. Slide 22: RPO Up 21% Y/Y; Current RPO Up 14% Y/Y

    RPO Up 21% Y/Y; Current RPO Up 14% Y/Y Quarterly RPO $4,215 $4,084 ($ In Millions) $3,659 $3,505 $3,385 $3,364 $3,027 $3,073 $1,967 $3,007 $2,942 $1,857 $2,790 $2,853 $1,597 $1,510 $1,432 $1,415 $1,255 $1,248 $1,323 $1,241 $1,274 $1,294 $2,248 $2,227 $1,952 $1,949 $1,995 $2,062 $1,701 $1,772 $1,826

  23. Slide 23: TTM Dollar-based Net Retention Rate

    TTM Dollar-based Net Retention Rate TTM Dollar-based net retention rate (1) 122% 122% 120% 117% 115% 115% 111% 111% 110% 108% 107% 106% Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 (1) Trailing Twelve Months (TTM) dollar-based net retention rate is

  24. Slide 24: Strong Non-GAAP Gross Margins

    Strong Non-GAAP Gross Margins Non-GAAP Gross Margins (1) 82.8% 83.5% 83.9% 80.5% 80.4% 81.6% 81.9% 77.6% FY23 FY24 FY25 Q1 FY26 Total Gross Margin Subscription Gross Margin (1) See appendix for non-GAAP reconciliation. © Okta and/or its affiliates. All rights reserved. Confidential Information of Ok

  25. Slide 25: Efficiency and Reduced Cost Structure Yielding Significant Margin Improvement

    Efficiency and Reduced Cost Structure Yielding Significant Margin Improvement Non-GAAP Operating Margin(1)(2) ~25% 22.5% 13.7% (0.5)% FY23 FY24 FY25 FY26E (1) See appendix for non-GAAP reconciliation. (2) FY26E is based on the midpoint of our FY26 outlook as of May 27, 2025. © Okta and/or its affili

  26. Slide 26: Efficiency and Reduced Cost Structure Yielding Significant Margin Improvement

    Efficiency and Reduced Cost Structure Yielding Significant Margin Improvement Non-GAAP Free Cash Flow Margin(1)(2) 28.0% ~27% 21.6% 3.5% FY23 FY24 FY25 FY26E (1) See appendix for non-GAAP reconciliation. (2) FY26E is based on the midpoint of our FY26 outlook as of May 27, 2025. © Okta and/or its aff

  27. Slide 27: Customers With >$100K Annual Contract Value

    Customers With >$100K Annual Contract Value Up 7% Y/Y Customers with >$100k ACV 4,870 4,800 4,485 3,930 FY23 FY24 FY25 Q1 FY26 © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only. 27

  28. Slide 28: Key Takeaways

    Key Strong foundation for growth at scale Takeaways Large addressable markets with multiple growth vectors Positioned for profitable growth © Okta and/or its affiliates. All rights reserved. 28

  29. Slide 29: Financial Outlook for Q2 FY26

    Financial Outlook(1) for Q2 FY26 Q2 FY26 (July 31, 2025) Total Revenue $710M to $712M Total Revenue Growth (Y/Y) 10% Current Remaining Performance Obligations $2,200M to $2,205M cRPO Growth (Y/Y) 10% - 11% Non-GAAP Operating Income $183M to $185M Non-GAAP Operating Margin 26% Non-GAAP Diluted Net In

  30. Slide 30: Financial Outlook for FY26

    Financial Outlook(1) for FY26 Fiscal 2026 (January 31, 2026) Total Revenue $2,850M to $2,860M Total Revenue Growth (Y/Y) 9% - 10% Non-GAAP Operating Income $710M to $720M Non-GAAP Operating Margin 25% Non-GAAP Diluted Net Income Per Share $3.23 to $3.28 Diluted Weighted Average Share Count(2) 186 mi

  31. Slide 31: Appendix

    Appendix © Okta and/or its affiliates. All rights reserved. 31

  32. Slide 32: Total Addressable Market Calculation Methodology

    Total Addressable Market Calculation Methodology Workforce Identity and Identity Governance and Administration (IGA) TAM based on over 50,000 U.S. businesses with more than 2 50 employees (per 2019 U.S. Bureau of Labor Statistics) multiplied by 12-month ARR assuming adoption of all our current produ

  33. Slide 33: Sources: Okta Advantage

    Sources: Okta Advantage 1 Okta for Global 2000 18 2024 Gartner® Magic Quadrant for Access Management 2 New enhancements to the Workforce Identity Cloud's unified security 19 3rd party MDM prerequisite is a subscription to Microsoft Intune, Microsoft’s solution MDM 3 Unifying efforts, amplifying secu

  34. Slide 34: Statement Regarding Use of Non-GAAP Financial Measures

    Statement Regarding Use of Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures and other metrics. This appendix contains our reconciliation of those non-GAAP measures and other financial metrics. This presentation may reference one or more of the following non-

  35. Slide 35: GAAP to Non-GAAP Reconciliations - Fiscal Quarters

    GAAP to Non-GAAP Reconciliations - Fiscal Quarters(1) (dollars in millions) FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 GAAP subscription gross profit $ 1,330 $ 381 $ 414 $ 443 $ 465 $ 1,703 $ 473 $ 495 $ 511 $ 528 $ 2,007 $ 537 Stock-based compensation 69

  36. Slide 36: GAAP to Non-GAAP Reconciliations - Fiscal Quarters

    GAAP to Non-GAAP Reconciliations - Fiscal Quarters(1) (dollars in millions) FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 GAAP research and development expense $ 620 $ 163 $ 172 $ 165 $ 156 $ 656 $ 163 $ 164 $ 158 $ 157 $ 642 $ 154 Stock-based compensation 27

  37. Slide 37: GAAP to Non-GAAP Reconciliations - Fiscal Quarters

    GAAP to Non-GAAP Reconciliations - Fiscal Quarters(1) (dollars in millions) FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 GAAP total operating expenses $ 2,124 $ 536 $ 569 $ 550 $ 543 $ 2,198 $ 516 $ 510 $ 524 $ 516 $ 2,066 $ 494 Stock-based compensation 594

  38. Slide 38: GAAP to Non-GAAP Reconciliations - Fiscal Quarters

    GAAP to Non-GAAP Reconciliations - Fiscal Quarters(1) (dollars in millions, shares in thousands, except per share data) FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 GAAP net income (loss) $ (815) $ (119) $ (111) $ (81) $ (44) $ (355) $ (40) $ 29 $ 16 $ 23 $

  39. Slide 39: Calculations of Key and Other Selected Metrics - Fiscal Quarters

    Calculations of Key and Other Selected Metrics - Fiscal Quarters(1) (dollars in millions, except headcount data) FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Free Cash Flow and Margin Net cash provided by (used in) operating activities $ 86 $ 129 $ 53 $ 156

  40. Slide 40: © Okta and/or its affiliates. All rights reserved.

    © Okta and/or its affiliates. All rights reserved.

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