Commvault Systems, Inc. · NASDAQ:CVLT
Commvault Systems — Q4 2026 Earnings Presentation
37 slides from Commvault Systems's earnings presentation, Apr 28, 2026
Slide 1: Commvault Fiscal Q4'26 Earnings Presentation
Commvault Fiscal Q4’26 Earnings Presentation APRIL 2026 © Commvault 2026
Slide 2: Forward-Looking Statements and GAAP to Non-GAAP Presentation
FORWARD-LOOKING GAAP TO NON-GAAP STATEMENTS PRESENTATION This presentation contains forward-looking statements regarding future events or In addition to financial information prepared in accordance with U.S. GAAP, this the expected financial performance of our company, including statements about pre
Slide 3: Q4'FY26 Key Financial Highlights
Q4’FY26 KEY FINANCIAL HIGHLIGHTS (Unaudited, $ in millions) $989m $400m $208m +27% YoY +42% YoY +20% YoY SUBSCRIPTION ARR SaaS ARR SUBSCRIPTION REVENUE $66m 21.3% Margin $132m +73% YoY Non-GAAP EBIT(1) FREE CASH FLOW (1) See appendix for reconciliation of Non-GAAP income from operations to the most
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS (Unaudited, FY'26) LARGE & GROWING LEADER IN ENTERPRISE MARKET OPPORTUNITY PRODUCT INNOVATION PLATFORM $24B TAM (1) 1,600 lifetime patents; Market Cyber resiliency across On- (2) +12% Projected CAGR leader by Gartner and Forrester Prem, Cloud and hybrid environments SUBSCRIPTIO
Slide 5: Resilient.
resilient. Commvault helps some of the world's largest companies stay resilient, stay ready and recover at scale. © Commvault 2026 5
Slide 6: Resilience Has Always Been a Critical Job
Resilience has always been a critical job. Data volume growing, Identities are exploding Compliance challenges Ransomware accelerates, AI unlocks innovation, distributed everywhere expanding security lags unprecedented risk • Machine, human, agentic • IDC projects 100% growth in • Recovery must be p
Slide 7: The Commvault Platform Makes You Ready
The Commvault Platform makes you ready. Scale Simplicity Speed We aim to protect all data and We help customers unify security, We work to deliver the cleanest, identities across clouds apps and AI identity and recovery on a single pane fastest, most complete recovery. stacks. of glass. Ever. • Ente
Slide 8: Identity Resilience and Cyber Resilience Architecture
IDENTITY CYBER RESILIENCE RESILIENCE AI-ENABLED NEXT-GEN ARCHITECTURE AI CLOUD-NATIVE SAAS DEVOPS DIRECTORY DATA EDGE DATA WORKLOADS APPS REPOS SERVICES CENTERS LOCATIONS CLOUD WORKLOADS ON-PREM DOCKING UNIFIED DATA PROTECTION FOR ALL ENTERPRISE DATA SOURCES © Commvault 2026 8
Slide 9: Large & Growing Total Addressable Market
Large & Growing Total Addressable Market $38B $24B 12%+ CAGR Cloud Security Cloud Security Data Security Data Security Core Data Core Data Protection Protection 2025 2029 © Commvault 2026 9 Source: Commvault estimates
Slide 10: Land and Expand Motion Supported by Partner Ecosystem
Land and Expand Motion Supported by Partner Ecosystem Efficient Go-to Market Motion Supported by Extensive Partner Ecosystem Cloud Alliance GSI MSP Land Expand Renew Technology VAR Expansion & Renewal Drivers More Workloads Increased Cyber More Data Across Protected Resilience Coverage Existing Work
Slide 11: Q4'26 KPIs and Additional Detail
Q4’26 KPIs and Additional Detail © Commvault 2026 11
Slide 12: Q4'26 KPIs
Q4’26 Annualized Subscription Total Recurring ARR Revenue Revenue (ARR) KPIs Subscription Non-GAAP Free Revenue EBIT Margin Cash Flow © Commvault 2026 12 12
Slide 13: Total ARR
TOTAL ARR (Unaudited, Non-GAAP, $ in millions)(1) Durable Growth at Scale +21% YoY (+18% CC) $1,122 $1,085 $1,043 $996 $930 $890 $853 $803 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 (1) Refer to the “KEY DEFINITIONS” slide in the appendix for the definition of certain key Non-GAAP terms. © Comm
Slide 14: Subscription ARR
SUBSCRIPTION ARR (Unaudited, Non-GAAP, $ in millions)(1) Includes Term-Based Licenses, associated Maintenance and SaaS & Consumption Offerings We Believe Subscription ARR Is the Best Measure of Our Growth +27% YoY (+24% CC) $989 $941 $894 $844 $780 $734 $687 $636 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Slide 15: SaaS ARR
SAAS ARR (Unaudited, Non-GAAP, $ in millions)(1) +42% YoY High-growth SaaS Business Drives Subscription ARR (+40% CC) $400 $364 $336 $307 $281 $259 $215 $188 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 (1) Refer to the “KEY DEFINITIONS” slide in the appendix for the definition of certain key Non
Slide 16: Total Revenue
TOTAL REVENUE ($ in millions) +13% YoY (+9% CC) $314 $312 $282 $275 $276 $263 $233 $225 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 © Commvault 2026 16
Slide 17: Subscription Revenue
SUBSCRIPTION REVENUE ($ in millions) Includes Term-Based Licenses and SaaS Revenue Healthy Growth from Our Subscription Revenue Base +20% YoY (+16% CC) $206 $208 $182 $173 $173 $158 $134 $124 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 © Commvault 2026 17
Slide 18: Non-GAAP EBIT and Margin %
NON-GAAP EBIT AND MARGIN % (Unaudited, Non-GAAP, $ in millions)(1)(2) Expense $70 Discipline Driving Consistently Healthy Non-GAAP EBIT Margin Even as SaaS Scales $66 0.29 $65 $61 0.27 $59 $60 $58 $55 0.25 $55 $51 0.23 $50 $48 $48 0.21 $45 22% 22% 21% 21% 21% 21% 0.19 $40 20% 19% $35 0.17 $30 0.15 Q
Slide 19: Free Cash Flow and Share Repurchases
FREE CASH FLOW AND SHARE REPURCHASES (Unaudited, Non-GAAP, $ in millions)(1)(2) Healthy Free Cash Flow and Disciplined Capital Allocation Philosophy FREE CASH FLOW SHARE REPURCHASES +16% YoY $446 $237 $204 $165 FY'25 FY'26 FY'25 FY'26 (1) Refer to the “KEY DEFINITIONS” slide in the appendix for the
Slide 20: SaaS Net Dollar Retention Rate (NRR)
SAAS NET DOLLAR RETENTION RATE (NRR) (Unaudited)(1) SaaS Drives Meaningful Customer Expansion 127% 125% 125% 121% 122% FY'26 Q1'26 Q2'26 Q3'26 Q4'26 (1) Refer to the “KEY DEFINITIONS” slide in the appendix for the definition of certain key Non-GAAP terms. © Commvault 2026 20
Slide 21: Subscription Customer Growth
SUBSCRIPTION CUSTOMER GROWTH Customers Are Embracing Our Commvault Cloud Platform +20% YoY 14,700 14,100 13,400 12,900 12,200 11,500 10,500 9,900 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 (1) Subscription customer count includes unique, term-based and usage-based software and SaaS customers. S
Slide 22: Q4 FY'26 Financial Summary
Q4 FY’26 FINANCIAL SUMMARY (Unaudited $ in millions)(1)(2) Q4’26 GUIDANCE Q4’26 ACTUAL YoY CHANGE $305 - $308 +13% TOTAL REVENUE $312 (+11% YoY at midpoint) (+9% YoY constant currency) $203 - $207 +20% SUBSCRIPTION REVENUE $208 (+18% YoY at midpoint) (+16% YoY constant currency) NON-GAAP GROSS MARGI
Slide 23: FY'26 Financial Summary
FY’26 FINANCIAL SUMMARY (Unaudited $ in millions)(1)(2) FY’26 GUIDANCE FY’26 ACTUAL YoY CHANGE +21%YoY TOTAL ARR 18% YoY $1,122 (+18% constant currency) SUBSCRIPTION ARR $989 +27% YoY 24% YoY (88% Total ARR) (+24% constant currency) $1,177 - $1,180 +19% YoY TOTAL REVENUE $1,184 (+18% YoY at midpo
Slide 24: Financial Reporting Recast
Financial Reporting Recast © Commvault 2026 24
Slide 25: Revenue Recast Bridge – FY'26
REVENUE RECAST BRIDGE – FY’26 (Unaudited $ in millions) Reclassification of Customer Support FY’26 RECAST FY’26 REPORTED ADJUSTMENTS RECAST1 RATIONALE FOR REVENUE RECAST Term-based license $435 $435 Term-based support $- $202 $202 • Aligns reported Revenue with ARR metrics Software-as-a-service $333
Slide 26: ARR Recast Bridge – FY'26
ARR RECAST BRIDGE – FY’26 (Unaudited $ in millions) Reclassification of Enterprise Support from Other ARR to Subscription ARR FY’26 RECAST FY’26 REPORTED ADJUSTMENTS RECAST1 RATIONALE FOR REVENUE RECAST Term-based arrangements $589 $26 $615 • Aligns reported Revenue with Software-as-a-service $400 $
Slide 27: Recast Historical Financials
RECAST HISTORICAL FINANCIALS (Unaudited $ in thousands) Q1’25 Q2’25 Q3’25 Q4’25 FY’25 Q1’26 Q2’26 Q3’26 Q4’26 FY’26 Revenues Term-based license $80,405 $84,427 $97,625 $107,954 $370,411 $109,282 $92,647 $118,950 $114,445 $435,324 Term-based support 39,727 41,829 43,047 44,605 169,208 47,582 49,686 5
Slide 28: FY'27 KPIs & Guidance
FY’27 KPIs & Guidance © Commvault 2026 28
Slide 29: FY'27 KPIs & Guidance
FY’27 KPIs & GUIDANCE (1)(2) FY’27 KPIs QUARTERLY ANNUAL Supplemental Guidance QUARTERLY ANNUAL Subscription ARR Total Revenue Free Cash Flow Subscription Revenue Non-GAAP EBIT Margin (1) Refer to the “KEY DEFINITIONS” slide in the appendix for the definition of certain key Non-GAAP terms © Commvaul
Slide 30: Q1 and FY'27 Guidance
Q1 AND FY’27 GUIDANCE (Unaudited, Recast, $ in millions) (1)(2) Q1’27 GUIDANCE FY’27 GUIDANCE $1,200 - $ 1,210 Subscription ARR (+18.5% YoY at midpoint) Subscription Revenue $263 - $265 $1,115 - $ 1,125 (+15% YoY at midpoint) (+15% YoY at midpoint) Non-GAAP EBIT Margin ~19% 20.5% Free Cash Flow (FCF
Slide 31: Appendix
Appendix © Commvault 2026 31
Slide 32: Key Definitions
KEY DEFINITIONS ITEM DEFINITION Annualized recurring revenue (ARR) represents the annualized value of all active contracts as of the end of a reporting period. ARR includes recurring subscription offerings, customer support associated with perpetual and term licenses, enhanced customer support contr
Slide 33: Constant Currency ARR
CONSTANT CURRENCY ARR (Unaudited, $ in thousands)(1) As of September 30, As of December 31, As of March 31, As of June 30, As of September 30, As of December 31, As of March 31, 2024 2024 2025 2025 2025 2025 2026 As Reported $853,265 $889,628 $930,051 $996,202 $1,043,295 $1,084,880 $1,121,571 As Rep
Slide 34: Q4'26 Revenue Growth on a Constant Currency Basis
Q4’26 REVENUE GROWTH ON A CONSTANT CURRENCY BASIS (Unaudited, $ in thousands)(1) Q4’25 Q4’26 CONSTANT CURRENCY % CHANGE Y/Y % CHANGE Y/Y REVENUE AS REPORTED REVENUE AS REPORTED IMPACT CONSTANT CURRENCY Subscription: Term-based license $107,954 $114,445 ($3,827) 6% 2% SaaS 65,274 93,139 (3,113) 43% 3
Slide 35: FY'26 Revenue Growth on a Constant Currency Basis
FY’26 REVENUE GROWTH ON A CONSTANT CURRENCY BASIS (Unaudited, $ in thousands)(1) FY’25 FY’26 CONSTANT CURRENCY % CHANGE Y/Y % CHANGE Y/Y REVENUE AS REPORTED REVENUE AS REPORTED IMPACT CONSTANT CURRENCY Subscription: Term-based license $370,411 $435,324 ($11,694) 18% 14% SaaS 219,256 332,981 (6,945)
Slide 36: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS (Unaudited, $ in thousands)(1) Q1’25 Q2’25 Q3’25 Q4’25 FY’25 Q1’26 Q2’26 Q3’26 Q4’26 FY’26 Non-GAAP financial measures and reconciliation: GAAP income from operations $18,428 $14,968 $13,615 $26,727 $73,738 $25,091 $12,491 $19,770 $16,638 $73,990 Noncash stock-based
Slide 37: Thank You
Thank You © Commvault 2026