Slide 1: Q2 FY26 Investor Presentation
Q2 FY26 Investor Presentation August 26, 2025 © Okta and/or its affiliates. © OktaAlland/or rightsitsreserved. affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only.
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
Slide 3: Agenda
Agenda 01 Company Overview 02 Q2 FY26 Financial Review 03 Q3 & FY26 Financial Outlook 04 Appendix © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only. 3
Slide 4: Company Overview
Company Overview © Okta and/or its affiliates. All rights reserved. 4
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.
Slide 6: Okta at a Glance
Okta at a Glance Total Revenue 16% CAGR from FY23- FY26E(3) ~20,000 $2,875 - $2,885(1)(2) Total Customers $2,610 4,945 $2,263 ($ in mil.) Customers spending >$100K $1,858 $4.152B Remaining performance obligations (RPO) (1) FY26E revenue is an estimate based on outlook as of Aug 26, 2025. (2) Announc
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
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
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
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
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
Slide 12: Secure your Workforce and Customers
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
Slide 13: One unified identity solution
One unified identity solution Employees Privileged users Contractors Partners Customers AI agents Non-human identities Access Management Governance Privileged Access Customer Identity Infrastructure Applications APIs On prem Cloud On prem IaaS Public Private servers apps apps © Okta Okta and/or and/
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
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
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
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-enabled32 Shared and Operational Risk Okta for M&A33) (Unified Se
Slide 18: Q2 FY26 Financial Review & Financial Outlook
Q2 FY26 Financial Review & Financial Outlook © Okta and/or its affiliates. All rights reserved. 18
Slide 19: Q2 FY26 Financial Highlights
Q2 FY26 Financial Highlights Q2 FY26 vs. Q2 FY25 Total Revenue $728M + 13% Subscription Revenue $711M + 12% Remaining Performance Obligations (RPO) $4,152M + 18% Current Remaining Performance Obligations (cRPO) $2,265M + 13% TTM Dollar Based Net Retention Rate 106% - 4 pts Non-GAAP Gross Margin(1) 8
Slide 20: Total Revenue Up 13% Y/Y; Subscription Revenue Up 12% Y/Y
Total Revenue Up 13% Y/Y; Subscription Revenue Up 12% Y/Y Quarterly Revenue(1) $728 ($ In Millions) $682 $688 $665 $646 $605 $617 $584 $556 $510 $518 $481 98% 98% 98% 98% 98% 98% 98% 97% 97% 97% 97% 97% 3% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY
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
Slide 22: RPO Up 18% Y/Y; Current RPO Up 13% Y/Y
RPO Up 18% Y/Y; Current RPO Up 13% Y/Y Quarterly RPO $4,215 $4,152 $4,084 ($ In Millions) $3,659 $3,505 $3,385 $3,364 $3,027 $3,073 $1,967 $1,887 $3,007 $2,942 $1,857 $2,853 $1,597 $1,510 $1,432 $1,415 $1,255 $1,248 $1,323 $1,241 $1,274 $2,248 $2,227 $2,265 $1,952 $1,949 $1,995 $2,062 $1,701 $1,772
Slide 23: TTM Dollar-based Net Retention Rate
TTM Dollar-based Net Retention Rate TTM Dollar-based net retention rate (1) 122% 120% 117% 115% 115% 111% 111% 110% 108% 107% 106% 106% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 (1) Trailing Twelve Months (TTM) dollar-based net retention rate is
Slide 24: Strong Non-GAAP Gross Margins
Strong Non-GAAP Gross Margins Non-GAAP Gross Margins (1) 82.8% 83.5% 83.9% 83.7% 80.5% 81.6% 81.9% 81.5% 80.4% 77.6% FY23 FY24 FY25 Q1 FY26 Q2 FY26 (1) See appendix for non-GAAP reconciliation. Total Gross Margin Subscription Gross Margin © Okta and/or its affiliates. All rights reserved. Confidenti
Slide 25: Operational Efficiency Yielding Significant Margin Improvement
Operational Efficiency Yielding Significant Margin Improvement Non-GAAP Operating Margin(1)(2)(3) 25.5% 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 Aug 26, 2025. (3) Announced acquisition of Axiom
Slide 26: Operational Efficiency Yielding Significant Margin Improvement
Operational Efficiency Yielding Significant Margin Improvement Non-GAAP Free Cash Flow Margin(1)(2)(3) 28.0% ~28% 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 Aug 26, 2025. (3) Announced acquisition of Axio
Slide 27: Customers With >$100K Annual Contract Value
Customers With >$100K Annual Contract Value Up 7% Y/Y Customers with >$100k ACV 4,945 4,870 4,800 4,485 3,930 FY23 FY24 FY25 Q1 FY26 Q2 FY26 © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only. 27
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
Slide 29: Financial Outlook for Q3 FY26
Financial Outlook(1)(2) for Q3 FY26 Q3 FY26 (Oct 31, 2025) Total Revenue $728M to $730M Total Revenue Growth (Y/Y) 9% - 10% Current Remaining Performance Obligations $2,260M to $2,265M cRPO Growth (Y/Y) 10% Non-GAAP Operating Income $160M to $162M Non-GAAP Operating Margin 22% Non-GAAP Diluted Net I
Slide 30: Financial Outlook for FY26
Financial Outlook(1)(2) for FY26 Fiscal 2026 (January 31, 2026) Total Revenue $2,875M to $2,885M Total Revenue Growth (Y/Y) 10% - 11% Non-GAAP Operating Income $730M to $740M Non-GAAP Operating Margin 25% - 26% Non-GAAP Diluted Net Income Per Share $3.33 to $3.38 Diluted Weighted Average Share Count
Slide 31: Appendix
Appendix © Okta and/or its affiliates. All rights reserved. 31
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
Slide 33: Sources: Okta Advantage
Sources: Okta Advantage 1 Okta for Global 2000 18 Gartner Critical Capabilities for Access Management, 2024 2 New enhancements to the Workforce Identity Cloud's unified security solution 19 2024 Gartner® Magic Quadrant for Access Management 3 Unifying efforts, amplifying security: Shared Signals int
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-
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 Q2 FY26 FY26 YTD GAAP subscription gross profit $ 1,330 $ 381 $ 414 $ 443 $ 465 $ 1,703 $ 473 $ 495 $ 511 $ 528 $ 2,007 $ 537 $ 564 $ 1,1
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 Q2 FY26 FY26 YTD GAAP research and development expense $ 620 $ 163 $ 172 $ 165 $ 156 $ 656 $ 163 $ 164 $ 158 $ 157 $ 642 $ 154 $ 160 $ 31
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 Q2 FY26 FY26 YTD GAAP total operating expenses $ 2,124 $ 536 $ 569 $ 550 $ 543 $ 2,198 $ 516 $ 510 $ 524 $ 516 $ 2,066 $ 494 $ 519 $ 1,01
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 Q2 FY26 FY26 YTD GAAP net income (loss) $ (815) $ (119) $ (111) $ (81) $ (44) $ (355) $ (40)
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 Q2 FY26 FY26 YTD Free Cash Flow and Margin Net cash provided by operating activities $ 86 $ 129 $ 53
Slide 40: © Okta and/or its affiliates. All rights reserved.
© Okta and/or its affiliates. All rights reserved.