Commvault Systems, Inc. · NASDAQ:CVLT
Commvault Systems — Q2 2027 Earnings Presentation
29 slides from Commvault Systems's earnings presentation, October 2026
Slide 1: Commvault Fiscal Q2'27 Earnings Presentation
Commvault Fiscal Q2’27 Earnings Presentation OCTOBER 2026 © Commvault 2026
Slide 2: Forward-Looking Statements GAAP to Non-GAAP Presentation
Forward-Looking Statements GAAP to Non-GAAP Presentation This presentation contains forward-looking statements within the meaning of the In addition to financial information prepared in accordance with U.S. GAAP, this Private Securities Litigation Reform Act of 1995 regarding future events or the pr
Slide 3: Investment Highlights
Investment GROWTH AND PROFITABILITY AT SCALE Highlights Subscription ARR growth and Non- 20% / 21.9% GAAP EBIT margin (Unaudited, as of Q2’27) SUBSCRIPTION CUSTOMER BASE Subscription Customers LARGE & GROWING MARKET 15K+ OPPORTUNITY $24B A LEADER IN PRODUCT INNOVATION Lifetime patents; Market leader
Slide 4: Q2 FY'27 Key Financial Highlights
Q2 FY’27 Key Financial Highlights (Unaudited, $ in millions) S UBS CRI P T I ON AR R S a a S ARR S UBS CRI P T I ON RE V E NUE $1,104m $454m $269m +20% YoY +35% YoY +21% YoY N on-GAAP E B I T ( 1 ) FRE E CAS H FLOW ( 1 ) $68m 21.9% Margin $71m © Commvault 2026 4 (1) See appendix for reconciliation o
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
THE CHALLENGE Resilience has always been a critical job. Data volume growing, Identities are exploding Compliance challenges AI unlocks innovation, distributed everywhere expanding unprecedented risk3 • 17.1 PB/sec — Data created per • Machine, human, agentic • Recovery must be proven for MAS, • 48%
Slide 7: The Commvault Platform makes you ready
OUR ADVANTAGE The Commvault Platform makes you ready. Scale Simplicity Speed We aim to protect data and We help customers unify data We work to deliver the identities across clouds apps security, identity and recovery cleanest, fastest, most and AI stacks. under a single pane of glass. complete reco
Slide 8: Unified Data Protection for Enterprise Data Sources
CYBER RESILIENCE IDENTITY RESILIENCE AI-ENABLED NEXT -GEN ARCHITECTURE AI CLOUD-NATIVE SAAS DIRECTORY DATA EDGE DEVOPS DATA WORKLOADS APPS SERVICES CENTERS LOCATIONS CLOUD WORKLOADS ON-PREM DOCKING UNIFIED DATA PROTECTION FOR ENTERPRISE DATA SOURCES © Commvault 2026 8
Slide 9: Large & Growing Total Addressable Market
Large & Growing Total Addressable Market $38B $24B Cloud Security Cloud Security Data Security Data Security 12%+ CAGR 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 Expand Land GSI MSP Renew Expansion & Renewal Drivers Technology VAR More Workloads Increased Cyber More Data Across Protected Resilience Coverage Existing Work
Slide 11: Q2'27 KPIs and Additional Detail
Q2’27 KPIs and Additional Detail © Commvault 2026 11
Slide 12: Q2'27 KPIs
Q2’27 Subscription ARR Subscription Revenue KPIs Free Non-GAAP Cash Flow EBIT Margin © Commvault 2026 12
Slide 13: Subscription ARR
Subscription ARR Includes Term-Based Licenses, associated Support and SaaS & Consumption Offerings (Unaudited, Non-GAAP, $ in millions, as Reported)(1) We Believe Subscription ARR Is the Best Measure $1,104 of Our Growth $1,054 $1,015 $1,104 $966 Q2'27 $918 +20% YoY $867 Q1'26 Q2'26 Q3'26 Q4'26 Q1'2
Slide 14: SaaS ARR
SaaS ARR Included in Subscription ARR (Unaudited, Non-GAAP, $ in millions, as Reported)(1) High-growth SaaS $454 Business Drives Subscription ARR Growth $424 $400 $454 $336 $364 Q2'27 +35% YoY $307 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 © Commvault 2026 14 (1) Refer to the “Key Definitions” slide in th
Slide 15: Subscription Revenue
Subscription Revenue Includes Term-Based Licenses and associated Support & SaaS Revenue (Unaudited, $ in millions) Healthy Growth from Our Subscription Revenue $269 $267 Base $262 $257 $269 $229 Q2'27 +21% YoY $222 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 © Commvault 2026 15
Slide 16: Non-GAAP EBIT and Margin %
Non-GAAP EBIT and Margin % (Unaudited, Non-GAAP, $ in millions)(1)(2) — Non-GAAP EBIT Margin % 23% 22% Expense Discipline Drives 21% 21% 20% Healthy Non-GAAP EBIT 19% Margin ■ Non-GAAP EBIT $ $68 $61 $66 $71 $68 Q2'27 Non-GAAP EBIT $58 $51 22% Q2'27 Non-GAAP EBIT Margin Q1'26 Q2'26 Q3'26 Q4'26 Q1'27
Slide 17: 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 Y T D FRE E CAS H FLOW Y T D S HARE RE P URCH AS E S $146 $122 $119 $103 1H'26 1H'27 1H'26 1H'27 (1) Refer to the “Key Definitions” slide in the append
Slide 18: Subscription Net Dollar Retention Rate (NRR)
Subscription Net Dollar Retention Rate (NRR) Trailing 4Q Average (Unaudited)(1) Consistent Trends in Customer Expansion 114% 114% 114% 114% 114% 113% 113% Q2'27 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 © Commvault 2026 18 (1) Refer to the “Key Definitions” slide in the appendix for the definition of cert
Slide 19: Subscription Customers
Subscription Customers (1) Customers Are Embracing Our Commvault Cloud 15,750 Platform 15,200 14,700 15,750 14,100 Q2'27 13,400 +17% YoY 12,900 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 (1) Subscription customer count includes unique, term-based and usage-based software and SaaS customers. SaaS customer c
Slide 20: Q2 FY'27 Financial Summary
Q2 FY’27 Financial Summary (Unaudited, $ in millions, as Reported)(1)(2) Q2’27 GUIDANCE Q2’27 ACTUAL YoY CHANGE Subscription ARR n/a $1,104 +20% Subscription Revenue $264 - $268 $269 +21% (+20% YoY at midpoint) Non-GAAP EBIT Margin ~20% 21.9% +330 bps Free Cash Flow (FCF) n/a $71 (4%) Share Repurcha
Slide 21: FY'27 KPIs & Guidance
FY’27 KPIs & Guidance © Commvault 2026 21
Slide 22: FY'27 KPI Reporting Schedule
FY’27 KPI Reporting Schedule (1)(2) FY’27 KPIs QUARTERLY ANNUAL SUPPLEMENTAL GUIDANCE QUARTERLY ANNUAL Subscription ARR Total Revenues Diluted Shares Free Cash Flow Outstanding Subscription Revenue Non-GAAP EBIT Margin (1) Refer to the “Key Definitions” slide in the appendix for the definition of ce
Slide 23: Q3 and FY'27 Guidance
Q3 and FY’27 Guidance (Unaudited, $ in millions, as Reported)(1)(2) Q3’27 GUIDANCE FY’27 GUIDANCE FY’27 GUIDANCE (as of October 28, 2026) (as of July 28, 2026) Subscription ARR $1,205 - $1,215 $1,200 - $1,210 (+19.2% YoY at midpoint) (+18.5% YoY at midpoint) Subscription Revenue $293 - $297 $1,127 -
Slide 24: FY'27 Subscription ARR Guidance
FY’27 Subscription ARR Guidance (Unaudited, Non-GAAP, $ in millions, FY'27 midpoint)(1) SUPPLEM ENTAL RECONCILIATION $1,210 +$8 $1,205 ($3) FY'27 Prior Guidance Currency Headwinds Organic Increase FY'27 Revised Guidance as of Sept. 30, 2026 © Commvault 2026 24 (1) Refer to the “Key Definitions” slid
Slide 25: Appendix
Appendix © Commvault 2026 25
Slide 26: Key Definitions
Key Definitions ITEM DEFINITION Subscription ARR Subscription ARR represents the annualized value of all active contracts as of the end of a reporting period attributable to term-based licenses, maintenance and support services associated with term license arrangements, enterprise support, SaaS subs
Slide 27: Constant Currency Subscription ARR
Constant Currency Subscription ARR ($ in millions, Reflects Fx rates as of March 31, 2026) Q1’27 Q2’27 For information regarding fiscal year 2026 Subscription ARR on a constant currency Constant Currency Subscription ARR basis, refer to our Fiscal Fourth Quarter Earnings Press Release dated April 28
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (Unaudited, $ in thousands)(1) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Q2'27 Non-GAAP financial measures and reconciliation: GAAP income from operations $25,091 $12,491 $19,770 $16,638 $25,719 $30,377 Noncash stock-based compensation 30,105 31,813 27,721 29,247 34,725 35,680 F
Slide 29: Thank You
Thank You © Commvault 2026