Slide 1: Commvault Fiscal Q3'26 Earnings Presentation
Commvault Fiscal Q3’26 Earnings Presentation JANUARY 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 In addition to financial information prepared in accordance with U.S. GAAP, this presentation events or the expected financial performance of our company, including also co
Slide 3: Key Financial Highlights
Key Financial Highlights Significant Highly Recurring Rapid Growth Strong Profitability Scale Revenue Base $1,085M 28% 87% 81.5% Total ARR YoY Subscription Subscription ARR Share Non-GAAP Gross Margin (2) ARR Growth of Total ARR 14K+ 40% 121% 19.6% Subscription YoY SaaS SaaS NRR Non-GAAP EBIT Margin
Slide 4: Investment Highlights
Investment Highlights Large & Growing Leader in Product Unified Hybrid Cloud Market Opportunity Innovation Platform $24B TAM across Data Security, Cloud Security & Core Data Deep technology moat with The ultimate in choice and flexibility: Protection, with strong secular 1,600 lifetime patents drivi
Slide 5: Cyber Resilience
Cyber Resilience Predictably Recover From Cyber Incidents 5
Slide 6: Ransomware is now a $57B global crisis
Ransomware is now a $57B global crisis.* This is only compounded by the challenges of: Multi-cloud complexity Emerging cloud and AI stacks New compliance mandates *According to Cybersecurity Ventures costs will reach $57 billion in 2025 and $275 billion by 2031 6
Slide 7: Data, IT Complexity, Cyber Threats and AI: Evolving Enterprise Challenges
Data, IT Complexity, Cyber Threats and AI: Evolving Enterprise Challenges Growing Volume of Multi-Environment Cyberattack Costs Make AI Workloads Increasing Structured & Unstructured Deployments Driving Securing Enterprise IT Cloud Compute and Data to Secure Complexity Mission-Critical Storage Deman
Slide 8: Commvault Cloud
Commvault Cloud Complete Resilience. For all data. Across all clouds. Ecosystem Integrations Commvault Cloud – Cyber Resilience Platform Threat Detection Services Data & AI Security Identity Resilience Cleanroom Testing Cyber Recovery Threat Intelligence Platform AI Layer SIEM / SOAR / XDR Intellige
Slide 9: Commvault Accelerates Data Recovery and Infrastructure Rebuild
Commvault Accelerates Data Recovery and Infrastructure Rebuild Rebuild of Hybrid Apps & Data Infrastructure Recovery 24 days average time to recover Accelerating recovery by 2.7x 3+ 3+ Days Days on average 9
Slide 10: 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 2024 2028 10 Source: Commvault estimates
Slide 11: 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 12: Why We Win
Why We Win Breadth & Depth: 1 Commvault delivers cyber resilience for cloud, on-prem and hybrid environments, with deep enterprise grade capabilities across data security, readiness and recovery Winning Architecture: 2 Commvault’s modular platform architecture empowers customers to tailor deployment
Slide 13: Delivering True Cloud Cyber Resilience
Delivering True Cloud Cyber Resilience 13
Slide 14: Q3'26 KPIs and Additional Detail
Q3’26 KPIs and Additional Detail © Commvault 2026 14
Slide 15: KPIs
KPIs Annualized Recurring Revenue (ARR) Subscription ARR Total Revenue Subscription Revenue Non-GAAP EBIT Margin Free Cash Flow 15
Slide 16: Total ARR
Total ARR (unaudited, $ in M’s) Exceed $1 billion ARR target ahead of schedule +22% YoY (+17% CC) $1,085 $1,043 $996 $930 $890 $853 $803 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 ARR is a 16 1 6
Slide 17: Subscription ARR
17 Subscription ARR (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue We believe subscription ARR is the best measure of our growth +28% YoY (+24% CC) $941 $894 $844 $780 $734 $687 $636 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Refer to slide 28 for key definiti
Slide 18: Total Revenue
18 Total Revenue (unaudited, $ in M’s) +19% YoY (+16% CC) We are firmly positioned as a growth company $314 $282 $275 $276 $263 $233 $225 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Refer to slide 28 for key definitions. 18
Slide 19: Subscription Revenue
19 Subscription Revenue (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue +30% YoY Healthy growth from our subscription revenue base (+26% CC) $206 $182 $173 $173 $158 $134 $124 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Refer to slide 28 for key definitions. 19
Slide 20: Non-GAAP EBIT and Margin %
20 Non-GAAP EBIT and Margin % (unaudited, $ in M’s) Expense discipline driving consistently healthy non- GAAP EBIT margin even as SaaS scales $65 $61 0.29 $59 $60 $58 0.27 $55 $55 $51 0.25 $50 $48 $48 0.23 $45 0.21 22% 22% 21% 21% 21% $40 0.19 20% Non-GAAP EBIT and non-GAAP EBIT margin % are non-GAA
Slide 21: Free Cash Flow
21 Free Cash Flow (unaudited, $ in M’s) $207 $181 TTM Q3'25 TTM Q3'26 Refer to slide 28 for key definitions. FCF is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review
Slide 22: SaaS ARR
22 SaaS ARR (unaudited, $ in M’s) Hyper-growth SaaS business drives total ARR growth +40% YoY (+36% CC) $364 $336 $307 $281 $259 $215 $188 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Refer to slide 28 for key definitions. SaaS ARR is a Non-GAAP measure and should be considered as a supplement to, and
Slide 23: SaaS Net Dollar Retention Rate (NRR)
23 SaaS Net Dollar Retention Rate (NRR) SaaS drives meaningful customer expansion 127% 127% 127% 127% 125% 125% 121% Q1'25 Q2'25 Refer to slide 28 for key definitions. Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 SaaS NRR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute fo
Slide 24: Subscription Customer Growth
24 Subscription Customer Growth Customers are embracing our Commvault Cloud platform +23% YoY 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 Subscription customer count includes unique, term-based and usage-based software and SaaS customers. SaaS customer c
Slide 25: Constant Currency ARR
Constant Currency ARR (unaudited, $ in thousands) As of June 30, As of September 30, As of December 31, As of March 31, As of June 30, As of September 30, As of December 31, 2024 2024 2024 2025 2025 2025 2025 Total ARR As Reported $802,709 $853,265 $889,628 $930,051 $996,202 $1,043,295 $1,084,880 As
Slide 26: Financial Results and Guidance
Financial Results and Guidance © Commvault 2026 26
Slide 27: Q3 FY'26 Financial Summary
Q3 FY’26 Financial Summary (unaudited, $ in M’s) Q3’26 GUIDANCE Q3’26 ACTUAL YoY CHANGE Total Revenue $298 - $300 $314 +19% (+14% YoY at midpoint) (+16% YoY constant currency) Subscription Revenue $195 - $197 $206 +30% (+24% YoY at midpoint) (+26% YoY constant currency) Non-GAAP Gross Margin 80% - 8
Slide 28: YTD FY'26 Financial Summary
YTD FY’26 Financial Summary (unaudited, $ in M’s) YTD’26 ACTUAL YTD’25 ACTUAL YOY CHANGE Total ARR $1,085 $890 +22%YoY (+17% constant currency) Subscription ARR $941 $734 +28% YoY (+24% constant currency) Total Revenue $872 $721 +21% YoY (+20% constant currency) Subscription Revenue $561 $416 +35% Y
Slide 29: Q4 and FY'26 Guidance
Q4 and FY’26 Guidance (unaudited, $ in M’s) FY’26 GUIDANCE FY’26 GUIDANCE Q4’26 GUIDANCE As of January 27, 2026 As of October 28, 2025 Total ARR (Constant Currency) 18% YoY 18% - 19% YoY Subscription ARR (Constant Currency) 24% YoY 24% – 25% YoY Total Revenue $305 - $308 $1,177 - $1,180 $1,161 - $1,
Slide 30: Appendix
Appendix © Commvault © Commvault 2026 30
Slide 31: Key Definitions
Key Definitions ITEM DEFINITION Software portion of term-based licenses and software as-a-service offerings (SaaS). The software component of term-based licenses is typically recognized when the software is Subscription Revenue delivered or made available for download. For SaaS offerings, revenue is
Slide 32: Revenue Growth on a Constant Currency Basis
Revenue Growth on a Constant Currency Basis (unaudited, $ in thousands) Q3’25 Q3’26 Constant Currency % Change Y/Y % Change Y/Y Revenue as Reported Revenue as Reported Impact (GAAP) Constant Currency (GAAP) (GAAP) Subscription: Term-based license $97,625 $118,950 ($4,483) 22% 17% SaaS 60,696 87,379
Slide 33: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations (unaudited, $ in thousands) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Non-GAAP financial measures and reconciliation: GAAP income from operations $18,428 $14,968 $13,615 $26,727 $25,091 $12,491 $19,770 Noncash stock-based compensation 22,396 26,223 31,156 28,840 30,1
Slide 34: Thank You
Thank You © Commvault 2026