Slide 1: Okta Q1 FY27 Investor Presentation
Okta Q1 FY27 Investor Presentation May 28, 2026 © Okta, Inc. and/or its affiliates. All rights reserved. 1
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 Q1 FY27 Financial Review 03 Q2 & FY27 Financial Outlook 04 Appendix © Okta, Inc. and/or its affiliates. All rights reserved. 3
Slide 4: Company Overview
Company Overview © Okta, Inc. 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. 5 5
Slide 6: Okta at a glance
Okta at a glance Total Revenue 12% CAGR from FY24- FY27E(2) 20,000+ Total Customers $3,185 - $3,205(1) $2,919 5,180 Customers spending $2,610 ($ in mil.) >$100K $2,263 $4.719B Remaining performance obligation (RPO) (1) FY27E revenue is an estimate based on outlook as of May 28, 2026. (2) Calculation
Slide 7: 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, Inc. and/or its
Slide 8: Strong performance from portfolio of new products
Strong performance from portfolio of new products Okta Identity Governance Okta Device Access Okta Privileged Access Fine Grained Authorization Identity Security Posture Okta for AI Agents Management Identity Threat Protection Auth0 for AI Agents Public Private © Okta, Inc. and/or its affiliates. Al
Slide 9: To get AI right, you have to get identity right
To get AI right, you have to get identity right © Okta and/or its affiliates. All rights reserved.
Slide 10: Okta secures AI
Okta secures AI Build and manage AI agents securely For builders: For IT & security teams: Auth0 for AI Agents Okta for AI Agents • Authentication for AI Agents • Agent registry in Universal Directory • Token Vault • Agent detection with Identity Security • Fine Grained Authorization for Retrieval-
Slide 11: Okta provides end-to-end security for non-human identities
Okta provides end-to-end security for non-human identities Visibility Device Virtual identities machines Access control Non-human identities Service accounts OAUTH tokens Governance and remediation © Okta, Inc. and/or its affiliates. All rights reserved. 11
Slide 12: Okta is the superior choice vs. Microsoft
Okta is the superior choice vs. Microsoft Ease of Use & Time to Executing on Identity Depth of Integrations Mitigate Commercial Value Challenges (IPSIE-enabled11, Shared and Operational Risk (Unified Security Solution 1) Signals12 & OIN13) Okta consistently delivers a Okta’s customers avoid risks Ok
Slide 13: 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 14: $80B TAM
We are here Okta’s opportunity $80B * TAM *See Appendix for TAM calculation methodology. Figure not drawn to scale. © Okta, Inc. and/or its affiliates. All rights reserved. 14
Slide 15: Multiple growth vectors
Multiple growth vectors Innovation in Landing and Leveraging International platform and expanding in partner expansion network large enterprise ecosystem © Okta, Inc. and/or its affiliates. All rights reserved. 15
Slide 16: FY27 Priorities
FY27 Priorities Focus on the US Okta Land bigger and federal & highly secures AI grow faster with regulated large customers environments © Okta, Inc. and/or its affiliates. All rights reserved. 16
Slide 17: Q1 FY27 Financial Review & Financial Outlook
Q1 FY27 Financial Review & Financial Outlook © Okta, Inc. and/or its affiliates. All rights reserved. 17
Slide 18: Q1 FY27 financial highlights
Q1 FY27 financial highlights Q1 FY27 vs. Q1 FY26 Total Revenue $765M + 11% Subscription Revenue $750M + 11% Remaining Performance Obligations (RPO) $4,719M + 16% Current Remaining Performance Obligations (cRPO) $2,499M + 12% TTM Dollar Based Net Retention Rate 107% + 1 pts Non-GAAP Gross Margin(1) 8
Slide 19: Total revenue up 11% Y/Y; Subscription revenue up 11% Y/Y
Total revenue up 11% Y/Y; Subscription revenue up 11% Y/Y Quarterly Revenue(1) $761 $765 $728 $742 ($ In Millions) $682 $688 $665 $646 $605 $617 $584 $556 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 97% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY
Slide 20: cRPO is a leading indicator for future subscription revenue
cRPO is a leading indicator for future subscription revenue (1) 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
Slide 21: RPO up 16% Y/Y; Current RPO up 12% Y/Y
RPO up 16% Y/Y; Current RPO up 12% Y/Y Quarterly RPO $4,827 $4,719 ($ In Millions) $4,215 $4,292 $4,084 $4,152 $3,659 $3,505 $2,314 $3,385 $3,364 $2,220 $3,027 $3,073 $1,967 $1,964 $1,857 $1,887 $1,597 $1,432 $1,415 $1,510 $1,255 $1,248 $2,328 $2,513 $2,499 $2,248 $2,227 $2,265 $1,952 $1,949 $1,995
Slide 22: TTM dollar-based net retention rate of 107%
TTM dollar-based net retention rate of 107% TTM Dollar-based net retention rate(1) 115% 115% 111% 111% 110% 108% 107% 106% 106% 106% 106% 107% Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 (1) Trailing Twelve Months (TTM) dollar-based net retention r
Slide 23: Customers with >$100K annual contract value up 6% Y/Y
Customers with >$100K annual contract value up 6% Y/Y Customers with >$100K ACV 5,180 5,100 4,800 4,485 FY24 FY25 FY26 Q1 FY27 © Okta Okta,and/or Inc. and/or its affiliates. its affiliates. All rights All rights reserved. reserved. Confidential Information of Okta – For Recipient’s Internal Use Only
Slide 24: Strong non-GAAP gross margins
Strong non-GAAP gross margins Non-GAAP Gross Margins(1) 82.8% 83.5% 83.8% 83.7% 80.4% 81.6% 81.7% 81.6% FY24 FY25 FY26 Q1 FY27 (1) See appendix for non-GAAP reconciliation. Total Gross Margin Subscription Gross Margin © Okta Okta,and/or Inc. and/or its affiliates. its affiliates. All rights All righ
Slide 25: Significant operational efficiency in the model
Significant operational efficiency in the model Non-GAAP Operating Margin(1) 26% 25% - 26% 22% 14% FY24 FY25 FY26 FY27E (1) See appendix for non-GAAP reconciliation. © Okta Okta,and/or Inc. and/or its affiliates. its affiliates. All rights All rights reserved. reserved. Confidential Information of O
Slide 26: Strong free cash flow margin
Strong free cash flow margin Non-GAAP Free Cash Flow Margin(1) 30% 28% 27% - 28% 22% FY24 FY25 FY26 FY27E (1) See appendix for non-GAAP reconciliation. © Okta Okta,and/or Inc. and/or its affiliates. its affiliates. All rights All rights reserved. reserved. Confidential Information of Okta – For Reci
Slide 27: Financial outlook for Q2 FY27
Financial outlook for Q2 FY27 (1) Q2 FY27 (July 31, 2026) Total Revenue $790M to $794M Total Revenue Growth (Y/Y) 9% Current Remaining Performance Obligations $2,505M to $2,515M cRPO Growth (Y/Y) 11% Non-GAAP Operating Income $204M to $208M Non-GAAP Operating Margin 26% Non-GAAP Diluted Net Income P
Slide 28: Financial outlook for FY27
Financial outlook for FY27 (1) Fiscal 2027 (January 31, 2027) Total Revenue $3,185M to $3,205M Total Revenue Growth (Y/Y) 9% - 10% Non-GAAP Operating Income $806M to $826M Non-GAAP Operating Margin 25% - 26% Non-GAAP Diluted Net Income Per Share $3.79 to $3.87 Diluted Weighted Average Share Count(2)
Slide 29: Key Takeaways
Key Takeaways 01 Strong foundation for growth at scale 02 Positioned to extend leadership in identity security 03 Demonstrated leverage in financial model 04 Positioned for profitable growth © Okta, Inc. and/or its affiliates. All rights reserved. 29
Slide 30: Appendix
Appendix © Okta, Inc. and/or its affiliates. All rights reserved.
Slide 31: 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 32: Sources: Okta is the superior choice vs. Microsoft
Sources: Okta is the superior choice vs. Microsoft 1. Unified security solution 2. Okta protects users before, during, and after authentication 3. The real number of admin accounts (those holding an Azure AD admin role) protected by MFA is 34.15% 4. Microsoft had to make MFA for Azure mandatory 5. 9
Slide 33: 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 34: GAAP to non-GAAP reconciliations - fiscal quarters
GAAP to non-GAAP reconciliations - fiscal quarters(1) (dollars in millions) FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY26 Q1 FY27 GAAP subscription gross profit $ 1,703 $ 473 $ 495 $ 511 $ 528 $ 2,007 $ 537 $ 564 $ 577 $ 599 $ 2,277 $ 600 Stock-based compensation 75
Slide 35: GAAP to non-GAAP reconciliations - fiscal quarters
GAAP to non-GAAP reconciliations - fiscal quarters(1) (dollars in millions) FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY26 Q1 FY27 GAAP research and development expense $ 656 $ 163 $ 164 $ 158 $ 157 $ 642 $ 154 $ 160 $ 160 $ 165 $ 639 $ 163 Stock-based compensation 27
Slide 36: GAAP to non-GAAP reconciliations - fiscal quarters
GAAP to non-GAAP reconciliations - fiscal quarters(1) (dollars in millions) FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY26 Q1 FY27 GAAP total operating expenses $ 2,198 $ 516 $ 510 $ 524 $ 516 $ 2,066 $ 494 $ 519 $ 549 $ 547 $ 2,109 $ 539 Stock-based compensation 594
Slide 37: 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) FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY26 Q1 FY27 GAAP net income (loss) $ (355) $ (40) $ 29 $ 16 $ 23 $ 28 $ 62 $ 67 $ 43 $ 63 $ 235 $ 74 Stoc
Slide 38: Calculations of key & other selected metrics - fiscal quarters
Calculations of key & other selected metrics - fiscal quarters(1) (dollars in millions, except headcount data) FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY26 Q1 FY27 Free Cash Flow and Margin Net cash provided by operating activities $ 512 $ 219 $ 86 $ 159 $ 286 $ 750
Slide 39: © Okta, Inc. and/or its affiliates. All rights reserved.
© Okta, Inc. and/or its affiliates. All rights reserved.