Slide 1: Okta Q2 FY27 Investor Presentation
Okta Q2 FY27 Investor Presentation August 26, 2026 © Okta, Inc. and/or©its affiliates. Okta and/or itsAll rights reserved. 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” (“FLS”) within the in recent periods and could continue to decelerate in the future; we could meaning of the "safe harbor" provisions of the Private Securities Litigation experience interruptions or performance problems associated w
Slide 3: Agenda
Agenda 01 Company Overview 02 Q2 FY27 Financial Review 03 Q3 & FY27 Financial Outlook 04 Appendix © Okta, Inc. and/or its affiliates. All rights reserved.
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(1) 20,000+ Total Customers $3,216 - $3,226(2) $2,919 5,255 Customers spending $2,610 ($ in mil.) >$100K in ACV $2,263 $4.858B Remaining performance obligation (RPO) FY24 FY25 FY26 FY27E (1) Calculation is based on the midpoint of FY27 revenue
Slide 7: One unified identity platform
One unified identity platform 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: The future of technology is agentic
The future of technology is agentic © Okta and/or its affiliates. All rights reserved. Confidential Information of Okta – For Recipient’s Internal Use Only.
Slide 10: Okta secures AI
Okta secures AI For IT & security teams: For builders: Okta for AI Agents Auth0 for AI Agents • Agent registry in Universal Directory • Authentication for AI Agents • Agent detection with Identity Security • Token Vault Posture Management • Fine Grained Authorization for Retrieval- • Agent governanc
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 Solution1) Signals12 & OIN13) Okta consistently delivers a Okta’s customers avoid risks Okt
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: Q2 FY27 Financial Review & Financial Outlook
Q2 FY27 Financial Review & Financial Outlook © Okta, Inc. and/or its affiliates. All rights reserved.
Slide 18: Q2 FY27 financial highlights
Q2 FY27 financial highlights Q2 FY27 vs. Q2 FY26 Total Revenue $805M + 11% Subscription Revenue $793M + 12% Remaining Performance Obligations (RPO) $4,858M + 17% Current Remaining Performance Obligations (cRPO) $2,585M + 14% 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 12% y/y
Total revenue up 11% y/y; Subscription revenue up 12% y/y $805 $761 $765 Quarterly Revenue $728 $742 $682 $688 ($ In Millions) $665 $646 $605 $617 $584 99% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 1% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26
Slide 20: cRPO is a leading indicator for future subscription revenue
cRPO is a leading indicator for future (1) 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
Slide 21: RPO up 17% y/y; Current RPO up 14% y/y
RPO up 17% y/y; Current RPO up 14% y/y $4,827 $4,858 $4,719 Quarterly RPO $4,215 $4,292 ($ In Millions) $4,084 $4,152 $3,659 $3,505 $2,314 $2,273 $3,385 $3,364 $2,220 $3,073 $1,967 $1,964 $1,857 $1,887 $1,597 $1,432 $1,415 $1,510 $1,248 $2,513 $2,499 $2,585 $2,248 $2,227 $2,265 $2,328 $1,952 $1,949
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% 111% 111% 110% 108% 107% 106% 106% 106% 106% 107% 107% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 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 5,255 5,180 Customers with >$100K ACV 5,100 4,800 4,485 FY24 FY25 FY26 Q1 FY27 Q2 FY27 © Okta, Inc. and/or its affiliates. All rights reserved. 23
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% 83.9% 80.4% 81.6% 81.7% 81.6% 81.9% FY24 FY25 FY26 Q1 FY27 Q2 FY27 Total Gross Margin Subscription Gross Margin (1) See appendix for non-GAAP reconciliation. © Okta, Inc. and/or its affiliates. All rights reserved. 24
Slide 25: Significant operational efficiency
Significant operational efficiency 26% 26% Non-GAAP Operating Margin(1) 22% 14% FY24 FY25 FY26 FY27E (1) See appendix for non-GAAP reconciliation. © Okta, Inc. and/or its affiliates. All rights reserved. 25
Slide 26: Strong free cash flow margin
Strong free cash flow margin Non-GAAP Free Cash Flow Margin(1) 30% 28% - 29% 28% 22% FY24 FY25 FY26 FY27E (1) See appendix for non-GAAP reconciliation. © Okta, Inc. and/or its affiliates. All rights reserved. 26
Slide 27: Financial outlook for Q3 FY27
Financial outlook for Q3 FY27 (1) Q3 FY27 (Oct 31, 2026) Total Revenue $813M to $817M Total Revenue Growth (Y/Y) 10% Current Remaining Performance Obligations $2,590M to $2,600M cRPO Growth (Y/Y) 11% - 12% Non-GAAP Operating Income $196M to $200M Non-GAAP Operating Margin 24% - 25% Non-GAAP Diluted
Slide 28: Financial outlook for FY27
Financial outlook for FY27 (1) Fiscal 2027 (January 31, 2027) Total Revenue $3,216M to $3,226M Total Revenue Growth (Y/Y) 10% - 11% Non-GAAP Operating Income $830M to $840M Non-GAAP Operating Margin 26% Non-GAAP Diluted Net Income Per Share $3.90 to $3.94 Diluted Weighted Average Share Count(2) 184
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 250 employees (per 2019 U.S. Bureau of Labor Statistics) multiplied by 12-month ARR assuming adoption of all our current produc
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 Q2 FY27 FY27 YTD GAAP subscription gross profit $ 1,703 $ 473 $ 495 $ 511 $ 528 $ 2,007 $ 537 $ 564 $ 577 $ 599 $ 2,277 $ 600 $ 648 $ 1,2
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 Q2 FY27 FY27 YTD GAAP research and development expense $ 656 $ 163 $ 164 $ 158 $ 157 $ 642 $ 154 $ 160 $ 160 $ 165 $ 639 $ 163 $ 163 $ 32
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 Q2 FY27 FY27 YTD GAAP total operating expenses $ 2,198 $ 516 $ 510 $ 524 $ 516 $ 2,066 $ 494 $ 519 $ 549 $ 547 $ 2,109 $ 539 $ 534 $ 1,07
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 Q2 FY27 FY27 YTD GAAP net income (loss) $ (355) $ (40) $ 29 $ 16 $ 23 $ 28 $ 62 $ 67 $ 43 $ 6
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 Q2 FY27 FY27 YTD Free Cash Flow and Margin Net cash provided by operating activities $ 512 $ 219 $ 86
Slide 39: © Okta, Inc. and/or its affiliates. All rights reserved. DATA CLASSIFICATION: OKTA, INC. PUBLIC
© Okta, Inc. and/or its affiliates. All rights reserved. DATA CLASSIFICATION: OKTA, INC. PUBLIC