Research Reports

Prepared Highlights

Q4 FY’26 total contract value (TCV) booked nearly $1.3 billion, a record; annual contract value (ACV) surpassed $3 billion milestone (CFO).
New product portfolio (Okta Identity Governance, Privileged Access, Identity Security Posture Mgmt, Identity Threat Protection, Device Access, Fine-Grained Authorization, Auth0 for AI Agents, Okta for AI Agents) represented ~30% of Q4 bookings; when included in a deal, average contract uplift ~40% (CEO).
Okta Identity Governance (OIG) now has over 2,000 customers (CEO).
Channel partners engaged in 18 of top 20 deals in Q4; TCV generated through AWS Marketplace grew >45% in FY’26 to ~$750 million (CFO).
Q4 free cash flow strong; ended quarter with >$2.5 billion in cash, cash equivalents and short-term investments (CFO).
Announced $1 billion share repurchase program in early January; repurchased and retired >875,000 shares for $79 million in remainder of January (CFO).
FY’26 achieved Rule of 40 every year since going public (CFO).
Official Guidance (CFO):
- Q1 FY’27: Total revenue growth 9% YoY; current RPO growth 10% YoY; non-GAAP operating margin 23%–24%; free cash flow margin 33%–35%.
- Full Year FY’27: Total revenue growth 9% (includes ~1 ppt impact from shifting professional services to partners); non-GAAP operating margin 25%–26%; free cash flow margin 27%–28% (includes ~1 ppt headwind from lower interest income, stock repurchase, cash settlement of 2026 notes, interest rate environment).
- FY’27 non-GAAP tax rate assumption updated to 21%, down from 26%.
Professional services revenue as % of total: ~2% in FY’26, expected ~1% in FY’27; subscription revenue growing faster (CFO).

Prepared Metrics

Metric	Value	Speaker/Context
Q4 TCV booked	~$1.3 billion (record)	CFO
ACV	Surpassed $3 billion	CFO
New products share of Q4 bookings	~30%	CEO
Average contract uplift with new products	~40%	CEO
OIG customers	>2,000	CEO
Top 20 deals with channel partners	18 of 20	CFO
AWS Marketplace TCV FY’26	~$750 million (+45% YoY)	CFO
Cash, equivalents, short-term investments	>$2.5 billion	CFO
Shares repurchased (Jan)	>875,000 shares for $79 million	CFO
Non-GAAP tax rate assumption FY’27	21% (from 26%)	CFO

Mgmt Quotes

“We're pleased with the strong finish to FY ’26, which was highlighted by continued strength with large enterprises, partner engagement and contribution from our newer products.” (CEO)
“Identity isn't just a feature for us. It's our foundation. AI agents are simply a new identity type and protecting them is a natural extension of what we do best.” (CEO)
“Channel partners were engaged in 18 of our top 20 deals in Q4.” (CFO)
“We've demonstrated exceptional leverage in our model and are positioned to deliver profitable growth for years to come.” (CFO)
“We are excited about the momentum we've built for the year ahead as we look to surpass $3 billion in revenue on our way to $5 billion and then $10 billion.” (CEO)

Q&A Batch (1-1 of 1)

Q1 — Brett Tighe

Topic: 交易规模与产品提升对收入的贡献
Key points:
- 第四季度交易规模偏向大型企业，管道中也呈现相同趋势。
- 此前所称治理产品（占业务59%）对单一劳动力合同的提升为50%；若覆盖全合同（100%），整体提升为40%。
Mgmt stance: 乐观——新产品为收入增加巨大价值。

Q2 — Shrenik Kothari (Baird)

Topic: 代理（Agentic）身份TAM与战略定位
Key points:
- 非人类身份（如服务账户）是代理身份的子集；后者是代理企业的基础，TAM巨大。
- 货币化渠道可能包括代理数量、代理连接数（当前模式），或未来演进方式。
Mgmt stance: 乐观——价值巨大且能显著扩大TAM。

Q3 — Gray Powell (BTIG)

Topic: 业绩一致性的驱动因素与需求可见性
Key points:
- 连续第三个季度主要KPI表现“干净”，前瞻收入指引高于市场预期。
- 最大驱动因素：大交易、大客户。
- 相比6-12个月前，管理层对需求信心更强，因专业化调整带来的成本已不在指引中。
Mgmt stance: 谨慎乐观——成果积聚但当前增长水平仍不足，目标加速增长。