Research Reports

Q3 total revenue growth of 11% year-over-year (CFO), with full-year FY2026 revenue growth guidance raised to 11% (CFO).
Strength with large customers and Okta workforce upsells, particularly new products like Okta Identity Governance (CEO).
New products include Okta Identity Governance, Privilege Access, identity security posture management, identity threat protection with Okta AI, device access, and fine-grained authorization (CEO).
Record number of customers and partners at Oktane in Q3 (CEO).
Over 100 current customers engaged with Okta for AI agents, representing over $200 million in existing ARR (CEO).
One early win with a financial services customer for Okta for AI agents; the deal represented a significant ACV uplift compared to prior contract (CEO).
Cross-app access is now an extension of model context protocol (MCP) as of last week (CEO).
Public sector government shutdown did not meaningfully change Q3 results (CFO).
September 2025 convertible notes matured; settled remaining $510 million principal in cash (CFO).
Ended Q3 with nearly $2.5 billion in cash, cash equivalents, and short-term investments (CFO).
$350 million of 2026 notes remain outstanding (CFO).
Official guidance: Q4 FY2026: total revenue growth 10%, current RPO growth 9%, non-GAAP operating margin 25%, free cash flow margin ~31% (CFO). Full-year FY2026 (raised): total revenue growth 11%, non-GAAP operating margin 26%, free cash flow margin ~29% (CFO). FY2027 guidance to be issued on Q4 earnings call (CFO).

"We're pleased to report another solid quarter of results." (CEO)
"AI security is identity security. AI agents represent a new powerful identity type." (CEO)
"The excitement is real, and the interest is tangible." (CEO)
"We continue to see improvement in sales productivity." (CFO)
"We're enthusiastic about the trends we're seeing across the business, from the adoption of new products to customer interest in how Okta secures AI." (CFO)

Metric	Value	Speaker/Context
Total revenue growth (Q3)	11% YoY	CFO
Full-year FY2026 revenue growth guidance (raised)	11%	CFO
Q4 FY2026 revenue growth guidance	10%	CFO
Q4 FY2026 current RPO growth guidance	9%	CFO
Q4 FY2026 non-GAAP operating margin guidance	25%	CFO
Q4 FY2026 free cash flow margin guidance	~31%	CFO
Full-year FY2026 non-GAAP operating margin guidance (raised)	26%	CFO
Full-year FY2026 free cash flow margin guidance (raised)	~29%	CFO
Cash, cash equivalents, and short-term investments (end Q3)	~$2.5 billion	CFO
Convertible notes matured (September 2025)	$510 million settled in cash	CFO
Outstanding 2026 notes	$350 million	CFO
Existing ARR from engaged AI agent customers	>$200 million	CEO

Topic: 平台整合动力与合作伙伴渠道表现
Key points:
- 客户整合身份、治理、PAM、客户身份等组件往往需要技术变革催化（如云转型、AI投资）；AI正成为新的催化剂
- 本季度合作伙伴渠道表现强劲，多个最大型交易通过合作伙伴完成
- 公司正增加合作伙伴覆盖，内部数据显示该策略效果显著
Mgmt stance: bullish（对合作伙伴渠道和AI驱动的整合趋势表示乐观，提及内部数据证实进展）

Topic: 新AI产品的试用情况与货币化潜力
Key points:
- 有100个客户正在试用Okta的AI能力
- 产品于9月大会后发布，目前仅过去几个月，尚处早期阶段
- 已有多个AI相关产品交易完成，例如一家金融公司已购买并部署代理
Mgmt stance: bullish（管理层对客户兴趣程度感到“震惊”，认为这是Okta历史上最令人兴奋的新产品线，能解决企业AI部署中的权限难题）