Okta
A San Francisco company that runs the sign-in and access controls for more than 20,000 companies, deciding which worker, customer or software agent may open which application.
The scores
Growth3/4 →
Revenue grew 11.8% in fiscal 2026 and 11% in Q2 fiscal 2027, contracts signed ahead 14%, but the guide implies about 10%.
Business quality3/4 →
Customers add about 7% net a year and none is 10% of revenue, but Microsoft bundles identity and security platforms are moving in.
Financial position4/4 ↑
$2.299B of cash and short-term investments, no debt after repaying the last notes, and $961M of free cash flow a year.
Execution record3/4 ↑
Raised the revenue guide twice this year and turned an operating profit, but breaches in 2022 and 2023 hurt its results.
Per share capture2/4 ↑
Stock pay takes 16.4% of revenue, half of free cash flow; buybacks began this year and cut shares 1.2% in six months.
Potential2/4 →
US revenue is already about 15% to 44% of US workforce identity spending at list prices; agent products are new and immaterial.
Risk profile3/4 →
No customer above 10% and no debt, but bundling rivals, a breach history and founder voting control.
Valuation2/4 ↓
42.2 times trailing free cash flow needs about 13% yearly growth for ten years against a 10% guide; 89 times after stock pay.
Evidence quality3/4 →
Filed figures carry the numbers, but bookings, agent deals and the new-product share are management's words, and the prize uses list prices.
If it works 0.7× · if it fails you keep about 57%.
The Verdict
We rate Okta unattractive. The business is solid: it is the largest independent seller of sign-in and access software, customers rarely rip it out, and existing ones spend a little more each year. The price is full: buyers pay about 42 times the spare cash Okta produces, which needs that cash to grow about 13% a year for a decade, faster than sales. Much of the hope rests on AI agents, which Okta says bring in no material revenue this year. As a bet it is priced for success: the existing business covers only about half the price, and even a big win for agents adds little.
The long caseIf every company runs many AI agents, each needs a login and limits, and the neutral vendor already holding its people's logins can charge for the agents too.
The evidence under this - 7 claims
- The rate fell five points in two years before stabilising, so customers are adding less each year than they did in fiscal 2024.
- The figure nets churn against expansion; Okta does not disclose gross retention, so how many customers leave is not visible.
- On free cash flow after stock pay of $458M the multiple is 88.6 and the same test needs about 23% a year.
- The guide's 184 million diluted shares would make the value about $42.7B, so the 42.2 times understates it.
- Net cash of $2.3B is about 6% of the value; on enterprise value the multiple is about 39.8.
Okta also spent $100M in the first half on taxes for shares withheld from employees, a cash cost of stock pay that free cash flow already includes.
- The chief executive said on the same call that Okta for AI Agents closed dozens of deals in Q2, including several of more than $1M.
- The 10-K describes agent products as in development and early access, so fiscal 2027 is their first year on sale.
- The business did improve: near-term contracts sped up to 14% and the guide rose twice (C06, C08), which justifies some re-rating.
- In April the shares sold for about 5 times sales after a software sell-off, so part of the rise repaired an overreaction.
- The guide implies growth slowing to 9.5% to 10.2% in the second half (C09), so 10% a year may be generous.
- Stock pay of $503M a year (C12) is not deducted; after it the cash flow is roughly half.
The company
Every company now uses dozens or hundreds of online applications, and each needs to know who is signing in and what they may do. Okta sits in front of all of them: a worker or customer signs in once, Okta checks who they are, and the applications trust its answer.
It sells this by subscription to more than 20,000 companies, 5,255 of them paying over $100,000 a year. Without it a company would use Microsoft's version, older software on its own servers, or code its developers write themselves.
The evidence under this - 4 claims
How it makes money
Almost all of Okta's money, 97.8% in fiscal 2026, is subscriptions: customers pay per user and per product, usually on one- to three-year contracts. The rest is set-up work, which it is handing to partners.
Revenue grows when a customer adds workers, buys extra products such as tools for checking who has access to what, or when a new customer signs. About a fifth of revenue comes from outside the United States.
The evidence under this - 4 claims
- The revenue guide has been raised twice since March (C08), so management has guided below what it delivered.
- The free cash flow guide is only about 7% above fiscal 2026's $863M, and the release says lower interest income from buybacks and the note repayment costs about one point of margin.
Where the money comes from, stream by stream
| Stream | Share of sales (FY2026) | How it earns it |
|---|---|---|
| Subscriptions | 97.8% | Yearly and multi-year fees for workforce and customer identity and the add-on products, priced per user, per product and for customer identity by active users. |
| Professional services and other | 2.2% | Set-up and training work, which Okta is moving to partners, costing about one point of fiscal 2027 growth. |
| Workforce against customer identity | not disclosed | Okta reports both inside subscriptions and gives no split; management says both grew faster in Q2. |
Who runs it
Todd McKinnon, a co-founder, runs the company; Brett Tighe has been finance chief since January 2022 and Eric Kelleher chief operating officer since February 2025. Insiders own only 4.9% of the shares but 31.6% of the votes, because McKinnon's shares carry ten votes each. Bonuses pay 60% on sales and 40% on a profit measure that leaves out pay in shares; nothing rewards cash per share.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
Once every application signs in through Okta, leaving means reconnecting each one and re-enrolling every worker's phone, and a mistake either locks staff out or lets an attacker in. So customers tend to stay and buy more: existing customers spent 7% more in the year to July 2026, after those who left.
The stakes are large. IBM puts the average American data breach at $10.22M, and Verizon finds stolen logins are the commonest way attackers get in. Okta's cheapest full suite lists at $17 a user a month.
The evidence under this - 5 claims
- The rate fell five points in two years before stabilising, so customers are adding less each year than they did in fiscal 2024.
- The figure nets churn against expansion; Okta does not disclose gross retention, so how many customers leave is not visible.
The threat
Microsoft, which Okta calls its main competitor, includes similar sign-in tools in software many customers already pay for. Palo Alto Networks bought the identity firm CyberArk in 2026 and CrowdStrike sells identity protection beside its other security tools. Okta's own annual report warns that bigger rivals can give the product away inside a bundle.
The evidence under this - 4 claims
The rivals: MSFT, MSFT, PANW, SAIL, CRWD, and 2 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| MSFT | Microsoft EntraPriced against it: One segment only | Okta's single reportable segment: workforce and customer identity software | On sale | One segment only |
| Microsoft agent identity (Entra) | Identity for AI agents | Announced | ||
| PANW | Palo Alto Networks (CyberArk)Priced against it: One segment only | Okta's single reportable segment: workforce and customer identity software | On sale | One segment only |
| SAIL | SailPointPriced against it: Same product | Okta's single reportable segment: workforce and customer identity software | On sale | Same product |
| CRWD | CrowdStrike Falcon Identity ProtectionPriced against it: One segment only | Okta's single reportable segment: workforce and customer identity software | On sale | One segment only |
| In-house | Sign-in built in-house or from open-source codePriced against it: In-house | Okta's single reportable segment: workforce and customer identity software | On sale | In-house |
| Private | Agent-security start-upsPriced against it: Private | Identity for AI agents | On sale | Private |
How big it could get
How big this could get
In the United States, firms with 500 or more staff employed 73.5 million people in 2022. At Okta's list prices of $72 to $204 a user a year, signing them all in is worth about $5.3B to $15.0B a year.
Okta's American revenue of $2.321B is already about 15% to 44% of that, so most of its future growth has to come from selling more to each customer, from customer sign-in, from abroad, or from software agents.
The evidence under this - 5 claims
- Large buyers negotiate below list, which lowers the figure; buyers of the Professional and Enterprise suites pay more than Essentials, which raises it.
- It leaves out customer identity, firms under 500 staff and every country but the United States.
US revenue includes customer identity and firms under 500 staff, so it overstates Okta's share of the workforce market.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Subscription and Circulation | 98% | +11.4% | +11.3% | +12.1% | 98% |
| Technology Service | 2% | +0.0% | +13.8% | +6.9% | 2% |
| Whole company | 100% | +11.2% | +11.4% | +12.0% | 100% |
On the filed split through 2026-04-30, if each business keeps its last half-year's growth, the company grows about 11% next year and 11% in year 3, against 11.2% over the last twelve months. A scenario, not a forecast: no business holds its rate.
The results
The numbers
Sales grew 11% over the twelve months to Jul 2026, about the same pace as the 12% in the year to Jan 2026.
Operating margin is 7.5%, up from −23% in the year to Jan 2024.
Running costs take 71¢ of each sales dollar, down from 129¢ in the year to Jan 2022.
Each dollar put into the business earns 3.1% a year after tax, about where it was (−0.7%) in the year to Jan 2025.
It turned 32% of sales into free cash, $979M over the last twelve months.
Yearly sales growth has ranged from +12% to +56% over the last 5 years.
The share count rose 21% in 4.5 years, and pay in shares costs 16% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-16. Fiscal years end in January.
| Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 | 12 mo to Jul 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $1.30B | $1.86B | $2.26B | $2.61B | $2.92B | $3.07B |
| Sales growth | +56% | +43% | +22% | +15% | +12% | +11% |
| Profit | ||||||
| Gross margin | 70% | 71% | 74% | 76% | 77% | 78% |
| Operating margin | −59% | −44% | −23% | −2.8% | 5.1% | 7.5% |
| Net margin | −65% | −44% | −16% | 1.1% | 8.1% | 9.6% |
| What growth costs, per sales dollar | ||||||
| Research and development | 36% | 33% | 29% | 25% | 22% | 21% |
| Sales and marketing | 59% | 57% | 46% | 37% | 35% | 35% |
| General and admin | 33% | 22% | 20% | 17% | 15% | 14% |
| Pay in shares | 44% | 36% | 30% | 22% | 19% | 16% |
| Capital spending | 1.0% | 0.6% | 0.4% | 0.3% | 0.3% | 0.3% |
| Cash | ||||||
| Cash from operations | $104M | $86.0M | $512M | $750M | $884M | $987M |
| Free cash flow | $91.0M | $74.0M | $504M | $742M | $875M | $979M |
| Balance sheet | ||||||
| Cash and short-term investments | $2.50B | $2.58B | $2.20B | $2.52B | $2.55B | $2.30B |
| Returns and shares | ||||||
| Return on capital | - | - | - | −0.7% | 2.0% | 3.1% |
| Shares (diluted) | 148M | 158M | 164M | 175M | 179M | 179M |
What growth costs
Growth has become much cheaper. From fiscal 2024 to 2026 sales rose while selling, research and office costs barely moved, so the company swung from heavy losses to an official profit. The cost still hidden in the adjusted figures is pay in shares, which has fallen but is about a sixth of sales.
The evidence under this - 4 claims
Okta also spent $100M in the first half on taxes for shares withheld from employees, a cash cost of stock pay that free cash flow already includes.
The last report (26 Aug)
Quarter ended July 2026, filed figures.
In Q2 fiscal 2027, the three months to July, revenue grew 11% to $805M. Contracts due to be billed in the next year grew faster, 14%, and management said new products made up about 30% of sales booked.
It raised its forecast for the year a second time, to $3.216B to $3.226B, but that still implies growth of about 10% in the second half. The finance chief said revenue from AI agent products is still immaterial and will stay so this year. The shares rose 28.6% the next day.
What it did to the thesisIt showed the business picking up: more contracts signed ahead, a higher forecast and new products selling. It did not show the agent revenue the share price now leans on, since management called it immaterial for the year. The view stays unattractive at today's price.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $1.05 against $0.96 expected; $0.65 as filed, the gap being what the company adds back.
The evidence under this - 6 claims
- Bookings and the new-product share are not reported in the 10-Q, so they cannot be checked against a filed figure.
- Existing customers' spending still grew only 7% net (C03), so the larger new-product deals have not lifted the overall rate much.
- The revenue guide has been raised twice since March (C08), so management has guided below what it delivered.
- The free cash flow guide is only about 7% above fiscal 2026's $863M, and the release says lower interest income from buybacks and the note repayment costs about one point of margin.
Near-term contracts grew 14% in Q2 (C06), faster than revenue, and the guide has been raised twice (C08), so the implied slowdown may be caution.
- The chief executive said on the same call that Okta for AI Agents closed dozens of deals in Q2, including several of more than $1M.
- The 10-K describes agent products as in development and early access, so fiscal 2027 is their first year on sale.
What management did with the money
Okta repaid its last $350M of borrowing in cash and began buying back shares, spending $366M in the first half of the year. Shares outstanding fell 1.2% in six months, the first real shrink after years of paying staff in new shares. It also bought Permiso, a firm that spots attacks on AI agent logins.
Insiders in 2026Q3: 23 purchases and 69 sales, from their Form 4 filings.
The evidence under this - 4 claims
The price, and where we disagree
In short. Full. Okta is a good business, but the price assumes cash growth well above the company's own forecast, and pay in shares takes about half the cash owners are counting on.
The shares sit near their high for the year. They fell to $62.93 in April on fears that AI would shrink software sales, then jumped after both reports this year and again on 14 September, when security stocks rose together.
Analysts have followed the price up, and the next test comes on 1 December with third-quarter results. Management forecasts revenue of $813M to $817M. The real question, whether agents add material revenue, waits for next year's forecast in March 2027.
The evidence under this - 5 claims
- The revenue guide has been raised twice since March (C08), so management has guided below what it delivered.
- The free cash flow guide is only about 7% above fiscal 2026's $863M, and the release says lower interest income from buybacks and the note repayment costs about one point of margin.
- The chief executive said on the same call that Okta for AI Agents closed dozens of deals in Q2, including several of more than $1M.
- The 10-K describes agent products as in development and early access, so fiscal 2027 is their first year on sale.
How we read the multiple
Investors pay about $40.58B for Okta. What has to be true:
1. Over the last year it produced $961M of spare cash, so the price is about 42 times that cash. 2. A buyer wanting 9% a year, a common yardstick, needs that cash to grow about 13% a year for ten years. 3. Subtract the $503M paid in shares and the need rises to about 23% a year.
Sales are forecast to grow about 10%. Falling costs let cash outgrow sales for a while, not for ten years.
Against its own history. Spare cash is a slightly bigger share of the price than its six-year normal, but that normal was set while sales grew far faster, so it flatters today.
The evidence under this - 6 claims
- On free cash flow after stock pay of $458M the multiple is 88.6 and the same test needs about 23% a year.
- The guide's 184 million diluted shares would make the value about $42.7B, so the 42.2 times understates it.
- Net cash of $2.3B is about 6% of the value; on enterprise value the multiple is about 39.8.
Okta also spent $100M in the first half on taxes for shares withheld from employees, a cash cost of stock pay that free cash flow already includes.
Near-term contracts grew 14% in Q2 (C06), faster than revenue, and the guide has been raised twice (C08), so the implied slowdown may be caution.
- The revenue guide has been raised twice since March (C08), so management has guided below what it delivered.
- The free cash flow guide is only about 7% above fiscal 2026's $863M, and the release says lower interest income from buybacks and the note repayment costs about one point of margin.
- The business did improve: near-term contracts sped up to 14% and the guide rose twice (C06, C08), which justifies some re-rating.
- In April the shares sold for about 5 times sales after a software sell-off, so part of the rise repaired an overreaction.
Priced against its rivals
Only SailPoint sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Ping Identity.
The bet: what it pays if it works
The bet is on identity for AI agents alone: giving software agents their own logins and limits. The rest of Okta is valued separately, on the spare cash it should produce.
That existing business covers only about half of today's price, so buyers pay a lot for the agent line. Even if agent deals double their pace and the line becomes material, the whole company would be worth less than today: an expensive bet.
If agents never earn, shareholders keep the existing business, a little over half of today's value.
| Identity for AI agents revenue in two to three years | Customers adding agent identity needed | At the stated multiple |
|---|---|---|
| $150.00M | about 2.4K at 40% kept | 0.6× |
| $300.00M (the big win) | about 4.9K at 40% kept | 0.7× |
| $600.00M | about 9.7K at 40% kept | 0.8× |
To pay 2× (a Fair bet) it would need about $4.59B of Identity for AI agents revenue (about 74.6K customers adding agent identity at 40% kept); to pay 5× (a Cheap bet), about $14.23B of Identity for AI agents revenue (about 231.1K customers adding agent identity at 40% kept), at the same multiple.
Each row is Identity for AI agents alone, plus the rest of the company (Workforce and customer identity) counted at about $22.00B.
The steps it has to take
- Done Okta for AI Agents generally available, with million-dollar deals signed
- Not started Agent revenue material enough to be disclosed due 2028-03
- Not started Agent identity reaches about $150M a year due 2028-01
- Not started Agent identity reaches about $300M a year due 2029-01
The detail behind the label
The evidence under this - 5 claims
- The guide implies growth slowing to 9.5% to 10.2% in the second half (C09), so 10% a year may be generous.
- Stock pay of $503M a year (C12) is not deducted; after it the cash flow is roughly half.
- On free cash flow after stock pay of $458M the multiple is 88.6 and the same test needs about 23% a year.
- The guide's 184 million diluted shares would make the value about $42.7B, so the 42.2 times understates it.
- Net cash of $2.3B is about 6% of the value; on enterprise value the multiple is about 39.8.
- The chief financial officer said on the same call that the revenue is still immaterial and will not be material in fiscal 2027 (C11).
- The 10-Q for the quarter to 31 July 2026 says the agent capabilities are available or under development and states no revenue, customer count or bookings for them.
- The chief executive said on the same call that Okta for AI Agents closed dozens of deals in Q2, including several of more than $1M.
- The 10-K describes agent products as in development and early access, so fiscal 2027 is their first year on sale.
Okta also spent $100M in the first half on taxes for shares withheld from employees, a cash cost of stock pay that free cash flow already includes.
Where we disagree with the market
Okta is a winner from AI agents, and the jump in its shares is the start of faster growth.
Okta is a solid business growing about 10%, priced as if agent revenue had already arrived.
The market has moved before the numbers. Agent sales are immaterial this year by management's own account, and much of the rise came on a day the whole security group rallied.
The evidence against us is real: contracts signed ahead grew 14%, faster than revenue, the forecast has been raised twice, and management reports dozens of agent deals. If those turn into faster growth next year, today's price could prove fair.
What analysts say, and the evidence
The evidence under this - 7 claims
- The business did improve: near-term contracts sped up to 14% and the guide rose twice (C06, C08), which justifies some re-rating.
- In April the shares sold for about 5 times sales after a software sell-off, so part of the rise repaired an overreaction.
- The chief executive said on the same call that Okta for AI Agents closed dozens of deals in Q2, including several of more than $1M.
- The 10-K describes agent products as in development and early access, so fiscal 2027 is their first year on sale.
- Bookings and the new-product share are not reported in the 10-Q, so they cannot be checked against a filed figure.
- Existing customers' spending still grew only 7% net (C03), so the larger new-product deals have not lifted the overall rate much.
What could go wrong, and how we would know
The risks
- Microsoft gives it away. Microsoft, Okta's main rival, includes similar sign-in tools in licences customers already buy, and Okta warns rivals can sell at no profit.
- Security platforms move in. Palo Alto Networks bought CyberArk and CrowdStrike sells identity protection, so large security suites now bundle what Okta sells alone.
- Okta itself can be breached. Attackers broke in through a service provider in 2022 and stole support-system data in 2023, and Okta says both hurt its results.
- Spending per customer slowed. Existing customers added 11% a year in fiscal 2024 and only about 7% now.
- Heavy pay in shares. Pay in shares was $503M over the last year, about half the spare cash, so owners keep far less than the headline.
- A price built on hope. The shares rose about fourfold in six months, mostly from buyers paying more per dollar of sales, so a disappointment could cut them sharply.
The evidence under this - 7 claims
- The rate fell five points in two years before stabilising, so customers are adding less each year than they did in fiscal 2024.
- The figure nets churn against expansion; Okta does not disclose gross retention, so how many customers leave is not visible.
Okta also spent $100M in the first half on taxes for shares withheld from employees, a cash cost of stock pay that free cash flow already includes.
What we still do not know
- How much revenue AI agent products will bring in from fiscal 2028, and whether they are charged per agent or as a small add-on per user.
- How many customers leave each year; Okta reports only the net figure after the growth of those who stay.
- How much Microsoft earns from its own sign-in tools, and whether it is winning Okta's customers.
The evidence under this - 3 claims
- The chief executive said on the same call that Okta for AI Agents closed dozens of deals in Q2, including several of more than $1M.
- The 10-K describes agent products as in development and early access, so fiscal 2027 is their first year on sale.
- The rate fell five points in two years before stabilising, so customers are adding less each year than they did in fiscal 2024.
- The figure nets churn against expansion; Okta does not disclose gross retention, so how many customers leave is not visible.
What would change our view
- Unattractive→NeutralA lower price on unchanged execution
It needs all of:
- ○The shares fall to 30 times the last year's spare cash, with growth still near 10%.about $165.02 today, 29% below the last close
- ○Third-quarter fiscal 2027 revenue grows 10% or more.checked at the next results, due by 1 Dec
- Unattractive→NeutralAgent revenue arrives in the numbers
It needs all of:
- ○The first forecast for fiscal 2028 calls for revenue growth of 13% or more.checked at the next results, due by 1 Dec
- ○Contracts due to be billed in the next year grow 15% or more.checked at the next results, due by 1 Dec
We would also be wrong if
- Existing customers' net spending growth falls below 4% in any quarter.
- Quarterly revenue growth falls below 8%.
- Customers paying over $100,000 a year grow less than 4% in a year.
What is coming
- 1 December 2026 Q3 fiscal 2027 results: Whether revenue beats the $813M to $817M guide and near-term contracts grow faster than the 11% to 12% guided.
Every dated event ahead
- 1 December 2026 Q3 fiscal 2027 results: Whether revenue beats the $813M to $817M guide and near-term contracts grow faster than the 11% to 12% guided.
- March 2027 Q4 fiscal 2027 results and the fiscal 2028 guide: Whether the first fiscal 2028 guide counts agent revenue as material and growth above 10%.
- May 2027 Q1 fiscal 2028 results: Whether net retention holds at 107% or better as Microsoft and the security platforms push bundles.
Since we wrote this
- 11 OctThesis reviewIdentity for AI agents priced as a betThe owner asked that every line a Futures theory names a company for be declared, and that an early one carry a bet that cannot be declined.
- 10 OctThesis writtenUnattractive, medium convictionWritten seven weeks before Q3 fiscal 2027 results, after the shares rose 3.7 times from April on two beats and a sector rally.
Sources 20
Sources - 20
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-03-05business description, customer metrics, net retention, competitors, risk factors, security incidents, income statements, cash flow, stock pay, revenue by geography and type, share countbacksC01C02C03C04C05C12C13C14C26C29C30C37C38C41C43
- S02primarycompany release2026-08-26Q2 results, contract backlog, cash flow, note settlement, Q3 and fiscal 2027 guidance
Total revenue of $3.216 billion to $3.226 billion , representing a growth rate of 10% to 11% year-over-year
backsC06C07C08C12C15C19C43C44 - S03primarycompany filing2026-08-27key metrics, balance sheet, buybacks, share count, half-year cash flow, Permiso acquisitionbacksC02C03C06C12C14C15C16C39C43
- S04primarycompany release2026-03-04fiscal 2026 results, free cash flow, the first fiscal 2027 guidance
Total revenue of $3.170 billion to $3.190 billion , representing a growth rate of 9% year-over-year
backsC05C08C12 - S05primarytranscript2026-08-26Okta Q2 fiscal 2027 earnings call transcriptnew products' share of bookings, deal uplift, $1M customers, agent deals, AI revenue materiality, Microsoft; questions from KeyBanc, Jefferies, Guggenheim, RBC, Wolfe, Baird and others
Still immaterial. Still very small. We're very early innings. But like we've talked about here, we're excited about the long-term opportunity. So for FY '27, we don't think it's going to be material. ... In Q2, new products represented approximately 30% of bookings. Okta Identity Governance was once again the leading contributor. On average, the ACV uplift when any of the new products are included in a deal is about 40%. ... We now have over 600 customers with greater than $1 million in ACV.
backsC10C11 - S06primarycompany release2026-05-28Q1 results and the first raised fiscal 2027 guide
Total revenue of $3.185 billion to $3.205 billion
backsC08 - S07primarycompany filing2026-05-07executive biographies, beneficial ownership and voting power, bonus and performance share designbacksC34C35C36
- S08primarycompany filing2026-03-19a rival naming Okta among its identity competitorsbacksC27
- S09primarycompany filing2026-07-29Enterprise Mobility + Security competing with identity vendorsbacksC26
- S10primarycompany filing2026-09-10Palo Alto Networks Form 10-K for the fiscal year ended July 31, 2026, Item 1 Palo Alto Networksthe CyberArk acquisition and its identity security platformbacksC28
- S11primarycompany filing2026-03-05identity protection as a Falcon modulebacksC28
- S12primarygovernment data2025-04-10U.S. Census Bureau, Statistics of U.S. Businesses 2022, detailed enterprise employment size table U.S. Census Bureaufirms and employment by firm size; 500 and over is the total less the under-500 line
The Number of Firms and Establishments, Employment, Annual Payroll, and Receipts by State, Industry, and Enterprise Employment Size: 2022 ... United States, Total, 01: Total, 6395635 firms, 135748407 employment ... 19: <500 employees, 6374594 firms, 62250556 employment ... 26: 5,000+ employees, 2262 firms, 49310128 employment
backsC20 - S13primarycompany release2026-10-10list prices per user and for customer identity
Our Starter Suite begins at $6 per user/month, and our Essentials Suite begins at $17 per user/month. ... Okta Customer Identity pricing starts with the required Enterprise base product at $3,000 per month, billed annually.
backsC21 - S14primaryindustry data2025-07-30the cost of a breach to the buyer and the share of AI breaches without access controls
The global average cost of a data breach fell to $4.44 million, the first decline in five years, while the average U.S. cost of a breach reached a record $10.22 million. ... 13% of organizations reported breaches of AI models or applications ... Of those compromised, 97% report not having AI access controls in place.
backsC24 - S15primaryindustry data2025-04-23how attackers get in
credential abuse (22%) and exploitation of vulnerabilities (20%) continue to be the leading initial attack vectors
backsC25 - S16secondaryvendor data2026-10-10Research pack, frozen 2026-10-10 (FMP market data, FINRA short interest, filed cohort)daily closes, the price decomposition, analyst estimates and ratings, price-target drift, short interest, news reactionsbacksC16C17C18C19C31C40C44
- S17primarycompany filing2026-09-18Emilie Choi's departure and Helen Riley's appointmentbacksC39
- S18secondarynews2026-09-15a reading of the 14 September move as a sector rally
The market repriced a group, and Okta was carried along with it.
backsC31 - S19primarycompany filing2026-10-10Okta insider Form 4 filings read by insider_fetch.py, 2025-10 to 2026-1086 open-market sales, all under 10b5-1 plans, and two director purchasesbacksC33
- S20primarytranscript2026-08-26Okta Q2 fiscal 2027 earnings call transcript, the remarks on AI agent productsagent deal count and size in words, general availability, per-user pricing, the rivals the chief executive names for agent identity
Okta for AI agents inside of that bucket, there were dozens of deals in the quarter, including several million dollar-plus deals, which is super exciting. But the reality is it's still very early. ... it's too small to show up in the numbers right now. ... we have a GA product. It's been generally available for a couple of months now. ... our pricing model is per user. So if you want to buy Okta for AI agents, it's an uplift to your per user charge. ... I think Microsoft is copying us ... they see the value of an agent registry. ... a lot of these little companies are pivots. ... they've more recently pivoted into this comprehensive vision like we have of discovery, where are my agents
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