Okta Q1 Revenue Grows 11% to $765M, Raises FY27 Guidance
OKTA•Okta reported 11% revenue growth to $765 million and subscription revenue rose to $750 million in Q1, while GAAP net income jumped to $74 million ($0.42 per share) and non-GAAP EPS reached $0.91. The company raised Q2 revenue guidance to $790–794 million and forecast fiscal 2027 revenue of $3.185–3.205 billion.
1. Financial Performance
Okta delivered $765 million in total revenue for its fiscal first quarter ended April 30, 2026, marking 11% growth year-over-year. GAAP net income rose to $74 million ($0.42 per share), while non-GAAP net income reached $168 million ($0.91 per share).
2. Backlog and Cash Flow
Subscription backlog (RPO) climbed 16% to $4.719 billion, with cRPO up 12% to $2.499 billion. Net cash provided by operations increased to $277 million (36% of revenue) and free cash flow rose to $271 million (35% of revenue), with cash reserves at $2.589 billion.
3. Outlook and Guidance
For the second quarter, the company projects revenue of $790 million to $794 million, non-GAAP operating income of $204 million to $208 million and non-GAAP EPS of $0.95 to $0.97. Full-year guidance anticipates revenue between $3.185 billion and $3.205 billion, with non-GAAP operating income of $806 million to $826 million.
4. AI Demand and Strategy
CEO Todd McKinnon highlighted surging demand from agentic AI use cases as a key growth driver, positioning identity management as the unified control plane for both human users and AI agents. The launch of Okta Identity Governance and expanded AI-integrated features aim to capitalize on this emerging market.
