Okta Q1 Revenue Jumps 11% to $765M, EPS Tops at $0.91
OKTA•Okta reported Q1 fiscal 2027 revenue of $765 million, up 11% year-over-year, and adjusted EPS of $0.91, exceeding analyst expectations. Subscription backlog rose 16% to $4.719 billion and the company raised full-year revenue guidance to $3.185-$3.205 billion, targeting 9%-10% growth.
1. Strong Q1 Financial Performance
Okta delivered first-quarter revenue of $765 million, an 11% increase from the prior year, and reported adjusted EPS of $0.91 versus analyst forecasts of $0.85. On a GAAP basis, net income rose to $74 million, or $0.42 per share, and free cash flow climbed to $271 million.
2. AI Agents Fuel Identity Security Demand
The company cited growing deployment of agentic AI as a key driver of identity security needs, with AI agents creating new digital identities that require protection. Management noted increasing traction among large enterprise customers integrating Okta’s platform into AI initiatives.
3. Backlog Growth and Upward Guidance
Remaining performance obligations grew 16% year-over-year to $4.719 billion, while current backlog rose 12% to $2.499 billion. Okta raised its full-year revenue outlook to $3.185–$3.205 billion (9%–10% growth) and forecast second-quarter revenue of $790–$794 million.
