Okta (OKTA) Q4 2026 Earnings Call Transcript

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Date

March 4, 2026, 5 p.m. ET

Call participants

• Chief Executive Officer and Co-Founder — Todd McKinnon
• Chief Financial Officer — Brett Tighe
• President and Chief Operating Officer — Eric Kelleher
• Senior Vice President, Investor Relations — Dave Gennarelli

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Takeaways

• New products bookings mix -- Approximately 30% of bookings in the quarter came from new products, a meaningful increase from prior quarters.
• Average contract uplift -- When new products were included in deals, the average contract saw an approximate 40% uplift, measured over the entire contract.
• Okta Identity Governance (OIG) adoption -- OIG now has over 2,000 customers since launch a little more than three years ago.
• Annual contract value milestone -- Okta surpassed $3 billion in annual contract value.
• Total contract value closed -- A record total contract value of nearly $1.3 billion was closed during the quarter.
• Channel engagement -- Channel partners participated in 18 of the top 20 deals, while total contract value via AWS Marketplace grew over 45% for the year to roughly $750 million.
• Balance sheet position -- Over $2.5 billion in cash, cash equivalents, and short-term investments at quarter-end.
• Share repurchase action -- More than 875,000 shares were repurchased and retired for $79 million in January as part of a $1 billion repurchase program.
• Revenue and margin guidance -- For the upcoming quarter, revenue growth is projected at 9%, current RPO growth at 10%, a non-GAAP operating margin of 23%-24%, and free cash flow margin of 33%-35%.
• Full year guidance -- For the year ahead, management guided to 9% revenue growth, a non-GAAP operating margin of 25%-26%, and free cash flow margin of 27%-28%.
• Professional services shift -- The revenue guidance reflects about a one-point reduction from shifting more professional services work to global system integrators, which will decrease professional services revenue but may boost top-line growth through deeper partner engagement.
• Interest income impact -- Free cash flow margin guidance incorporates a one-point headwind due to an anticipated decrease in interest income associated with the share repurchase program, the intent to settle the remainder of 2026 notes in cash, and the current interest rate environment.
• Tax rate assumption -- Guidance updates the non-GAAP tax rate to 21% from 26% to reflect recent federal tax law changes.
• Go-to-market model -- The current go-to-market structure has delivered higher sales productivity and low attrition while enabling the addition of quota-carrying capacity since the second quarter.
• Suite-based pricing -- This structure is driving larger deal sizes and faster deal closure, though as of now it is still early in adoption and not yet a meaningful contributor to overall run rate.
• AI agent products -- Okta for AI Agents became available in early access in January, and Auth0 for AI Agents was generally available at the quarter’s start; management highlighted notable early deals and “huge interest” in both platforms.
• Pricing models for AI agents -- Two models are used for pricing AI agents: either as a multiplier on a person-based license or based on the number of agent connections to systems.
• Subscription vs. total revenue growth -- Subscription revenue is growing faster than total revenue, with professional services declining from approximately 2% to 1% of total revenue year over year.
• Net retention discussion -- Management indicated stable gross retention with upsell rates being the driver of net retention range in fiscal 2027, emphasizing future top-line and RPO growth rather than immediate acceleration in net retention.

Summary

Okta (NASDAQ:OKTA) highlighted the increasing contribution of new product bookings and emphasized its position in the emerging AI agent identity market, underpinned by major contract milestones and record total contract value. Management outlined a strategy to deepen engagement with large enterprises and channel partners, reinforced by a shift of professional services to global system integrators and by continuing disciplined capital allocation, including executing a substantial share buyback. The company affirmed robust liquidity and reiterated a focus on profitable growth, updating its tax rate assumption and maintaining margin guidance while acknowledging planned near-term revenue and free cash flow headwinds from specific operational decisions.

• Management identified Okta’s unique positioning as both an identity security and infrastructure provider, claiming a comprehensive platform approach in the agentic market.
• Leadership described substantial current and pipeline demand for both Okta for AI Agents and Auth0 for AI Agents, citing early enterprise adoption and feedback loops driving agile go-to-market and pricing models.
• Executives explained that suite-based pricing expedites large deal closure and supports broader platform adoption, with early field and customer approvals but minimal run-rate impact to date.
• The company reported an ongoing increase in sales and marketing capacity, paired with a strategic emphasis on specialization and partner-driven growth, while maintaining disciplined cost allocation.
• Okta’s product leadership asserted that its AI agent identity offerings act as an extension of prior capabilities and are designed to evolve standards in the agentic enterprise, emphasizing foundational infrastructure value to customers.

Industry glossary

• Agentic: Refers to identity frameworks, applications, or systems built to secure, govern, and manage AI agents (autonomous software entities) within enterprise environments.
• CIAM: Customer Identity and Access Management—software that enables organizations to securely manage and authenticate external users (customers, partners) accessing digital applications.
• OIG: Okta Identity Governance—a cloud-native, integrated governance product for managing, auditing, and controlling user access and entitlements across systems.
• RPO/CRPO: Remaining Performance Obligations (RPO) / Current RPO—forward-looking contracted revenue, with CRPO reflecting obligations expected to be recognized as revenue within the next 12 months.
• GSIs: Global System Integrators—large consulting and services firms that integrate enterprise IT solutions for customers across regions and industries.
• Net retention (DBNRR): Dollar-Based Net Retention Rate—a metric indicating how recurring revenue from existing customers grows or contracts from renewals, upgrades, and churn over a set period.

Full Conference Call Transcript

Dave Gennarelli: Hi, everyone. Welcome to Okta, Inc.’s fourth quarter fiscal 2026 earnings webcast. I am Dave Gennarelli, Senior Vice President of Investor Relations at Okta, Inc. Presenting in today’s meeting will be Todd McKinnon, our Chief Executive Officer and Co-Founder, and Brett Tighe, our Chief Financial Officer. Eric Kelleher, our President and Chief Operating Officer, will join the Q&A portion of the meeting. At around the same time that the earnings press release hit the wire, we posted supplemental commentary to the Investor Relations website. Today’s meeting will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding financial outlook and market positioning.

Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent our management’s beliefs and assumptions only as of the day made. Information on factors that could affect our financial results is included in our filings with the SEC from time to time, including the section titled Risk Factors in our previously filed Form 10-Q. In addition, during today’s meeting, we will discuss non-GAAP financial measures. Though we may not state it explicitly during the meeting, all references to profitability are non-GAAP.

These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release. You can also find more detailed information in our supplemental financial materials, which include trended financial statements and key metrics, posted on our Investor Relations website. In today’s meeting, we will quote a number of numeric or growth changes as we discuss our financial performance, and unless otherwise noted, each such reference represents a year-over-year comparison. I will now turn the meeting over to Todd McKinnon.

Todd? Thanks, Dave, and thank you everyone for joining us this afternoon.

Todd McKinnon: We are pleased with the strong finish to FY 2026, which was highlighted by continued strength with large enterprises, partner engagement, and contribution from our newer products. Identity is fast becoming the most important aspect of security, with AI acting as a catalyst. In today’s call, I will cover the success we are having with our new products, how Okta secures AI, including some early success we are having in that new market, and close with our top priorities for FY 2027. We continue to see strong performance from our portfolio of new products. This group consists of Okta Identity Governance, Okta Privileged Access, Identity Security Posture Management, Identity Threat Protection, Okta Device Access, and Fine-Grained Authorization.

And new to this group are our products, Auth0 for AI Agents, and Okta for AI Agents. The value of a unified identity system with a single control plane is resonating with customers. In aggregate, these new products represented approximately 30% of Q4 bookings. It is a meaningful increase from prior quarters. And when these new products are included in a deal, the average contract uplift is approximately 40%. Okta Identity Governance continues to be the biggest of these new products and is building on its early success. OIG now has over 2,000 customers. That is remarkable progress in just over three years, and it underscores the market demand for a modern governance solution.

Customers are choosing OIG because it is a full IGA cloud-native solution built into our unified platform, not a siloed point solution. I mentioned that our portfolio of new products now includes our AI products, Auth0 for AI Agents and Okta for AI Agents. It is still early for this developing market, but as the leading modern identity solution for workforce and customer identity, Okta is uniquely positioned to help organizations combat the growing security threat that AI agents represent. The reality is that the AI revolution has moved faster than today’s security frameworks. According to Okta’s AI at Work report, 91% of surveyed organizations are already using AI but only 10% have a governance strategy in place.

In meetings that I have had with customers and prospects over the past six months, the vast majority of the conversations revolve around their AI initiatives and how Okta can help them build and manage agents securely. As AI becomes embedded in more workflows and automations, the growing number of exploitable entry points—from nonhuman identities to unsecured integrations—expands the attack surface for threat actors. It is clear that in order to get AI right, you have to get identity right. Okta was built to meet this challenge. Identity is not just a feature for us. It is our foundation. AI agents are simply a new identity type, and protecting them is a natural extension of what we do best.

Okta’s neutral and independent identity solution is uniquely positioned to secure and govern the entire agentic lifecycle and gives customers the freedom to deploy on any agent without ecosystem lock-in, all while strengthening their security posture. Our two-pronged solution with Auth0 and Okta for AI Agents treats AI agents with the same importance as humans and gives customers everything they need to secure this powerful new technology. We are still in the early stages, but we believe that in a few years, agents and agentic systems will not be the exception to how enterprise software is built and operated. They will be the rule. We believe that AI agents represent nothing less than the future of software.

That is why AI security is identity security. I would like to highlight a couple of AI deals we closed in Q4 that illustrate how we are addressing the AI market. An existing Auth0 customer is building AI agents as part of their leading financial services platform. These agents will help the firm’s advisers make better and faster decisions, but to do so, the agents need access to sensitive customer information, which must be least-privileged. And they need to work with existing systems and third-party services inside the financial institution. The customer picked Auth0 for AI Agents as it met their stringent requirements for a secure, extensible platform to build and deploy agentic systems.

They needed a solution that offered enterprise-grade identity for humans and agents while providing secure access to third-party MCP servers, all while acting as a single source of truth. Another notable deal that included Okta for AI Agents, which became available in early access in January, was with a top global business and technology services provider. They chose Okta for AI Agents to help them discover, control, and govern identities for their growing sprawl of agents. Rolling out AI agents across multiple agent platforms is key to their ongoing transformation, and centralizing agentic identities in an independent, agent-agnostic platform like Okta will strengthen their cybersecurity posture. This is the very beginning of the AI opportunity.

Building and protecting AI agents is inherent to Okta’s position as the world’s system of record for identity management. With our solutions, developers, administrators, and IT teams can ensure that the entire lifecycle of an AI agent—from initial design through active deployment—is observable, governable, and secure. For more information on how Okta secures AI, be sure to register and join our showcase event on March 16. In this live-streamed event, you will hear from myself as well as our AI product leaders as we unveil our latest innovations for AI agents. And finally, I always like to take time on the Q4 call to share our priorities for the new fiscal year.

It should not be surprising that all of these priorities are focused on driving growth. The first priority is Okta Secures AI, which is all about how we win, grow, and become the standard for securing agentic AI by building on our early success with Okta and Auth0 for AI Agents. We will further our vision of freeing everyone to safely use any technology. The second priority is increasing our focus on landing bigger and growing faster with large customers. We want these organizations to think of Okta first when it comes to identity security and securing AI. This is a global effort across both the Okta and Auth0 platforms.

And our third priority is becoming the default identity security solution for the U.S. federal government and highly regulated industries. The public sector has been one of our fastest-growing verticals over the past couple of years, but we have only begun to scratch the surface of the overall opportunity. To wrap things up, we are pleased with the strong finish to FY 2026. We are excited about the momentum we have built for the year ahead as we look to surpass $3 billion in revenue on our way to $5 billion and then $10 billion. Identity is security, and we are building on our position as the leading modern identity provider to win the emerging market for securing AI.

It is an exciting opportunity and we are going after it aggressively. I want to thank the entire Okta team for their tireless effort and also thank our loyal customers and partners who put their trust in us every day. And now here is Brett to cover the financial commentary. Thanks, Todd, and thank you everyone for joining us today.

Brett Tighe: We are pleased to close out another fiscal year achieving Rule of 40, which we have done every year since going public. It is also satisfying to see our investments to drive growth paying off. These focus areas include new product innovation, go-to-market specialization, large customers, and our partner network. My commentary will provide insights into our Q4 performance and then move into our outlook for Q1 and FY 2027. The increased go-to-market specialization that we implemented at the beginning of the fiscal year continues to make progress. Strong execution has led to positive go-to-market KPI improvements, including sales productivity. Our focus on large customers and large deals continues to drive our financial results.

In Q4, we closed a record amount of total contract value of nearly $1.3 billion. We also surpassed a major milestone of $3 billion in annual contract value. Another key aspect of our go-to-market motion is our channel partners. When our partners are involved, the average deal size is bigger and the close rates improve. Channel partners were engaged in 18 of our top 20 deals in Q4. Total contract value generated through our strategic go-to-market channel, AWS Marketplace, grew over 45% in FY 2026 to approximately $750 million. Moving on to our balance sheet and capital allocation.

We had another strong quarter of cash flow in Q4 and ended the quarter with a very healthy balance sheet consisting of over $2.5 billion in cash, cash equivalents, and short-term investments. We continue to regularly evaluate Okta’s capital allocation priorities to ensure we are well positioned to deliver sustainable long-term value to shareholders. Consistent with this focus, we announced a $1 billion share repurchase program in early January, taking advantage of what we believe to be an undervalued share price. Over the course of the remainder of January, we repurchased and retired over 875,000 shares for a total cost of $79 million.

We are proud to return value to our shareholders and are focused on capturing the clear opportunity in front of us. The investments Okta has been making to drive growth acceleration span all areas of our business. These disciplined areas remain: investing in our go-to-market teams, relentless product innovation, further leveraging our channel partners, and keeping Okta one of the most secure companies in the world. Our improved go-to-market execution, coupled with a healthy demand environment, led us to begin adding quota-carrying sales capacity starting in Q2, and we continued to do so through the fourth quarter and now into the current Q1. Now let us turn to our business outlook.

Our guidance philosophy is unchanged as we continue to take a prudent approach to forward guidance that factors in current market conditions. For Q1 2027, we expect total revenue growth of 9%, current RPO growth of 10%, non-GAAP operating margin of 23% to 24%, and free cash flow margin of 33% to 35%. For the full year FY 2027, we expect total revenue growth of 9%, non-GAAP operating margin of 25% to 26%, and a free cash flow margin of 27% to 28%. I want to call out three important points pertaining to this guidance.

First, reflected in the 9% FY 2027 revenue guidance is about a one-point impact related to a decision we made to shift more of our professional services business to our partners, specifically global system integrators. This change will result in lower professional services revenue. We believe this will lead to greater long-term benefits to fuel top-line growth by deepening the relationship with these important partners and increasing our business with large enterprises.

The second point is that the FY 2027 free cash flow margin guidance reflects about a one-point headwind related to lower interest income relative to the combined impact from the stock repurchase program, our intent to settle the remainder of the 2026 notes in cash, and the interest rate environment. And finally, we have updated our non-GAAP tax rate assumption for Q1 and FY 2027 to 21% from 26% based on the recent changes to the federal tax laws. To wrap things up, we are pleased with what we accomplished in FY 2026 and are enthusiastic about the trends we are seeing in our business.

The investments we are making are paying off and position Okta to extend its leadership in identity security. We have demonstrated exceptional leverage in our model and are positioned to deliver profitable growth for years to come. With that, I will turn it back to Dave for Q&A.

Operator: Dave?

Dave Gennarelli: Thanks, Brett. We will now open for questions. I see there are already quite a few hands raised, and I will take them in the order from the top of the hour through the top of the hour. And in the interest of time, please limit yourself to one question. With that, we are going to go to Joe Gallo at Jefferies. Thanks, Dave, and thanks, guys, for the question. It was great to see the AI agent customer wins. Can you just talk more about pricing there? I was not sure if the 40% was referring to agentic. Then just any sense of when agentic will become meaningful to growth. Brett, I know you are really pragmatic.

How should we think about what is reflected from agentic in your top-line guide?

Todd McKinnon: The agentic products are really, really important to us. I am not breaking any news there. Everyone knows this. But in Q4, it was really a story of all of our new products. The 30% of our new bookings were from new products. That is a very important strategic bucket of products we have been investing in for a long time. And then the agentic products are the newest bit of that, and they had an absolutely incredible quarter considering Okta for AI Agents is not even generally available yet, and Auth0 for AI Agents was generally available at the beginning of the quarter. So it is off to a huge start now.

The relative number is small compared to our $3 billion revenue run rate, but looking forward to next year, we are very, very excited about the potential of these products. What is happening is that every company is figuring out how they are going to absorb all this AI innovation, how they are going to build things themselves, how they are going to adopt SaaS innovation with agentic built in, how they are going to adopt all this change, and what you are seeing is that identity is becoming a critical infrastructural foundation for that.

They have to have a system that can basically keep track of where all the agents are and who has agents and what the agents can do and what they can connect to. And what they are looking toward are our products to do. It is incredibly exciting. But it is also the success of governance—over 2,000 customers—and our other new products set us up for a lot of, I think, success ahead. In terms of guidance, I will let Brett talk about the specifics.

But because the agentic products are so new, it is tough to pour too much into our assumptions about growth in terms of guidance, but I think those things could be a huge source of upside over and above the guidance in the years ahead.

Brett Tighe: Joe, Todd nailed it right there, which is it is still fairly small at this point, but we are excited given the amount of demand that we are seeing. It is not just the amount of bookings that we did in Q4. It is also the pipeline we see that is out there for FY 2027. And like Todd said, it is a $3 billion business. It takes a lot to move the needle in there. But we are not thinking about this as an opportunity just for FY 2027. This is an opportunity to be accretive to growth for FY 2028, 2029, and we will see the results—as you know—in current RPO first before we see it in revenue.

We are excited about it and think it is a big opportunity for us, and you will probably hear our bullish tone about it over the course of this call because of what we are seeing inside the business at this point.

Joe Gallo: Looking forward to it. Thank you.

Dave Gennarelli: Next up, we will go to Adam Borg at Stifel. Awesome. Thanks so much for taking the question. Todd, maybe talk a little bit more about the go-to-market changes you are doing this year, what you are seeing there, and also on the international front, what is the opportunity to drive growth higher there that still lags domestically? Thanks so much.

Todd McKinnon: I think the headline about go-to-market changes in Q4 and coming into Q1 is they are very limited. We have our go-to-market structure in place. We are very confident and comfortable with it. We are seeing productivity ramping. We are seeing attrition low. We are adding capacity. And if you just look at the plan for this year, we do not have the usual assumption about cost of change in the early quarters of this year, which is very exciting. We have a team that is psyched up and ready to go, and they are armed with these new products, and they are organized by specialist domains across Auth0 and Okta and hunter and farmer. They are ready to roll.

And they are coming off a huge Q4, and they are excited. This part is more qualitative, which is what we can provide to the market and to customers is this infrastructural foundation for this agentic enterprise. When a group of salespeople goes out there and has that conversation with the customer and the customer clearly reflects back that this is a pressing, urgent problem that they need help with, and they see Okta as the entitled company to actually deliver that value, that is powerful. It has everyone super excited, and now we just have to go out and deliver on it. You do not get any points for conversations.

You have to put wins on the board, and that is what we are focused on doing.

Eric Kelleher: I think the transition coming into Q1 this year—and we had our annual sales kickoff last week—our real focus is we delivered a strong year last year. We feel very strong about the results from Q4. We talked all throughout last year about how we were building specialization as the new lever. As Todd mentioned, our productivity has increased. Our rep attrition has decreased. So coming into this year, we are committed to that model, and we are not injecting significant change. One area I do want to note, in addition to Todd’s commentary, is the note Brett shared about our investments specifically in our channel—and specifically in our relationships with global systems integrators.

The one significant change we have there is we have very consciously chosen to better leverage our relationships with the global systems integrators because our customers need them more than ever for the change management associated with the transition to agentic, for the increase in cyber, and the importance of securing identity for human, nonhuman, and agentic. We are embracing that partnership. Those partnerships have been very successful for us with some of our largest customers. We are excited to be leaning into that this year as well, a new step reflected in the guide.

Todd McKinnon: This is really exciting, and I will just take a minute here to comment on this. What is happening in the market: there are some market forces going on, which is every customer obviously is interested in AI and agentic AI. They are going to these GSIs and asking them about how to invest in the foundational elements and the security. Just like customers are coming to us, they are going to these GSIs. The GSIs see that we are the answer. We can help customers power this agentic enterprise and be the source of truth for identity and connections between agents and systems. The GSIs see that as foundational as well.

So the GSIs look at the identity market, and they see us as the clear, independent, and neutral leader. No one else has the scale. No one else has the capabilities. The other big identity companies are also trying to sell you a platform or sell you a development kit or sell you other cyber tools. They are seeing we are the winner. So they are coming to us and you are seeing a product suite that is more capable than ever that needs GSIs to help install it correctly and scale out at customers, so the GSIs can couple with the leader. They can help customers transition into this agentic future. It is a win-win all around.

What is left for us to do is really double down our investment by saying we are going to give up the professional services dollar as an investment to make this whole ecosystem bigger and empower our long-term subscription growth. It is very exciting. I feel like we have been working for years and years to get here, and we are here. It is incredibly exciting to me and the entire team.

Eric Kelleher: We are really fired up. It is one more indicator of the strength of that channel. I mentioned we had our sales kickoff last week. We had our GSIs in attendance at our sales kickoff for the first time. Our partners are really becoming part of our go-to-market engine, and their engagement was really high—off the charts. We are very excited about how this helps us reach more customers faster with the broader Okta platform solution.

Adam Borg: Awesome. Thanks again.

Dave Gennarelli: We will go to John DiFucci at Guggenheim. Thanks, Dave.

John DiFucci: Identity remains a high priority no matter who we speak to—IT purchasers, partners—so much so that others seem to be encroaching in the market, even as Microsoft seems to have faded a little bit in conversations when you talk to people in the field. But you have names not usually associated with identity, like CrowdStrike and Rubrik, talking about it, or even names like 1Password taking a different approach. I guess these names might not necessarily be competing with you directly. Is it causing confusion in the market, or are more traditional names like Ping having a greater effect?

Because, listen, you guys beat numbers, and it is always good to see that, but it was not quite what we thought it would be. And CRPO aside, the guide was a bit below where we thought you would start and obviously where the Street thought. Thanks.

Todd McKinnon: Identity is at the center. Traditionally, in legacy technology, it was always at the center, and in this agentic world going forward, John, it is becoming clear to everyone it is an even bigger deal than it was before. But being at the center, there is some confusion about who is doing what. I think the biggest confusion people have is the distinction between identity infrastructure and identity security. They hear the word “identity,” and they think if you are sitting on top of identity and detecting threats and blocking threats, you are also identity infrastructure. That is one of the big confusions. When you look at the agentic market, they are both really important.

It is the identity security—making sure the agents are monitored and checked that they cannot go out of bounds—but just the infrastructure, just the ability for the agents to connect and for tracking and visibility, that is an infrastructure play. We are the only company that really does both at the security layer and the infrastructure layer. That is maybe a little bit of a confusion and something we are working hard to make sure everyone understands—the advantage of that position as well.

Eric Kelleher: I would add the examples you just described point to the fact that the world is understanding that identity security, in particular identity security, is fundamental to the future. People are looking at how to invest there. From an Okta standpoint, we are not seeing any material change in the competitive behavior in our transactions yet. Of course, we are keeping our eye on the landscape. Also, remember, we have been in this business for a really long time. We have over 20,000 customers that count on us to protect their identity and over 7,000 integrations off the shelf. We believe that breadth and ability to integrate with everything is what our customers need.

That is what we hear from our customers as well. We think that positions us very well for the future. The other note is agentic identity for us is not a new product. It is an extension of the products we already have. We have already had human identities and nonhuman identities, and now we are simply expanding to also include agentic identities into our product stack. We think we are very well positioned in this. We manage today over 45 billion authentication events a month, and we block over 8 billion threats a month as well. Those statistics are really meaningful to our customers. We are the leader in the space.

Brett Tighe: One other comment for you, John. I will try to keep them shorter on the next questions. I just want to make sure we are all on the same page on the mechanics of the revenue guide, which is it is a 10% subscription revenue guide and a 9% total revenue guide. Effectively, another way to think about it is professional services in FY 2026 is roughly about 2% of total revenue, and FY 2027 should be about 1% of revenue. Keep that in mind because the subscription revenue is growing faster, and we talked about the investment and why we are doing that earlier.

I just want to make sure we are all crystal clear that subscription revenue is growing faster than total revenue as a result of the good results we had in FY 2026 and what we expect to produce in 2027.

Todd McKinnon: We do not want to disappoint anyone. We are going to make sure we work hard to meet or exceed the guidance. That is our mantra.

Dave Gennarelli: Thanks, guys. That is all very helpful. Thank you. Next, we will go to Josh Tilton at Wolfe.

Josh Tilton: Thank you. Brett, you kind of stole my question right from me. It was going to be on that subscription guide. So maybe can you just—I know you gave some of the puts and takes on the conservatism in the guide—but maybe just help us think about how conservative this guidance is versus the guidance you gave last year. The reason I am asking is because some quick math suggests that this could be the year that subscription revenue growth accelerates. So maybe just walk us through some of the puts and takes there.

Brett Tighe: It is real simple this year. We are not going to get into the details of this, that, or the other. It is just taking into account market conditions and what we think we can produce. The philosophy remains the same as what we have done the last few quarters. It is real simple. Nothing too complicated.

Todd McKinnon: Makes sense. Thank you.

Dave Gennarelli: Next, we will go to Roger Boyd at UBS.

Roger Boyd: Great. Thanks, Dave, and thanks for the question. I wanted to come back to agentic, and great to see the continued early traction there. I know it is early, but I wonder if you could provide any updated thoughts on how you are thinking about pricing in those products. I think in the past, you have talked about a per-agent pricing model. How is that resonating with some of these early customers who are buying these offerings, considering the potentially open-ended and rapid growth they could potentially see with agents? Thanks.

Todd McKinnon: That topic comes up all the time. One of our advantages is once we have these conversations with our 20,000 customers, we get really rapid feedback on how we can capture value and what would be most valuable for them and easy for them to consume. It is really a strategic advantage. We have this feedback loop, and we have actually structured a go-to-market team for AI Agents to capture that feedback rapidly and feed it right into the product teams. What we are seeing is that there are really two ways that we charge for agents. One is as a multiplier on a person.

So in the model where a human identity uses a number of agents to augment their work, there is a multiplier on what they pay for a person toward what they pay for agents. And then, if the agent is not coupled to a person, we sell it based on the number of connections the agent makes, because that is really the value. They want to secure those connections and filter on fine-grained access to all the back-end systems, the SaaS applications, and the applications and data warehouses the agent connects to. The agent is more valuable as it has more fine-grained access to different things, and it is more secure. So there is a multiple based on that.

The pricing we are working with these customers on is pretty early. It is a nice step up. I mentioned earlier—the 40% uplift—that specific number was the uplift on a specific deal that has new products in it. It was not broken out specifically for agents. We will talk more about the actual specifics of agentic pricing in the quarters ahead, but we are not announcing that and talking about specific uplift or multiplier on human identities just yet. We want to settle down and get a little more consistent before we go broad and communicate that.

Roger Boyd: Makes sense. Thanks, Todd.

Dave Gennarelli: Next up, Matt Hedberg at RBC.

Matt Hedberg: Thanks, Dave. Hey, Todd. A question for you. I think we have all seen the highlights on competition from LLM vendors or vibe coding. I think a lot of us on this call agree that it is easier said than done. From your perspective, when you look at what you have built over the years and the data that you are sitting on, can you talk about the structural advantages that you see over maybe some upstarts or some vibe, call-coding alternatives?

Todd McKinnon: For sure. It is something the whole industry is thinking about. I can think about it hypothetically, and then I can tell you what customers talk about in my hundreds of conversations with customers. I will start with the hypothetical. If you want to build what any SaaS company has done or what Okta has done, it is years and years of hardening, ensuring there are no vulnerabilities, and making sure it scales and is reliable. I do not know what the inference cost to build that would be, but it would be pretty significant.

Then if you flip it around, you just think about what is the price of getting it wrong, and if getting it wrong—it is hard to validate, it is hard to prove you have it right—and if it is wrong, you have a major security breach or you are down and none of your agents or your people can access systems. So the cost of getting it wrong, hypothetically, and actually just the cost to do it theoretically, if it was even possible theoretically with an LLM or a tool, would be pretty high. That cost could change over time; we do not know.

When I talk to customers and hear their challenges and their opportunities, a lot of the same things are echoed. They want to identify key infrastructure pillars, and they want to standardize on them. They see that as the unlock to hundreds of other decisions and hundreds of other build-versus-buy decisions they have to make, and they are putting foundational security and foundational identity in this bucket of things that they want to partner with a leader on and trust, and go on top of that and figure everything else out. That is what they are telling me, and it matches up with what I would think about hypothetically. All that being said, we are paranoid.

We are making sure that we are using all the latest technologies—LLMs, coding tools—to make sure we have not only something that is resilient and secure but has the best features and the best capabilities. We are making sure that we build things internally as fast as anyone could build them. We make no mistakes: the prize here that the whole industry is going after—this agentic future where digital labor is part of the TAM—is a massive prize. At some level, big picture, everyone is going to be going after this prize. It is exciting because it has greatly expanded the TAM of what could be. Think about identity and what it has been in the past.

It is roughly a $20 billion TAM right now in terms of what people spend on the vended data. We talk about an $80 billion TAM. This could be bigger—this could be the biggest part of cyber in a few years for sure. It could be even bigger than that if you really think about the infrastructure that stitches together the entire agentic enterprise and is the plumbing that makes it run. So we are investing, and we are paranoid, and we are working hard to make sure we capture that. The benefit to our customers and the benefit to our shareholders and the benefit to everyone involved is massive, and that is what is firing us up.

We are working harder, and we are more excited than ever because that is what is at stake.

Brian Essex: Great answer. Thanks.

Dave Gennarelli: Next up is Todd Weller at Stephens. Thanks, Dave, and thanks for the question. A question on Auth0. It looks like growth decelerated a bit from Q2 when that was last disclosed. How should we think about the durable growth profile of that relative to workforce? And it would seem that AI could be a significant catalyst to accelerate that shift from the homegrown solutions to out of the box like Auth0. Any thoughts there would be great.

Todd McKinnon: We are very excited about Auth0. The deceleration a little bit is a tough compare. We also changed the go-to-market mix last year, as you know, to focus more on that, and there is probably some cost of change in that number as well. Those are maybe a little bit of puts and takes on it. We are bullish on it. The big picture thing is what is happening in the CIAM market. The CIAM market is transitioning to be not just a platform for logging in and doing authentication and authorization, but a platform for customers building agentic interfaces to their customers and to agents coming into their systems. Auth0 for AI Agents—that is what it is.

It is a token vault. It helps log in. It helps customers hook other AI tools up to their customer login. Over time, that market is evolving into something that is hugely impactful and value-delivering for our customers. I mentioned in my prepared remarks a financial services firm that is using Auth0 for AI Agents to help deliver agents to their customers. You will see those tools being used to deliver agent interfaces. I think we talk about agentic a lot of times on this call, but everything is going to be agentic.

The capability of software to do more things autonomously and seek goals and to do more unsupervised tasks is going into every layer of software—whether it is customer-facing or employee-facing, whether it is what an existing SaaS app does, or the next generation of applications. It is all going to be agentic, and it all needs identity. We are positioned to play in all of that, which is why it is so exciting.

Brett Tighe: One thing just to add on around the compare that Todd was talking about. If you remember Q4 of last year, Auth0 had a record quarter. It was a really great quarter in general, but that is what is creating the tough compares—Auth0 just had a fantastic Q4 last Q4.

Todd Weller: Thanks, Brett. Appreciate it.

Dave Gennarelli: Next up, we will go to Brian Essex at JPMorgan.

Brian Essex: Great. Thanks for taking the question. Maybe to follow up on that: you have Auth0 for AI Agents and Okta for AI Agents. It seems like you have a real competitive advantage on the Auth0 side. Could you maybe compare and contrast initial takes for sales cycles, competitive dynamics, and velocity of each? I know it is still early stages, but is Okta for AI Agents in a more competitive market? I would love to get your take on the velocity you are seeing in each of those product segments.

Todd McKinnon: I think it is maybe flipped. I think Okta for AI Agents is more unique and more differentiated than maybe we would have expected. I think Auth0 for AI Agents is unique and differentiated as well, but I think the sentiment you are expressing is different than what we are seeing. Customers need a solution that is pre-integrated to all these agentic systems. There is no good way for customers to even understand what all these vendors are doing in agentic. There is no catalog of systems that says Salesforce is doing this, ServiceNow is doing this, AgentCore is this, Google is doing this, Microsoft is doing this. That is what Okta for AI Agents does.

And then on top of that, it models connections and has policy for connections that connects users to different systems.

Eric Kelleher: In my customer conversations, I am hearing urgency on both, but I would agree with Todd’s comment that we feel maybe slightly more urgency on the Okta for AI Agents side. If you think about that, the Okta for AI Agents platform is the platform that helps customers find where they have rogue agents deployed. That is often top of mind for a corporate buyer—a CIO or a CSO. They know that employees are activating agents; they need a way to discover those agents and then to secure them, to manage them, to govern them, vault their credentials. The Okta for AI Agents platform solves that problem first.

But really in parallel, we are talking to a number of customers who are building agents and know that they need to build agents that can be discovered, can be integrated, and can be authorized, and the Auth0 for AI Agents platform is what allows them to do that. We have said in the prior call and today as well that we are seeing huge interest in both of these platforms across our customer base and with our prospective customers as well.

Brian Essex: Very helpful color. Thank you.

Dave Gennarelli: We will go to Eric Heath at KeyBanc. Awesome. Thanks, Dave, and thanks for taking the question. Maybe just extending on Brian’s question and one follow-up question and clarification, if I may. On these AI agent deals that you are closing at this point, are customers evaluating alternatives at this point, or are they solely just looking at Okta and choosing Okta? And then just a clarifying question for you, Brett. The uplift of 40% for the entirety of the emerging product portfolio—I believe previously, we were talking about OIG and OPA each being about a 33% uplift. I am just a little surprised that the entirety of the portfolio on the emerging side is 40%.

Any clarifying comments you could have there is great. Thanks.

Todd McKinnon: Before we break down the 40%, on your first question: these are early adopters. These are people that are thinking about Okta for AI Agents specifically. These are people that have seen the future of agentic, and they are thinking about how they can get their foundational house in order. They are early adopters. They look at everything. They have scoured every startup and every big platform, and they are seeing a couple things. One is that the vision of what we are delivering and the vision of what we have delivered so far—even though it is an early access product—and our vision of where it could be is very compelling.

Two, they are seeing that they do not want to be—they are reticent—to trust a startup with this critical piece of foundation because they know there is going to be M&A, and they know there are going to be startups going away. There are so many startups playing in this space that there is bound to be a lot of failure, and they do not want to build their whole foundation around something and have it be pulled out from under them. The other factor in their minds is that they do not want to be locked in. Think about what is happening in agentic and what is happening in this world. These foundational models are moving incredibly fast.

It is Anthropic’s foundational model that has the leap ahead, and then it is OpenAI, and then it is an open source model, and that is going to continue for many years. They do not want to be locked into a certain stack and a certain set of tools. They are reticent to trust their foundational security with one provider, one platform. They want flexibility. Back to the startups, they know that a bunch of these startups are going to get bought by the big players. They are thinking, even if I go with a startup now, it is going to get sold and then we would be locked into Microsoft, and they do not really want that.

Our positioning is very compelling. The exciting thing about Q4—I talked about this last call. We had Oktane, and everyone was super interested, and I have never seen interest in my career in a new product like this. The great thing about Q4 is it actually translated into real dollars and real bookings. It is still small relative to our overall run rate, and it is up to us to continue that momentum through this year so it can really start driving the top line and growth, etc. We are on track, and as I have said many times on this call, it is incredibly energizing.

Brett Tighe: I would just add one thing to your comment, Todd, which is the deal sizes for these deals have been good-sized deals. They have been larger, which is really nice to see because it has been more tilted toward larger companies. I think that is a general theme that we saw in Q4, and we are seeing a little bit in the pipeline going forward. Going to your question, Eric, around the 40% versus the 33%: to be very clear, previously, what we said was a 50% uplift on governance of a workforce contract alone. The 40% is over the entire contract.

So yes, the number was higher for 50%, but it was only a part of the business—the 59% of the business. If you take all 100%, it is a 40% uplift on the entire thing, which really shows that these new products are adding a tremendous amount of value to the top line for us, and that is why we are so excited about it.

Dave Gennarelli: Next we will go to Shrenik Kothari at Baird. Great. To stay on topic of agentic, and Todd, you mentioned nonhuman identities could ultimately rival today—you mentioned and exceed. From a pricing standpoint, I agree it is early to size. But incidents like the Salesloft drip breach or those compromised OAuth tokens enable lateral access across SaaS. Can you tell us a little bit about how this expands the nonhuman identity TAM beyond your early estimates and overall strengthens your strategic positioning to lead this agentic category?

Todd McKinnon: When I talk about agentic and being the identity foundation for the agentic enterprise, that really is a superset of what people call nonhuman. Nonhuman is like service accounts, and sometimes they mean tracking machines. What I am talking about is much bigger. It is a superset of all that stuff. It is the backbone of the agentic enterprise. It is incredibly valuable and mission-critical for customers. It is a massive TAM. Anytime you are adding that much value to customers, you are going to be able to monetize it in some way, whether that is just in unique account of agents or agent connections—which is how we are doing it now—or whether that evolves as we go forward.

We will figure that out, but the value we could provide to customers is greatly increasing the TAM.

Shrenik Kothari: Great.

Dave Gennarelli: We will go to Gray Powell at BTIG.

Gray Powell: Great. Thanks for taking—can you hear me okay?

Todd McKinnon: Loud and clear, Gray. Alright. Great. Thanks for taking the question, and congratulations on the results. I wanted to clarify an earlier question. This is the third consecutive quarter where all the main KPIs have been clean, and then the forward revenue outlook, as far as I can tell, was above the Street, not below. If you had to point to one or two things that have been the biggest driver of your consistency, what would that be?

Todd McKinnon: Large deals, large customers.

Gray Powell: Okay. And then the follow-up would be: how do you feel about your visibility on demand today versus six to twelve months ago?

Todd McKinnon: The answer, like I said: large deals, large customers, people buying more of the product and more of the platform, and I feel more confident in it than I was a year ago. I was pretty confident a year ago, but we had a lot of change in specialization, and I think there was some cost of change there. We had that in our guidance, and now that is not there anymore. I am more confident now.

Brett Tighe: I would add we have been focusing on a few things for a while now: becoming one of the world’s most secure companies, product introduction—you have seen the results there—partners, which you have heard us talk about today and also in the prepared remarks earlier, and then specialization. All those things have been in this effort to continue to deliver consistent results, ultimately with the goal of growing faster than what we are doing today. That is our goal. I think it is stated many, many times that we are not pleased with the growth levels at this level.

We want to be able to grow faster, and that is why we are doing all these things and why we are excited about the opportunity. We see all of the fruits of our labor starting to pile up and produce solid results, and we think that is just going to parlay into better results going forward.

Gray Powell: Understood. Thank you very much.

Dave Gennarelli: Next up is Kingsley Crane at Canaccord.

Kingsley Crane: Thanks for taking the question. On agentic again, I do not think it is controversial to say that OAuth and OIDC were not originally designed for agentic. Cross-app access is a huge step, but not what they were designed for, right? You know what they were designed for, right?

Todd McKinnon: It was, like, you know, sharing your Twitter feed—getting a third-party Twitter client access to your Twitter.

Kingsley Crane: Right. So yeah, I mean, user-centric. It seems like you are fighting a standards war as much as you are fighting a product war. Do you think that is fair? And then how critical is it for you to win that war? Or is the market sufficiently large where that does not matter?

Todd McKinnon: I think standards are very important. I am not sure that our standard has to win. There really is nothing like cross-app access out there. In terms of the ability for one agent to—rather than asking a person to manually connect other services to that agent—delegate that to an enterprise IDP and let the IDP ahead of time set up that thing as per enterprise policy, there is nothing else like it. It is universally accepted as a positive goal. I think the gate on how fast that will be adopted is every SaaS company and every technology vendor—they are reading the headlines.

They understand they need to innovate in their products, and they are thinking about where supporting cross-app access is on their roadmap of priorities. They are all trying to do a ton of things to make their services more agentic and more compelling, and security and the ability to have them be more enterprise-ready is on their list, but we have to convince them to get it higher on their list. It is not a competing standard. It is a prioritization thing. Remember, we want to provide this identity infrastructure and make sure that we give people this solid foundation to build upon.

That is going to require standardization because you cannot use a standard piece of foundation if everyone is doing their own thing in a different way, which is why we are working with standards bodies in general. It is not just cross-app access, but that is an important part of the equation. I would not say the whole war rests on one specific standards body or standards battle. I think it will be an evolutionary thing over the next several years.

Kingsley Crane: Thank you.

Dave Gennarelli: Next up is Mike Cikos at Needham.

Mike Cikos: Great. Thanks, guys, and congrats on the strong finish and execution here. On the Okta and Auth0 for AI Agents, if I could just turn it on its head for a second: do you receive pushback from organizations, or what are some of the friction points you hear to adopt? And then secondly, I know you are focused on this and investing aggressively, but what are current gating factors to driving faster success from an Okta operations standpoint?

Todd McKinnon: Specifically on agentic, it is really how fast companies are going to adopt AI. Most people have chatbots now and copilots or things like that. I think the next wave is actually the autonomous goal-seeking agents. There are some of those in the packaged applications—Agentforce—and ServiceNow has some of them. Many companies are building their own internal platform to build these themselves. Some of them are using Google’s builder platform, Microsoft’s, or AgentCore from Amazon.

The pace of adoption here, particularly on the foundational layer we are building, is how fast they adopt agentic and then specifically how much that means putting the cross-platform plumbing in that is required when you want to take an agent from one and have it work across platforms. They have a lot coming at them. They are trying to absorb innovation in different products. They are trying to figure out what they build. They are trying to figure out what they buy. I think our job is to make sure that the foundational elements of what we do—and how well it integrates and how seamless it is and how it gives them choices and flexibility—are clear.

The success we have had has followed that playbook, and that is what we will keep doing to catalyze a lot more momentum going forward. There is no—sorry, I am being a little rambling in my answer—but there is no reference architecture yet. A million years ago, you had a relational database, and you had client-server, and then it went to reference architectures. You had cloud infrastructure, and you had web middleware. That still has not been established for the agentic enterprise. But it will happen quickly. It is like you use this flexible LLM model, you use this identity layer, you use this workflow layer, maybe.

Once that happens, everyone will kind of agree on that, and then you will see it really start to crank. That is why the stakes are so high to win this identity layer now, which could turn into the biggest market for us ever.

Mike Cikos: Appreciate it.

Dave Gennarelli: Alright. Next up, we will go to Rob Owens at Piper. Thanks, Dave, and good afternoon, everybody.

Rob Owens: I would love to unpack the growth algorithm a little bit and focus on DBNRR. It has been flat all year, and I guess it is a little surprising. We think that you are through the headwinds of COVID as those have kind of anniversaried on a multi-year cycle. The last couple of years have been really strong from a new product standpoint. I realize that retention rates are typically an output, not an input, to a degree, and you are landing larger, and that is all great. But as we have seen growth continually tick down, we just have not seen improvement in this metric. I am curious why that is the case and when that might change. Thanks.

Brett Tighe: I can take that one, and Eric, if you want to add a little color. One of the things that has been consistent has been gross retention. Rob, it is the most important factor in there. That has been consistent and a pillar or a foundation to that number for some time now—actually several years. It is just the upsell rate that we have not seen as much to really keep it higher. We think for the balance of FY 2027, we travel in this range, plus or minus a little bit.

It boils down to how much new business we do in the year and how much upsell we do in the year, because we have confidence that the pillar of strength—gross retention—will continue to be very healthy. So it really boils down to how much upsell versus new business we can generate in 2027, and that is one of the reasons why we have added capacity into the system. Regardless if you are looking at net retention, ultimately what we really care about is that top-line revenue growth number—or really current RPO growth in front of that. In any given year, there are really only two variables that we can play with.

One is the productivity per rep, which you have heard us talk about over the last several quarters of getting better and better. We talked about it in FY 2025 as well. Good productivity improvement in 2025. FY 2026 was a good improvement—enough to say, “Hey, let us add some more reps into the formula.” That is the second piece of the formula: there is per rep, and then how many reps you have in there. We have added a meaningful amount of reps into the system. You can see that in the Sales and Marketing expense line. I would invite you to look at the year-over-year growth of Q2, Q3, and Q4.

That is going to lead to growth—or at least we expect it to lead to growth—in the future. It is all part of a bigger plan, Rob, to try to be able to accelerate top-line growth, not just NRR. We can talk about NRR, but it is not as exciting as that top-line current RPO growth that we are really targeting to go faster in the medium term. That is something we have talked to you about. We want to be faster than where we are. The last thing I will say on this for better understanding, Rob, is the RPO is growing faster than the CRPO, which means term lengths are getting longer.

That means there is less to renew every year on an apples-to-apples basis, relatively speaking, which is another positive thing that is going to drive potential upside.

Rob Owens: Thank you.

Brett Tighe: Okay. We have about three minutes left, so let us try to get through as many as possible. Next up, we have Peter Levine at Evercore.

Peter Levine: Nice, Dave. I will keep it quick. Most of the answers to my questions have been addressed. Brett, the linearity around professional services—maybe just from a modeling perspective, help us understand how that plays out throughout the year. Is it more of an impact in the second half as partners ramp up on this new program? Help us understand how we should model that out. Thank you.

Brett Tighe: It should be a little bit more impact as the year goes on. That is correct. Yes, that is about right.

Dave Gennarelli: We will go to Patrick Colville at Scotiabank.

Patrick Colville: Thank you for taking my question. My question is for both Brett and Todd, please. In the prepared remarks, you talked about fiscal 2027—the focus is on prioritizing growth. If I look at the fiscal 2027 operating margin guide, it is 25%—which is a great number—it is the same as the guide provided this time last year. Between the prepared remarks and that guide, should the read be for us and investors that you are staying disciplined on cost, but it is all about pouring kerosene on the fire and capturing that TAM?

Brett Tighe: It is the latter of the two. We want to be disciplined, and we feel the margins are very healthy at this point. We have made tremendous progress over the last three years. We have been able to reinvest into growth-oriented activities. Take a look at the results in 2026 and what I just said a couple of minutes ago—look at the growth in the Sales and Marketing line in Q2, Q3, and Q4 and compare it to some of the other lines like G&A. We are trying to basically take money from one place and put it in another place so we can grow faster, whether it be in R&D or Sales and Marketing.

That is ultimately our goal while still producing very healthy margins. The goal is to grow faster. We think the opportunity is there. You have heard it from us as a group today, and that is what we are going to continue to do, while keeping in mind we have very healthy margins and we want to take a balanced approach.

Todd McKinnon: Structurally, it is a more efficient and capable company than it was three years ago. I think you will see that going forward, where we can balance things in a very strategic way that accomplishes both those goals.

Brett Tighe: We are fortunate to have the flexibility to be able to make these decisions. We have a very good business model. That is something we are quite proud of, frankly.

Dave Gennarelli: We will take our last question from Janae at Truist.

Janae: Great. Thanks, Dave. The suite-based pricing that you introduced over the past year—how has the reception been from customers? Is that contributing to these large deal sizes you were alluding to and helping drive broader platform adoption?

Eric Kelleher: Overall, the suite-based pricing continues to resonate with customers. It does, in particular, help with larger transactions and larger customers. The other thing it does is it helps us close those deals faster because customers can sign up and then determine where to allocate individual licenses over time. It continues to resonate. It is still a relatively early offer for us, so it is not yet a significant contributor to the run rate as we talked about earlier. But customers have been very pleased with the offering, and our field has as well. We expect continued success there this year.

Janae: Alright.

Dave Gennarelli: Appreciate that, guys. Apologies to those we did not get to. Before you go, I just want to let you know in addition to both on-site and virtual bus tours this quarter, we will be attending the Morgan Stanley conference in San Francisco tomorrow and also the Wells Fargo software symposium in Menlo Park on April 9. We hope to see you at one of those events. Thanks.

Brett Tighe: Thanks, everyone.

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