OKTA

MKT CAP:$13B

Okta, Inc.

Market Cap

$13B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$74.93-$8.71 (-10.41%)

Apr 20, 2026

Company Details

Okta, Inc. provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that ...

CEO

Todd McKinnon

IPO Date

Apr 7, 2017

Website

www.okta.com

Key Metrics TTM

Revenue

$2.9B

+11.8% YoY

Net Income

$235M

EPS (Diluted)

$1.31

Free Cash Flow

$900M

Revenue / Share

$16.18

Gross Margin

77.4%

Operating Margin

5.2%

Net Margin

8.1%

FCF Margin

30.8%

P/S

4.4x

P/E

54.5x

Earnings Reports

FY 2026

Mar 5, 2026

$2.9B+11.8%EPS $1.31

Q4 2026

Mar 5, 2026

$761M+11.6%EPS $0.35

Q3 2026

Dec 2, 2025

$742M+11.6%EPS $0.24

Q2 2026

Aug 26, 2025

$728M+12.7%EPS $0.37

Q1 2026

May 27, 2025

$688M+11.5%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$415M	$284M	-$240M
Q2 23	$452M	$314M	-$208M
Q3 23	$481M	$343M	-$207M
Q4 23	$510M	$371M	-$158M
Q1 24	$518M	$376M	-$160M
Q2 24	$556M	$407M	-$162M
Q3 24	$584M	$439M	-$111M
Q4 24	$605M	$460M	-$83M
Q1 25	$617M	$469M	-$47M
Q2 25	$646M	$491M	-$19M
Q3 25	$665M	$508M	-$16M
Q4 25	$682M	$524M	$8M
Q1 26	$688M	$533M	$39M
Q2 26	$728M	$560M	$41M
Q3 26	$742M	$572M	$23M
Q4 26	$761M	$593M	$50M

Valuation

Quarter	P/S	P/E
Q1 23	8.7x	—
Q2 23	8.0x	—
Q3 23	7.4x	—
Q4 23	6.9x	—
Q1 24	6.5x	—
Q2 24	6.2x	—
Q3 24	5.9x	—
Q4 24	5.7x	—
Q1 25	5.4x	—
Q2 25	5.2x	—
Q3 25	5.1x	—
Q4 25	4.9x	457.4x
Q1 26	4.8x	98.5x
Q2 26	4.6x	76.2x
Q3 26	4.5x	65.7x
Q4 26	4.4x	54.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$19M	$10M
Q2 23	-$19M	-$25M
Q3 23	$10M	$6M
Q4 23	$76M	$73M
Q1 24	$129M	$124M
Q2 24	$53M	$49M
Q3 24	$156M	$149M
Q4 24	$174M	$166M
Q1 25	$219M	$214M
Q2 25	$86M	$78M
Q3 25	$159M	$154M
Q4 25	$286M	$284M
Q1 26	$241M	$238M
Q2 26	$167M	$162M
Q3 26	$218M	$214M
Q4 26	$288M	$286M

Capital Expenditures

Quarter	CapEx
Q1 23	$9M
Q2 23	$6M
Q3 23	$4M
Q4 23	$3M
Q1 24	$5M
Q2 24	$4M
Q3 24	$7M
Q4 24	$8M
Q1 25	$5M
Q2 25	$8M
Q3 25	$5M
Q4 25	$2M
Q1 26	$3M
Q2 26	$5M
Q3 26	$4M
Q4 26	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+65.3%	+91.7%
Q2 23	+43.3%	+14.0%
Q3 23	+37.2%	+25.3%
Q4 23	+33.2%	+11.8%
Q1 24	+24.8%	+3.5%
Q2 24	+23.0%	+8.8%
Q3 24	+21.4%	+1.0%
Q4 24	+18.6%	+3.0%
Q1 25	+19.1%	-2.1%
Q2 25	+16.2%	-7.4%
Q3 25	+13.9%	-2.0%
Q4 25	+12.7%	-2.0%
Q1 26	+11.5%	-2.3%
Q2 26	+12.7%	+3.3%
Q3 26	+11.6%	+5.6%
Q4 26	+11.6%	+5.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$171M	41.2%
Q2 23	$170M	37.6%
Q3 23	$172M	35.8%
Q4 23	$165M	32.4%
Q1 24	$166M	32.0%
Q2 24	$185M	33.3%
Q3 24	$172M	29.5%
Q4 24	$161M	26.6%
Q1 25	$151M	24.5%
Q2 25	$148M	22.9%
Q3 25	$135M	20.3%
Q4 25	$131M	19.2%
Q1 26	$128M	18.6%
Q2 26	$144M	19.8%
Q3 26	$138M	18.6%
Q4 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$162M	$110M	$252M	—
Q2 23	$156M	$101M	$265M	—
Q3 23	$148M	$98M	$304M	—
Q4 23	$154M	$86M	$273M	—
Q1 24	$163M	$110M	$256M	—
Q2 24	$172M	$119M	$261M	—
Q3 24	$165M	$111M	$270M	—
Q4 24	$156M	$110M	$249M	—
Q1 25	$163M	$117M	$236M	—
Q2 25	$164M	$108M	$238M	—
Q3 25	$158M	$110M	$256M	—
Q4 25	$157M	$113M	$235M	—
Q1 26	$154M	$103M	$237M	—
Q2 26	$160M	$113M	$246M	—
Q3 26	$160M	$118M	$271M	—
Q4 26	$165M	—	—	$378M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	65.3%	-50.1%	15.2
Q2 23	43.3%	-38.1%	5.2
Q3 23	37.2%	-36.2%	1.0
Q4 23	33.2%	-23.6%	9.6
Q1 24	24.8%	-16.8%	8.0
Q2 24	23.0%	-15.1%	7.9
Q3 24	21.4%	-8.7%	12.7
Q4 24	18.6%	-3.8%	14.8
Q1 25	19.1%	0.8%	19.9
Q2 25	16.2%	5.9%	22.1
Q3 25	13.9%	6.0%	19.9
Q4 25	12.7%	8.2%	20.9
Q1 26	11.5%	13.5%	25.0
Q2 26	12.7%	12.6%	25.3
Q3 26	11.6%	10.1%	21.7
Q4 26	11.6%	8.9%	20.5

Rule of 40

Revenue Segments

Quarter	Subscription and Circulation	Technology Service
Q1 23	$398M	$17M
Q2 23	$435M	$16M
Q3 23	$466M	$15M
Q4 23	$495M	$15M
Q3 24	$569M	$15M
Q1 25	$603M	$14M
Q2 25	$632M	$14M
Q3 25	$651M	$14M
Q4 25	$670M	$12M
Q1 26	$673M	$15M
Q3 26	$724M	$18M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$194M	$2.3B	$2.5B
Q2 23	$216M	$2.3B	$2.5B
Q3 23	$250M	$2.2B	$2.5B
Q4 23	$264M	$2.3B	$2.6B
Q1 24	$125M	$2.2B	$2.4B
Q2 24	$356M	$1.8B	$2.1B
Q3 24	$400M	$1.7B	$2.1B
Q4 24	$334M	$1.9B	$2.2B
Q1 25	$322M	$2.0B	$2.3B
Q2 25	$515M	$1.8B	$2.4B
Q3 25	$310M	$1.9B	$2.2B
Q4 25	$409M	$2.1B	$2.5B
Q1 26	$494M	$2.2B	$2.7B
Q2 26	$876M	$2.0B	$2.9B
Q3 26	$645M	$1.8B	$2.5B
Q4 26	$858M	$1.7B	$2.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	156M	+0.7%	+18.3%
Q2 23	157M	+1.0%	+4.0%
Q3 23	159M	+0.8%	+3.2%
Q4 23	160M	+0.8%	+3.4%
Q1 24	161M	+0.8%	+3.5%
Q2 24	163M	+0.9%	+3.4%
Q3 24	164M	+1.0%	+3.6%
Q4 24	166M	+1.0%	+3.7%
Q1 25	167M	+0.9%	+3.8%
Q2 25	174M	+4.2%	+7.2%
Q3 25	171M	-2.2%	+3.8%
Q4 25	175M	+2.7%	+5.6%
Q1 26	182M	+3.7%	+8.5%
Q2 26	181M	-0.4%	+3.7%
Q3 26	179M	-0.9%	+5.1%
Q4 26	180M	+0.6%	+2.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	$82.5K	5K
Q2 23	$89.9K	5K
Q3 23	$95.6K	5K
Q4 23	$84.8K	6K
Q1 24	$86.1K	6K
Q2 24	$92.5K	6K
Q3 24	$97.1K	6K
Q4 24	$102.4K	6K
Q1 25	$104.4K	6K
Q2 25	$109.3K	6K
Q3 25	$112.6K	6K
Q4 25	$115.3K	6K
Q1 26	$116.3K	6K
Q2 26	$123.1K	6K
Q3 26	$125.5K	6K
Q4 26	$119.5K	6K

Revenue / Employee