OTEX

MKT CAP:$6B

Open Text Corporation

Market Cap

$6B

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$23.36-$8.38 (-26.40%)

Apr 20, 2026

Company Details

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; secur...

CEO

Christopher James McGourlay

IPO Date

Jan 24, 1996

Website

www.opentext.com

Key Metrics TTM

Revenue

$5.2B

-11.8% YoY

Net Income

$437M

EPS (Diluted)

$1.69

Free Cash Flow

$871M

Revenue / Share

$20.48

Gross Margin

68.3%

Operating Margin

20.0%

Net Margin

8.4%

FCF Margin

16.8%

P/S

1.1x

P/E

12.9x

Earnings Reports

Q3 2026

Apr 29, 2026

PENDING

Q2 2026

Feb 5, 2026

$1.3BEPS $0.66

Q1 2026

Nov 5, 2025

$1.3BEPS $0.57

Q4 2025

Aug 7, 2025

$1.3B-2.2%EPS $0.11

Q3 2025

Apr 30, 2025

$1.3B-13.2%EPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$802M	$477M	$195M
Q2 21	$875M	$540M	$223M
Q1 22	$827M	$498M	$181M
Q2 22	$874M	$539M	$202M
Q4 22	$895M	$550M	$163M
Q1 23	$804M	$487M	$152M
Q2 23	$899M	$560M	$197M
Q3 23	$1.2B	$747M	$139M
Q4 23	$1.5B	$924M	$194M
Q2 24	$1.6B	$1.0B	$317M
Q3 24	$1.4B	$919M	$246M
Q4 24	$1.4B	$858M	$242M
Q3 25	$1.3B	$784M	$214M
Q4 25	$1.3B	$848M	$265M
Q1 26	$1.3B	$938M	$270M
Q2 26	$1.3B	$982M	$292M

Valuation

Quarter	P/S	P/E
Q1 21	1.8x	17.9x
Q2 21	1.7x	32.6x
Q1 22	1.7x	28.9x
Q2 22	1.7x	22.0x
Q4 22	1.6x	22.2x
Q1 23	1.7x	26.7x
Q2 23	1.6x	16.6x
Q3 23	1.5x	18.3x
Q4 23	1.3x	35.8x
Q2 24	1.1x	18.4x
Q3 24	1.0x	38.8x
Q4 24	1.0x	16.7x
Q3 25	1.0x	11.8x
Q4 25	1.0x	12.0x
Q1 26	1.1x	10.9x
Q2 26	1.1x	12.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$234M	$219M
Q2 21	$290M	$282M
Q1 22	$188M	$162M
Q2 22	$216M	$205M
Q4 22	$252M	$214M
Q1 23	$125M	$90M
Q2 23	$194M	$162M
Q3 23	$332M	$301M
Q4 23	$120M	$95M
Q2 24	$358M	$312M
Q3 24	$382M	$346M
Q4 24	$183M	$143M
Q3 25	$393M	$365M
Q4 25	$160M	$125M
Q1 26	$148M	$101M
Q2 26	$319M	$279M

Capital Expenditures

Quarter	CapEx
Q1 21	$15M
Q2 21	$8M
Q1 22	$27M
Q2 22	$11M
Q4 22	$38M
Q1 23	$34M
Q2 23	$32M
Q3 23	$31M
Q4 23	$25M
Q2 24	$46M
Q3 24	$36M
Q4 24	$40M
Q3 25	$28M
Q4 25	$35M
Q1 26	$47M
Q2 26	$39M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+24.9%	+12.8%
Q2 21	+25.9%	+16.9%
Q1 22	+5.3%	+9.9%
Q2 22	+3.9%	+0.4%
Q4 22	+11.6%	+20.6%
Q1 23	-8.1%	-0.1%
Q2 23	+8.7%	+8.8%
Q3 23	+42.4%	+64.4%
Q4 23	+68.8%	+79.9%
Q2 24	+96.1%	+93.4%
Q3 24	+60.3%	+70.2%
Q4 24	+9.4%	+1.3%
Q3 25	-17.2%	-21.2%
Q4 25	-15.5%	-15.4%
Q1 26	-10.6%	-14.8%
Q2 26	-2.6%	-7.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$12M	1.5%
Q2 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$18M	1.4%
Q2 26	$21M	1.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 21	$94M	—	—	$188M
Q2 21	$103M	—	—	$215M
Q1 22	$99M	—	—	$217M
Q2 22	$103M	—	—	$235M
Q4 22	$118M	—	—	$269M
Q1 23	$104M	—	—	$231M
Q2 23	$110M	—	—	$254M
Q3 23	$211M	—	—	$397M
Q4 23	$253M	—	—	$476M
Q2 24	$226M	—	—	$466M
Q3 24	$233M	—	—	$440M
Q4 24	$205M	—	—	$411M
Q3 25	$197M	—	—	$373M
Q4 25	$190M	—	—	$392M
Q1 26	$167M	$106M	$257M	—
Q2 26	$158M	$110M	$288M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 21	24.9%	38.9%	63.9
Q2 21	25.9%	42.7%	68.6
Q1 22	5.3%	37.0%	42.3
Q2 22	3.9%	33.2%	37.1
Q4 22	11.6%	29.1%	40.6
Q1 23	-8.1%	10.2%	2.1
Q2 23	8.7%	53.4%	62.1
Q3 23	42.4%	27.4%	69.9
Q4 23	68.8%	22.8%	91.6
Q2 24	96.1%	26.4%	122.5
Q3 24	60.3%	29.9%	90.1
Q4 24	9.4%	57.8%	67.2
Q3 25	-17.2%	27.9%	10.6
Q4 25	-15.5%	21.8%	6.2
Q1 26	-10.6%	33.9%	23.3
Q2 26	-2.6%	34.9%	32.3

Rule of 40

Revenue Segments

Quarter	Cloud Services And Subscriptions	Customer Support	License	Professional Service And Other
Q1 21	$341M	$329M	$69M	$65M
Q2 21	$350M	$334M	$107M	$63M
Q1 22	$357M	$335M	$74M	$67M
Q2 22	$365M	$335M	$109M	$68M
Q4 22	$412M	$328M	$95M	$68M
Q2 23	$409M	$317M	$108M	$64M
Q3 23	$435M	$576M	$140M	$94M
Q4 23	$452M	$705M	$229M	$105M
Q2 24	$450M	$696M	$289M	$100M
Q3 24	$455M	$691M	$200M	$101M
Q4 24	$465M	$628M	$172M	$97M
Q3 25	$463M	$567M	$138M	$86M
Q4 25	$475M	$581M	$173M	$83M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q1 21	$509M	$69M	$226M
Q2 21	$517M	$68M	$271M
Q1 22	$520M	$68M	$245M
Q2 22	$535M	$74M	$267M
Q4 22	$572M	$69M	$261M
Q2 23	$584M	$79M	$235M
Q3 23	$751M	$114M	$379M
Q4 23	$893M	$131M	$467M
Q2 24	$884M	$146M	$505M
Q3 24	$829M	$137M	$481M
Q3 25	$720M	$114M	$420M
Q1 26	$734M	$116M	$439M
Q2 26	$708M	$122M	$497M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$1.6B	$0	$1.6B
Q4 22	$1.7B	$0	$1.7B
Q1 23	$1.7B	$0	$1.7B
Q2 23	$2.8B	$0	$2.8B
Q3 23	$1.4B	$0	$1.4B
Q4 23	$1.2B	$0	$1.2B
Q1 24	$920M	$0	$920M
Q2 24	$1.0B	$0	$1.0B
Q3 24	$1.1B	$0	$1.1B
Q4 24	$1.3B	$0	$1.3B
Q1 25	$1.0B	$0	$1.0B
Q2 25	$1.1B	$0	$1.1B
Q3 25	$1.3B	$0	$1.3B
Q4 25	$1.2B	$0	$1.2B
Q1 26	$1.1B	$0	$1.1B
Q2 26	$1.3B	$0	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	273M	+0.3%	+2.5%
Q2 21	272M	-0.2%	+0.4%
Q1 22	273M	+0.3%	+0.6%
Q2 22	273M	-0.1%	+0.3%
Q4 22	270M	-0.9%	-0.9%
Q1 23	270M	-0.2%	-1.0%
Q2 23	270M	+0.1%	-1.1%
Q3 23	271M	+0.2%	-0.8%
Q4 23	271M	+0.0%	+0.1%
Q2 24	272M	+0.5%	+0.9%
Q3 24	273M	+0.3%	+1.1%
Q4 24	272M	-0.5%	+0.4%
Q3 25	264M	-2.9%	-2.6%
Q4 25	258M	-2.3%	-5.3%
Q1 26	254M	-1.5%	-7.1%
Q2 26	254M	-0.0%	-6.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$55.7K	14K
Q2 21	$60.8K	14K
Q1 22	$57.8K	14K
Q2 22	$61.1K	14K
Q4 22	$60.5K	15K
Q1 23	$54.3K	15K
Q2 23	$60.7K	15K
Q3 23	$84.1K	15K
Q4 23	$62.7K	24K
Q2 24	$65.4K	24K
Q3 24	$59.8K	24K
Q4 24	$59.2K	23K
Q3 25	$54.4K	23K
Q4 25	$62.2K	21K
Q1 26	$60.2K	21K
Q2 26	$62.0K	21K

Revenue / Employee