Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Loading
Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q2 call day (Aug 26, 2025) through the next call day (Dec 2, 2025)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q2
Macro signals
→Enterprise Spending→Regulation Policy↑AI & Tech
Okta grew total revenue 12.69% to $728 million in fiscal Q2 2026, and GAAP diluted EPS rose to $0.37 from $0.15 as GAAP operating income reached $41 million against a $19 million operating loss a year earlier. Management credited its newly specialized sales teams with improved productivity and record pipeline generation, alongside strength with large customers, new products and the US public sector, which supplied five of the top 10 deals including the quarter's largest, with the DOD. With neither the macro nor the federal risk it had built into its outlook materializing, Okta removed that caution and raised its FY 2026 outlook to total revenue growth of 10% to 11% and a free cash flow margin of approximately 28%. Analysts focused on a Q3 outlook for current RPO growth of 10%, slowing workforce ACV growth, and Palo Alto Networks' planned CyberArk acquisition, which McKinnon said won't meaningfully change the competitive landscape.
Key themes
7
positive📊 company
Specialized Sales Teams Deliver Record Pipeline
Two quarters into the go-to-market realignment, Okta reported improved sales productivity and record pipeline generation, with more pipeline sourced by account executives and by partners; 20 of the top 20 deals were touched by a partner.
Key financials
FY2026 Q2 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Op margin
Net margin
FCF
FY2025 Q3
$665M
+13.9%
$0.00
n/m
-2.4%
2.4%
$158M
FY2025 Q4
$682M
+12.7%
$0.13
—
1.2%
3.4%
$285M
FY2026 Q1
$688M
+11.5%
$0.35
n/m
5.7%
9.0%
$240M
FY2026 Q2Selected
$728M
+12.7%
$0.37
+146.7%
5.6%
9.2%
$165M
FY2026 Q3
$742M
+11.6%
$0.24
n/m
3.1%
5.8%
$214M
FY2026 Q4
$761M
+11.6%
—
—
6.0%
8.3%
$256M
FY2027 Q1
$765M
+11.2%
$0.42
+20.0%
7.3%
9.7%
$276M
FY2027 Q2
$805M
+10.6%
$0.65
+75.7%
13.3%
14.4%
$233M
FY2025 Q3: Prior-year quarter was a loss (-$0.49 EPS), so a percent change isn't meaningful.
FY2026 Q1: Prior-year quarter was a loss (-$0.24 EPS), so a percent change isn't meaningful.
Competitive DynamicsDemand
positive📊 company
FY26 Outlook Raised As Macro And Federal Caution Removed
The macro and federal conservatism added last quarter was removed after neither materialized, and Okta now expects FY 2026 total revenue growth of 10% to 11%, a non-GAAP operating margin of 25% to 26% and a free cash flow margin of approximately 28%. Prudence for the go-to-market specialization stays in the guide.
Guidance ReliabilityRevenue Growth
mixed📊 company
Public Sector Strength Despite Civilian Contract Restructuring
Five of the top 10 deals in Q2 were with the US public sector, including the quarter's biggest deal with the DOD, and renewals across federal were strong, but some civilian agency contracts were restructured to fewer users after government layoffs and procurement processes were delayed.
Regulation PolicyDemand
positive📊 company
Large Customers And New Products Drive Upsell
Customers with more than a million dollars in annual contract value grew 15% year over year to almost 500 as upsell and cross-sell kept outweighing new business in the pipeline. New products from Okta Identity Governance to Okta Privileged Access contributed strongly and Okta customer identity bookings accelerated.
Subscriber GrowthProduct Launch
positive🏢 sector
Cross-App Access And Axiom Deal Target AI Agent Security
McKinnon said AI agents will make machine-identity and service-account risk five times worse. Okta is pushing cross-app access, an open standard drawing interest from AWS, Box and Zoom, and agreed to acquire Axiom Security to deepen Okta Privileged Access.
Cloud & AIM&A
negative📊 company
Current RPO And Workforce Growth Still Slowing
The Q3 outlook calls for current RPO growth of 10% after 13% in Q2, analysts noted workforce ACV growth has decelerated over the last twelve months, and the CFO expects net retention, which analysts put at 106%, to move only plus or minus a little bit for the rest of the year.
Revenue GrowthSubscriber Growth
mixed🏢 sector
Palo Alto'S CyberArk Deal Tests The Independence Pitch
McKinnon said Palo Alto Networks' planned CyberArk acquisition validates identity's central role in security but won't meaningfully change the competitive landscape, arguing an independent, neutral identity platform lets customers consolidate identity while keeping choice across their other security tools.
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“GAAP diluted EPS $0.37 vs $0.15 a year earlier; GAAP operating income $41 million vs an operating loss of $19 million; GAAP net income $67 million vs $29 million (GAAP basis, earnings release EX-99.1, accession 0001660134-25-000156)”
Revenue
“Total revenue $728 million, +12.69% year over year vs $646 million a year earlier (GAAP basis, company_financials; Q2 FY2026 earnings release EX-99.1, accession 0001660134-25-000156; the quarter's results were posted as supplemental commentary, not restated on the call)”
Guidance
“For the full year FY 2026, we are raising our outlook and now expect total revenue growth of 10% to 11%, non-GAAP operating margin of 25% to 26%, and a free cash flow margin of approximately 28%.”
Key metric
“We're at four ninety-five, up 15% year over year.”
CompanyFiscal year ends JanMost recent earnings call: Aug 26, 2026 (FY2027 Q2, not yet analyzed)Est. next earnings call: Dec 1, 2026
9/ 10
FY2026 Q2Positive±0.0 vs FY2026 Q1Default view · newest free
Calendar quarter Q3 2025Earnings call Aug 26, 2025
FY2026 Q2 in brief
Okta grew total revenue 12.69% to $728 million in fiscal Q2 2026, and GAAP diluted EPS rose to $0.37 from $0.15 as GAAP operating income reached $41 million against a $19 million operating loss a year earlier.
PositiveSpecialized Sales Teams Deliver Record Pipeline
PositiveFY26 Outlook Raised As Macro And Federal Caution Removed
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
10%company-level, not the selected quarter
GAAP revenue YoY +12.7% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base7Base 7GAAP revenue YoY +12.7% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion: no completed acquisition or divestiture this quarter (the Axiom Security deal was only announced, expected to close in Q3, and the release calls it immaterial to all guidance metrics) and no management-stated adjusted revenue figure. Total revenue +12.69% YoY (company_financials, source apininjas: $728M vs $646M; matches the Q2 FY2026 8-K EX-99.1, accession 0001660134-25-000156) lands in the 8-14% band -> base 7.
Sources.Tellvest earnings-call sentiment score for Okta, Inc. (OKTA), FY2026 Q2: 9/10. Scores: Okta, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: OKTA daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
+
EPS+1EPS +1GAAP diluted EPS rose from $0.15 to $0.37, both positive (release EX-99.1), so the standard spread applies: EPS YoY +146.67% vs revenue +12.69%, spread +133.98 percentage points, outside +5 percentage points -> +1. Operating income cross-check: GAAP operating income crossed zero, from an operating loss of $19M to operating income of $41M, so the printed operating income growth of +315.79% sits on a loss in the comparison quarter and the direction of the crossing is the operating read (runbook 'Operating income crossing zero', 2026-10-23): loss to profit -> +1. Both outside, same direction -> GAAP adjustment stands, eps_override_used false. Release reconciliation check: acquired-intangible amortization $17M vs $18M and non-cash charitable contributions $0 vs $1M, with no restructuring, impairment or legal-settlement line in either quarter, so the operating read is uncontaminated; serial-acquirer trigger not met (amortization about 2.3 percent of revenue). Pretax income of $67M vs $12M points the same way.
+
Guidance+2Guidance +2Revision of existing FY2026 guidance (decision gate: NO, this is a revision of the FY26 guide set on the FY2025-Q4 call and last revised on the FY2026-Q1 call). Primary pair = revenue/EPS, both raised in the same direction, so the larger move governs. EPS: prior non-GAAP diluted EPS $3.23-$3.28 (Q1 FY2026 release EX-99.1, accession 0001660134-25-000091) -> $3.33-$3.38 (Q2 FY2026 release EX-99.1, accession 0001660134-25-000156), midpoint (3.355 - 3.255) / 3.255 = +3.07%, a raise of 3% or more -> +2. Revenue: $2.850-$2.860B -> $2.875-$2.885B, midpoint $2.855B -> $2.880B, about +0.88% (+1 on its own), so EPS governs. Guided non-GAAP operating income also rose, $710-$720M -> $730-$740M (midpoint $715M -> $735M), and the diluted share assumption moved only from approximately 186 million to approximately 185 million, so the EPS raise is operating, not a buyback-only move (path (c) applies only below 3% anyway). The CFO tied the raise to the Q2 results and to removing the macro and federal prudence that did not materialize; the go-to-market specialization prudence remains.
=
Calculated10→Hard cap9Hard cap 9Calculated total was 10; capped at 9. One or more themes were negative, which caps the score at 9. See the Hard caps section on the About page for the full rules.→Final9
Capped at 9: one or more themes were negative.
How this score was built
Base7Base 7GAAP revenue YoY +12.7% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion: no completed acquisition or divestiture this quarter (the Axiom Security deal was only announced, expected to close in Q3, and the release calls it immaterial to all guidance metrics) and no management-stated adjusted revenue figure. Total revenue +12.69% YoY (company_financials, source apininjas: $728M vs $646M; matches the Q2 FY2026 8-K EX-99.1, accession 0001660134-25-000156) lands in the 8-14% band -> base 7.+EPS+1EPS +1GAAP diluted EPS rose from $0.15 to $0.37, both positive (release EX-99.1), so the standard spread applies: EPS YoY +146.67% vs revenue +12.69%, spread +133.98 percentage points, outside +5 percentage points -> +1. Operating income cross-check: GAAP operating income crossed zero, from an operating loss of $19M to operating income of $41M, so the printed operating income growth of +315.79% sits on a loss in the comparison quarter and the direction of the crossing is the operating read (runbook 'Operating income crossing zero', 2026-10-23): loss to profit -> +1. Both outside, same direction -> GAAP adjustment stands, eps_override_used false. Release reconciliation check: acquired-intangible amortization $17M vs $18M and non-cash charitable contributions $0 vs $1M, with no restructuring, impairment or legal-settlement line in either quarter, so the operating read is uncontaminated; serial-acquirer trigger not met (amortization about 2.3 percent of revenue). Pretax income of $67M vs $12M points the same way.+Guidance+2Guidance +2Revision of existing FY2026 guidance (decision gate: NO, this is a revision of the FY26 guide set on the FY2025-Q4 call and last revised on the FY2026-Q1 call). Primary pair = revenue/EPS, both raised in the same direction, so the larger move governs. EPS: prior non-GAAP diluted EPS $3.23-$3.28 (Q1 FY2026 release EX-99.1, accession 0001660134-25-000091) -> $3.33-$3.38 (Q2 FY2026 release EX-99.1, accession 0001660134-25-000156), midpoint (3.355 - 3.255) / 3.255 = +3.07%, a raise of 3% or more -> +2. Revenue: $2.850-$2.860B -> $2.875-$2.885B, midpoint $2.855B -> $2.880B, about +0.88% (+1 on its own), so EPS governs. Guided non-GAAP operating income also rose, $710-$720M -> $730-$740M (midpoint $715M -> $735M), and the diluted share assumption moved only from approximately 186 million to approximately 185 million, so the EPS raise is operating, not a buyback-only move (path (c) applies only below 3% anyway). The CFO tied the raise to the Q2 results and to removing the macro and federal prudence that did not materialize; the go-to-market specialization prudence remains.=Calculated10→Hard cap9Hard cap 9Calculated total was 10; capped at 9. One or more themes were negative, which caps the score at 9. See the Hard caps section on the About page for the full rules.→Final9
Capped at 9: one or more themes were negative.
235.00
77.45
May '26Nov '26
235.00
62.66
Nov '25Nov '26
Mentions
Calendar Q3 2025
Mentions of other companies on OKTA's FY2026 Q2 call, and mentions of OKTA on other companies' calls covering the same calendar quarter (Q3 2025). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“And it came out of Mike from Atlassian and Eric from Zoom and many other SaaS leaders. Wanted a way to standardize how when they sold their products into companies, how those products were then hooked up to everything else in the company.”
Okta's CEO said Atlassian's leadership helped originate the cross-app access standard, which signals Atlassian is a partner in Okta's push to give security teams visibility into app and AI agent connections.
ZoomNot covered by TellvestFY2026 Q2ManagementPartner
“Already, there is strong interest in cross-app access from partners and ISVs including AWS, Boomi, Box, Ryder, and Zoom.”
Okta's CEO named Zoom among partners showing strong interest in its cross-app access standard for securing AI agents, which signals Zoom engagement with Okta's agent-security protocol.
“Already, there is strong interest in cross-app access from partners and ISVs including AWS, Boomi, Box, Ryder, and Zoom.”
Okta's CEO named AWS among partners showing strong interest in its cross-app access standard for securing AI agents, which signals AWS engagement with Okta's agent-security protocol.
SailPointNot covered by TellvestFY2026 Q2ManagementCompetitor
“Our average customer is live with multiple resources in thirty days. And that's unheard of for a SailPoint implementation. It's legacy software. It's pretty heavyweight to deploy.”
Okta's CEO called SailPoint legacy software that is heavyweight to deploy, against Okta governance customers going live in thirty days, which points to competitive pressure on SailPoint in identity governance.
ForgeRockNot covered by TellvestFY2026 Q2ManagementCompetitor
“I mentioned this one of the biggest technology companies in the world were helping upgrade all of their disparate identity platforms from SailPoint to CyberArk to HashiCorp to paying to ForgeRock they're consolidating them all in Okta.”
Okta's CEO said one of the world's biggest technology companies is consolidating ForgeRock and other identity platforms onto Okta, which points to ForgeRock losing that workload to Okta.
“I mentioned this one of the biggest technology companies in the world were helping upgrade all of their disparate identity platforms from SailPoint to CyberArk to HashiCorp to paying to ForgeRock they're consolidating them all in Okta.”
Okta's CEO said one of the world's biggest technology companies is moving off HashiCorp, now part of IBM, and other identity platforms onto Okta, which points to IBM's HashiCorp losing that workload to Okta.
CyberArkNot covered by TellvestFY2026 Q2ManagementCompetitor
“I mentioned this one of the biggest technology companies in the world were helping upgrade all of their disparate identity platforms from SailPoint to CyberArk to HashiCorp to paying to ForgeRock they're consolidating them all in Okta.”
Okta's CEO said one of the world's biggest technology companies is consolidating CyberArk and other identity platforms onto Okta, which points to CyberArk losing that workload to Okta.
SailPointNot covered by TellvestFY2026 Q2ManagementCompetitor
“I mentioned this one of the biggest technology companies in the world were helping upgrade all of their disparate identity platforms from SailPoint to CyberArk to HashiCorp to paying to ForgeRock they're consolidating them all in Okta.”
Okta's CEO said one of the world's biggest technology companies is consolidating SailPoint and other identity platforms onto Okta, which points to SailPoint losing that workload to Okta.
“So if you are adopting Microsoft Identity, you are making a decision that your first choice and your preferred vendor for everything else is gonna be Microsoft.”
Okta's CEO argued that adopting Microsoft's identity product ties customers to Microsoft for everything else, which signals Okta is pitching its neutrality against Microsoft in identity.
“Todd, you mentioned not expecting to see a change in the competitive landscape because of Palo Alto. Is really good at driving of strategic conversations at the top of the house with CSOs.”
A Goldman Sachs analyst said Palo Alto Networks is strong at driving strategic conversations with chief security officers, which signals Palo Alto could press Okta in security-led identity deals.
CyberArkNot covered by TellvestFY2026 Q2ManagementCompetitor
“And finally, I know you're all interested in our views on the Palo Alto CyberArk announcement. Okta has pioneered the modern identity market. As platform companies enter the market, it underscores two very important things: identity's central role in security, and the importance of Okta's independence and neutrality.”
Okta's CEO said CyberArk's planned combination with Palo Alto Networks underscores identity's central role in security, which points to CyberArk becoming part of a platform rival that Okta will compete against on neutrality.
“And finally, I know you're all interested in our views on the Palo Alto CyberArk announcement. Okta has pioneered the modern identity market. As platform companies enter the market, it underscores two very important things: identity's central role in security, and the importance of Okta's independence and neutrality.”
Okta's CEO said Palo Alto Networks' planned CyberArk deal brings a platform company into identity but won't meaningfully change the competitive landscape, which signals Okta will compete with Palo Alto on independence and neutrality.
Okta grew total revenue 12.69% to $728 million in fiscal Q2 2026, and GAAP diluted EPS rose to $0.37 from $0.15 as GAAP operating income reached $41 million against a $19 million operating loss a year earlier
C3.ai reported a severe first quarter of fiscal 2026, with revenue falling 19% year-over-year to $70.3 million and the company missing its revenue guidance for the first time in nineteen quarters as a public company
CrowdStrike delivered Q2 revenue of $1.17 billion, up 21% and exceeding guidance, with record non-GAAP operating income of $255 million at a 22% margin
CoreWeave's third quarter revenue rose 134% year over year to $1.4 billion, and revenue backlog nearly doubled sequentially to $55.6 billion as the company reached $50 billion in RPO faster than any cloud in history
F5 closed fiscal 2025 with Q4 revenue up 8% to $810 million and non-GAAP EPS of $4.39, reflecting 20% growth from the year-ago period, capping a year that exceeded $3 billion in revenue and $1 billion in operating profit for the first time, with operating margin up 160 basis points to 35.2% and record free cash flow of $906 million, up 19%
Samsara delivered a standout second quarter of fiscal 2026, with revenue of $391 million up 30% year over year (31% in constant currency) and ending ARR of $1.64 billion, also up 30%
MongoDB delivered a standout second quarter, with revenue of $591 million up 24% year over year and above the high end of guidance, as Atlas re-accelerated to 29% growth (74% of revenue) for a second straight quarter
UiPath's second quarter of fiscal 2026 delivered revenue up 14% to $362 million (12% in constant currency) and ARR up 11% to $1.723 billion, beating the high end of its own guidance across key metrics
Twilio grew third-quarter revenue 15% on a reported basis and 13% organically to a record $1.3 billion, and GAAP EPS turned positive at $0.23 against a loss a year earlier, with $41 million in GAAP income from operations
Record Q4 with 22% Operating Margin and ARR Surpassing $3B
OKTAOkta, Inc.
Score 9Rev YoY +12.7%Trend
Okta grew total revenue 12.69% to $728 million in fiscal Q2 2026, and GAAP diluted EPS rose to $0.37 from $0.15 as GAAP operating income reached $41 million against a $19 million operating loss a year earlier
C3.ai reported a severe first quarter of fiscal 2026, with revenue falling 19% year-over-year to $70.3 million and the company missing its revenue guidance for the first time in nineteen quarters as a public company
CrowdStrike delivered Q2 revenue of $1.17 billion, up 21% and exceeding guidance, with record non-GAAP operating income of $255 million at a 22% margin
CoreWeave's third quarter revenue rose 134% year over year to $1.4 billion, and revenue backlog nearly doubled sequentially to $55.6 billion as the company reached $50 billion in RPO faster than any cloud in history
F5 closed fiscal 2025 with Q4 revenue up 8% to $810 million and non-GAAP EPS of $4.39, reflecting 20% growth from the year-ago period, capping a year that exceeded $3 billion in revenue and $1 billion in operating profit for the first time, with operating margin up 160 basis points to 35.2% and record free cash flow of $906 million, up 19%
Samsara delivered a standout second quarter of fiscal 2026, with revenue of $391 million up 30% year over year (31% in constant currency) and ending ARR of $1.64 billion, also up 30%
MongoDB delivered a standout second quarter, with revenue of $591 million up 24% year over year and above the high end of guidance, as Atlas re-accelerated to 29% growth (74% of revenue) for a second straight quarter
UiPath's second quarter of fiscal 2026 delivered revenue up 14% to $362 million (12% in constant currency) and ARR up 11% to $1.723 billion, beating the high end of its own guidance across key metrics
Twilio grew third-quarter revenue 15% on a reported basis and 13% organically to a record $1.3 billion, and GAAP EPS turned positive at $0.23 against a loss a year earlier, with $41 million in GAAP income from operations