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OKTA · Okta

9 filings

10-K

OKTA 10-K Annual Reports

Okta - 9 annual reports

Filing record · 2017–202610-K910-Q298-K83

2026
Okta Annual Report, Year Ended Jan 31, 2026
Okta, Inc. (Class A common stock listed on Nasdaq under "OKTA") reported fiscal 2026 (year ended January 31, 2026) revenue of $2,919 million, up from $2,610 million in fiscal 2025 and $2,263 million in fiscal 2024, with the filing stating revenue growth of 12% in fiscal 2026. Subscription revenue was 98% of total revenue. The company returned to profitability, reporting net income of $235 million versus $28 million in fiscal 2025 and a net loss of $355 million in fiscal 2024. Operating income was $149 million, compared with an operating loss of $74 million in fiscal 2025. Gross margin was 77%, up from 76%, and the filing attributes the improvement to spend efficiency. Dollar-based net retention declined to 106% from 107%, which management attributes primarily to the macroeconomic environment. Customers with ACV above $100,000 rose to 5,100 from 4,800. The balance sheet shows cash, cash equivalents and short-term investments of $2,553 million. The 2026 convertible senior notes, with $350 million principal outstanding, mature June 15, 2026, and the company currently intends to settle principal in cash. In January 2026 the board authorized a share repurchase program of up to $1 billion; $79 million had been used by year-end, leaving $921 million available. Operating cash flow was $884 million, and the filing notes a full valuation allowance remains on U.S. deferred tax assets, which the company may release in the foreseeable future. The filing highlights strategic positioning around identity for AI agents and non-human identities, including Okta for AI Agents and Auth0 for AI Agents, both described as currently in early access. Risk factors emphasize competition from Microsoft, the cybersecurity incidents of January 2022 and October 2023, and a dual-class structure in which insiders held 32% of voting power as of January 31, 2026.
Mar 5, 2026
2025
Okta Annual Report, Year Ended Jan 31, 2025
Okta, Inc. is the leading independent identity partner, offering the Okta Platform for workforce identity and the Auth0 Platform for customer identity. As of January 31, 2025, it had more than 19,650 customers, including more than 4,800 with annual contract value above $100,000, and over 7,000 integrations. Subscriptions made up approximately 98% of total revenue in fiscal 2025. Total revenue was $2,610 million, up from $2,263 million in fiscal 2024, and the company reported net income of $28 million, compared with net losses of $355 million in fiscal 2024 and $815 million in fiscal 2023. Gross margin improved to 76% from 74%, and operating loss narrowed to $74 million from $516 million. Key balance sheet and cash items include cash, cash equivalents and short-term investments of $2,523 million, deferred revenue of $1,718 million, and convertible senior notes with $510 million principal due September 2025 and $350 million due June 2026. Operating cash flow was $750 million in fiscal 2025, up from $512 million. The Dollar-Based Net Retention Rate declined to 107% from 111%, which the filing attributes primarily to the macroeconomic environment. Remaining performance obligations rose to $4,215 million from $3,385 million. The filing also highlights risks including a dual-class structure in which directors, executive officers and affiliates held 35.3% of voting power, the ongoing competitive threat from Microsoft as principal competitor, cybersecurity incidents in January 2022 and October 2023, and the settlement of the securities class action for $60 million covered by insurance and retention. Several derivative lawsuits were subject to a non-monetary settlement agreed in principle in January 2025.
Mar 5, 2025
2024
Okta Annual Report, Year Ended Jan 31, 2024
Okta, Inc. reported fiscal 2024 (year ended January 31, 2024) total revenue of $2,263 million, up from $1,858 million in fiscal 2023, with subscription revenue making up approximately 97% of total revenue. The company narrowed its net loss to $355 million from $815 million in fiscal 2023, and operating loss improved to $516 million from $812 million. Gross margin rose to 74% from 71%, and the company generated $512 million in net cash from operating activities versus $86 million the prior year. The Dollar-Based Net Retention Rate declined to 111% from 120%, which management attributes primarily to the macroeconomic environment, while the customer count grew to more than 18,950 and customers with ACV above $100,000 rose to 4,485. The balance sheet shows cash, cash equivalents and short-term investments of $2,202 million against convertible senior notes outstanding of $552 million (2025 Notes) and $608 million (2026 Notes) in principal. During fiscal 2024 the company repurchased $508 million of 2025 Notes and $542 million of 2026 Notes, producing a $106 million gain on early extinguishment of debt. Remaining performance obligations were $3,385 million, with $1,952 million expected to be recognized over the next 12 months. The filing also highlights ongoing risks: a securities class action and several derivative lawsuits tied to cybersecurity controls, the January 2022 third-party compromise, and an October 2023 incident in which a threat actor accessed the customer support system. Restructuring plans in fiscal 2024 and 2025 target reductions of approximately 300 and 400 full-time employees, respectively. Founders and directors hold 40.4% of voting power through the dual-class structure.
Mar 1, 2024
2023
Okta Annual Report, Year Ended Jan 31, 2023
Okta, Inc. reported fiscal 2023 (year ended January 31, 2023) total revenue of $1,858 million, up 43% from $1,300 million in fiscal 2022, with subscription revenue of $1,794 million making up about 97% of total revenue. Net loss was $815 million, compared with $848 million in fiscal 2022, and gross margin improved to 71% from 70%. Customer count grew to more than 17,600 from over 15,000, customers with annual contract value above $100,000 rose to 3,930 from 3,100, and the Dollar-Based Net Retention Rate was 120%, down from 124%. Calculated billings increased 24% to $2,123 million, and free cash flow fell to $65 million from $87 million. The company's Auth0 acquisition, completed May 3, 2021, continues to shape results, and management expects operating expenses to rise significantly. The balance sheet shows cash, cash equivalents and short-term investments of $2,580 million against convertible senior notes of roughly $2.2 billion in principal (2025 and 2026 notes, plus the 2023 notes that were nearly all repurchased or converted), and an accumulated deficit of $2,475 million. Management states that existing cash and investments will be sufficient for projected working capital and capital expenditure needs for the foreseeable future. In the fourth quarter of fiscal 2023 the company approved a restructuring plan to reduce its workforce by approximately 300 full-time employees, with aggregate costs estimated at about $15 million; fiscal 2023 restructuring and other charges totaled $29 million. Investors should note the dual-class structure, under which directors, executive officers and their affiliates held 41.7% of voting power as of January 31, 2023, and the securities class action and derivative lawsuits filed in 2022 concerning cybersecurity controls, data breaches and the Auth0 integration. The company states it intends to defend these lawsuits vigorously and cannot predict their outcome.
Mar 3, 2023
2022
Okta Annual Report, Year Ended Jan 31, 2022
Okta, Inc. (Nasdaq: OKTA) reported fiscal 2022 (year ended January 31, 2022) revenue of $1,300.2 million, up from $835.4 million in fiscal 2021, with subscription revenue of $1,249.2 million making up about 96% of total revenue. The company remained unprofitable: net loss was $848.4 million, compared with $266.3 million in fiscal 2021, and operating loss was $767.1 million. Results were heavily affected by the May 3, 2021 acquisition of Auth0, Inc., which contributed $139.7 million of revenue and a net loss of $385.3 million from the acquisition date through year-end. Total stock-based compensation rose to $565.5 million from $196.2 million. The balance sheet expanded substantially. Goodwill increased to $5,401.3 million from $48.0 million, and total assets reached $9,205.7 million. Cash, cash equivalents and short-term investments totaled $2,501.8 million at year-end. Calculated billings rose to $1,718.3 million, and the Dollar-Based Net Retention Rate was 124%. Customers with annual contract value above $100,000 numbered 3,100, and total customers exceeded 15,000. Free cash flow was $87.5 million, compared with $110.7 million in the prior year. Management cites the Auth0 integration, rising sales and marketing and research and development spending, and the ongoing COVID-19 pandemic as key factors for investors to monitor. The company also has $3,100 million of convertible senior notes outstanding across the 2023, 2025 and 2026 series, with the 2023 notes classified as current liabilities. Class B shares give insiders and pre-IPO holders 42.6% of voting power.
Mar 7, 2022
2021
Okta Annual Report, Year Ended Jan 31, 2021
Okta, Inc. reported fiscal 2021 (year ended January 31, 2021) revenue of $835.4 million, up from $586.1 million in fiscal 2020, with the filing stating growth of 43%. Subscription revenue was $796.6 million, or 95% of total revenue. Net loss widened to $266.3 million from $208.9 million, and the filing describes the company as having a history of losses it expects to continue. Non-GAAP operating income was $7.7 million, compared with a non-GAAP operating loss of $48.5 million in fiscal 2020. Calculated billings grew 39% to $976.0 million, and remaining performance obligations reached $1.80 billion, of which $841.8 million (47%) is expected to be recognized over the next 12 months. Cash, cash equivalents and short-term investments totaled $2.56 billion as of January 31, 2021. On March 3, 2021, Okta agreed to acquire Auth0, Inc., an identity management platform for application developers, for $6.5 billion, paid in Class A common stock and assumed equity awards plus certain cash payouts. The Class A shares are valued at a fixed $276.2147 per share, so their aggregate value will move with Okta's share price until closing, which is expected in the second quarter of fiscal 2022 (ending July 31, 2021). The filing notes that the acquisition is subject to customary closing conditions and approvals and that the company will incur significant transaction and integration costs. The balance sheet carries $1.97 billion of convertible senior notes (2023, 2025 and 2026 Notes), with the 2023 and 2025 Notes classified as current liabilities because their conversion conditions were triggered. Founders and insiders held 48% of voting power through the dual-class structure, and the filing states that Class B shares carry ten votes each until April 12, 2027.
Mar 4, 2021
2020
Okta Annual Report, Year Ended Jan 31, 2020
Okta, Inc. (Class A common stock listed on NASDAQ under OKTA) reported fiscal 2020 (year ended January 31, 2020) revenue of $586.1 million, up 47% from $399.3 million in fiscal 2019, with subscription revenue of $552.7 million. The company remains unprofitable: net loss widened to $208.9 million from $125.5 million, operating loss was $185.8 million, and the company states it expects to keep incurring losses for the foreseeable future. Gross margin improved to 73% from 72%, and non-GAAP operating margin improved to (8)% from (10)%. Free cash flow was $36.3 million, compared with negative $6.8 million in fiscal 2019, and net cash provided by operating activities was $55.6 million. Balance sheet activity was dominated by convertible debt. In September 2019 Okta issued $1,060.0 million of 0.125% convertible senior notes due 2025 and repurchased $224.4 million of its 0.25% 2023 notes for $604.8 million in consideration, including about 3.0 million Class A shares. Cash, cash equivalents and short-term investments totaled $1,403.0 million at January 31, 2020, against total liabilities of $1,550.1 million. The 2023 notes were classified as current because the conversion condition was met as of January 31, 2020, and holders may convert during the quarter ending April 30, 2020. Customer metrics also grew: 7,950 customers, 1,467 with annual contract value above $100,000, a dollar-based net retention rate of 119%, and remaining performance obligations of $1,209.7 million, of which $592.3 million is expected within 12 months. Investors should weigh the growth and cash-flow improvement against continued GAAP losses, a dual-class structure in which directors, executive officers and their affiliates held 53.1% of voting power, and the convertible notes, which carry dilution and cash-settlement risk. The filing also cites the coronavirus outbreak as a risk to future demand and operations.
Mar 6, 2020
2019
Okta Annual Report, Year Ended Jan 31, 2019
Okta, Inc. (Nasdaq: OKTA) reports in this fiscal 2019 Form 10-K (year ended January 31, 2019) that it is the leading independent identity management platform for the enterprise, serving more than 6,100 customers as of January 31, 2019, up from 4,350 a year earlier. Total revenue was $399.3 million, up from $256.5 million, and subscription revenue was $370.9 million. Gross margin improved to 72% from 69%, and non-GAAP operating margin improved to (10)% from (24)%. However, the company still posted a GAAP net loss of $125.5 million, compared with $109.8 million in fiscal 2018, and an operating loss of $119.6 million. Free cash flow was $(6.8) million, a substantial improvement from $(37.2) million, and operating cash flow turned positive at $15.2 million. Balance sheet activity was significant during the year. The company issued $345.0 million of 0.25% convertible senior notes due 2023 and used $80.0 million of the proceeds to purchase note hedges. Cash, cash equivalents and short-term investments reached $563.8 million at year end. The conditional conversion feature of the notes was triggered as of January 31, 2019, so the notes are classified as a current liability of $271.6 million on the balance sheet. The filing also reports a Dollar-Based Retention Rate of 120% and Calculated Billings of $488.2 million, up 55%. Remaining noncancelable subscription performance obligations were approximately $728.9 million, with about 53% expected to be recognized over the next 12 months. Key investor considerations include the company's continued operating losses, the 54.8% voting power held by pre-IPO holders through its dual-class structure, the risks tied to the conversion of the 2023 Notes, and its pending acquisition of Azuqua, Inc. for approximately $52.5 million in cash.
Mar 14, 2019
2018
Okta Annual Report, Year Ended Jan 31, 2018
Okta, Inc. (Class A common stock listed on NASDAQ under "OKTA" since April 7, 2017) describes itself as the leading independent provider of identity for the enterprise, with the Okta Identity Cloud as its platform. As of January 31, 2018, it had more than 4,350 customers and over 5,500 integrations, and it operates as one reportable segment on a SaaS subscription model. Fiscal 2018 total revenue was $260.0 million, up from $160.3 million in fiscal 2017, with subscription revenue of $239.2 million. Gross margin improved to 69% from 65%, but operating loss was $116.4 million and net loss was $114.4 million (net loss per share of $1.38), compared with a net loss of $83.5 million in fiscal 2017. Free cash flow was negative $37.2 million, and net cash used in operating activities was $25.2 million. Balance sheet and capital items are notable for investors. Cash, cash equivalents and short-term investments totaled $229.7 million at January 31, 2018, up from $37.7 million a year earlier, largely reflecting the April 2017 IPO, which raised $200.0 million net of underwriting discounts. Deferred revenue was $168.7 million, and the company had no borrowings under its $40.0 million Silicon Valley Bank revolving line. Subsequent to year end, in February 2018, Okta issued $345.0 million of 0.25% convertible senior notes due 2023, with an initial conversion price of approximately $48.36 per share. The filing also discloses a dual-class structure in which Class B holders (10 votes per share) held 59.0% of voting power as of January 31, 2018. Key risks highlighted in the filing include ongoing net losses, intense competition from larger companies, dependence on AWS for hosting, data security and privacy exposure (including the upcoming GDPR effective May 25, 2018), and the accounting impact of ASU 2014-09 (Topic 606) adopted February 1, 2018, which the company says is not material to fiscal 2018 and 2017 revenue but changes commission deferral and cost accounting.
Mar 12, 2018