Okta
Our Okta Platform and Auth0 Platform enable our customers to securely connect the right people to the right technologies and services at the right time.
10-K, Mar 5, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001660134-26-000020 · filed Mar 5, 2026
Business
How does Okta make money?
Subscription And Circulation is 97.9% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001660134-25-000049 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($2.6B).
- Subscription And Circulation: $2.6B · 97.9%
- Technology Service: $54.0M · 2.1%
What is left of every $100?
Of every $100 in revenue, $8 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $2.9B
- Gross profit: $2.3B
- Operating income: $149M
- Net income: $235M
- Free cash flow: $875M
Where do customers sit?
79.5% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001660134-26-000020 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Identity is becoming the most critical layer of an organization’s security.”
“The acceleration of digital transformation, cloud adoption and the evolving security threat landscape continue to drive a shift in how organizations securely manage the identity of their employees, contractors and partners.”
“As organizations shift from network-based security models to a Zero Trust security model focused on adaptive and context-aware controls, identity has become the most reliable way to manage user access and protect digital assets.”
Item 1 · Business · 10-K · 0001660134-26-000020 · filed Mar 5, 2026
Where did the growth actually come from?
One segment drove 98% of growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“Nearly all of the leading cloud application providers are our partners, and many of them drive further customer acquisition for us through co-selling arrangements, building our offerings directly into their products and product demonstrations running on our technology.”
Item 1 · Business · 10-K · 0001660134-26-000020 · filed Mar 5, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 12% to $2.9B.
Revenue grew 11% YoY to $805M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 38.5%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
5.1% operating margin, up from −2.8%.
77.4% gross margin, up from 76.3%.
Operating income: $149M in FY2026.
Net income grew 739% to $235M.
R&D fell 0.5% to $639M.
SG&A grew 3.8% to $1.5B.
EPS diluted grew 2083% to $1.31.
13.3% operating margin, up from 5.6%.
79.6% gross margin, up from 76.9%.
Operating income grew 161% YoY to $107M.
Net income grew 73% YoY to $116M.
R&D grew 1.9% YoY to $163M.
SG&A grew 3.3% YoY to $371M.
EPS diluted grew 76% YoY to $0.65.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $30 of every $100 as free cash.
Operating cash flow grew 18% to $884M.
Capex grew 12% to $9.0M.
Buybacks: $73.0M in FY2026.
Stock-based compensation fell 3.7% to $544M.
Free cash flow grew 41% YoY to $233M.
Operating cash flow grew 40% YoY to $234M.
Capex fell 50% YoY to $1.0M.
Buybacks: $124M in FY2027 Q2.
Stock-based compensation fell 21% YoY to $114M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$858M cash vs $350M debt.
Total debt fell 59% to $350M.
Interest expense fell 20% to $4.0M.
Total assets grew 2.9% to $9.7B.
Equity grew 9.3% to $7.0B.
Cash fell 13% YoY to $763M.
Total debt fell 59% YoY to $350M.
Interest expense: $0 in FY2027 Q2.
Total assets fell 4.3% YoY to $9.1B.
Equity grew 3.2% YoY to $7.0B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Okta depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Okta annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Okta
Okta holds stakes in
No stake in a covered company found in SEC filings.
Others name Okta
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 62 risk factors, one per theme.
Competition
“We face intense competition, especially from larger, well-established companies, and we may lack sufficient financial or other resources to maintain or improve our competitive position.”
Item 1A · Risk Factors · 10-K · 0001660134-26-000020 · filed Mar 5, 2026
Trade, government policy and geopolitics
“Because our long-term success depends, in part, on our ability to expand the sales of our solutions to customers located outside of the United States, our business will be susceptible to risks associated with international operations.”
Item 1A · Risk Factors · 10-K · 0001660134-26-000020 · filed Mar 5, 2026
Security, defects and outages
“We may be subject to liability claims if we breach our contracts and our insurance may be inadequate to cover our losses.”
Item 1A · Risk Factors · 10-K · 0001660134-26-000020 · filed Mar 5, 2026
Acquisitions
“Our ability to introduce new solutions is dependent on adequate research and development resources and, in part, on our ability to successfully complete acquisitions. If we do not adequately fund our research and development efforts or complete acquisitions successfully, we may not be able to compete effectively and our business and results of operations may be harmed.”
Item 1A · Risk Factors · 10-K · 0001660134-26-000020 · filed Mar 5, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Fmr LLC holds 11.6%.
Fmr LLC11.6%
13G/A · as of Jul 31, 2026 · filed Aug 7, 2026
BlackRock, Inc.10.5%
13G/A · as of Apr 30, 2025 · filed May 5, 2025
Vanguard Portfolio Management LLC5.47%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Vanguard Capital Management LLC5.36%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Sequoia Capital U.S. Growth Fund Vi, L.P.11.5% (then)
13G · as of Dec 31, 2017 · filed Feb 14, 2018 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
13 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.8%
18.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Fmr LLC10.2%
16.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.6%
8.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC4.8%
7.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp4.0%
6.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
821 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
2 purchases · 86 sales · $58.2M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 33 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | |||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | |||||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | |||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | not reported | not reported | ||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values