Detailed financial statements for Okta, Inc. (OKTA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Okta, Inc. delivers comprehensive identity management solutions tailored for a diverse clientele, including large corporations, small and medium-sized businesses, educational institutions, charitable organizations, and governmental bodies, operating both within the United States and globally. The company's flagship offering is the Okta Identity Cloud, a robust platform featuring a suite of integrated products and services.
Analysis Summary
Okta, Inc. reported revenue of $2.92B in the most recent fiscal year, growing at a 5-year CAGR of 28.4%.
Trailing-twelve-month margins: gross margin 78.1%, operating margin 7.7%, net margin 9.6%. Free cash flow grew at 50.7% CAGR over 5 years.
At $184.87 (closing price, November 2, 2026), OKTA trades at a P/E of 111.37 and an ROE of 4.26%. Market capitalisation stands at $30.9B, placing it among large-cap names.
Balance sheet quality for OKTA: debt-to-equity ratio of 0.01, current ratio of 1.53 over the last 12 months, net cash position of $2.13B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $863.0M represents 367% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $160.8M | $256.5M | $399.3M | $586.1M | $835.0M | $1.30B | $1.86B | $2.26B | $2.61B | $2.92B |
| Cost of Revenue | $55.9M | $80.8M | $113.4M | $159.4M | $217.7M | $396.4M | $546.0M | $581.0M | $618.0M | $661.0M |
| Gross Profit | $104.9M | $175.8M | $285.8M | $426.7M | $617.0M | $904.0M | $1.31B | $1.68B | $1.99B | $2.26B |
| Research & Development | $38.7M | $70.8M | $102.4M | $159.3M | $223.0M | $469.0M | $620.0M | $656.0M | $642.0M | $639.0M |
| Selling, General & Admin | $140.9M | $216.8M | $303.1M | $453.2M | $598.0M | $1.20B | $1.48B | $1.49B | $1.41B | $1.47B |
| Operating Expenses | $179.5M | $287.6M | $405.5M | $612.5M | $821.0M | $1.67B | $2.12B | $2.20B | $2.06B | $2.10B |
| Operating Income | -$74.7M | -$111.9M | -$119.6M | -$185.8M | -$204.0M | -$768.0M | -$812.0M | -$516.0M | -$63.0M | $153.0M |
| EBITDA | -$70.1M | -$103.2M | -$102.4M | -$165.5M | -$156.0M | -$651.0M | -$676.0M | -$245.0M | $149.0M | $355.0M |
| Interest Expense | 0 | 0 | $15.1M | $27.0M | $72.7M | $91.0M | $11.0M | $8.0M | $5.0M | $4.0M |
| Pre-tax Income | -$74.6M | -$110.2M | -$125.5M | -$210.3M | -$266.0M | -$850.0M | -$801.0M | -$337.0M | $46.0M | $255.0M |
| Income Tax | $425,000 | -$321,000 | -$17,000 | -$1.4M | 0 | -$2.0M | $14.0M | $18.0M | $18.0M | $20.0M |
| Net Income | -$75.1M | -$109.8M | -$125.5M | -$208.9M | -$266.0M | -$848.0M | -$815.0M | -$355.0M | $28.0M | $235.0M |
| EPS | -$0.92 | -$1.38 | -$1.17 | -$1.78 | -$2.09 | -$5.73 | -$5.16 | -$2.17 | $0.17 | $1.34 |
| EPS (Diluted) | -$0.92 | -$1.38 | -$1.17 | -$1.78 | -$2.09 | -$5.73 | -$5.16 | -$2.17 | $0.06 | $1.31 |
| Shares Outstanding (Diluted) | 90.8 M | 83.0 M | 107.5 M | 117.2 M | 127.2 M | 148.0 M | 158.0 M | 163.6 M | 175.1 M | 179.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $742.0M | $761.0M | $765.0M | $805.0M |
| Gross Profit | $572.0M | $593.0M | $595.0M | $641.0M |
| Operating Income | $23.0M | $50.0M | $56.0M | $107.0M |
| EBITDA | $75.0M | $95.0M | $104.0M | $138.0M |
| Net Income | $43.0M | $63.0M | $74.0M | $116.0M |
| EPS | $0.24 | $0.36 | $0.42 | $0.67 |
| EPS (Diluted) | $0.24 | $0.35 | $0.42 | $0.65 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.3M | $127.9M | $298.4M | $520.0M | $434.6M | $260.0M | $264.0M | $334.0M | $409.0M | $858.0M |
| Short-term Investments | $14.4M | $101.8M | $265.4M | $883.0M | $2.12B | $2.24B | $2.32B | $1.87B | $2.11B | $1.70B |
| Receivables | $34.5M | $52.2M | $93.4M | $130.1M | $194.8M | $398.0M | $481.0M | $559.0M | $621.0M | $687.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $92.8M | $317.5M | $708.1M | $1.60B | $2.88B | $3.04B | $3.23B | $2.98B | $3.42B | $3.47B |
| Property, Plant & Equipment | $11.0M | $12.5M | $174.3M | $178.7M | $212.4M | $213.0M | $181.0M | $131.0M | $117.0M | $103.0M |
| Goodwill | $2.6M | $6.3M | $18.1M | $48.0M | $48.0M | $5.40B | $5.40B | $5.41B | $5.45B | $5.49B |
| Intangible Assets | $9.2M | $11.8M | $13.9M | $32.5M | $27.0M | $317.0M | $241.0M | $182.0M | $138.0M | $91.0M |
| Total Assets | $130.6M | $399.3M | $984.3M | $1.96B | $3.30B | $9.21B | $9.31B | $8.99B | $9.44B | $9.71B |
| Accounts Payable | $9.4M | $9.6M | $2.4M | $3.8M | $8.6M | $20.0M | $12.0M | $12.0M | $13.0M | $12.0M |
| Short-term Debt | 0 | 0 | $271.6M | $100.7M | $908.7M | $16.0M | 0 | 0 | $509.0M | $350.0M |
| Total Current Liabilities | $134.5M | $187.9M | $573.1M | $547.0M | $1.55B | $1.24B | $1.47B | $1.78B | $2.52B | $2.55B |
| Long-term Debt | 0 | 0 | 0 | $837.0M | $857.4M | $1.82B | $2.19B | $1.15B | $349.0M | 0 |
| Total Liabilities | $134.5M | $187.9M | $731.9M | $1.55B | $2.60B | $3.28B | $3.84B | $3.10B | $3.03B | $2.71B |
| Retained Earnings | -$287.9M | -$366.7M | -$492.2M | -$701.1M | -$967.5M | -$1.82B | -$2.48B | -$2.83B | -$2.80B | -$2.57B |
| Total Equity | -$15.7M | $199.3M | $252.4M | $405.3M | $694.0M | $5.92B | $5.47B | $5.89B | $6.41B | $7.00B |
| Total Debt | 0 | 0 | $429.6M | $1.10B | $1.97B | $2.03B | $2.37B | $1.30B | $952.0M | $422.0M |
| Net Debt | -$37.7M | -$229.7M | -$134.2M | -$298.7M | -$587.2M | -$472.0M | -$213.0M | -$905.0M | -$1.57B | -$2.13B |
| Working Capital | -$41.7M | $129.6M | $135.0M | $1.05B | $1.33B | $1.80B | $1.76B | $1.20B | $893.0M | $919.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $645.0M | $858.0M | $762.0M | $763.0M |
| Total Assets | $9.23B | $9.71B | $9.35B | $9.14B |
| Total Liabilities | $2.34B | $2.71B | $2.45B | $2.17B |
| Total Equity | $6.89B | $7.00B | $6.90B | $6.97B |
| Total Debt | $423.0M | $422.0M | $411.0M | $53.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$75.1M | -$109.8M | -$125.5M | -$208.9M | -$266.0M | -$848.0M | -$815.0M | -$355.0M | $28.0M | $235.0M |
| Depreciation & Amortization | $4.6M | $7.0M | $8.0M | $17.8M | $37.0M | $108.0M | $114.0M | $84.0M | $98.0M | $96.0M |
| Stock-based Compensation | $17.1M | $49.9M | $76.3M | $126.6M | $195.0M | $566.0M | $677.0M | $684.0M | $565.0M | $544.0M |
| Change in Working Capital | $90,000 | $10.6M | $20.3M | $51.5M | $38.0M | $140.0M | -$7.0M | $54.0M | -$53.0M | -$173.0M |
| Operating Cash Flow | -$42.1M | -$25.2M | $15.2M | $55.6M | $128.0M | $104.0M | $86.0M | $512.0M | $750.0M | $884.0M |
| Capital Expenditure | -$11.7M | -$12.0M | -$22.7M | -$27.9M | -$17.0M | -$17.0M | -$23.0M | -$24.0M | -$20.0M | -$21.0M |
| Acquisitions | 0 | 0 | -$15.6M | -$44.3M | 0 | -$215.0M | -$4.0M | -$22.0M | -$56.0M | -$56.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$73.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$53.8M | -$37.2M | -$7.5M | $27.7M | $111.0M | $87.0M | $63.0M | $488.0M | $730.0M | $863.0M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $218.0M | $258.0M | $277.0M | $234.0M |
| Capital Expenditure | -$7.0M | -$6.0M | -$1.0M | -$1.0M |
| Free Cash Flow | $211.0M | $252.0M | $276.0M | $233.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $138.0M | $134.0M | $117.0M | $114.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +59.5% | +55.6% | +46.8% | +42.5% | +55.7% | +42.9% | +21.8% | +15.3% | +11.8% | |
| Net Income Growth (YoY) | -46.4% | -14.2% | -66.5% | -27.3% | -218.8% | +3.9% | +56.4% | +107.9% | +739.3% | |
| EPS Growth (YoY) | -50.0% | +15.2% | -52.1% | -17.4% | -174.2% | +9.9% | +57.9% | +107.8% | +688.2% | |
| Shares Change (YoY) | -8.5% | +29.5% | +9.0% | +8.5% | +16.4% | +6.7% | +3.6% | +7.0% | +2.4% | |
| FCF Growth (YoY) | +30.9% | +79.9% | +469.6% | +301.0% | -21.6% | -27.6% | +674.6% | +49.6% | +18.2% | |
| Gross Margin | 65.2% | 68.5% | 71.6% | 72.8% | 73.9% | 69.5% | 70.6% | 74.3% | 76.3% | 77.4% |
| Operating Margin | -46.4% | -43.6% | -30.0% | -31.7% | -24.4% | -59.1% | -43.7% | -22.8% | -2.4% | 5.2% |
| EBITDA Margin | -43.6% | -40.2% | -25.7% | -28.2% | -18.7% | -50.1% | -36.4% | -10.8% | 5.7% | 12.2% |
| Net Margin | -46.7% | -42.8% | -31.4% | -35.6% | -31.9% | -65.2% | -43.9% | -15.7% | 1.1% | 8.1% |
| FCF Margin | -33.5% | -14.5% | -1.9% | 4.7% | 13.3% | 6.7% | 3.4% | 21.6% | 28.0% | 29.6% |
| Effective Tax Rate | -0.6% | 0.3% | 0.0% | 0.7% | -0.0% | 0.2% | -1.7% | -5.3% | 39.1% | 7.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.59 | -$0.45 | -$0.07 | $0.24 | $0.87 | $0.59 | $0.40 | $2.98 | $4.17 | $4.81 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 90.8 M | 83.0 M | 107.5 M | 117.2 M | 127.2 M | 148.0 M | 158.0 M | 163.6 M | 169.6 M | 175.9 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 4.26% |
| Return on Invested Capital | 3.03% |
| Return on Assets | 3.24% |
| Gross Margin | 78.13% |
| Operating Margin | 7.68% |
| Net Margin | 9.63% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 1.53 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.38 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -25.55 | -21.34 | -70.45 | -71.94 | -127.45 | -34.54 | -14.27 | -38.09 | 554.24 | 63.04 |
| P/B | -136.33 | 12.26 | 35.11 | 37.03 | 48.82 | 4.95 | 2.13 | 2.30 | 2.49 | 2.12 |
| P/S | 13.27 | 9.53 | 22.20 | 25.61 | 40.58 | 22.53 | 6.26 | 5.98 | 6.12 | 5.09 |
| Gross Margin | 65.2% | 68.5% | 71.6% | 72.8% | 73.9% | 69.5% | 70.6% | 74.3% | 76.3% | 77.4% |
| Operating Margin | -46.4% | -43.6% | -30.0% | -31.7% | -24.4% | -59.1% | -43.7% | -22.8% | -2.4% | 5.2% |
| Net Margin | -46.7% | -42.8% | -31.4% | -35.6% | -31.9% | -65.2% | -43.9% | -15.7% | 1.1% | 8.1% |
Related companies: SAIL · MSFT · PLTR · ORCL · 0KF5.L · PANW · CRWD · 0IR9.L
Explore sector: Technology · Software - Infrastructure
More sections of OKTA: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks