Okta, Inc. · OKTA · FY2027 Q2 · Calendar Q3 2026

Okta Q2 FY27: Record Bookings, AI Security Still Early

Okta’s Q2 supports a constructive but qualified view: enterprise demand, new-product bookings and platform expansion were strong, while AI-agent security is promising but not yet a material revenue driver. The next test is whether early deal momentum converts into sustained, measurable growth.

Reported After market closeNASDAQTechnology $30.30B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.05 Consensus $0.96
EPS surprise +8.8% Reported versus consensus
Reported revenue $805.0M Consensus $793.0M
Revenue surprise +1.5% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +28.6% Event window
SPY move +0.7% Same window
Abnormal move +28.0% Stock minus SPY
Volume 5.8× Versus trailing sessions
Subsequent drift +5.5% Up to 20 sessions
OKTASPY benchmark

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Why did OKTA rise 28.6% after beating EPS estimates in FY2027 Q2?What changed in OKTA's guidance and outlook in FY2027 Q2?Give me the bull and bear case for OKTA after FY2027 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, bookings momentum strengthened, new products rose from about 25% to about 30% of bookings, and Okta added the Permiso acquisition and IL5 authorization. Management’s AI-agent strategy also advanced from early general availability and partnerships toward Agent Gateway, AI Agents-Core and new pricing models.

Guidance delta

Management maintained FY27 guidance centered on 10–11% revenue growth and improved non-GAAP operating margins.

Key takeaways

  • Okta described Q2 FY27 as a record non-Q4 bookings quarter, led by large enterprises and new products.
  • New products represented about 30% of bookings, with Identity Governance the leading contributor.
  • AI-agent security wins are early but show high-margin deal potential; average AI deal size exceeded the rest of the business.
  • Permiso integration and IL5 authorization broaden Okta’s identity-security and federal-market opportunity.
  • The company highlighted strong cash flow and a debt-free balance sheet.

Management priorities

  • Expand Okta for AI Agents-Core and Agent Gateway.
  • Integrate Permiso into Okta’s unified security suite.
  • Develop consumption-based and per-user pricing for AI-agent usage.
  • Expand the federal pipeline following IL5 authorization.
  • Continue building the partner ecosystem and cross-sell across the identity platform.

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Earnings History

Estimate Beat Miss Match
OKTA EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q3 '24 estimate $0.30 Q3 '24 actual $0.44, beat Q4 '24 estimate $0.51 Q4 '24 actual $0.63, beat Q1 '25 estimate $0.54 Q1 '25 actual $0.65, beat Q2 '25 estimate $0.61 Q2 '25 actual $0.72, beat Q2 '26 estimate $0.85 Q2 '26 actual $0.91, beat Q3 '26 estimate $0.76 Q3 '26 actual $0.82, beat Q4 '26 estimate $0.85 Q4 '26 actual $0.90, beat Q1 '27 estimate $0.85 Q1 '27 actual $0.91, beat Q2 '27 estimate $0.96 Q2 '27 actual $1.05, beat Q3 '27 estimate $0.93 Q4 '27 estimate $1.03 Q1 '28 estimate $1.01 Q2 '28 estimate $1.11
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Analyst Consensus ?

ConsensusBuy51 ratings
Bullish3874.5%
Neutral1223.5%
Bearish12.0%

Analyst 52W Price Targets

$182.37Current
$45Low
$153.7Average
$283High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
B of A Securities Neutral NeutralMaintainSep 18, 2026
BTIG Buy BuyMaintainSep 17, 2026
Bernstein Market Perform OutperformDowngradeSep 17, 2026
Wells Fargo Overweight OverweightMaintainSep 14, 2026
Susquehanna Neutral NeutralMaintainAug 28, 2026
Show 46 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $182.37. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BTIGAnalyst unavailable$219$188.12 +20.1%Sep 17, 2026
BernsteinPeter Weed$174$188.12 -4.6%Sep 17, 2026
Wells FargoRichard Poland$200$166.5 +9.7%Sep 14, 2026
SusquehannaShyam Patil$185$169.45 +1.4%Aug 28, 2026
Goldman SachsGabriela Borges$203$172.91 +11.3%Aug 28, 2026
See 203 more

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Company context

Snapshot as of publication

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. These include a Universal Directory, a cloud-based system designed to securely store and manage user, application, and device profiles; Single Sign-On (SSO), enabling seamless access to cloud-based or on-premises applications from multiple devices; and Adaptive Multi-Factor Authentication, which adds an extra layer of security for various applications and data.…

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook
IOT Samsara Inc. FY2027 Q2 · Calendar Q3 2026 +25.0% +3.7% Samsara: AI adoption expands as FY27 guidance holds

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-27T14:20:51.912015+00:00
  2. FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
  3. Polygon adjusted daily market bars · 2026-09-21T06:10:51.113254+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T06:10:51.110466+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.