Okta, Inc.

Strong Q2 performance; growth broad-based - Okta reported record bookings for a non-Q4 quarter driven by strong pipeline conversion and deal expansions; also saw acceleration in ACV growth in both workforce identity and customer identity. - Over 20% growth in $1M+ ACV customers and Okta now has 600+ customers with >$1M ACV. - New products drove bookings: ~30% of bookings were from “new products,” and deals including them see about ~40% ACV uplift (per Todd).

AI agents momentum is real, but still “early” - Management emphasized dozens of AI deals won in Q2 and highlighted early success with Okta for AI Agents. - They explicitly downplayed near-term revenue materiality: despite excitement and multi-million dollar wins, AI-agent-specific products are still too small to show up clearly in reported numbers today. - A key supporting datapoint: an 81% awareness stat from surveys—CISOs are aware they have agent exposure they can’t adequately secure yet—but conversion timing remains a core uncertainty.

Product/strategy highlights: governance + runtime controls + compliance-ready identity - New product launches aimed at securing agentic workflows: - Agent Gateway: runtime policy enforcement for “vendor-neutral” agent protection across platforms/clouds including Claude Code, Cursor, GitHub Copilot, Salesforce Agentforce, and MCP endpoints. - Okta for AI Agents-Core GA push for regulated environments (first independent neutral identity platform for AI agent governance in FedRAMP/HIPAA settings). - Public sector momentum: earned DoD IL5 (highest unclassified cloud authorization), framed as important for the DoD Zero Trust 2027 posture.