Okta Inc - Ordinary Shares - Class A

Solid Start to FY '26: Okta reported a strong first quarter, characterized by impressive cash flow and record profitability. The company indicates strong growth in its large customer segment and new product areas, particularly in governance and identity security products, with workflow executions rising nearly 400% year-over-year to nearly $40 billion.

Guidance and Forecasts: For Q2 FY '26, Okta expects total revenue growth of 10% and non-GAAP operating margin of 26%. For the full FY '26, total revenue growth is projected at 9% to 10% with an operating margin of 25%. The guidance reflects a cautious outlook factoring in potential macroeconomic uncertainties.

Go-to-Market Specialization Initiative: Okta has restructured its sales force into specialized teams for the Okta and Auth0 platforms. Early indications from Q1 show positive results from this realignment, with strong performance from Auth0 and a solid pipeline build. The company believes this specialization will lead to long-term benefits and improved productivity.