Earnings call transcript: Okta Q2 2026 beats forecasts, stock jumps 19.4%

Okta reported its Q2 2026 earnings, surpassing analysts' expectations with adjusted earnings per share (EPS) of $1.05 on revenue of $805 million. The company's shares surged 19.4% in after-hours trading, closing at $160.5, above its 52-week high of $157. Okta's Q2 results were driven by stronger bookings and deal expansion, with new products accounting for about 30% of bookings and an average deal ACV uplift of 40%.

The company now has over 600 customers with more than $1 million in annual contract value (ACV), and the number of customers with $1 million in ACV increased by more than 20% year-over-year. Okta's gross profit margin stands at 77.44%, reflecting its pricing power in the identity security market. Analysts see the company's strong financial health and impressive profitability metrics supporting its premium valuation.