Premarket price
$162.50
+20.89%
vs. $134.42 Aug. 26 close
Okta Shares Surge 20.9% After $75 Million Backlog Surpasses Outlook, Prompting Raised Guidance
Okta Inc. shares surged 20.89% to $162.50 in premarket deals as of 04:08:52 EDT. The gain came after Okta beat quarterly backlog estimates, providing firmer proof of demand despite a limited guidance raise. The jump signaled about $4.9 billion in market value added from Wednesday’s $23.57 billion cap.
NASDAQ: OKTA · Q2 FY2027
The rally prices in a backlog inflection
Current subscription backlog accelerated faster than revenue. Cash conversion improved too. The remaining question is whether the 21% premarket reset outran a modest full-year guidance increase.
Market data: Aug. 27, 2026, 04:08:52 EDT
Financials: quarter ended July 31, 2026
Financials: quarter ended July 31, 2026
Value added
≈$4.9B
Estimate from $23.57B Aug. 26 market cap
Current RPO
$2.585B
+14% YoY
$75M above consensus
Free cash flow
$227M
+40% YoY
28.1% margin, +5.8 pts
Current backlog regained momentum
Quarterly cRPO rose from $2.499B in Q1 to $2.585B in Q2. Management guides Q3 cRPO to $2.590B–$2.600B, implying 11%–12% year-over-year growth.
Beat, raise and valuation
Q2 revenue$805M · +11%
Revenue beat$12M vs. consensus
Adjusted EPS$1.05 vs. $0.97
FY27 revenue midpoint$3.221B
Midpoint increase+$21M · +0.7%
Analyst mean target$146.34
At $162.50, the premarket price stood 11.0% above Yahoo’s mean analyst target at 04:08:52 EDT.
Operating signals
Subscription mix
$793M of $805M revenue
Non-GAAP subscription gross margin
83.9%, up 0.2 percentage point
Free-cash-flow margin
28.1%, up 5.8 percentage points
Customers above $100K ACV
5,255, up 6% year over year
What must happen next
| Test | Latest | Next threshold | Investor read |
|---|---|---|---|
| cRPO growth | 14% | 11%–12% Q3 guide | Deceleration is already guided |
| Revenue growth | 11% | 10% Q3 guide | Backlog must convert cleanly |
| FCF margin | 28.1% | 21%–23% Q3 guide | Quarterly seasonality rises |
| Net retention | 107% | Hold or improve | Confirms expansion quality |
Risk map
Price riskPremarket gain may reverse when regular liquidity returns.
Growth riskFY2027 revenue still grows only 10%–11%.
Mix riskPartnering out professional services cuts reported growth by about one point.
Execution riskAI-agent products need bookings without weakening renewal economics.
Okta Shares Surge 15.7%, Market Value Rises by $3.5 Billion on Faster Backlog Growth
SAN FRANCISCO, August 26, 2026, 16:49 EDT — Okta's stock climbed 15.7%, boosting its market capitalization by $3.5 billion as the company reported an acceleration in backlog growth.
NASDAQ: OKTA · Company stock move
Backlog acceleration reprices Okta
Fiscal Q2 2027 earnings · identity and access management
Market snapshot: August 26, 2026, 16:46 EDT
Financials and guidance: August 26, 2026
Financials and guidance: August 26, 2026
After-hours price
$155.47
vs. $134.42 regular close
After-hours move
+15.66%
+$21.05 per share
Implied value added
≈$3.50B
166.12M shares × $21.05
Remaining obligations
$4.858B
+17% year over year
Q2 operating scorecard
Q2 FY2026Q2 FY2027
Why the move matters
The market added almost four times the raised full-year free-cash-flow midpoint. Sustained backlog conversion is now the central valuation test.
FY2027 guidance reset
| Metric | Prior midpoint | New midpoint | Change |
|---|---|---|---|
| Revenue | $3.195B | $3.221B | +$26M |
| Adjusted operating income | $816M | $835M | +$19M |
| Adjusted EPS | $3.83 | $3.92 | +$0.09 |
| Free cash flow | $870M | $920M | +$50M |
Street positioning
| Ratings | 46 |
| Buy / Overweight / Hold | 29 / 6 / 9 |
| Underweight / Sell | 2 / 0 |
| Average target | $147.18 · 5.3% below |
| Median target | $161 · 3.6% upside |
| Target range | $75–$180 |
Analyst recommendations and targets as of the August 26, 2026 close.
Near-term signals
Revenue +11%Subscription +12%RPO +17%cRPO +14%FCF +40%- Q3 revenue midpoint: $815M, about 0.9% above consensus.
- Q3 EPS midpoint: $0.93, one cent below consensus.
- Regular volume: about 5.9M, roughly 1.6× the 65-day average.
- Identity Governance and machine-identity demand led management’s product message.
Risk monitor
- Valuation: the after-hours price exceeded the pre-report average analyst target.
- Cash cadence: Q3 FCF margin guidance of 21%–23% trails Q2’s 28%.
- Execution: enterprise renewals must sustain current-RPO growth.
- Operating risk: competition or a security incident could impair demand.
- Management’s earnings call began at 17:00 EDT on August 26.
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