Reported results
- Q2 total revenue $213.7 million, up 1% YoY; Q2 subscription revenue $194.8 million, up 3% YoY
- Q2 GAAP operating income $10.0 million (5% margin) vs. $16.3 million (8% margin) prior year; Q2 non-GAAP operating income $31.3 million (15% margin) vs. $38.2 million (18% margin) prior year
- Q2 GAAP diluted net income per share $0.03 vs. $0.05 prior year; Q2 non-GAAP diluted net income per share $0.11 vs. $0.13 prior year
- Q2 net cash provided by operating activities $18.2 million; Q2 free cash flow (non-GAAP) $13.1 million
- RPO $1.03 billion, up 11% YoY; cRPO up 3% YoY
- Total cash, cash equivalents, and marketable securities $452.9 million as of July 31, 2026
Guidance
- Q3 subscription revenue $196.0 million to $197.0 million
- Q3 total revenue $215.0 million to $216.0 million
- Q3 non-GAAP operating income $33.5 million to $34.5 million
- Q3 non-GAAP diluted net income per share approximately $0.11 (assuming 239 million diluted weighted-average shares outstanding)
- Full fiscal year 2027 subscription revenue $782.5 million to $784.5 million
- Full fiscal year 2027 total revenue $866.5 million to $868.5 million
- Full fiscal year 2027 non-GAAP operating income $139.0 million to $141.0 million
- Full fiscal year 2027 non-GAAP diluted net income per share approximately $0.47 (assuming 240 million diluted weighted-average shares outstanding)
Notes
During the first fiscal quarter of fiscal year 2027, the Company changed the presentation of share repurchase activity within stockholders’ equity from accumulated deficit to additional paid-in capital; prior-period balances have been recast to conform to current-period presentation. This change represents a reclassification within equity only and does not affect total stockholders’ equity, net income, or cash flows.
Price and volatility reaction
The stock moved -8.6% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -3.2 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 7.6 | 2026-09-01 |
| Close after release | 6.95 | 2026-09-02 |
| Realised move | -8.6% | close to close |
| 30d ATM IV change | -3.2 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-02 (8-K, Item 2.02). Read the original filing on sec.gov.