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Commvault Systems (CVLT) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Oct 28, 2026 · Commvault Systems (CVLT) Q2 FY27 earnings results →

Q2 FY27 Revenue up 13% year over year to $312M · 9¢ of every $1 of revenue kept as net profit · operating margin 9.7%

Commvault Systems made $312M in Q2 FY27 (+13% Y/Y): Total subscription $269M, Perpetual support $23.5M, Other services $13.2M. Operating margin 9.7%, net earnings $29.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$312M
Year over year+13%
Operating margin9.7%
Net earnings$29.1M
Operating cash flow$74.8M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $312.4M in Q2 FY27, up 13% year over year and down 1% from the previous quarter. Software-as-a-service was the largest line at 34% of revenue. Software-as-a-service added $26.2M year over year (up 33%), 72% of the total change. Perpetual license declined 40%.

Gross margin was 81.2%, up 1.1 points from Q2 FY26. Operating profit was $30.4M, a 9.7% margin (up 5.2 points year over year). Of the extra revenue versus Q2 FY26, 49% reached operating profit, above the 5% margin then. Operating expenses grew 7% against revenue growth of 13%. The fastest-growing cost line was Sales & marketing (+11%). Net earnings were $29.1M, up 98% year over year. The effective tax rate was 24.9%. Non-operating items added $8.4M, 22% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $74.8M (down 3% year over year), 257% of net earnings. Non-cash charges added back $2.8M of depreciation and amortization and $35.8M of share-based compensation. Working capital and other items added $7.1M. Capital expenditures of $3.9M left free cash flow of $70.9M.

Quarterly history

Commvault Systems revenue by quarterCommvault Systems revenue by quarter$275MQ4 FY25$282MQ1 FY26$276MQ2 FY26$314MQ3 FY26$312MQ4 FY26$314MQ1 FY27$312MQ2 FY27
Commvault Systems net earnings by quarterCommvault Systems net earnings by quarter$31.0MQ4 FY25$23.5MQ1 FY26$14.7MQ2 FY26$17.8MQ3 FY26$14.6MQ4 FY26$21.1MQ1 FY27$29.1MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QOct 28, 2026$312M+13%9.7%$29.1M$74.8M
Q1 FY2710-QJul 29, 2026$314M+11%8.2%$21.1M$51.7M
Q4 FY2610-KMay 11, 2026$312M+13%5.3%$14.6M$132M
Q3 FY2610-QJan 28, 2026$314M+20%6.3%$17.8M$4.0M
Q2 FY2610-QOct 29, 2025$276M+18%4.5%$14.7M$76.8M
Q1 FY2610-QJul 30, 2025$282M+26%8.9%$23.5M$31.7M
Q4 FY2510-KMay 5, 2025$275M+23%9.7%$31.0M$77.0M

Charts

Commvault Systems: revenue growth, year over year and quarter over quarterCommvault Systems: revenue growth, year over year and quarter over quarterY/YQ/Q+23%Q4 FY25+26%+3%Q1 FY26+18%-2%Q2 FY26+20%+14%Q3 FY26+13%-1%Q4 FY26+11%+1%Q1 FY27+13%-1%Q2 FY27
Latest (Q2 FY27): Y/Y +13%, Q/Q -1%.
Commvault Systems: where the cash came from (+) and went (−), TTM to Q2 FY27Commvault Systems: where the cash came from (+) and went (−), TTM to Q2 FY27Buybacks−$418MOperating cash flow$263MCash drawn (+) / kept (−)$166MShares issued$14.1MExchange rates−$8.7MOther investing−$8.4MCapital spending−$7.0MOther financing−$1.4MAcquisitions$200K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Commvault Systems: profit against cash, quarter by quarterCommvault Systems: profit against cash, quarter by quarterNet incomeOperating cash flow$11.0M$30.1MQ3 FY25$31.0M$77.0MQ4 FY25$23.5M$31.7MQ1 FY26$14.7M$76.8MQ2 FY26$17.8M$4.0MQ3 FY26$14.6M$132MQ4 FY26$21.1M$51.7MQ1 FY27$29.1M$74.8MQ2 FY27
Latest (Q2 FY27): Net income $29.1M, Operating cash flow $74.8M.
Commvault Systems: diluted shares by fiscal yearCommvault Systems: diluted shares by fiscal year47MFY2147MFY2245MFY2345MFY2445MFY2545MFY26
-4.3% since FY21: buybacks shrank the count.
Commvault Systems in its industry: growth against margin (192 companies, SIC 7372)Commvault Systems in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYCVLT (+13%, 10%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Commvault Systems

Commvault (Nasdaq: CVLT) is a leader in unified resilience at enterprise scale. In a constantly evolving threat landscape, Commvault keeps customers ready by unifying data security, identity resilience, and cyber recovery, on one cloud-native, AI-enabled platform. Customers trust Commvault to conduct the fastest, most complete recoveries – not just their data, but their entire business. Purpose-built for the agentic enterprise, Commvault also enables organizations to safely embrace AI while protecting against AI-driven threats.

In its own words, from its 8-K, filed Jul 28, 2026.

Commvault Systems against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +14%. Operating margin: 9.7% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
CVLT Commvault SystemsQ2 FY27$312M+13%9.7%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Commvault Systems 10-Q on SEC EDGAR · CIK 1169561 · Services-Prepackaged Software

Guidance and outlook

Commvault Systems Revenue: guidance against what was reportedCommvault Systems Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY24FY24Q1 FY25Q2 FY25Q3 FY25FY25$996MQ4 FY25$275MFY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns CVLT and who is buying

Largest holders of CVLT (13F)Largest holders of CVLT (13F)BlackRock$855MVanguard Group$711MVanguard Portfolio Management LLC$515MVanguard Capital Management LLC$264MAQR Capital Management LLC$260MAmeriprise Financial$247MState Street$239MGeode Capital Management, LLC$174MAcadian Asset Management LLC$173MPictet Asset Management Holding SA$170M
Funds' net buying of CVLT by quarter (13F)Funds' net buying of CVLT by quarter (13F)$82.2M2024-09−$7.5M2024-12$253M2025-03$227M2025-06$104M2025-09−$298M2025-12−$202M2026-03$267M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CVLT

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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