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Okta cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$233M in Q2 FY27 · $979M over twelve months

Operating cash flow$234M
Capital spending−$1.0M
Free cash flow+$233M
Cash / net income2.0×
Cash conversion cycle42 days

Analysis

In Q2 FY27, Okta generated $234M of operating cash flow and spent $1.0M on capital projects, leaving free cash flow of $233M. That is $68.0M more than in Q2 FY26 ($165M).

Over the twelve months to Jul 31, 2026, operating cash flow was $987M; the largest uses were net borrowing (+) / repaid (−) ($860M), buybacks ($445M), taxes on employees’ shares ($190M); besides operations, cash came from other investing ($407M), other financing ($42.0M); the cash balance fell by $115M.

Operating cash flow was $234M against net income of $116M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$114M, receivables −$83.0M, employee-related liabilities +$38.0M.

Its cash conversion cycle was 42 days (receivables 49 + inventory 0 − payables 7).

Free cash flow

Okta: free cash flow by quarterOkta: free cash flow by quarter$158MQ3 FY25$285MQ4 FY25$240MQ1 FY26$165MQ2 FY26$214MQ3 FY26$256MQ4 FY26$276MQ1 FY27$233MQ2 FY27
Operating cash flow less capital spending.
Okta: operating cash flow against capital spendingOkta: operating cash flow against capital spendingOperating cash flowCapital spending$159M$1.0MQ3 FY25$286M$1.0MQ4 FY25$241M$1.0MQ1 FY26$167M$2.0MQ2 FY26$218M$4.0MQ3 FY26$258M$2.0MQ4 FY26$277M$1.0MQ1 FY27$234M$1.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $234M, Capital spending $1.0M.

Capital allocation, year by year

Okta: where the cash came from (up) and went (down), by fiscal yearOkta: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $104MFY22: Shares issued $53.0MFY22: Capital spending −$13.0MFY22: Acquisitions −$215M$157MFY22FY23: Operating cash flow $86.0MFY23: Shares issued $17.0MFY23: Capital spending −$12.0MFY23: Acquisitions −$4.0M$103MFY23FY24: Operating cash flow $512MFY24: Net borrowing −$937MFY24: Shares issued $15.0MFY24: Capital spending −$8.0MFY24: Acquisitions −$22.0M$527MFY24FY25: Operating cash flow $750MFY25: Net borrowing −$280MFY25: Shares issued $27.0MFY25: Capital spending −$8.0MFY25: Acquisitions −$56.0M$777MFY25FY26: Operating cash flow $884MFY26: Net borrowing −$510MFY26: Shares issued $12.0MFY26: Capital spending −$9.0MFY26: Acquisitions −$56.0MFY26: Buybacks −$73.0M$896MFY26
Over these 5 years operating cash flow totalled $2.3B; the largest uses were net borrowing ($1.7B) and acquisitions ($353M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debtnone
Net cash$2.3B

Okta funds itself: free cash flow was $979M over the last twelve months, with $2.3B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Okta: sources (+) and uses (−) of cash, Q2 FY27Okta: sources (+) and uses (−) of cash, Q2 FY27Other financing−$326MOther investing$272MOperating cash flow$234MBuybacks−$124MTaxes on employees’ shares−$52.0MExchange rates−$3.0MCapital spending−$1.0MShares issued$1.0MCash drawn (+) / kept (−)−$1.0M
Okta: sources (+) and uses (−) of cash, TTM to Q2 FY27Okta: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$987MNet borrowing (+) / repaid (−)−$860MBuybacks−$445MOther investing$407MTaxes on employees’ shares−$190MCash drawn (+) / kept (−)$115MAcquisitions−$53.0MOther financing$42.0MCapital spending−$8.0MShares issued$6.0MExchange rates−$1.0M

From profit to cash

Okta: net income to operating cash flow, Q2 FY27Okta: net income to operating cash flow, Q2 FY27Net income$116MStock-based pay$114MDeferred taxes$1.0MOther non-cash$1.0MReceivables−$83.0MPayables−$3.0MAccrued liabilities$12.0MEmployee-related liabilities$38.0MDeferred revenue$29.0MPrepaid and other assets$13.0MOperating cash flow$234M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2749—742
Q1 FY2762—756
Q4 FY2670—763
Q3 FY2655—748
Q2 FY2648—742
Q1 FY2662—755
Q4 FY2573—766
Q3 FY2558—751

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$234M−$1.0M—−$124M—$1.0M−$1.0M$233M
Q1 FY27$277M−$1.0M—−$248M—$3.0M$96.0M$276M
Q4 FY26$258M−$2.0M———$1.0M−$213M$256M
Q3 FY26$218M−$4.0M−$53.0M—−$510M$1.0M$233M$214M
Q2 FY26$167M−$2.0M———$1.0M−$384M$165M
Q1 FY26$241M−$1.0M−$3.0M——$9.0M−$85.0M$240M
Q4 FY25$286M−$1.0M———$10.0M−$97.0M$285M
Q3 FY25$159M−$1.0M——−$240M$8.0M$204M$158M

Okta: income statement and cash flow

Okta, Q2 FY27: revenue $805M (+11% year over year), operating margin 13.3%. The chart follows the revenue to costs, profit and cash.

Okta: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.