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Sep 30, 2025
Commvault Q2 2026 Earnings Report
Commvault reported strong Q2 FY2026 results with 18% revenue growth and achieved a $1B total ARR milestone ahead of schedule.
Key Takeaways
Commvault delivered a robust second quarter driven by accelerated ARR and SaaS growth. Total revenue rose 18% year over year to $276.2 million, and the company achieved its $1 billion ARR target two quarters early. Operating income reached $12.5 million, and non-GAAP operating margin improved to 18.6%.
Total revenue grew 18% YoY to $276.2 million.
Total ARR surpassed $1 billion, up 22% YoY.
Non-GAAP operating margin reached 18.6%.
Free cash flow was $74 million, supported by strong operational efficiency.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Commvault expects continued momentum into Q3 FY26, projecting total revenue between $298M and $300M with strong subscription growth and sustained margins.
Positive Outlook
- Q3 revenue expected between $298M and $300M.
- Subscription revenue guidance between $195M and $197M.
- Non-GAAP EBIT margin projected between 18% and 19%.
- Full-year ARR expected to grow 18–19% YoY.
- Free cash flow forecast between $225M and $230M for FY26.
Challenges Ahead
- Macroeconomic conditions may affect IT spending.
- Currency fluctuations could impact constant-currency growth rates.
- Integration of Satori Cyber may create short-term expenses.
- Operating margin pressure from rising R&D and sales costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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