Summary:

• Achieved all fourth quarter and fiscal 2026 guided metrics
• Record $132 million free cash flow in fourth quarter
• Total reported ARR grew +21% YoY, with $44 million in constant currency net new ARR

Commvault Systems Inc. announced its financial results for the fourth quarter and fiscal year ended March 31, 2026.“Our results reinforce that we are delivering durable growth fueled through industry-leading innovation and our rapidly expanding SaaS business,” said Sanjay Mirchandani, president and CEO, Commvault. “In fiscal 2027, the rise of AI will create more data and more risk – which in turn increases demand for our platform’s trusted protection, governance, and recovery capabilities. We believe we are well positioned to deliver profitable growth through new and expanding customer relationships.”

Notes are contained at the end of this press release

Fourth Quarter Fiscal 2026 Highlights

• Total revenues were $312 million, up 13% YoY
• Subscription revenue was $208 million, up 20% YoY, inclusive of term-based license revenue of $114 million, up 6% YoY, and SaaS revenue of $93 million, up 43% YoY
• Income from operations (EBIT) was $17 million, an operating margin of 5.3%
• Non-GAAP EBIT² was $66 million, an operating margin of 21.3%
• Generated $132 million in operating cash flow and free cash flow²

Full Year Fiscal 2026 Highlights

• Total revenues were $1,184 million, up 19% YoY
• Total ARR¹ grew to $1,122 million, up 21% YoY, or 18% on a constant currency basis using the March 31, 2025 spot rates
• Subscription revenue was $768 million, up 30% YoY, inclusive of term-based license revenue of $435 million, up 18% YoY, and SaaS revenue of $333 million, up 52% YoY
• Subscription ARR¹ grew to $989 million, up 27% YoY, or 24% on a constant currency basis using the March 31, 2025 spot rates
• Income from operations (EBIT) was $74 million, an operating margin of 6.3%
• Non-GAAP EBIT² was $238 million, an operating margin of 20.1%
• Operating cash flow was $245 million, with free cash flow² of $237 million

Recent Business Highlights

• Commvault announced an integration with Microsoft Security to better connect threat detection with trusted recovery, and expanded its integration with CrowdStrike, to deliver bi-directional visibility with CrowdStrike Falcon Next-Gen SIEM
• Commvault and NetApp announced a strategic alliance to deliver a powerful, integrated solution for enterprise data protection and cyber resilience
• Commvault extended identity resilience to Okta and joined forces with CloudSEK to address a growing threat: exposed credentials on the dark web
• Commvault expanded enterprise resilience to structured and AI data, enabled via its recent acquisition of data and AI security company Satori
• Commvault announced a partnership with STACKIT that is designed to support European customers’ sovereign cloud requirements while delivering cyber resilience to enterprise organizations

Financial Outlook for First Quarter and Full Year Fiscal 2027³
We are providing the following guidance for the first quarter of fiscal year 2027, based on the recast definitions set forth at the end of this earnings press release:

• Subscription revenue is expected to be between $263 million and $265 million
• Non-GAAP EBIT margin² is expected to be approximately 19%

We are providing the following guidance for the full fiscal year 2027, based on the recast definitions set forth at the end of this earnings press release:

• Subscription revenue is expected to be between $1,115 million and $1,125 million
• Subscription ARR¹ is expected to be between $1,200 million and $1,210 million
• Total revenues are expected to be between $1,300 million and $1,310 million
• Non-GAAP EBIT margin² is expected to be approximately 20.5%
• Free cash flow² is expected to be between $250 million and $260 million

The above guidance metrics contemplate current exchange rates and current macroeconomic conditions. In addition, guidance for Subscription Revenue and Subscription ARR reflects the recast definitions set forth in the Recast Section at the end of this earnings press release.

These statements are forward-looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results.

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