# SentinelOne, Inc. (S)

Informational only - not investment advice.

CIK: 0001583708
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1583708
Filing source: https://www.sec.gov/Archives/edgar/data/1583708/000158370826000020/s-20260131.htm

## At a glance

FY2026 · period end 2026-01-31 · filed 2026-03-19 · accession 0001583708-26-000020 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001583708.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,001,278,000 USD | 2026 | verified |
| Net income | -450,735,000 USD | 2026 | verified |
| Assets | 2,438,102,000 USD | 2026 | verified |
| Free cash flow | 75,903,000 USD | 2026 | computed |
| Net margin | -45.02% | 2026 | computed |
| Operating margin | -32.09% | 2026 | computed |
| Revenue YoY | +21.89% | 2026 | computed |
| ROE | -31.36% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | S | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -45.0% | 1.5% | 6 | 122 |
| Operating margin | -32.1% | 1.3% | 6 | 121 |
| Revenue growth | 21.9% | 13.5% | 78 | 124 |
| FCF margin | 7.6% | 19.3% | 21 | 120 |
| ROE | -31.4% | 2.0% | 14 | 112 |
| ROA | -18.5% | 0.9% | 9 | 124 |
| Liabilities / equity | 0.70 | 0.91 | 34 | 113 |
| Current ratio | 1.39 | 1.57 | 43 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1001278000 | USD | 2026 | 2026-03-19 |
| Net income | -450735000 | USD | 2026 | 2026-03-19 |
| Assets | 2438102000 | USD | 2026 | 2026-03-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001583708.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 46,474,000 | 93,056,000 | 204,799,000 | 422,179,000 | 621,154,000 | 821,461,000 | 1,001,278,000 |
| Net income |  | -76,567,000 | -117,573,000 | -271,101,000 | -378,678,000 | -338,693,000 | -288,441,000 | -450,735,000 |
| Operating income |  | -74,984,000 | -115,519,000 | -267,232,000 | -402,576,000 | -378,416,000 | -329,359,000 | -321,309,000 |
| Gross profit |  | 28,143,000 | 53,724,000 | 123,122,000 | 278,002,000 | 441,873,000 | 610,355,000 | 742,101,000 |
| Diluted EPS |  | -2.34 | -3.31 | -1.56 | -1.36 | -1.15 | -0.92 | -1.37 |
| Operating cash flow |  | -44,424,000 | -66,570,000 | -95,588,000 | -193,287,000 | -68,374,000 | 33,728,000 | 76,616,000 |
| Capital expenditures |  | 953,000 | 3,283,000 | 3,653,000 | 4,953,000 | 1,304,000 | 1,860,000 | 713,000 |
| Share buybacks |  |  |  |  |  | 0.00 | 0.00 | 200,012,000 |
| Assets |  |  | 520,560,000 | 2,042,181,000 | 2,258,913,000 | 2,321,407,000 | 2,406,625,000 | 2,438,102,000 |
| Liabilities |  |  | 219,957,000 | 391,393,000 | 602,208,000 | 727,364,000 | 737,378,000 | 1,000,957,000 |
| Stockholders' equity | -152,594,000 | -224,213,000 | -320,536,000 | 1,650,788,000 | 1,656,705,000 | 1,594,043,000 | 1,669,247,000 | 1,437,145,000 |
| Cash and cash equivalents |  |  | 395,472,000 | 1,669,304,000 | 137,941,000 | 256,651,000 | 186,574,000 | 169,627,000 |
| Free cash flow |  | -45,377,000 | -69,853,000 | -99,241,000 | -198,240,000 | -69,678,000 | 31,868,000 | 75,903,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | -126.35% | -132.37% | -89.70% | -54.53% | -35.11% | -45.02% |
| Operating margin |  |  | -124.14% | -130.49% | -95.36% | -60.92% | -40.09% | -32.09% |
| Return on equity |  |  |  | -16.42% | -22.86% | -21.25% | -17.28% | -31.36% |
| Return on assets |  |  | -22.59% | -13.28% | -16.76% | -14.59% | -11.99% | -18.49% |
| Liabilities / equity |  |  |  | 0.24 | 0.36 | 0.46 | 0.44 | 0.70 |
| Current ratio |  |  | 3.60 | 6.46 | 1.93 | 2.20 | 1.74 | 1.39 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001583708.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q2 | 2022-07-31 |  |  | -0.35 | reported discrete quarter |
| 2023-Q3 | 2022-10-31 |  |  | -0.35 | reported discrete quarter |
| 2024-Q1 | 2023-04-30 |  |  | -0.37 | reported discrete quarter |
| 2024-Q2 | 2023-07-31 | 149,421,000 | -89,538,000 | -0.31 | reported discrete quarter |
| 2024-Q3 | 2023-10-31 | 164,165,000 | -70,304,000 | -0.24 | reported discrete quarter |
| 2024-Q4 | 2024-01-31 | 174,175,000 | -71,982,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-04-30 | 186,355,000 | -70,105,000 | -0.23 | reported discrete quarter |
| 2025-Q2 | 2024-07-31 | 198,937,000 | -69,184,000 | -0.22 | reported discrete quarter |
| 2025-Q3 | 2024-10-31 | 210,648,000 | -78,364,000 | -0.25 | reported discrete quarter |
| 2025-Q4 | 2025-01-31 | 225,521,000 | -70,788,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-04-30 | 229,029,000 | -208,193,000 | -0.63 | reported discrete quarter |
| 2026-Q2 | 2025-07-31 | 242,183,000 | -72,019,000 | -0.22 | reported discrete quarter |
| 2026-Q3 | 2025-10-31 | 258,913,000 | -60,291,000 | -0.18 | reported discrete quarter |
| 2026-Q4 | 2026-01-31 | 271,153,000 | -110,232,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2027-Q1 | 2026-04-30 | 276,657,000 | -76,164,000 | -0.23 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from S's latest 10-K: [/company/S/business/](/company/S/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from S's latest 10-K: [/company/S/risk-factors/](/company/S/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1583708/000158370826000041/s-20260430.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-05-28
Report date: 2026-04-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 filed with the U.S. Securities and Exchange Commission (SEC), on March 19, 2026 (Annual Report). This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note About Forward-Looking Statements” in this Quarterly Report on Form 10-Q. You should review the disclosure under the heading “Risk Factors” in this Quarterly Report on Form 10-Q for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Our fiscal year ends on January 31, and our fiscal quarters end on April 30, July 31, October 31, and January 31. Our fiscal years ended January 31, 2027 and January 31, 2026 are referred to herein as fiscal 2027 and fiscal 2026, respectively.

Unless the context otherwise requires, all references in this report to “SentinelOne,” the “Company,” “we,” “our,” “us,” or similar terms refer to SentinelOne, Inc. and its subsidiaries.

Overview

We founded SentinelOne in 2013 with a dramatically new approach to cybersecurity.

We pioneered the world’s first purpose-built AI-powered security platform to make cyber defense truly autonomous, from the endpoint and beyond. Our Singularity Platform instantly defends against cyberattacks — performing at a faster speed, greater scale, and higher accuracy than otherwise possible from a human-powered approach.

Our Singularity Platform ingests, correlates, and queries petabytes of structured and unstructured data from a myriad of ever-expanding disparate external and internal sources in real-time. We aim to build rich context and deliver greater visibility by constructing a dynamic representation of data across an organization. As a result, our AI models are able to be highly accurate, actionable, and autonomous. Our distributed AI models run both locally on every endpoint and every cloud workload, as well as on our cloud platform. Our Static and vector-agnostic Behavioral AI models, which run on the endpoints themselves, provide our customers with protection even when their devices are not connected to the cloud. In the cloud, our Streaming AI can detect anomalies that surface when multiple data feeds are correlated. By providing full visibility into the Storyline of every secured device across the organization through one console, our platform can make it very fast for analysts to easily search through petabytes of data to investigate incidents and proactively hunt threats. We have extended our control and visibility planes beyond the traditional endpoint to unmanaged Internet of Things (IoT) devices.

Singularity can be flexibly deployed on the environments that our customers choose, including public, private, or hybrid clouds. Our feature parity across Windows, macOS, Linux, and Kubernetes offers best-of-breed protection, visibility, and control across today’s heterogeneous IT environments. Together, these capabilities make our platform the logical choice for organizations of all sizes, industry verticals, and compliance requirements. Our platform offers true multi-tenancy, which allows us to serve the world’s largest organizations, managed security providers and incident response partners. Our customers are able to realize improved cybersecurity outcomes with fewer people.

23

Table of Contents

We generate most of our revenue by selling subscriptions to our Singularity Platform. We generally price our subscriptions and modules on a per agent basis, and each agent generally corresponds with an endpoint, server, virtual machine, or container.

Our subscription contracts typically range from one to three years. We recognize subscription revenue ratably over the term of a contract. Most of our contracts are for terms representing annual increments, therefore contracts generally come up for renewal in the same period in subsequent years. The timing of large multi-year enterprise contracts can create some variability in subscription order levels between periods, though the impact to our revenue in any particular period is limited as a result of ratable revenue recognition.

Our go-to-market strategy is focused on acquiring new customers and driving expanded usage of our platform by existing customers. Our sales organization is comprised of our enterprise sales, inside sales and customer solutions engineering teams. It leverages our global network of independent software vendors (ISVs), alliance partners, and channel partners for prospect access. Additionally, our sales teams work closely with our customers, channel partners, and alliance partners to drive adoption of our platform, and our software solutions are fulfilled through our channel partners. Our channel partners include some of the world’s largest resellers and distributors, managed service providers (MSPs), managed security service providers (MSSPs), managed detection and response providers (MDRs), original equipment manufacturers (OEMs), and incident response (IR) firms. Once customers experience the benefits of our platform, they often expand their subscriptions to benefit from the full range of our platform solutions. Additionally, many of our customers adopt Singularity Modules over time to extend the functionality of our platform and increase their coverage footprint. The combination of platform upgrades and extended modules drives our powerful land-and-expand motion.

Our Singularity Platform is used globally by organizations of all sizes across a broad range of industries. We had 1,702 customers with annualized recurring revenue (ARR) of $100,000 or more as of April 30, 2026, up from 1,459 as of April 30, 2025. We define ARR as the annualized revenue run rate of our subscription, consumption and usage-based agreements at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us. As of April 30, 2026, no single end customer accounted for more than 5% of our ARR. Our revenue outside of the U.S. represented 39% and 38% for the three months ended April 30, 2026 and 2025, respectively, illustrating the global nature of our solutions.

We have grown rapidly since our inception. Our revenue was $276.7 million and $229.0 million for the three months ended April 30, 2026 and 2025, respectively, representing year-over-year growth of 21%. During this period, we continued to invest in growing our business to capitalize on our market opportunity. As a result, our net loss for the three months ended April 30, 2026 and 2025 was $76.2 million and $208.2 million, respectively.

Key Business Metrics and Non-GAAP Financial Measures

We monitor the following key metrics and non-GAAP financial measures to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

Revenue

We discuss revenue below under “Components of Our Results of Operations.”

[[GREPCENT_TABLE]]
[["","Three Months Ended April 30,"],["","2026","","2025"],["","(in thousands)"],["Revenue","$","276,657","","","$","229,029"]]
[[/GREPCENT_TABLE]]

Non-GAAP operating income (loss)

In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), we use non-GAAP operating income (loss) as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We believe that

24

Table of Contents

non-GAAP operating income (loss) provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this measure excludes, among other expenses, expenses that we do not consider to be indicative of our overall operating performance. Non-GAAP operating income (loss) is calculated as GAAP operating loss adjusted to exclude amortization of acquired intangible assets, acquisition-related compensation, stock-based compensation expense, payroll tax on employee stock transactions, and restructuring charges.

Non-GAAP operating income (loss) has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, including GAAP operating loss. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures, including non-GAAP operating income (loss), differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As a result, our non-GAAP operating income (loss) is presented for supplemental informational purposes only.

[[GREPCENT_TABLE]]
[["","Three Months Ended April 30,"],["","2026","","2025"],["","(in thousands)"],["Non-GAAP operating income (loss)","$","10,545","","","$","(3,927)"]]
[[/GREPCENT_TABLE]]

A reconciliation of non-GAAP operating income (loss) to GAAP operating loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, is provided below:

[[GREPCENT_TABLE]]
[["","","Three Months Ended April 30,"],["","","2026","","2025"],["","","(in thousands)"],["GAAP operating loss","","$","(79,718)","","","$","(87,483)"],["Stock-based compensation expense","","74,889","","","68,655"],["Employer payroll tax on employee stock transactions","","1,591","","","2,748"],["Amortization of acquired intangible assets","","10,428","","","6,239"],["Acquisition-related compensation","","3,323","","","711"],["Restructuring charges","","32","","","5,203"],["Non-GAAP operating income (loss)","","$","10,545","","","$","(3,927)"]]
[[/GREPCENT_TABLE]]

Annualized Recurring Revenue

We believe that ARR is a key operating metric to measure our business because it is driven by our ability to acquire new subscription, consumption, and usage-based customers, and to maintain and expand our relationship with existing customers. ARR represents the annualized revenue run rate of our subscription, consumption and usage-based agreements at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us. ARR is an operational metric and is not a non-GAAP metric. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates, usage, renewal rates, and other contractual terms. For more information on how we recognize revenue, see Note 3, Revenue and Contract Balances to our unaudited condensed consolidated financial statements.

[[GREPCENT_TABLE]]
[["","As of April 30,"],["","2026","","2025"],["","(in thousands)"],["Annualized recurring revenue","$","1,162,604","","","$","948,110"]]
[[/GREPCENT_TABLE]]

ARR grew 23% year-over-year to $1,162.6 million as of April

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1583708/000158370826000020/s-20260131.htm
Complete FY 2026 MD&A: /company/S/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-19
Report date: 2026-01-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note About Forward-Looking Statements” in this Annual Report on Form 10-K. You should review the disclosure under the heading “Risk Factors” in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Our fiscal year ends on January 31, and our fiscal quarters end on April 30, July 31, October 31, and January 31. Our fiscal years ended January 31, 2026, 2025, and 2024 are referred to herein as fiscal 2026, fiscal 2025, and fiscal 2024, respectively.

Unless the context otherwise requires, all references in this report to “SentinelOne,” the “Company,” “we” “our” “us,” or similar terms refer to SentinelOne, Inc. and its subsidiaries.

A discussion regarding our financial condition and results of operations for fiscal 2026 compared to fiscal 2025 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Form 10-K for the fiscal year ended January 31, 2025 filed with the SEC on March 26, 2025.

65

Table of Contents

Overview

We founded SentinelOne in 2013 with a dramatically new approach to cybersecurity.

We pioneered the world’s first purpose-built AI-powered security platform to make cyber defense truly autonomous, from the endpoint and beyond. Our Singularity Platform instantly defends against cyberattacks — performing at a faster speed, greater scale, and higher accuracy than otherwise possible from a human-powered approach.

Our Singularity Platform ingests, correlates, and queries petabytes of structured and unstructured data from a myriad of ever-expanding disparate external and internal sources in real-time. We aim to build rich context and deliver greater visibility by constructing a dynamic representation of data across an organization. As a result, our AI models are able to be highly accurate, actionable, and autonomous. Our distributed AI models run both locally on every endpoint and every cloud workload, as well as on our cloud platform. Our Static and vector-agnostic Behavioral AI models, which run on the endpoints themselves, provide our customers with protection even when their devices are not connected to the cloud. In the cloud, our Streaming AI can detect anomalies that surface when multiple data feeds are correlated. By providing full visibility into the Storyline of every secured device across the organization through one console, our platform can make it very fast for analysts to easily search through petabytes of data to investigate incidents and proactively hunt threats. We have extended our control and visibility planes beyond the traditional endpoint to unmanaged IoT devices.

Singularity can be flexibly deployed on the environments that our customers choose, including public, private, or hybrid clouds. Our feature parity across Windows, macOS, Linux, and Kubernetes offers best-of-breed protection, visibility, and control across today’s heterogeneous IT environments. Together, these capabilities make our platform the logical choice for organizations of all sizes, industry verticals, and compliance requirements. Our platform offers true multi-tenancy, which allows us to serve the world’s largest organizations, managed security providers and incident response partners. Our customers are able to realize improved cybersecurity outcomes with fewer people.

We generate most of our revenue by selling subscriptions to our Singularity Platform. We generally price our subscriptions and modules on a per agent basis, and each agent generally corresponds with an endpoint, server, virtual machine, or container.

Our subscription contracts typically range from one to three years. We recognize subscription revenue ratably over the term of a contract. Most of our contracts are for terms representing annual increments, therefore contracts generally come up for renewal in the same period in subsequent years. The timing of large multi-year enterprise contracts can create some variability in subscription order levels between periods, though the impact to our revenue in any particular period is limited as a result of ratable revenue recognition.

Our go-to-market strategy is focused on acquiring new customers and driving expanded usage of our platform by existing customers. Our sales organization is comprised of our enterprise sales, inside sales and customer solutions engineering teams. It leverages our global network of ISVs, alliance partners, and channel partners for prospect access. Additionally, our sales teams work closely with our customers, channel partners, and alliance partners to drive adoption of our platform, and our software solutions are fulfilled through our channel partners. Our channel partners include some of the world’s largest resellers and distributors, MSPs, MSSPs, MDRs, OEMs, and IR firms. Once customers experience the benefits of our platform, they often expand their subscriptions to benefit from the full range of our platform solutions. Additionally, many of our customers adopt Singularity Modules over time to extend the functionality of our platform and increase their coverage footprint. The combination of platform upgrades and extended modules drives our powerful land-and-expand motion.

Our Singularity Platform is used globally by organizations of all sizes across a broad range of industries. We had 1,667 customers with ARR of $100,000 or more as of January 31, 2026, up from 1,411 customers with ARR of $100,000 or more as of January 31, 2025. We define ARR as the annualized revenue run rate of our subscription, consumption and usage-based agreements at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us. As of January 31, 2026 and 2025, no single end

66

Table of Contents

customer accounted for more than 3% of our ARR. Our revenue outside of the U.S. represented 39% and 37% for fiscal 2026 and 2025, respectively, illustrating the global nature of our solutions.

We have grown rapidly since our inception. Our revenue was $1,001.3 million, $821.5 million, and $621.2 million for fiscal 2026, 2025, and 2024, respectively, representing year-over-year growth of 22% and 32%, respectively. During this period, we continued to invest in growing our business to capitalize on our market opportunity. As a result, our net loss for fiscal 2026, 2025, and 2024 was $450.7 million, $288.4 million, and $338.7 million, respectively.

Impact of Global Macroeconomic and Geopolitical Conditions

Our overall performance depends in part on worldwide economic and geopolitical conditions and their impact on customer behavior. Worsening economic conditions, including inflation, interest rate volatility, slower growth, potential recession, significant political or regulatory developments including changes in trade policy, fluctuations in foreign exchange rates, actual or perceived instability in the global banking industry, potential uncertainty with respect to the federal debt ceiling and budget, government shutdowns, and other changes in economic conditions, and the impact of natural or man-made global events, including wars and other regional geopolitical armed conflict, such as the conflicts in the Middle East (including, but not limited to, the conflict in Iran) and Ukraine, and tensions between China and Taiwan, may result in decreased sales productivity and growth and adversely affect our results of operations and financial performance. As a result of the current macroeconomic environment, we have recently experienced certain impacts on our business, including a decline in usage and consumption patterns from certain customers, especially larger enterprise customers, longer sales cycles, and deal downsizing by new customers and of renewals by existing customers, especially larger enterprises.

We intend to continue to monitor global macroeconomic conditions closely and may determine to take certain financial or operational actions in response to such conditions to the extent our business begins to be adversely impacted.

We are unable to predict the full impact that macroeconomic or other geopolitical factors will have on our future results of operations, liquidity and financial condition due to numerous uncertainties, including the actions that may be taken by government authorities across the U.S. or other countries, changes in central bank policies and interest rates, rates of inflation, potential uncertainty with respect to the federal debt ceiling and budget, regional geopolitical conflicts, the impact to our customers, partners, and suppliers, and other factors described in the section titled “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K.

Key Business Metrics and Non-GAAP Financial Measures

We monitor the following key metrics and non-GAAP financial measures to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

Revenue

We discuss revenue below under “Components of Our Results of Operations.”

[[GREPCENT_TABLE]]
[["","Year Ended January 31,"],["","2026","","2025","","2024"],["","(in thousands)"],["Revenue","$","1,001,278","","","$","821,461","","","$","621,154"]]
[[/GREPCENT_TABLE]]

Non-GAAP operating income (loss)

In addition to our results determined in accordance with GAAP, we use non-GAAP operating income (loss) as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We believe that non-GAAP operating income (loss) provides our management and investors consistency and comparability with our past financial performance and facilitates period-

67

Table of Contents

to-period comparisons of operations, as this measure excludes, among other expenses, expenses that we do not consider to be indicative of our overall operating performance. Non-GAAP operating income (loss) is calculated as GAAP operating loss adjusted to exclude amortization of acquired intangible assets, acquisition-related compensation, stock-based compensation expense, payroll tax on employee stock transactions, and restructuring charges.

Non-GAAP operating income (loss) has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, including GAAP operating loss. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures, including non-GAAP operating income (loss), differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As a result, our non-GAAP operating income (loss) is presented for supplemental informational purposes only.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/S/mda/fy2026/
All MD&A years: /company/S/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/S/mda/fy2025/): filed 2025-03-26; accession 0001583708-25-000051 (https://www.sec.gov/Archives/edgar/data/1583708/000158370825000051/s-20250131.htm)
- [FY 2024 MD&A](/company/S/mda/fy2024/): filed 2024-03-27; accession 0001583708-24-000016 (https://www.sec.gov/Archives/edgar/data/1583708/000158370824000016/s-20240131.htm)
- [FY 2023 MD&A](/company/S/mda/fy2023/): filed 2023-03-29; accession 0001583708-23-000014 (https://www.sec.gov/Archives/edgar/data/1583708/000158370823000014/s-20230131.htm)
- [FY 2022 MD&A](/company/S/mda/fy2022/): filed 2022-04-07; accession 0001583708-22-000016 (https://www.sec.gov/Archives/edgar/data/1583708/000158370822000016/s-20220131.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/S.md · JSON record: /company/S.json · verified financials: /company/S/financials.json / /company/S/financials.csv · machine TOC for the whole site: /llms.txt