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PagerDuty (PD) investor relations material

PagerDuty Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary3 Sep, 2025

Executive summary

  • Achieved first-ever GAAP profitability in Q2 with net income of $9.8M and operating income of $3.6M, alongside a non-GAAP operating margin of 25.4% and revenue of $123.4M, up 6.4% year-over-year.

  • Annual recurring revenue (ARR) reached $499M, up 5% year-over-year, with a dollar-based net retention rate of 102%.

  • Total paid customers increased to 15,322, with 868 customers generating over $100K in ARR, and free and paid companies exceeding 33,000, up 13% year-over-year.

  • Platform usage increased over 25% year-over-year, driven by adoption of AI-powered and automation features.

  • Appointed Todd McNabb as Chief Revenue Officer to accelerate enterprise transformation and global go-to-market strategy.

Financial highlights

  • Q2 revenue: $123.4M (+6.4% YoY); international revenue up 12% YoY, now 29% of total.

  • Gross margin: 84.6% (GAAP), 86.1% (non-GAAP), at the high end of the 84–86% target range.

  • Non-GAAP operating income: $31.4M (25.4% margin); GAAP operating margin: 2.9%.

  • Cash from operations: $34M (28% of revenue); free cash flow: $30.2M (24.5%).

  • Ended Q2 with $567.9M in cash, cash equivalents, and investments.

Outlook and guidance

  • Q3 revenue guidance: $124M–$126M (4–6% growth); net income per diluted share: $0.24–$0.25; operating margin: 21%.

  • FY26 revenue guidance: $493M–$497M (5–6% growth); non-GAAP net income per diluted share: $1.00–$1.04; operating margin: 21–22%.

  • Expects to maintain GAAP profitability for the full year FY27.

  • Management expects existing cash and cash equivalents, investments, and net cash from operations to be sufficient for at least the next 12 months.

  • Targeting long-term non-GAAP operating margin of 30%.

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Frequently asked questions

PagerDuty, Inc. operates a digital operations management platform for businesses in the United States and internationally. It provides solutions for alerting, on-call scheduling, escalation policies, investigation and remediation workflows, advanced reporting and analytics, machine learning and artificial intelligence based on incident data, and a developer platform to support the creation of applications. The company sells its solutions directly through salespeople; indirectly through resellers; and online. The company was formerly known as Windwise Software Incorporated.

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