Achieved best first quarter of new ACV growth in five years, with total revenues reaching $2.542 billion, up 13.5% year-over-year, driven by strong subscription services, accelerating AI adoption, and customer expansion.
Renewed focus on AI innovation, customer growth, and values, with fully integrated Sana and Paradox acquisitions and Sana now the default front end for all customers on AI terms.
Over 4,000 customers use at least one organically developed AI agent, with agentic AI ARR approaching $500 million and new AI-driven products launched, including Sana Travel Agent and Sana for ITSM.
Customer base expanded with new and existing clients, surpassing 80 million users under contract and notable deals in education, government, and international markets.
Operating income rose to $338 million (13.3% GAAP margin), with non-GAAP operating income at $809 million (31.8% margin), and free cash flow increased 46% to $616 million.
Q1 subscription revenue reached $2.354 billion, up 14.3% year-over-year; total revenue was $2.542 billion, up 13.5%.
U.S. revenue grew to $1.89 billion; international revenue rose to $649 million.
12-month subscription revenue backlog (CRPO) was $8.81 billion, up 15.5%; total backlog $27.294 billion, up 10.9%.
Non-GAAP operating income was $809 million (31.8% margin); GAAP operating income was $338 million (13.3% margin).
Operating cash flow was $696 million, up 52%; free cash flow was $616 million, up 46%; cash and marketable securities at quarter end totaled $4.4 billion.
FY 2027 subscription revenue outlook reiterated at $9.925–$9.950 billion, 12–13% growth; total revenue projected at $10.635–$10.660 billion.
Q2 FY 2027 subscription revenue expected at $2.455 billion, up 13%; CRPO to increase 13.5–14.5%.
FY 2027 non-GAAP operating margin guidance raised to 30.5%; Q2 margin expected at 30%.
FY 2027 operating cash flow outlook maintained at $3.45 billion; free cash flow expected at $3.18 billion, up 15%.
Capital expenditures for fiscal 2027 projected at $270 million.
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