SailPoint (SAIL) Q4 2025 earnings summary

Executive summary

• Achieved $877M in ARR for FY2025, up 29% year-over-year, with SaaS ARR growing 39% to $540M and now over 60% of total ARR.

• FY2025 total revenue was $862M, up 23% year-over-year, with Q4 revenue at $240M, up 18% year-over-year.

• Customer base grew to ~3,000, with nearly 80% year-over-year increase in customers with ARR greater than $1M and a net retention rate of 114%.

• Returned to public markets, completed corporate conversion, and recognized as a leader in identity security by major analysts.

• Focused on expanding platform capabilities, including new AI agent and machine identity security offerings.

Financial highlights

• FY2025 subscription revenue was $794M, up 27% year-over-year; Q4 subscription revenue was $224M, up 22%.

• Adjusted gross profit margin for FY2025 was 78.1%, with adjusted subscription gross margin at 84.1%.

• Adjusted operating margin for FY2025 was 15.4%; Q4 adjusted operating margin was 19%.

• Net loss for FY2025 was $316M, improved from $395M in FY2024; GAAP operating loss narrowed to $189M.

• Exceeded the Rule of 40, combining strong ARR growth and margin expansion.

Outlook and guidance

• FY2026 ARR expected at $1.08B (23–24% YoY growth); revenue at $1.03B (19–20% YoY growth); adjusted operating margin at 14.6–15.2%; adjusted EPS $0.14–$0.18.

• Q1 FY2026 ARR guidance is $896M–$900M (26–27% YoY growth); revenue $224M–$226M (19–20% YoY growth); adjusted operating margin 6.2–6.7%.

• Diluted share count expected at ~570M for FY2026.