Quarterly guidance

Total revenue growth
10%
Current RPO growth
11% to 12%
Non-GAAP operating margin
24% to 25%
Free cash flow margin
21% to 23%

Annual guidance

Total revenue growth
10% to 11%
Non-GAAP operating margin
26%
Free cash flow margin
28% to 29%

Outlook

AI Security Demand
Management sees significant opportunity as enterprises deploy agents across clouds and applications, creating a need for a neutral identity layer.
Large Enterprise
The company continues to see strong momentum in the large enterprise segment, with over 20% growth in customers with over $1 million in ACV.
Professional Services
The strategic shift to move professional services to GSI partners is expected to fuel long-term top-line growth.
Public Sector
The public sector remains a strong vertical, with recent IL-5 authorization positioning the company well for DoD opportunities.
Product Innovation
Management is prioritizing product innovation to accelerate top-line growth, with new products representing 30% of bookings.
Capital Allocation
The company continues to evaluate capital allocation, having retired $125 million in shares during the quarter.