Commvault Systems, Inc.

commvault.com

What Do They Do?

Sells software and services that help businesses and government agencies protect and recover data, applications, and identity systems.

How Do They Make Money?

Most revenue comes from term-based software licenses and hosted subscriptions: customers pay for licenses within 90 days of shipment or download; hosted subscriptions are paid annually or at contract start. Support contracts are paid at the start of their term; professional services are paid within 90 days after work.

FY2026 revenue by product or service revenue

Segment	Share	How money arrives
Total subscription Mix	65% FY2023: 44%	Mix
Perpetual license Sold outright	3.7% FY2023: 9.6%	Sold outright
Customer support Recurring	27% FY2023: 40%	Recurring
Other services Sold outright	4.4% FY2023: 6.1%	Sold outright

Who Are Their Customers?

Businesses and government agencies of all sizes buy Commvault’s solutions directly from its sales team or through distributors, resellers, systems integrators, equipment makers and cloud marketplaces.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2026 and turned 20 cents into free cash flow.

Operating income, FY2026

6% of revenue

▲ 0% vs FY2025 ($73.7M, 7%)

Net income, FY2026

6% of revenue

▼ −7% vs FY2025 ($76.1M, 8%)

Free cash flow, FY2026

20% of revenue

▲ +16% vs FY2025 ($203.6M, 20%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Sep 30, 2026

Revenue: ▲ +13%; vs $276.2M in Q2 FY2026
Net income: ▲ +98%; vs $14.7M in Q2 FY2026

Total subscription share of revenue vs 80.5% in Q2 FY2026

Jul 28, 2026 Commvault updated its annual guidance and announced an Azure partnership It set fiscal-year subscription revenue guidance of $1,119 million to $1,129 million and announced a multi-year deal to offer its solutions as a native service on Microsoft Azure.

Growing. Revenue grew 54% in 4 years, from $769.6M in FY2022 to $1.2B in FY2026, about 11% a year.

Broader resilience scope The earlier report describes a data protection platform centered on securing, defending and recovering data; the latest describes cyber resiliency solutions that also address applications and identity systems.

Revenue over time

Total subscription Perpetual license Customer support Other services

$2B$1B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Rubrik, Cohesity, and Veeam

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