Open Text Corp

opentext.com

What Do They Do?

Sells software and services for managing enterprise data, including content-management, digital supply-chain and cybersecurity products, to businesses, government agencies and consumers.

How Do They Make Money?

Support is generally renewed annually, paid at the start or in installments; cloud subscriptions are paid upfront or over the term, and managed services monthly or quarterly. Perpetual licenses carry a one-time fee; term licenses may be paid upfront or in installments; services have fixed or time-based fees.

revenue

Segment	Share	How money arrives
Cloud services and subscriptions Mix	37% FY2023: 38%	Mix
Customer support Recurring	44% FY2023: 43%	Recurring
License Licensed	13% FY2023: 12%	Licensed
Professional service and other	6.1% FY2023: 7.4%

Who Are Their Customers?

Sells to large and mid-market organizations, public agencies, and small businesses and consumers; it also sells through regional system integrators, distributors and channel partners, which act as OpenText's customers in those arrangements.

Do Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2026 and turned 15 cents into free cash flow.

Operating income, FY2026

21% of revenue

▲ +21% vs FY2025 ($892.7M, 17%)

Net income, FY2026

12% of revenue

▲ +48% vs FY2025 ($435.9M, 8%)

Free cash flow, FY2026

15% of revenue

▲ +17% vs FY2025 ($687.4M, 13%)

How Are They Changing?

Growing. Revenue grew 50% in 4 years, from $3.5B in FY2022 to $5.2B in FY2026, about 11% a year.

AI agent products Adds the Aviator suite of business AI agents across its platforms and products, with tools to help employees search, summarize, analyze, generate and act on enterprise data; earlier offerings described AI analytics embedded in broader products.

Vertica divestiture The Analytics portfolio no longer includes Vertica, which the earlier report listed among its analytics products; OpenText says it sold the business.

Revenue over time

Cloud services and subscriptions Customer support License Professional service and other

$10B$5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with International Business Machines, Microsoft, Oracle, ServiceNow, Box, Hyland Software, Atlassian, Gen Digital, and Adobe

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