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Investor Presentation Period ended July 31, 2026 Q2 Fiscal Year 2027
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Safe Harbor © PagerDuty Inc. PagerDuty and the PagerDuty logo are trademarks of PagerDuty, Inc. Other names and brands may be claimed as the property of others. This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, are forward-looking statements, including but not limited to: statements regarding the future financial and operational performance and outlook, and strategies, objectives, opportunity, expectations and market positioning of PagerDuty, Inc. (“PagerDuty” or the “Company”). In some cases, you can identify forward-looking statements by terms such as “can,” “desire,” “able,” “guidance,” “expect,” “extend,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “accelerate,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” or the negative of these terms or other similar words or expressions. You should not rely upon-forward looking statements as predictions of future events. The outcome of events described in these forward-looking statements contained in this presentation and the related webcast is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause PagerDuty’s actual results, performance or outcomes to differ materially from those expressed or implied by such forward-looking statements, including: the Company’s ability to achieve and maintain future profitability; the Company’s ability to sustain and manage its growth; the Company’s ability to attract new customers and retain and sell additional functionality and services to its existing customers; the Company’s dependence on a majority of its revenue from a single product; the Company’s ability to compete effectively in an increasingly competitive market; the impact of seasonality on its business; the Company’s ability to adapt and respond effectively to rapidly developing technology; the Company’s ability to effectively develop and expand its marketing and sales capacities; the Company’s ability to enhance and improve its platform or develop new functionality or use cases; the effect of unfavorable conditions in the Company’s industry or the global economy, or reductions in information technology spending, on the Company’s business and results of operations; adverse consequences that could arise as a result of international trade policies, geopolitical developments, and macroeconomic conditionsincluding tariffs, sanctions, trade barriers and global instability; the accuracy of the Company’s estimates of market opportunity and forecasts of market growth; the Company’s assumptions and limitations to which ARR and certain other operational data are subject that may cause such metrics to not provide an accurate indication of actual performance or future results; adverse consequences that could result from any compromise of the Company’s information technology systems or those of third parties with whom the Company works or the Company’s data; adverse consequences that could result from any interruptions or delays in performance of the Company’s service; and the Company’s ability to maintain the compatibility of its platform with third party applications that its customers use in their businesses. The forward-looking statements contained in this presentation are also subject to additional risks, uncertainties, and factors, including those more fully described in PagerDuty’s filings with the Securities and Exchange Commission (the “SEC”), including its most recently filed Form 10-K and subsequent filings with the SEC. Forward-looking statements represent PagerDuty’s management’s beliefs and assumptions only as of the date such statements are made. PagerDuty does not undertake, and expressly disclaims any duty, to update any statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the markets in which the Company competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties and by PagerDuty. This presentation also includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison. The Company has provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the Appendix to this presentation. For further information with respect to PagerDuty, we refer you to the Company’s most recent Form 10-K and subsequent filings with the SEC. In addition, the Company is subject to the information and reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files periodic reports, current reports, proxy statements and other information with the SEC. These periodic reports, current reports, proxy statements and other information are available for review at the SEC’s website at http://www.sec.gov. The last day of the Company’s fiscal year is January 31. The Company’s fiscal quarters end on April 30, July 31, October 31 and January 31. References to a fiscal year (FY) refer to the fiscal year ended January 31 of such year. For example, fiscal 2027 or FY27 refer to the fiscal year ending January 31, 2027. 2
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CRM Our Vision: Autonomous Operations Autonomous Operations Human + Agent Incident Response • Event orchestration & intelligence • Chat-native collaboration • AI Agents & Workflow automation Continuous Improvement • Responders: Post-incident analysis • Agents - Incident history for context • Developers - Fixing root cause & prevention Data at Scale • 750+ API and 20 MCP integrations • 12 billion events* • 16 million incident workflows* • 10 million Slack and MS Teams actions executed* • Over 900+ million incidents managed • 99.99% average reliability *per year 3 Prevents Incidents
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16 years of domain expertise Constant and Deliberate Innovation On-Call Management 2009 Escalation Policies PagerDuty Founded 2018 2021 Event Intelligence (AIOps) Service Graph 2022 Status Pages 202020192010 2024 Response Plays 2023 10+ years of AI innovation $100M annual R&D investment Pro code automation AIOps Low code automation Incident Management Platform GenAI Post-Incident Analysis Chat-first capabilities AI Agents Ops Console Chat Experience AI & Automation Use Case Library 828M incidents created by customers 86B Events ingested 99.9% web availability SLA 2025 Customer Service Ops 2026 AI Ecosystem MCP 4
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Disruptions are a board-level financial risk Operational efficiency and reliability remain foundational Resilience investment is a C-suite decision AI Is Accelerating Software — and Operational Risk are actively incorporating AI into operations 59% lose $300K+ per hour during major incidents 68% agree resiliency drives competitive advantage 95% Source: State of the AI-First Operations Report 2026 5 More code shipped faster, by more autonomous agents, means more can break. Resilient, automated operations are now a board-level priority. 5
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AI Is Accelerating Software — and Our Opportunity Source: Gartner Forecast: Agentic AI in ITOM SW (May 2026); TAM for simple and autonomous agents, CAGR represented for CY26-CY30 16% 10% 9% 8% 7% 7%Y/Y: Source: 451 Research AIPM Forecast (2026) “Event Management” Actual $ Spend (eg. AIOps) 7% CAGR Agentic $s ITOM Spend (e.g. SRE) 71% 42% 28% 23% 18%Y/Y: 27% CAGR Source: Gartner Forecast: Agentic AI in ITOM SW (May 2026) 151% 74% 51% 36% 27%Y/Y: Agentic $s ITOM Spend (e.g. agents) 46% CY26-30 CAGR Source: Google DORA, The ROI of AI-assisted Software Development (2026); The agentic era is paying off of agentic-AI early adopters already see positive returns 88% 6 CY25 CY26 CY27 CY28 CY29 CY30 $4 $10 $17 $26 $35 $44
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Trusted by Innovators and Category Leaders Retail & Wholesale Financial Services & Insurance Travel & Hospitality Media & Entertainment Healthcare Software & Technology AI 7
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Q2 Results 8
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The AI-first Digital Operations Platform $501M Annual recurring revenue $124M Total revenue 24% Non-GAAP operating margin 26% Free cash flow margin 15,506 Total paid customers 884 Customers > $100K ARR 98% Dollar-based net retention 9 750+/20+ Platform / MCP integrations See appendix for GAAP-to-non-GAAP reconciliations. Note: As of July 31, 2026
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Durable Profitability See appendix for GAAP-to-non-GAAP reconciliations for FY24, FY25, FY26, and Q2’FY27. For non-GAAP reconciliation for Q1’FY27, see https://s206.q4cdn.com/635206389/files/doc_financials/2027/q1/FY27-Q1-General-Investor-Presentation.pdf. Non-GAAP Operating Margin 10 30% Target Gross Margin Performance of 85% Consistently tracking the long-term target baseline target of 84%-86%
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Returning cash to investors Managing for profitable growth Operating cash flow margin Free cash flow margin Disciplined and Efficient Operations 11 See appendix for GAAP-to-non-GAAP reconciliations for FY24, FY25, FY26, and Q2’FY27. For non-GAAP reconciliation for Q1’FY27, see https://s206.q4cdn.com/635206389/files/doc_financials/2027/q1/FY27-Q1-General-Investor-Presentation.pdf. Modeling assistance update: FY27 free cash flow margin to align with FY26
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Share Repurchase Program Note: As of July 31, 2026 $100M 2024 Share Repurchase Program completed November 2024 $200M 2025 Share Repurchase Program completed March 2026 12 $100M 2026 Share Repurchase Program $8M repurchased, $92M remaining
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Balance Sheet Note: As of July 31, 2026 *Of this amount, approximately $309 million is expected to be recognized over the next 12 months. For full RPO maturity details, see Note 11 to the condensed consolidated financial statements included in our Form 10-Q for the second quarter of fiscal 2027. Flexibility to invest In operational efficiency, productivity and innovation. $309M of RPO expected to be recognized over the next 12 months. 13 $470M Cash, cash equivalents and investments $426M* RPO 13
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Updated Guidance Issued August 27, 2026 Q3 FY 2027 Full-year FY27* Revenue $123M - $125M $488.5M – $496.5M Non-GAAP operating margin 26.5% - 27.5% 24 – 25% Non-GAAP EPS (diluted) $0.34– $0.36 $1.27 – $1.32 1414 PagerDuty has not provided the GAAP equivalent or reconciled its expectations as to non-GAAP net income per share attributable to PagerDuty, Inc. common stockholders or our outlook for non-GAAP operating margin to GAAP net income per share attributable to PagerDuty, Inc. common stockholders or GAAP operating margin, respectively, because certain reconciling items such as stock-based compensation expense, employer taxes related to employee stock transactions, acquisition-related expenses, restructuring costs, gains or losses on extinguishment of convertible senior notes, adjustment attributable to redeemable non-controlling interest, and income tax effects and adjustments are out of PagerDuty’s control or cannot be reasonably predicted. Accordingly, such reconciliation is not available without unreasonable effort. However, it is important to note that these reconciling items could have a significant effect on PagerDuty’s future GAAP results. $491.5M - $496.5M 25% - 26% $1.33 – $1.37
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Thank You Resilient, autonomous operations for the AI era. Investor Relations investor.pagerduty.com Newsroom pagerduty.com/newsroom Customer stories pagerduty.com/customers Product pagerduty.com 15 15
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Appendix 16
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Resources Investor Relations Page https://investor.pagerduty.com PagerDuty Newsroom https://www.pagerduty.com/newsroom/ PagerDuty Introduction https://support.pagerduty.com/main/docs/introduction Knowledge Base https://support.pagerduty.com/ Case Studies https://www.pagerduty.com/customers/ Executive Spotlight https://www.pagerduty.com/in-perspective/ Impact Hub https://www.pagerduty.com/impact-hub/ 17
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Definitions Annual Recurring Revenue (ARR) - Annualized recurring value of all active contracts at the end of a reporting period. Customer - A separate legal entity, such as a company or an educational or government institution, that has an active subscription with us or one of our partners to access our platform. In situations where an organization has multiple subsidiaries or divisions, we treat the parent entity as the customer instead of treating each subsidiary or division as a separate customer. Dollar-Based Net Retention (DBNR) - Calculated as of a period end starting with the ARR from the cohort of all customers as of 12 months prior to such period end. Next, we calculate the ARR from these same customers as of the current period end. Period ARR includes any expansion and is net of downgrades or churn over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate. Gross Retention Rate - Calculated as the annualized impact of ARR lost due to downgrade and churn in the quarter compared to starting ARR. 18 18
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Three months ended July 31, Year ended January 31, 2026 2025 2026 2025 2024 Non-GAAP gross profit and non-GAAP gross margin Gross profit $104,399 $104,410 $418,404 $387,834 $352,867 Add: Stock-based compensation 665 1,213 4,283 5,984 7,586 Employer taxes related to employee stock transactions 13 30 125 162 199 Amortization of acquired intangible assets 320 601 2,700 9,075 8,614 Restructuring costs — — 292 (2) 137 Non-GAAP gross profit $105,397 $106,254 $425,804 $403,053 $369,403 Revenue $124,436 $123,411 $492,546 $467,499 $430,699 Gross margin 84% 85% 85% 83% 82% Non-GAAP gross margin 85% 86% 86% 86% 86% Non-GAAP research and development Research and development $30,897 $30,897 $126,937 $141,489 $139,769 Less: Stock-based compensation 5,592 9,560 36,345 44,691 44,800 Employer taxes related to employee stock transactions 96 183 958 1,116 1,398 Acquisition-related expenses — 35 263 978 838 Amortization of acquired intangible assets — — — 116 350 Restructuring costs — — 1,707 424 (26) Impairment of long-lived assets — — 1,213 — — Non-GAAP research and development $25,209 $21,119 $86,451 $94,164 $92,409 Revenue $124,436 $123,411 $492,546 $467,499 $430,699 Research and development as a % of revenue 25% 25% 26% 30% 32% Non-GAAP research and development as a % of revenue 20% 17% 18% 20% 22% Note: Certain figures may not sum due to rounding. Reconciliation PagerDuty, Inc. Reconciliation of GAAP to Non-GAAP Data (in thousands, except percentages and per share data) (unaudited) 19
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Three months ended July 31, Year ended January 31, 2026 2025 2026 2025 2024 Non-GAAP sales and marketing Sales and marketing $38,325 $44,456 $184,040 $201,821 $196,769 Less: Stock-based compensation 3,064 5,285 22,420 31,185 30,345 Employer taxes related to employee stock transactions 55 121 587 773 919 Amortization of acquired intangible assets 620 632 2,520 2,530 2,459 Restructuring costs — 22 3,296 140 (49) Non-GAAP sales and marketing $34,586 $38,396 $155,217 $167,193 $163,095 Revenue 124,436 123,411 492,546 467,499 430,699 Sales and marketing as a % of revenue 31% 36% 37% 43% 46% Non-GAAP sales and marketing as a % of revenue 28% 31% 32% 36% 38% Non-GAAP general and administrative General and administrative $24,938 $25,491 $101,587 $104,296 $112,575 Less: Stock-based compensation 5,482 9,902 34,756 44,350 44,421 Employer taxes related to employee stock transactions 81 127 644 745 982 Acquisition-related expenses — — 23 (1) 962 Amortization of acquired intangible assets — — — 29 87 Restructuring costs — 51 695 180 132(1) Shareholder matters — 79 2,470 — — Impairment of long-lived assets — — — — 8,483(1) Executive transition costs 3,303 — — — — Non-GAAP general and administrative $16,072 $15,332 $62,999 $58,993 $57,508 Revenue 124,436 123,411 492,546 467,499 430,699 General and administrative as a % of revenue 20% 21% 21% 22% 26% Non-GAAP general and administrative as a % of revenue 13% 12% 13% 13% 13% Note: Certain figures may not sum due to rounding. (1)Certain reclassifications of prior period amounts have been made to conform to current period presentation. We have reclassified a portion of restructuring costs to the impairment of long-lived assets line item in the relevant non-GAAP reconciliations. The reclassification has no effect on the reported non-GAAP operating income. Reconciliation con’t PagerDuty, Inc. Reconciliation of GAAP to Non-GAAP Data (in thousands, except percentages and per share data) (unaudited) 20
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Reconciliation con’t PagerDuty, Inc. Reconciliation of GAAP to Non-GAAP Data (in thousands, except percentages and per share data) (unaudited) Three months ended July 31, Year ended January 31, 2026 2025 2026 2025 2024 Non-GAAP operating income and non-GAAP operating margin Income (loss) from operations $10,239 $3,566 $5,840 $(59,772) $(96,246) Add: Stock-based compensation 14,803 25,960 97,804 126,210 127,152 Employer taxes related to employee stock transactions 245 461 2,314 2,796 3,498 Amortization of acquired intangible assets 940 1,233 5,220 11,750 11,510 Acquisition-related expenses — 35 286 977 1,800 Restructuring costs — 73 5,990 742 194(1) Shareholder matters — 79 2,470 — — Impairment of long-lived assets — — 1,213 — 8,483(1) Executive transition costs 3,303 — — — — Non-GAAP operating income $29,530 $31,407 $121,137 $82,703 $56,391 Revenue $124,436 $123,411 $492,546 $467,499 $430,699 Operating margin 8% 3% 1% (13)% (22)% Non-GAAP operating margin 24% 25% 25% 18% 13% Note: Certain figures may not sum due to rounding. (1)Certain reclassifications of prior period amounts have been made to conform to current period presentation. We have reclassified a portion of restructuring costs to the impairment of long-lived assets line item in the relevant non-GAAP reconciliations. The reclassification has no effect on the reported non-GAAP operating income. 21
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Three months ended July 31, Year ended January 31, 2026 2025 2026 2025 2024 Non-GAAP net income attributable to PagerDuty, Inc. common stockholders Net income (loss) attributable to PagerDuty, Inc. common stockholders $4,726 $9,777 $173,854 $(54,460) $(81,757) Add: Stock-based compensation 14,803 25,960 97,804 126,210 127,152 Employer taxes related to employee stock transactions 245 461 2,314 2,796 3,498 Amortization of debt issuance costs 606 655 2,518 2,629 2,078 Amortization of acquired intangible assets 940 1,233 5,220 11,750 11,510 Acquisition-related expenses — 35 286 977 1,800 Restructuring costs — 73 5,990 742 194(1) Gain on extinguishment of convertible senior notes — — — — (3,699) Shareholder matters — 79 2,470 — — Impairment of long-lived assets — — 1,213 — 8,483(1) Executive transition costs 3,303 — — — — Adjustment attributable to redeemable non-controlling interest 3,059 (202) (481) 11,725 6,568 Income tax effects and adjustments (2,037) (9,795) (182,897) (21,989) (3,273) Non-GAAP net income attributable to PagerDuty, Inc. common stockholders $25,645 $28,276 $108,291 $80,380 $72,554 Non-GAAP net income per share, basic Net income (loss) per share attributable to PagerDuty, Inc. common stockholders $0.06 $0.11 $1.91 $(0.59) $(0.89) Non-GAAP adjustments to net income per share attributable to PagerDuty, Inc. common stockholders 0.27 0.20 (0.72) 1.46 1.68 Non-GAAP net income per share attributable to PagerDuty, Inc. common stockholders $0.33 $0.31 $1.19 $0.87 $0.79 Non-GAAP net income per share, diluted Net income (loss) per share attributable to PagerDuty, Inc. common stockholders $0.06 $0.10 $1.87 $(0.59) $(0.89) Non-GAAP adjustments to net income per share attributable to PagerDuty, Inc. common stockholders 0.26 0.20 (0.71) 1.44 1.63 Non-GAAP net income per share attributable to PagerDuty, Inc. common stockholders $0.32 $0.30 $1.16 $0.85 $0.74 Weighted average shares used in calculating non-GAAP net income per share Basic 77,334 92,600 91,212 92,000 92,341 Diluted 79,141 94,198 92,995 95,060 100,941 Reconciliation PagerDuty, Inc. Reconciliation of GAAP to Non-GAAP Data (in thousands, except percentages and per share data) (unaudited) Note: Certain figures may not sum due to rounding. (1)Certain reclassifications of prior period amounts have been made to conform to current period presentation. We have reclassified a portion of restructuring costs to the impairment of long-lived assets line item in the relevant non-GAAP reconciliations. The reclassification has no effect on the reported non-GAAP operating income. 22
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Reconciliation con’t PagerDuty, Inc. Reconciliation of GAAP to Non-GAAP Data (in thousands, except percentages and per share data) (unaudited) Three months ended July 31, Year ended January 31, 2026 2025 2026 2025 2024 Free cash flow and free cash flow margin Net cash provided by operating activities $36,946 $33,974 $114,857 $117,891 $71,974 Purchases of property and equipment (2,226) (874) (2,941) (2,791) (2,164) Capitalization of software costs (1,937) (2,893) (9,233) (6,686) (5,384) Free cash flow $32,783 $30,207 $102,683 $108,414 $64,426 Net cash used in investing activities $(5,637) $(7,178) $(18,277) $(19,968) $(30,525) Net cash (used in) provided by financing activities $(6,522) $(59,085) $(206,423) $(116,138) $51,600 Revenue $124,436 $123,411 $492,546 $467,499 $430,699 Operating cash flow margin 30% 28% 23% 25% 17% Free cash flow margin 26% 24% 21% 23% 15% 23 Note: Certain figures may not sum due to rounding.
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Q&A 24