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Fiscal Q2’27 Earnings Presentation September 9, 2026
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Important notice and disclaimers Forward-Looking Statements This presentation of SailPoint, Inc. (the “Company” or “SailPoint”) contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and the negatives thereof and other words and terms of similar meaning. For example, all statements we make relating to the Company’s estimated and projected costs, expenditures, cash flows, growth rates, and financial results or its plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that the Company expects, including its ability to sustain historical growth rates, its ability to attract and retain customers and to deepen its relationships with existing customers, and growth in the market for identity security solutions, among others. More information on these and other risks is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K for the fiscal year ended January 31, 2026, and subsequent Quarterly Reports on Form 10-Q and other filings. The forward-looking statements included in this presentation are made only as of the date hereof. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. The Company and its advisers undertake no obligation to update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as otherwise required by law. Non-GAAP Financial Measures This presentation includes financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). This presentation also includes non-GAAP financial information, including adjusted gross profit, adjusted gross profit margin, adjusted subscription gross profit, adjusted subscription gross profit margin, adjusted income from operations, adjusted operating margin, adjusted sales & marketing expense, adjusted research & development expense, adjusted general & administrative expense, adjusted EPS, free cash flow, and free cash flow margin, which should be considered supplemental to, not a substitute for, or superior to, financial measures calculated in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures. For example, the non-GAAP financial measures exclude expenses that may have a material impact on the Company’s reported financial results. Also, the Company’s definitions of non-GAAP financial measures may differ from the definitions of non-GAAP financial measures used by other companies. The Company believes that non-GAAP financial measures, which exclude items that do not reflect its underlying business performance, enable investors to compare its underlying business performance from period-to-period and enhance comparability with other technology companies, some of which use similar non-GAAP financial information to supplement their GAAP results. For reconciliations of each historical non-GAAP financial measure used herein to the most directly comparable GAAP measure, see the appendix to this presentation. Market and Industry Data This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independent consultant reports, industry publications, and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company’s internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources. In addition, the information contained in this presentation is as of the date hereof (except where otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change. Subsequent materials may be provided by or on behalf of the Company in its discretion, and such information may supplement, modify, or supersede the information in these materials. Trademarks This presentation may contain trademarks, service marks, trade names, and copyrights of other companies, which are the property of their respective owners, and the use herein does not imply an affiliation with or endorsement by the owners of these trademarks, service marks, tradenames, and copyrights. Solely for convenience, some of the trademarks, service marks, trade names, and copyrights referred to in this presentation may be listed without the TM, SM, ©, or ® symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names, and copyrights. Third-party logos included herein may represent past customers, present customers, or competitors, or may be provided simply for illustrative purposes only. Inclusion of such logos does not necessarily imply affiliation with or endorsement by such firms or businesses. There is no guarantee that the Company will work, or continue to work, with any of the firms or businesses whose logos are included herein. Product The development, release, and timing of any features, functionality, capabilities, or services described for SailPoint’s products that are not currently available remain at SailPoint’s sole discretion on a when, and if, available basis and may not be delivered at all and must not be relied on in making an investing or purchasing decision. © 2026 SailPoint Technologies, Inc. All rights reserved. 2
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3© 2026 SailPoint Technologies, Inc. All rights reserved. SailPoint Adaptive Identity The control plane for the modern, AI-powered enterprise Market leader Deep expertise across IGA, Privilege, and AI-driven identity Ecosystem & integrations Supports 1,200+ enterprise apps and 25,000+ customer apps AI & data moat Built on deep identity context, powered by AI Enterprise grade scale Proven in many of the world's most complex environments
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Q2’27 results summary 4© 2026 SailPoint Technologies, Inc. All rights reserved. Rapid recurring revenue growth Significant top line scale Strong margin profile $1,231M ARR (1)(4) 25% ARR Growth YoY (2)(4) $309M Q2’27 Revenue 36% SaaS ARR Growth YoY (2)(4) 82.3% Q2’27 Adj. Subscription Gross Profit Margin (4) Strong customer retention 3,310 Customers (1)(5) 113% NRR (1)(3)(4) 1. As of July 31, 2026 2. As of July 31, 2026, compared to July 31, 2025 3. Refers to Dollar-based Net Retention Rate 4. Refer to appendix for definitions of key and other business metrics and reconciliations of relevant non -GAAP financial metrics to the most directly comparable GAAP measures 5. Customer counts are approximate 20.3% Q2‘27 Adj. Operating Margin (4) Employee identities Machine identities AI agents Number of identities Time Non- employees
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Q2’27 highlights 5© 2026 SailPoint Technologies, Inc. All rights reserved. ARR grew 25% Y/Y at >$1.2B in scale SaaS ARR grew 36% Y/Y, SaaS NNARR grew 34% Y/Y accounting for 97% of NNARR mix AI-driven solutions accounted for more than 30% of NNARR AI-driven ARR >$70M SaaS customer count grew 16% Y/Y with ARR/SaaS customer growing 17% Y/Y to over $400K Existing customers increased annual spend by >60% when adopting an AI-driven solution RPO growth accelerated to 30% Y/Y to $1.9B, cRPO grew 27% Y/Y to $931M AI-driven pipeline has more than doubled since June 2026 Investor Day >2/3rds of migrations included an AI-driven solution ARR momentum AI-driven growth and strategic expansion 235 customers with ARR > $1M, up 27% Y/Y Refer to appendix for definitions of key and other business metrics
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Total Annual Recurring Revenue ($M) 6© 2026 SailPoint Technologies, Inc. All rights reserved. $767 $813 $877 $925 $982 $1,040 $1,125 $1,163 $1,231 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Note: Fiscal quarters ended April 30, July 31, October 31, and January 31. Total ARR shown above is as of the end of each fiscal quarter shown. Refer to appendix for definitions of key business metrics 25% YoY ARR Growth
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SaaS Annual Recurring Revenue ($M) 7© 2026 SailPoint Technologies, Inc. All rights reserved. $455 $486 $540 $574 $623 $669 $746 $781 $847 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Note: Fiscal quarters ended April 30, July 31, October 31, and January 31. SaaS ARR shown above is as of the end of each fiscal quarter shown. Refer to appendix for definitions of key business metrics 36% YoY SaaS ARR Growth
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Steady retention rates 8© 2026 SailPoint Technologies, Inc. All rights reserved. 114% 114% 114% 115% 114% 114% 113% 113% 113% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Dollar-based net retention rate (1) Note: Fiscal quarters ended April 30, July 31, October 31, and January 31. Dollar-based net retention rate shown above is as of the end of each fiscal quarter shown 1. Based on ARR. Refer to appendix for definitions of relevant key business metrics
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Subscription revenue growth fueled by SaaS ($M) 9© 2026 SailPoint Technologies, Inc. All rights reserved. 34% Q2‘27 SaaS Rev YoY Growth 19% Q2’27 Sub. Rev YoY Growth Note: Fiscal quarters ended July 31. Refer to appendix for definition of subscription revenue $106 $145 $194 $76 $103 $101 $182 $248 $295 Q2'25 Q2'26 Q2'27 SaaS Revenue Other Subscription Revenue
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Strong customer growth over $250K ARR 10© 2026 SailPoint Technologies, Inc. All rights reserved. 125 185 235 Q2'25 Q2'26 Q2'27 >$1MM ARR Customer Count>$250K ARR Customer Count 860 1,090 1,330 Q2'25 Q2'26 Q2'27 Note: Fiscal quarters ended July 31. Customer counts are as of the end of each fiscal quarter shown and are approximate. Refer to appendix for definitions of relevant key business metrics 22% YoY 27% YoY
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Driving operating efficiency ($M) 11© 2026 SailPoint Technologies, Inc. All rights reserved. Adjusted Income from Operations & Margin Adjusted Gross Profit & Margin Adjusted Subscription Gross Profit & Margin Note: Fiscal quarters ended July 31. Refer to appendix for reconciliations of relevant non-GAAP financial metrics to the most directly comparable GAAP measures $152 $207 $239 76.8% 78.2% 77.4% Q2'25 Q2'26 Q2'27 $151 $206 $243 82.9% 83.0% 82.3% Q2'25 Q2'26 Q2'27 $21 $54 $63 10.7% 20.4% 20.3% Q2'25 Q2'26 Q2'27
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Guidance
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$M Q3’27 Guidance As of 9/9/26 FY’27 Guidance As of 9/9/26 Prior FY’27 Guidance As of 6/9/26 Total ARR (in millions) YoY growth % $1,288 to $1,292 24% $1,375 to $1,385 22% to 23% $1,364 to $1,374 21% to 22% Total Revenue (in millions) YoY growth % $326 to $330 16% to 17% $1,265 to $1,275 18% to 19% $1,265 to $1,275 18% to 19% Adjusted Income from Operations (in millions) Adjusted operating margin % $57.5 to $58.5 17.4% to 17.9% $239 to $244 18.7% to 19.3% $239 to $244 18.7% to 19.3% Adjusted EPS $0.07 to $0.08 $0.30 to $0.34 $0.30 to $0.34 1. Fiscal quarter ending October 31; fiscal year ending January 31. Total ARR is as of the end of the fiscal quarter/year listed above 2. All forward-looking non-GAAP financial measures above exclude estimates for stock-based compensation expense, payroll taxes related to restricted stock units, and amortization of acquired intangibles as well as acquisition related costs and severance of certain key executives, if applicable. SailPoint has not reconciled its expectations for adjusted income from operations, adjusted operating margin or adjusted EPS to their most directly comparable GAAP measure due to the high variability and difficulty in making accurate forecasts and projections of certain items that impact these non-GAAP measures, particularly stock-based compensation expense. Stock-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s GAAP income (loss) from operations and GAAP net income (loss) per basic and diluted common share. Accordingly, reconciliations of our forward-looking adjusted income from operations, adjusted operating margin and adjusted EPS to their most directly comparable GAAP measures are not available without unreasonable effort© 2026 SailPoint Technologies, Inc. All rights reserved. Fiscal Q3’27 & FY’27 guidance (1)(2) 13
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1. Refer to appendix for definitions of key and other business metrics 2. SailPoint has not reconciled its expectations as to these non -GAAP financial measures to their most directly comparable GAAP mea sures due to the high variability and difficulty in making accurate forecasts and projections of certain items that may impact these GAAP measures. Adjusted subscription gross profit margin excludes stock-based compensation expense, which is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which ar e difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s subscr iption gross profit margin. SailPoint’s forward - looking adjusted subscription gross profit margin also excludes payroll taxes related to RSUs, amortization of acquired intan gibles as well as acquisition-related costs and severance of certain key executives, if applicable, all of which are also difficult to predict accurately. Similarly, SailPoint’s forwa rd-looking cash flow from operating activities is difficult to accurately predict. Accordingly, reconciliations of our adjusted subscription gross profit margin and free cash flow to thei r most directly comparable GAAP measures are not available without unreasonable effort. © 2026 SailPoint Technologies, Inc. All rights reserved. Additional modeling notes SaaS/Term ARR Mix: We expect approximately 85-90% of Net New ARR (NNARR)(1) will come from SaaS for Q3’27 and 90%-95% for FY’27. A $5M ARR shift from Term to SaaS would impact Q3’27 revenue by approximately $10M Revenue: We expect Q3’27 term revenue to decline mid single digits year-over-year due to less term point-in-time (upfront) revenue recognition. Conversely, we expect Q3’27 revenue recognized over time to grow approximately 22% year -over-year. This excludes expected point-in-time revenue of greater than $40M in Q3’27 Adjusted Subscription Gross Profit Margin: We expect approximately 82% for Q3’27 and FY’27, primarily due to a higher mix of SaaS revenue relative to FY’26(2) Operating expenses: We expect Entro to add incremental costs in H2’27, primarily in R&D Stock Based Compensation (SBC): We expect SBC to be approximately 20% of revenue for FY’27 Taxes: We anticipate approximately $10M of cash tax payments in FY’27. In estimating adjusted EPS for Q3’27 and FY’27, we applied a tax rate of 24.5% Weighted Average Diluted Share Count: We expect 577M for Q3’27 and 575M for FY’27 Free Cash Flow: We expect ~$200M in FY’27(2) 14
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Reiterating FY’29 targets 15© 2026 SailPoint Technologies, Inc. All rights reserved. 22%+ Adjusted Operating Margin(4) $400M+ Free Cash Flow(4) (22%+ margin) $2.1B+ ARR(1)(2) $800M+ AI-driven ARR(1)(2)(3) 1. Refer to appendix for definitions of key and other business metrics. 2. As of the end of FY’29. 3. AI-driven ARR is defined as total ARR from our AI solutions including Agentic Suites, SailPoint Agentic Fabric (SAF), and Agentic add-on modules. 4. SailPoint has not reconciled its expectations as to these non-GAAP financial measures to their most directly comparable GAAP measures due to the high variability and difficulty in making accurate forecasts and projections of certain items that impact these GAAP measures. Adjusted operating margin excludes stock-based compensation expense, which is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s operating margin. SailPoint’s forward-looking adjusted operating margin also excludes payroll taxes related to RSUs, amortization of acquired intangibles as well as acquisition-related costs and severance of certain key executives, if applicable, all of which are also difficult to predict accurately. Similarly, SailPoint’s forward-looking cash flow from operating activities is difficult to accurately predict. Accordingly, reconciliations of our adjusted subscription gross profit margin, free cash flow and free cash flow margin to their most directly comparable GAAP measures are not available without unreasonable effort.
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Reiterating FY’29E & long-term targets(1)(2)(3) 16© 2026 SailPoint Technologies, Inc. All rights reserved. 1. Fiscal year ending January 31. 2. SailPoint has not reconciled its expectations as to the below non-GAAP metrics to their most directly comparable GAAP measures due to the high variability and difficulty in making accurate forecasts and projections of certain items that impact such GAAP measures. In particular, all such non-GAAP metrics (except free cash flow margin) exclude stock-based compensation expense, which is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on the GAAP metrics most comparable to such non-GAAP metrics. SailPoint's forward-looking non-GAAP metrics below (except free cash flow margin) also exclude payroll taxes related to restricted stock units (RSUs), amortization of acquired intangibles as well as acquisition-related costs and severance of certain key executives, if applicable, all of which are also difficult to predict accurately. Similarly, SailPoint’s forward-looking cash flow from operating activities is difficult to accurately predict. Accordingly, reconciliations of our forward-looking non-GAAP metrics below to their most directly comparable GAAP measures are not available without unreasonable effort. 3. Long-term targets are aspirational and represent a greater than 5-year time frame Non-GAAP Metric FY’23 FY’24 FY’25 FY’26 FY’29E L-T target Drivers Adj. Gross Profit Margin % 75.0% 77.0% 78.1% 77.8% 76% – 79% ~80% Technology efficiencies Adj. S&M as % of Rev 44.3% 40.4% 38.0% 36.5% 32% - 35% ~30% Scale go-to-market operations Adj. R&D as % of Rev 23.0% 21.3% 17.0% 15.7% 14% - 16% ~14% Prioritize product innovation Adj. G&A as % of Rev 9.6% 7.6% 7.7% 7.5% 6% - 7% ~6% Economies of scale Adj. Operating Margin % (1.9%) 7.8% 15.4% 18.1% 22%+ ~30% Operating leverage Free Cash Flow Margin % - - - - 22%+ ~32% SaaS/Term mix & Working Capital
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Continue to leverage and expand network of partners and alliances Continue to innovate and expand portfolio Expand existing customer relationships Drive new customer growth Expand global footprint Multiple levers to help support long-term growth 17© 2026 SailPoint Technologies, Inc. All rights reserved.
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Appendix
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1. Approximate revenue headwind is a result of an increase in SaaS to Term NNARR mix due to revenue from SaaS contracts being recognized ratably as compared to term licenses in which a portion of the revenue is recognized upfront. See next slide for illustrative example. © 2026 SailPoint Technologies, Inc. All rights reserved. Higher NNARR SaaS mix impacted fiscal Q2’27 revenue by approximately $5 million 19 $194 $56 $45 $14 Q2'27 Revenue SaaS Term subscriptions Maintenance & other subscription services Services and other SaaS mix revenue timing headwind (1)$5 90-95% Fiscal Q2’27 NNARR SaaS mix guidance 97% Fiscal Q2’27 NNARR SaaS mix actual
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Revenue recognition example $100k $100k $100k $100k $100k $100k $100k $100k $100k $100k $100k $100k $1.8M Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Term $250k $250k $250k $250k $250k $250k $250k $250k $250k $250k $250k $250k Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 SaaS 3-Year, $3M Total Contract Value (TCV) Assumes deal booked on first day of a quarter ARR $1M in both scenarios © 2026 SailPoint Technologies, Inc. All rights reserved. 60% point-in-time (upfront) / 40% ratable ~63.3% of deal recognized in Q1 100% ratable ~8.3% of deal recognized in Q1 Upfront 20
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Annual Recurring Revenue (ARR) We define ARR as the annualized value of SaaS, maintenance, term subscription, and other subscription contracts as of the mea surement date. To the extent that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contra ct’s annualized value in ARR until the customer notifies us that it is not renewing its contract. We calculate ARR by dividing the active contract value by the number of day s of the contract and then multiplying by 365. ARR should be viewed independently of revenue, as ARR is an operating metric and is not intended to be combined with or to replace reven ue. ARR is not a forecast of future revenue, which can be impacted by ASC 606 allocations and renewal rates and does not consider other sources of revenue that are not recurrin g in nature. ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies. SaaS Annual Recurring Revenue (SaaS ARR) We define SaaS ARR as the annualized value of SaaS contracts as of the measurement date. To the extent that we are actively n egotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in SaaS ARR until the cu stomer notifies us that it is not renewing its contract. We calculate SaaS ARR by dividing the active SaaS contract value by the number of days of the contract and then multiplying by 3 65. SaaS ARR should be viewed independently of subscription revenue as SaaS ARR is an operating metric and is not intended to be combined with or replace subscription reven ue. SaaS ARR is not a forecast of future subscription revenue, which can be impacted by ASC 606 allocations and renewal rates and does not consider other sources of revenue that a re not recurring in nature. SaaS ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies. Dollar-Based Net Retention Rate (NRR) We define dollar-based net retention rate as the comparison of our ARR from our subscription customers against the same metric f or those subscription customers from the prior year. For the purposes of calculating our dollar-based net retention rate, we define a subscription customer as a separate legal entity that has entered into a distinct subscription agreement. Our dollar-based net retention rate reflects customer expansion, contraction, and churn. We calculate our dollar -based net retention rate as of period end by starting with the ARR from all subscription customers as of 12 months prior to such period end, or prior period ARR. We then calculate the ARR from these same subscription customers as of the current period end, or current period ARR. We then divide the current period ARR by the prior period ARR to arrive at our dollar-based net retention rate. The dollar-based net retention rate at the end of any period is the weighted average of the dollar-based net retention rates as of the end of each of the trailing 4 quarters. Dollar-based net retention rate does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other c ompanies. © 2026 SailPoint Technologies, Inc. All rights reserved. Definitions of key business metrics 21
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AI-driven annual recurring revenue (AI-driven ARR) We define AI-driven ARR (which was previously referred to as AI ARR) as total ARR from our AI solutions, including Agentic Suite s, SailPoint Agentic Fabric (SAF), and Agentic add-on modules, as of the measurement date. To the extent that we are actively negotiating a renewal or new agreement wi th a customer after the expiration of a contract, we continue to include that contract’s annualized value in AI -driven ARR until the customer notifies us that it is not renewing its contract. We calculate AI-driven ARR by dividing the active AI solutions contract value by the number of days of the contract and then multiplying by 365. AI-driven ARR is an operating metric and is not intended to be combined with or to replace any revenue metrics. AI -driven ARR is not a forecast of future revenue from our AI solutions, which can be impacted by ASC 606 allocations and renewal rates, and does not consider other sources of revenue that are not r ecurring in nature. AI-driven ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other compan ies. Subscription Revenue The majority of our revenue relates to subscription revenue which consists of ( i) fees for access to, and related support for, the SaaS offerings, (ii) fees for term subscriptions, (iii) fees for ongoing maintenance and support of perpetual license solutions, and (iv) other subscription ser vices such as cloud managed services, and certain professional services. Term subscriptions include the term licenses and ongoing maintenance and support. Maintena nce and support agreements consist of fees for providing software updates on a when and if available basis and for providing technical support for softw are products for a specified term. Subscription revenue, including support for term licenses, is recognized ratably over the term of the applicable agreement. R evenue related to term subscription performance obligations, excluding support for term subscriptions, is recognized upfront at the point in time when the custom er has taken control of the software license. Net New ARR (NNARR) NNARR refers to the change in ARR from the end of the prior quarter for purposes of assessing quarterly achievement, and the change in ARR from the prior year for purposes of assessing annual achievement. © 2026 SailPoint Technologies, Inc. All rights reserved. Definitions of other business and financial metrics 22
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Net New SaaS ARR (SaaS NNARR) We define SaaS NNARR as the change in the SaaS ARR from the end of the prior quarter for purposes of assessing quarterly achi evement, and the change in SaaS ARR from the prior year for purposes of assessing annual achievement. Remaining performance obligation (RPO) Our contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. The se remaining performance obligations represent contract value that has not yet been recognized as revenue. RPO includes both invoices that have been issued to customers but have not been recognized as revenue and amounts that will be invoiced and recognized as revenue in future periods. Current remaining performance obligation (cRPO) Represents RPO that the Company expects to recognize as revenue over the next 12 months. © 2026 SailPoint Technologies, Inc. All rights reserved. Definitions of other business and financial metrics 23
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Three Months Ended July 31, (In thousands) 2026 2025 2024 Revenue Subscription SaaS $ 193,872 $ 144,758 $ 105,716 Maintenance and support 35,468 38,471 38,909 Term subscriptions 56,196 58,120 32,630 Other subscription services 9,669 6,588 4,556 Total subscription 295,205 247,937 181,811 Services and other 13,608 16,422 16,764 Total revenue $ 308,813 $ 264,359 $ 198,575 Revenue Note: Numbers rounded and therefore may not sum© 2026 SailPoint Technologies, Inc. All rights reserved. 24
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Three Months Ended July 31, (In thousands, except percentages) 2026 2025 2024 GAAP gross profit $ 205,385 $ 177,806 $ 123,313 GAAP gross profit margin 66.5% 67.3% 62.1% Equity-based compensation expense 5,703 2,612 3,215 Payroll taxes for IPO-accelerated awards and RSUs 231 — — Amortization of acquired intangible assets 27,013 26,322 25,890 Restructuring expense 758 — — Adjusted gross profit $ 239,090 $ 206,740 $ 152,417 Adjusted gross profit margin 77.4% 78.2% 76.8% Note: Numbers rounded and therefore may not sum© 2026 SailPoint Technologies, Inc. All rights reserved. 25 GAAP to adjusted gross profit and adjusted gross profit margin reconciliation
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Three Months Ended July 31, (In thousands, except percentages) 2026 2025 2024 GAAP subscription gross profit $ 211,102 $ 177,494 $ 123,323 GAAP subscription gross profit margin 71.5% 71.6% 67.8% Equity-based compensation expense 4,115 1,931 1,626 Payroll taxes for IPO-accelerated awards and RSUs 146 — — Amortization of acquired intangible assets 27,013 26,322 25,844 Restructuring expense 520 — — Adjusted subscription gross profit $ 242,896 $ 205,747 $ 150,793 Adjusted subscription gross profit margin 82.3% 83.0% 82.9% Note: Numbers rounded and therefore may not sum© 2026 SailPoint Technologies, Inc. All rights reserved. 26 GAAP to adjusted subscription gross profit and adjusted subscription gross profit margin reconciliation
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Three Months Ended July 31, (In thousands, except percentages) 2026 2025 2024 GAAP loss from operations $ (58,958) $ (40,798) $ (65,830) GAAP loss from operations margin (19.1)% (15.4)% (33.2)% Equity-based compensation expense 68,321 48,418 24,390 Payroll taxes for IPO-accelerated awards and RSUs 1,634 — — Amortization of acquired intangible assets 51,028 50,214 64,479 Restructuring expense 2,516 — — Amortization of acquired contract acquisition costs (3,461) (5,444) (6,559) Acquisition-related expenses and Thoma Bravo monitoring fees 1,707 1,609 4,714 Adjusted income from operations $ 62,787 $ 53,999 $ 21,194 Adjusted operating margin 20.3% 20.4% 10.7% Note: Numbers rounded and therefore may not sum© 2026 SailPoint Technologies, Inc. All rights reserved. 27 GAAP to adjusted income from operations and adjusted operating margin reconciliation
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Three Months Ended July 31, (in thousands) 2026 2025 GAAP research and development expense $ 62,185 $ 48,111 Equity-based compensation expense (15,822) (7,512) Payroll taxes for IPO-accelerated awards and RSUs (451) — Amortization of acquired intangible assets (137) (95) Restructuring expense (768) — Adjusted research and development expense $ 45,007 $ 40,504 GAAP sales and marketing expense $ 155,881 $ 131,289 Equity-based compensation expense (22,944) (18,203) Payroll taxes for IPO-accelerated awards and RSUs (609) — Amortization of acquired intangible assets (23,878) (23,797) Restructuring expense (597) — Amortization of acquired contract acquisition costs 3,461 5,444 Acquisition-related expenses — (1,609) Adjusted sales and marketing expense $ 111,314 $ 93,124 GAAP general and administrative expense $ 46,277 $ 39,204 Equity-based compensation expense (23,852) (20,091) Payroll taxes for IPO-accelerated awards and RSUs (343) — Restructuring expense (393) — Acquisition-related expenses and Thoma Bravo monitoring fees (1,707) — Adjusted general and administrative expense $ 19,982 $ 19,113 GAAP to adjusted operating expense reconciliation Note: Numbers rounded and therefore may not sum© 2026 SailPoint Technologies, Inc. All rights reserved. 28
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Three Months Ended July 31, (in thousands, except per share data) 2026 2025 GAAP net loss $ (50,360) $ (10,552) Equity-based compensation expense 68,321 48,418 Payroll taxes for IPO-accelerated awards and RSUs 1,634 — Amortization of acquired intangible assets 51,028 50,214 Restructuring expense 2,516 — Amortization of acquired contract acquisition costs (3,461) (5,444) Acquisition-related expenses and Thoma Bravo monitoring fees 1,707 1,609 Tax effect of adjustments (22,603) (44,281) Adjusted net income $ 48,782 $ 39,964 GAAP net loss per share, basic and diluted $ (0.09) $ (0.02) Adjusted EPS, diluted $ 0.09 $ 0.07 Weighted average shares used in computing GAAP net loss per share, basic and diluted 568,113 555,757 Shares used in computing adjusted EPS, diluted (1) 569,247 557,878 GAAP to adjusted earnings per share (adjusted EPS) reconciliation Note: Numbers rounded and therefore may not sum© 2026 SailPoint Technologies, Inc. All rights reserved. 29 (1) Starting in FY'27, we are using diluted weighted average shares outstanding to calculate adjusted EPS. For FY'26 (and all periods therein), we calculated Adjusted EPS based on the number of diluted shares outstanding as of the end of such period rather than the diluted weighted average shares outstanding for such period. We believe that using such a denominator for such periods provided a more meaningful comparison with subsequent periods due to the IPO closing after the beginning of fiscal year 2026..
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Three Months Ended July 31, (In thousands, except percentages) 2026 2025 GAAP net cash provided by (used in) operating activities $ 44,963 $ 49,945 Less: Purchase of property and equipment (1,934) (962) Less: Capitalized software development costs (5,620) (3,025) Free cash flow $ 37,409 $ 45,958 GAAP net cash provided by (used in) operating activities margin 14.6% 18.9% Free cash flow margin 12.1% 17.4% GAAP cash from operations to free cash flow reconciliation © 2026 SailPoint Technologies, Inc. All rights reserved. 30Note: Numbers rounded and therefore may not sum
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