Commvault Systems Inc 8-K, filed Oct 27, 2026

Commvault Systems Inc (CVLT)

8-K 2026-10-27 For: 2026-10-27

Added on October 27, 2026

About this 8-K

Commvault Systems Inc filed this 8-K on October 27, 2026.

Commvault reported fiscal Q2 subscription revenue of $269 million, up 21% year over year, subscription ARR of $1,104 million, and free cash flow of $71 million; fiscal 2027 subscription revenue guidance is $1,127 million to $1,133 million. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	CVLT	The Nasdaq Stock Market


Exhibit No.			Description
99.1			Press Release dated October 27, 2026
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Inline XBRL document)


Date:	October 27, 2026	/s/ Gary Merrill
		Gary Merrill Chief Financial Officer (Principal Financial Officer)


FY'27 guidance as of June 30, 2026 (midpoint)	$	1,205
YTD currency impact using March 31, 2026 rates	(3)
Adjustment on revised annual outlook	8
FY'27 updated guidance as of September 30, 2026 (midpoint)	$	1,210


	Q2'26				Q3'26				Q4'26				Q1'27				Q2'27
	Revenue		Y/Y Growth		Revenue		Y/Y Growth		Revenue		Y/Y Growth		Revenue		Y/Y Growth		Revenue		Y/Y Growth
Subscription:
Term-based license	$	92,647	10	%	$	118,950	22	%	$	114,445	6	%	$	110,420	1	%	$	105,002	13	%
Term-based support	49,686		19	%	50,962		18	%	53,933		21	%	56,057		18	%	57,307		15	%
SaaS	80,018		61	%	87,379		44	%	93,139		43	%	100,550		39	%	106,203		33	%
Total subscription	222,351		26	%	257,291		28	%	261,517		20	%	267,027		16	%	268,512		21	%
Perpetual license	12,073		15	%	13,675		(17)	%	10,129		(32)	%	8,695		19	%	7,205		(40)	%
Perpetual support	30,543		(15)	%	29,309		(14)	%	26,972		(15)	%	25,475		(19)	%	23,482		(23)	%
Other services	11,221		2	%	13,557		25	%	13,074		26	%	12,934		(7)	%	13,190		18	%
Total revenues	$	276,188	18	%	$	313,832	19	%	$	311,692	13	%	$	314,131	11	%	$	312,389	13	%


	Q2'26 Revenue as Reported (GAAP)		Q2'27 Revenue as Reported (GAAP)		Constant Currency Impact		% Change Y/Y (GAAP)	% Change Y/Y Constant Currency
Subscription:
Term-based license	$	92,647	$	105,002	$	430	13%	14%
Term-based support	49,686		57,307		136		15%	16%
SaaS	80,018		106,203		(1)		33%	33%
Total subscription	222,351		268,512		565		21%	21%
Perpetual license	12,073		7,205		128		(40)%	(39)%
Perpetual support	30,543		23,482		255		(23)%	(22)%
Other services	11,221		13,190		(14)		18%	17%
Total	$	276,188	$	312,389	$	934	13%	13%


	Q1'27		Q2'27
Constant Currency Subscription ARR
Term-based Software ARR	$	630,864	$	651,402
SaaS ARR	424,879		455,387
Constant Currency Subscription ARR	$	1,055,743	$	1,106,789

Constant Currency Subscription Net New ARR
Term-based Software ARR	$	16,457	$	20,538
SaaS ARR	24,827		30,508
Constant Currency Subscription Net New ARR	$	41,284	$	51,046


	Three Months Ended September 30,				Six Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Subscription:
Term-based license	$	105,002	$	92,647	$	215,422	$	201,929
Term-based support	57,307		49,686		113,364		97,268
Software-as-a-service	106,203		80,018		206,753		152,463
Total subscription	268,512		222,351		535,539		451,660
Perpetual license	7,205		12,073		15,900		19,408
Perpetual support	23,482		30,543		48,957		61,982
Other services	13,190		11,221		26,124		25,116
Total revenues	312,389		276,188		626,520		558,166
Cost of revenues:
Term-based license	3,465		2,414		7,708		4,656
Software-as-a-service	31,812		29,187		61,464		55,159
Perpetual license	228		194		399		439
Customer support	14,347		14,847		29,046		29,054
Other services	9,018		8,402		17,862		16,513
Total cost of revenues	58,870		55,044		116,479		105,821
Gross margin	253,519		221,144		510,041		452,345
Operating expenses:
Sales and marketing	135,529		122,240		275,324		244,719
Research and development	42,292		39,859		81,834		79,921
General and administrative	42,211		42,553		88,962		83,823
Depreciation and amortization	2,786		2,572		5,105		5,179
Restructuring	324		1,429		2,720		1,666
Change in contingent consideration	—		—		—		(545)
Total operating expenses	223,142		208,653		453,945		414,763
Income from operations	30,377		12,491		56,096		37,582
Interest income	8,439		3,087		16,126		5,096
Interest expense	(1,482)		(637)		(2,955)		(915)
Other income, net	1,420		159		1,689		220
Income before income taxes	38,754		15,100		70,956		41,983
Income tax expense	9,643		370		20,706		3,757
Net income	$	29,111	$	14,730	$	50,250	$	38,226
Net income per common share:
Basic	$	0.71	$	0.33	$	1.22	$	0.86
Diluted	$	0.69	$	0.33	$	1.19	$	0.84
Weighted average common shares outstanding:
Basic	41,261		44,406		41,303		44,366
Diluted	42,221		45,195		42,057		45,264


	September 30,		March 31,
	2026		2026
ASSETS
Current assets:
Cash and cash equivalents	$	897,250	$	899,987
Trade accounts receivable, net	280,575		330,483
Other current assets	62,295		56,040
Total current assets	1,240,120		1,286,510

Deferred tax assets, net	145,975		153,766
Property and equipment, net	13,479		9,750
Operating lease assets	35,956		34,920
Deferred commissions cost	113,437		103,892
Intangible assets, net	17,204		19,715
Goodwill	209,168		209,322
Other assets	99,723		68,430
Total assets	$	1,875,062	$	1,886,305

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	493	$	651
Accrued liabilities	159,107		165,583
Current portion of operating lease liabilities	7,443		6,963
Deferred revenue	472,746		484,973
Total current liabilities	639,789		658,170

Convertible notes, net	882,989		880,863
Deferred revenue, less current portion	291,114		293,725
Deferred tax liabilities	1,134		1,565
Long-term operating lease liabilities	30,937		29,675
Other liabilities	16,565		14,813

Total stockholders’ equity	12,534		7,494
Total liabilities and stockholders’ equity	$	1,875,062	$	1,886,305


	Q2'26	Q3'26	Q4'26	Q1'27	Q2'27
Subscription ARR	918,130	966,260	1,014,729	1,054,311	1,103,909
SaaS ARR	335,669	363,732	400,157	424,337	454,406


	Three Months Ended September 30,				Six Months Ended September 30,
	2026		2025		2026		2025
Cash flows from operating activities
Net income	$	29,111	$	14,730	$	50,250	$	38,226
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,786		2,572		5,105		5,179
Amortization of debt issuance costs	1,166		409		2,330		494
Amortization of deferred commissions costs	15,835		11,221		30,417		22,210
Noncash stock-based compensation	35,780		32,224		71,070		62,404
Noncash operating lease expense	2,008		1,774		3,924		3,410
Noncash change in fair value of contingent consideration	—		—		—		(545)
Noncash adjustment on headquarters sale leaseback	—		—		—		495


Deferred income taxes	4,244		5,668		7,206		9,576
Other	67		(138)		(115)		(199)
Changes in operating assets and liabilities:
Trade accounts receivable, net	(9,599)		20,258		49,115		24,006
Other current assets and Other assets	(5,281)		(8,281)		(28,471)		(5,903)
Deferred commissions cost	(18,923)		(13,712)		(40,222)		(28,784)
Accounts payable	341		232		(165)		(88)
Accrued liabilities	18,072		2,030		(8,209)		(45,230)
Operating lease liabilities	(1,325)		(1,739)		(3,214)		(3,647)
Deferred revenue	169		10,513		(12,139)		27,953
Other liabilities	347		(992)		(414)		(1,107)
Net cash provided by operating activities	74,798		76,769		126,468		108,450
Cash flows from investing activities
Purchase of property and equipment	(3,932)		(3,187)		(4,501)		(5,066)
Purchase of investments	(144)		(482)		(8,039)		(6,626)
Proceeds from sale of headquarters, net	—		—		—		34,849
Business combination, net of cash acquired	—		(26,015)		—		(26,015)
Net cash used in investing activities	(4,076)		(29,684)		(12,540)		(2,858)
Cash flows from financing activities
Repurchase of common stock	(107,741)		(131,023)		(117,872)		(146,073)
Proceeds from stock-based compensation plans	6,585		6,974		6,585		6,974
Proceeds from issuance of convertible notes	—		900,000		—		900,000
Purchase of capped calls	—		(99,630)		—		(99,630)
Payment of debt issuance costs	—		(20,396)		—		(22,242)
Other	(113)		(18)		(188)		(30)


	Three Months Ended September 30,				Six Months Ended September 30,
	2026		2025		2026		2025
Non-GAAP financial measures and reconciliation:
GAAP income from operations	$	30,377	$	12,491	$	56,096	$	37,582
Noncash stock-based compensation6	35,680		31,813		70,405		61,918
FICA and payroll tax expense related to stock-based compensation7	712		838		1,589		2,637
Restructuring8	324		1,429		2,720		1,666
Amortization of intangible assets9	1,255		1,140		2,511		2,211
Business combination costs10	—		1,890		—		1,890
Change in contingent consideration11	—		—		—		(545)
Adjustment on headquarters sale leaseback12	—		—		—		495
Non-recurring strategic pricing initiative costs13	—		—		6,500		—
Other non-recurring charges14	—		1,805		—		1,805
Non-GAAP income from operations	$	68,348	$	51,406	$	139,821	$	109,659

GAAP net income	$	29,111	$	14,730	$	50,250	$	38,226
Noncash stock-based compensation	35,680		31,813		70,405		61,918
FICA and payroll tax expense related to stock-based compensation	712		838		1,589		2,637
Restructuring	324		1,429		2,720		1,666
Amortization of intangible assets	1,255		1,140		2,511		2,211
Business combination costs	—		1,890		—		1,890
Change in contingent consideration	—		—		—		(545)
Adjustment on headquarters sale leaseback	—		—		—		495
Non-recurring strategic pricing initiative costs	—		—		6,500		—
Other non-recurring charges	—		1,805		—		1,805
Non-GAAP provision for income taxes adjustment15	(8,771)		(12,593)		(16,417)		(23,617)
Non-GAAP net income	$	58,311	$	41,052	$	117,558	$	86,686

GAAP diluted earnings per share	$	0.69	$	0.33	$	1.19	$	0.84
Noncash stock-based compensation	0.85		0.70		1.67		1.37
FICA and payroll tax expense related to stock-based compensation	0.02		0.02		0.04		0.06
Restructuring	0.01		0.03		0.06		0.04
Amortization of intangible assets	0.03		0.03		0.06		0.05
Business combination costs	—		0.04		—		0.04
Change in contingent consideration	—		—		—		(0.01)
Adjustment on headquarters sale leaseback	—		—		—		0.01
Non-recurring strategic pricing initiative costs	—		—		0.15		—
Other non-recurring charges	—		0.04		—		0.04
Non-GAAP provision for income taxes adjustment	(0.22)		(0.28)		(0.37)		(0.52)