Okta Status update

Right. Good morning, everybody. Welcome to Investor Summit at Oktane 2026. We have about an hour. We are going to take questions in the room, but we are going to be joined by Todd McKinnon, our Co-Founder and CEO.

Todd McKinnon. It is our opportunity to push the whole industry forward and help them create this secure agentic enterprise.

It is like we are not going to waste this opportunity. We are going to meet this moment and lead the industry and do everything in our power to build a culture and a company and a set of products and capabilities that meet this moment. It is very exciting. It is super motivating for all of us, and we are excited to talk about it at Oktane. For many of you that have been on the journey with us for a while, it is great to see so many familiar faces. You see a lot of the same themes resonating, but in a new way that is even more relevant than ever in this agentic world.

It really is a transformation of every layer in the stack, and folks that have been around a long time can sense how the potential there. We also know that it is going to take a while. Everything has to be transformed, and it is going to be some vendors are going to make the transition, some are not. There is going to be lots of new vendors. There is going to be different dynamics in the industry, but Okta is very committed to really winning in this era and building a long-term value-creating company. Thanks for all the support and thanks for coming to Oktane. We are excited to answer some questions to try to illustrate what we are up to in a little bit more detail. David, you are going to make the decision who gets to ask? Awesome. Be nice to David.

I think there's a lot of work to do. Fundamental to our strategy and our belief is that agentic is not one discrete thing. It's really a transformation of every layer in the stack. It's new agents, it's new platforms to build agents, but it's also agents in every part of the stack. You've heard us say this several times now. But the implications of that are that when you talk about Control Tower or management and visibility, there's actually a lot of work to do there. For example, a Control Tower and visibility in terms of the effectiveness and the ROI, the business ROI of agents, you could put a Control Tower on that. It's actually very different from a visibility and security governance Control Tower.

I guess it's a long-winded way of saying that there's a lot of opportunity for all of us to be successful, which is why strategically, the point of the Blueprint Alliance is we're trying to make the pie bigger for everyone by catalyzing the market. There's unprecedented interest. Really, in a very concrete way, it's a conversation everyone wants to have, and everyone knows it's going to be a problem. But I think the market, in terms of actually allocating budget to build the secure agentic enterprise, is being hamstrung by the confusion. Customers, they don't want to make the wrong decision, and we've been successful with Okta for AI Agents. It's off to a great start. It's growing incredibly fast. But that's because we've positioned it as this really no regrets foundation.

Basically, we go to customers, and we say, "However this unfolds over the next 5 or 10 years, you're going to have to have a secure way to connect things together." Token, that's not going away. In fact, it's been around for a while. You've had to connect software together. And it's only going to get supercharged in terms of that requirement. So you need to manage tokens, you need to have this registry, and that's worked. But to really take the market to the potential we think it can be, and let's be clear, we think the identity foundations of the Blueprint Alliance, it could be a bigger market than all of IAM. And IAM is one of the biggest markets in cyber already. I believe IAM will be the biggest market in cyber in 5 years. That's pretty clear to me that's going to happen.

Agentic could be bigger than it all. The agentic, the security and governance and visibility for agentic, being the control layer for that, could be bigger than all of identity is today. Now, how do we make that happen? We have to bring this clarity, and we have to make sure customers can get help, and the industry can help customers understand how to rationalize this all and put things in buckets. Of course, there is going to be debates and skirmishes at the margin. It is not like I am sure that other companies have an opinion on they should do this identity part, and that is fine.

By and large, we are going to clarify what the gateway should do, what is the difference between an AI gateway and a MCP gateway, and how those work together, and what risk means across those kind of things can be clarified and catalyze the market, and that is the point of the Blueprint Alliance. The Blueprint Alliance members, it has only been six months or so we have been working on this in serious, dedicated budget and effort, and it is going well. The proof is in the pudding. The alliance members have to keep working together, certify their products as the technology evolves, but I am very optimistic about it. The strategic objective here is, let us be clear, is bring clarity and make the pie bigger for everyone. I think we have a good shot of doing that.

Like I said, I am super motivated and fired up to meet this need and move the industry forward because, yeah, the downside scenario is fragmented approaches, not good governance, not good risk management, and not getting where we need to be as an industry.