Summary
Samsara closed fiscal 2026 with fourth-quarter revenue of $444.30 million, up 28.3% from the prior-year quarter. The top line grew 28% in actuals and 27% in constant currency. Ending ARR reached $1.890 billion, up 30% year over year in actuals and constant currency. Net new ARR was $144.8 million, up 33% in actuals and 31% in constant currency. GAAP gross profit was $338.38 million, up 27.2%, while GAAP gross margin slipped to 76.2% from 76.8%. GAAP operating income was $9.02 million, swinging to a profit from a prior-year operating loss, and GAAP operating margin was 2.0%, up 7.3 percentage points. GAAP net income was $22.04 million, also swinging to a profit from a prior-year net loss.
Full-year fiscal 2026 revenue was $1.62 billion, up 29.6% from the prior year. GAAP gross profit was $1.24 billion, up 30.6%, and GAAP gross margin was 76.7%, up 0.6 percentage points. GAAP operating loss was $52.58 million, narrowing 72.3% from the prior-year operating loss. GAAP net loss was $9.12 million, narrowing 94.1% from the prior-year net loss. GAAP diluted loss per share was $0.02, compared with a loss of $0.28 in the prior year. Operating cash flow was $236.21 million, up 79.4%, and capital expenditures were $28.77 million, up 42.6%. Deferred revenue was $809.04 million, up 18.0% from the prior-year quarter, and remaining performance obligations were $3.77 billion, up 42.0%.
Operational metrics show a larger and more multi-product customer base. Core Customers, those with $25,000 or more in ARR, numbered more than 12,000 as of January 31, 2026, and contributed approximately 85% of ARR. Customers with over $100,000 in ARR rose to 3,194 from 2,484 as of February 1, 2025, and represented approximately 61% of ARR. More than 95% of those large customers use two or more Applications, and approximately 70% use three or more. Headcount grew to more than 4,100 full-time employees from more than 3,500. The company says its data asset captures more than 25 trillion data points annually, and it is pushing AI agents such as an AI Safety coach into customer workflows.
Guidance points to slower growth at a larger scale. For the first quarter of fiscal 2027, Samsara guides non-GAAP operating margin to 15%. For the full fiscal year 2027, it guides non-GAAP operating margin to 19%. Non-GAAP diluted net income per share guidance is $0.12 to $0.13 for the first quarter and $0.65 to $0.69 for the full year. The company expects GAAP profitability on a diluted per-share basis. Constant currency impact to revenue guidance is expected to be a $5 million positive impact for the first quarter of fiscal 2027 and an $11 million positive impact for the full fiscal year 2027.
Risks remain familiar for a company scaling hardware and software across physical operations. The 10-K lists macroeconomic trends, inflationary pressure, foreign currency fluctuations, interest rate changes, supply chain disruptions, increased memory and computing costs, tariff policies, security breaches, competition, and longer sales cycles. Samsara also carries a full valuation allowance against U.S. deferred tax assets. The company generated $236.21 million in operating cash flow for fiscal 2026, but it still reported a full-year GAAP net loss of $9.12 million. Adjusted free cash flow was $208.7 million for the full year and $62.9 million for the fourth quarter. The 10-K states that existing cash, cash equivalents, and short-term and long-term investments will be sufficient to support working capital and capital expenditure requirements for at least the next 12 months.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2026 | Q3 FY2026 | QoQ | Q4 FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $444.3M | $416.0M | +6.8% | $346.3M | +28.3% |
| Gross profit | $338.4M | $319.0M | +6.1% | $266.0M | +27.2% |
| Gross margin | 76.2% | 76.7% | -0.5 pp | 76.8% | -0.7 pp |
| Research & development | $89.5M | $86.2M | +3.8% | $73.3M | +22.2% |
| Sales & marketing | $175.9M | $168.4M | +4.5% | $152.7M | +15.2% |
| General & administrative | $63.9M | $66.1M | -3.3% | $57.2M | +11.8% |
| Total operating expenses | $329.4M | $320.7M | +2.7% | $284.4M | +15.8% |
| Operating income (loss) | $9.0M | -$1.7M | +624.1% | -$18.4M | +149.0% |
| Operating margin | 2.0% | -0.4% | +2.4 pp | -5.3% | +7.3 pp |
| Net income (loss) | $22.0M | $7.8M | +183.8% | -$11.2M | +296.7% |
| Net margin | 5.0% | 1.9% | +3.1 pp | -3.2% | +8.2 pp |
| Diluted EPS | $0.04 | $0.01 | +$0.03 | -$0.02 | +$0.06 |
Risks
Prior to Q3 FY2026, the company incurred net losses in each period since incorporation and may not sustain profitability. It reported a net loss of $9.1 million for FY2026, which narrowed from a $154.9 million net loss in FY2025, and had an accumulated deficit of $1,619.1 million as of January 31, 2026.
The company is investing significantly in AI, but competitors may incorporate AI more successfully, and AI regulation such as the EU AI Act can impose fines up to the greater of €35 million and 7% of global annual turnover.
The markets are new and rapidly evolving, and competitors such as Motive, Geotab, Verizon Connect, Netradyne, Platform Science, and Verkada may bundle products at significant discounts or leverage AI, which could reduce margins, lengthen sales cycles, and cause loss of market share.
IoT devices depend on a limited number of joint design manufacturers and suppliers, some single-source, with large presence in China and Taiwan. Tariffs and rising memory, storage, and computing costs could disrupt supply and delay revenue recognition.
A security breach or incident affecting customer assets, data, IoT devices, or platform could harm reputation and create liability. Compromise of IoT devices could pose a health and safety hazard, and employees have historically had broad access to customer video footage and other data.
The company relies on Amazon for AWS web hosting and does not currently have an alternative provider. If Amazon decided to compete or did not renew the commercial agreement, it could significantly impact the solution and require time and expense to migrate.
Customers have no obligation to renew subscriptions after initial terms of three to five years; some customers have elected not to renew, and failure to sell additional subscriptions to existing customers would harm results. MD&A notes over 90% of Core Customers use multiple Applications, making expansion important.
Larger-customer sales cycles are long and unpredictable, sometimes exceeding one year, and larger customers require more support and negotiate higher discounts, increasing upfront sales costs and reducing contract profitability. MD&A shows customers over $100,000 in ARR increased from 2,484 as of February 1, 2025 to 3,194 as of January 31, 2026.
Revenue comes from physical operations industries susceptible to economic uncertainty. Elevated inflation, interest rates, tariffs, supply chain disruptions, and customer financial distress could delay IT spending and lengthen sales cycles; G&A included a $9.8 million increase in write-offs against the allowance for credit losses in FY2026.
Success depends on key personnel including CEO Sanjit Biswas and CTO John Bicket, and the company has experienced turnover in sales and marketing teams, including senior leadership. Headcount increased from more than 3,500 full-time employees in FY2025 to more than 4,100 in FY2026.
The company is expanding into Applications for equipment, sites, and frontline workers where it has limited operating experience, and heavily regulated new use cases may face additional regulatory scrutiny. It may not replicate the penetration achieved in fleet use cases.
The company expects significant expenditures on hiring, sales and go-to-market efforts, and new features, with operating expenses increasing to $1,294.7 million in FY2026 from $1,140.9 million in FY2025. Failure to execute strategic initiatives on the expected timetable could harm results.
SaaS KPIs
All quarters →Non-GAAP Operating Margin
Adjusted Free Cash Flow Margin
Customers > $100,000 ARR
Non-GAAP Gross Margin
Free Cash Flow Margin
Adjusted Free Cash Flow
Free Cash Flow
ARR adjusted for constant currency
ARR
ARR from Core Customers
Non-GAAP Operating Income
Net New ARR
Summary, forecast, risks and KPIs are extracted from Samsara Inc.'s SEC filings for Q4 FY2026 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.