Revenue growth has decelerated from a 25.5% peak in 2026Q1 to 13.3% in 2026Q4, while operating margins remain constrained between 4.5% and 11.3% due to persistent SG&A overhead.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 |
|---|
| Sales/Revenue | 1.18B | 995.62M | 839.25M | 784.59M | 769.59M | 723.47M | 670.88M | 710.96M | 699.39M | 645M | 593.77M | 607.54M | 586.34M | 495.85M | 406.64M | 314.78M | 271.02M | 234.52M | 198.3M | 151.11M | 109.47M | 82.63M |
| Revenue Growth % | 18.89% | 18.63% | 6.97% | 1.95% | 6.37% | 7.84% | -5.64% | 1.65% | 8.43% | 8.63% | -2.27% | 3.62% | 18.25% | 21.94% | 29.18% | 16.14% | 15.57% | 18.26% | 31.23% | 38.03% | 32.49% | - |
| Cost of Goods Sold | 233.47M | 179.03M | 151.61M | 135.4M | 113.86M | 109.37M | 117.08M | 117.01M | 98.15M | 85.19M | 82.71M | 82.07M | 74.3M | 64.95M | 53.41M | 41.02M | 35.65M | 30.65M | 26.98M | 21.68M | 14.99M | 11.47M |
| COGS % of Revenue | 19.72% | 17.98% | 18.07% | 17.26% | 14.79% | 15.12% | 17.45% | 16.46% | 14.03% | 13.21% | 13.93% | 13.51% | 12.67% | 13.1% | 13.13% | 13.03% | 13.15% | 13.07% | 13.61% | 14.35% | 13.7% | 13.88% |
| Gross Profit | 950.22M | 816.58M | 687.64M | 649.19M | 655.73M | 614.1M | 553.81M | 593.95M | 601.24M | 559.81M | 511.06M | 525.48M | 512.04M | 430.9M | 353.23M | 273.76M | 235.38M | 203.87M | 171.32M | 129.42M | 94.48M | 71.16M |
| Gross Margin % | 80.28% | 82.02% | 81.94% | 82.74% | 85.21% | 84.88% | 82.55% | 83.54% | 85.97% | 86.79% | 86.07% | 86.49% | 87.33% | 86.9% | 86.87% | 86.97% | 86.85% | 86.93% | 86.39% | 85.65% | 86.3% | 86.12% |
| Gross Profit Growth % | 16.37% | 18.75% | 5.92% | -1% | 6.78% | 10.89% | -6.76% | -1.21% | 7.4% | 9.54% | -2.74% | 2.62% | 18.83% | 21.99% | 29.03% | 16.31% | 15.45% | 19% | 32.37% | 36.99% | 32.77% | - |
| Operating Expenses | 844.62M | 742.85M | 612.28M | 665.07M | 614.17M | 636.36M | 571.32M | 589.04M | 602.19M | 561.05M | 506.94M | 486.69M | 411.62M | 350M | 303.93M | 237.99M | 203.53M | 183.37M | 147.65M | 112.85M | 84.53M | 70.83M |
| OpEx % of Revenue | 71.36% | 74.61% | 72.96% | 84.77% | 79.8% | 87.96% | 85.16% | 82.85% | 86.1% | 86.98% | 85.38% | 80.11% | 70.2% | 70.59% | 74.74% | 75.61% | 75.1% | 78.19% | 74.45% | 74.68% | 77.21% | 85.72% |
| Selling, General & Admin | 682.41M | 572.49M | 468.99M | 445.02M | 444.69M | 424.16M | 427.92M | 471.03M | 501.44M | 472.86M | 428.05M | 414.04M | 350.41M | 297.81M | 259.64M | 197.26M | 166.6M | 149.12M | 117.77M | 86.85M | 63.6M | 52.2M |
| SG&A % of Revenue | 57.65% | 57.5% | 55.88% | 56.72% | 57.78% | 58.63% | 63.78% | 66.25% | 71.7% | 73.31% | 72.09% | 68.15% | 59.76% | 60.06% | 63.85% | 62.67% | 61.47% | 63.58% | 59.39% | 57.48% | 58.1% | 63.18% |
| Research & Development | 162.21M | 146.29M | 132.33M | 141.85M | 153.62M | 133.4M | 110.02M | 92.65M | 94.16M | 83.54M | 69.29M | 64.14M | 55.13M | 47.36M | 39.94M | 36.95M | 33.42M | 30.67M | 26.86M | 23.4M | 19.3M | 17.24M |
| R&D % of Revenue | 13.7% | 14.69% | 15.77% | 18.08% | 19.96% | 18.44% | 16.4% | 13.03% | 13.46% | 12.95% | 11.67% | 10.56% | 9.4% | 9.55% | 9.82% | 11.74% | 12.33% | 13.08% | 13.54% | 15.48% | 17.63% | 20.86% |
| Other Operating Expenses | 0 | 24.07M | 10.96M | 78.2M | 15.86M | 78.8M | 33.38M | 25.36M | 9.72M | 8.63M | 9.61M | 8.51M | 6.08M | 4.83M | 4.35M | 3.77M | 3.51M | 3.58M | 3.02M | 2.6M | 1.62M | 1.39M |
| Operating Income | 105.6M | 73.74M | 75.36M | -15.88M | 41.57M | -22.26M | -17.51M | 4.91M | -946K | -1.24M | 4.11M | 38.78M | 100.42M | 80.89M | 49.3M | 35.77M | 31.85M | 20.51M | 23.67M | 16.57M | 9.95M | 325K |
| Operating Margin % | 8.92% | 7.41% | 8.98% | -2.02% | 5.4% | -3.08% | -2.61% | 0.69% | -0.14% | -0.19% | 0.69% | 6.38% | 17.13% | 16.31% | 12.12% | 11.36% | 11.75% | 8.74% | 11.94% | 10.97% | 9.09% | 0.39% |
| Operating Income Growth % | 43.21% | -2.15% | 574.38% | -138.22% | 286.7% | -27.16% | -456.72% | 618.82% | 23.83% | -130.22% | -89.4% | -61.38% | 24.14% | 64.09% | 37.82% | 12.31% | 55.32% | -13.38% | 42.86% | 66.52% | 2962.15% | - |
| EBITDA | 115.95M | 82.92M | 81.89M | -5.56M | 52.52M | -6.38M | -443K | 16.97M | 10.84M | 8.99M | 15.29M | 47.83M | 106.63M | 85.83M | 53.78M | 39.68M | 35.48M | 24.2M | 26.83M | 19.46M | 11.63M | 1.76M |
| EBITDA Margin % | 9.8% | 8.33% | 9.76% | -0.71% | 6.82% | -0.88% | -0.07% | 2.39% | 1.55% | 1.39% | 2.57% | 7.87% | 18.19% | 17.31% | 13.23% | 12.6% | 13.09% | 10.32% | 13.53% | 12.88% | 10.63% | 2.13% |
| EBITDA Growth % | 39.82% | 1.27% | 1572.22% | -110.59% | 922.49% | -1341.31% | -102.61% | 56.55% | 20.57% | -41.2% | -68.03% | -55.14% | 24.22% | 59.59% | 35.55% | 11.83% | 46.63% | -9.81% | 37.83% | 67.31% | 562.53% | - |
| D&A (Non-Cash Add-back) | 10.35M | 9.19M | 6.53M | 10.32M | 10.95M | 15.88M | 17.07M | 12.06M | 11.79M | 10.23M | 11.18M | 9.05M | 6.21M | 4.94M | 4.48M | 3.91M | 3.63M | 3.69M | 3.15M | 2.89M | 1.68M | 1.43M |
| EBIT | 105.6M | 81.47M | 84.03M | -14.89M | 43.52M | -21.23M | -12.55M | 19.67M | -2.34M | -1.04M | 4.89M | 39.56M | 101.31M | 81.95M | 50.05M | 36.42M | 32.23M | 22.14M | 27.27M | 16.57M | 9.95M | 325K |
| Net Interest Income | 18.02M | 6.24M | 5.01M | 828K | 547K | 1.03M | 4.96M | 5.52M | 1.07M | 206K | -71K | 108K | 890K | 1.06M | 693K | 544K | 278K | 1.46M | 3.48M | 0 | 0 | 0 |
| Interest Income | 21.81M | 6.65M | 5.42M | 1.3M | 656K | 1.03M | 4.96M | 5.52M | 2.23M | 1.16M | 862K | 773K | 890K | 1.06M | 750K | 650K | 384K | 1.64M | 3.59M | 2.6M | 0 | 0 |
| Interest Expense | 3.79M | 416K | 415K | 472K | 109K | 0 | 0 | 0 | 1.16M | 957K | 933K | 665K | 0 | 0 | 57K | 106K | 106K | 175K | 114K | 0 | 0 | 0 |
| Other Income/Expense | -13.47M | 7.32M | 8.26M | 523K | 1.85M | 1.03M | 4.96M | 5.52M | -2.55M | -752K | -154K | 108K | 890K | 1.06M | 693K | 544K | 278K | 1.46M | 3.48M | 2.27M | 1.25M | 332K |
| Pretax Income | 92.12M | 81.05M | 83.61M | -15.36M | 43.41M | -21.23M | -12.55M | 10.43M | -3.5M | -1.99M | 3.96M | 38.89M | 101.31M | 81.95M | 49.99M | 36.31M | 32.13M | 21.97M | 27.15M | 18.85M | 11.21M | 657K |
| Pretax Margin % | 7.78% | 8.14% | 9.96% | -1.96% | 5.64% | -2.94% | -1.87% | 1.47% | -0.5% | -0.31% | 0.67% | 6.4% | 17.28% | 16.53% | 12.29% | 11.54% | 11.85% | 9.37% | 13.69% | 12.47% | 10.24% | 0.8% |
| Income Tax | 21.47M | 4.95M | -85.29M | 20.41M | 9.79M | 9.72M | -6.9M | 6.87M | 58.4M | -1.06M | 1.71M | 13.24M | 37.25M | 28.75M | 18.05M | 15.31M | 13.72M | 9.64M | 6.35M | -45.41M | 451K | 174K |
| Effective Tax Rate % | 23.3% | 6.1% | -102.01% | -132.87% | 22.55% | -45.77% | 55.01% | 65.85% | -1668.57% | 53.31% | 43.2% | 34.05% | 36.76% | 35.07% | 36.11% | 42.16% | 42.71% | 43.89% | 23.38% | -240.94% | 4.02% | 26.48% |
| Net Income | 70.66M | 76.11M | 168.91M | -35.77M | 33.62M | -30.95M | -5.64M | 3.56M | -61.9M | 540K | 136K | 25.65M | 64.06M | 53.21M | 31.94M | 21M | 18.41M | 12.33M | 20.8M | 64.25M | 10.76M | 483K |
| Net Margin % | 5.97% | 7.64% | 20.13% | -4.56% | 4.37% | -4.28% | -0.84% | 0.5% | -8.85% | 0.08% | 0.02% | 4.22% | 10.93% | 10.73% | 7.85% | 6.67% | 6.79% | 5.26% | 10.49% | 42.52% | 9.83% | 0.58% |
| Net Income Growth % | -7.16% | -54.94% | 572.15% | -206.39% | 208.63% | -448.34% | -258.52% | 105.75% | -11562.96% | 297.06% | -99.47% | -59.96% | 20.4% | 66.59% | 52.07% | 14.12% | 49.29% | -40.74% | -67.62% | 497.38% | 2126.92% | - |
| Net Income (Continuing) | 70.66M | 76.11M | 168.91M | -35.77M | 33.62M | -30.95M | -5.64M | 3.56M | -61.9M | -508K | 136K | 25.65M | 64.06M | 53.21M | 31.94M | 21M | 18.41M | 12.33M | 20.8M | 64.25M | 10.76M | 483K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.58 | 1.68 | 3.75 | -0.80 | 0.71 | -0.66 | -0.12 | 0.07 | -1.37 | 0.01 | 0.00 | 0.54 | 1.29 | 1.10 | 0.68 | 0.45 | 0.41 | 0.28 | 0.46 | -1.35 | 0.35 | 0.01 |
| EPS Growth % | -5.95% | -55.2% | 568.75% | -212.68% | 207.58% | -450% | -260.43% | 105.46% | -13800% | - | -99.46% | -58.14% | 17.27% | 61.76% | 51.11% | 9.76% | 46.43% | -39.13% | 134.07% | -485.71% | 2917.24% | - |
| EPS (Basic) | 1.61 | 1.74 | 3.85 | -0.80 | 0.74 | -0.66 | -0.12 | 0.08 | -1.37 | 0.01 | 0.00 | 0.56 | 1.36 | 1.17 | 0.72 | 0.49 | 0.44 | 0.29 | 0.48 | -1.35 | 0.26 | 0.01 |
| Diluted Shares Outstanding | 44.65M | 45.19M | 45.1M | 44.66M | 47.22M | 46.65M | 45.79M | 47.6M | 45.24M | 46.62M | 46.49M | 47.22M | 49.64M | 48.33M | 47.2M | 46.3M | 45.02M | 44.01M | 45.7M | 43.65M | 30.93M | 41.65M |
| Basic Shares Outstanding | 43.98M | 43.85M | 43.88M | 44.66M | 45.44M | 46.65M | 45.79M | 45.83M | 45.18M | 44.7M | 45.16M | 45.46M | 46.98M | 45.46M | 44.09M | 43.28M | 42.13M | 41.98M | 43.19M | 30.67M | 41.65M | 41.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High debt leverage sensitivity
According to the provided quarterly income statements, Commvault's revenue growth has exhibited significant volatility, peaking at 25.5% in 2026Q1 before decelerating to 13.3% by 2026Q4, reflecting the ongoing transition from legacy perpetual licensing to a more recurring, subscription-based SaaS model across its enterprise customer base.
The revenue trajectory suggests that while the Metallic SaaS platform is gaining traction, the company remains susceptible to the lumpy nature of enterprise IT procurement cycles. Investors should monitor whether the recent deceleration indicates a saturation point in the core legacy base or merely a temporary lull in the broader cloud-native migration strategy.
As reported in financial statements, Commvault has maintained robust gross margins consistently above 78%, with a peak of 82.6% in 2025Q4, demonstrating significant pricing power despite the competitive pressure from cloud-native disruptors and the inherent costs associated with scaling its hybrid-cloud data management infrastructure.
These high gross margins suggest that the company's software-centric value proposition remains highly defensible within the Global 2000 segment. However, the slight compression observed in 2026Q4 to 78.1% warrants further investigation into whether this reflects increased cloud hosting costs or a shift in the product mix toward lower-margin professional services.
Based on the income statement data, Commvault's operating margins have remained thin, fluctuating between 4.5% and 11.3% over the last ten quarters, indicating that the company has yet to achieve meaningful operating leverage as SG&A expenses continue to scale alongside top-line revenue growth.
The persistent high level of SG&A spending suggests that the company is prioritizing aggressive market share capture over immediate bottom-line expansion. This strategy appears to be a necessary trade-off to compete with well-funded incumbents, but it leaves the company with limited cushion should revenue growth unexpectedly stall.
Analysis of the reported figures reveals that net income is frequently impacted by non-operating items and significant stock-based compensation, which averaged over $30 million per quarter in 2026, potentially masking the underlying cash-generating capability of the core software business for the average retail investor.
The wide variance in EPS, such as the 2024Q4 spike followed by subsequent normalization, suggests that GAAP net income is an unreliable metric for assessing operational health. Analysts should focus on the consistency of recurring revenue streams rather than the headline net income, which appears heavily influenced by accounting timing and compensation structures.
As indicated by the company's 122.43% debt-to-equity ratio, Commvault carries a significant leverage burden that may limit its strategic flexibility, particularly in a volatile interest rate environment where debt servicing costs could further compress already thin operating margins and restrict future R&D investment capacity.
Short-sellers may focus on this high leverage as a primary vulnerability, arguing that the company's reliance on debt to fund growth and share repurchases is unsustainable. If the SaaS transition fails to yield the expected margin expansion, the company may find itself in a precarious position regarding its capital structure.
Quick answers to the most common questions about buying CVLT stock.
For fiscal year 2026, Commvault Systems, Inc. (CVLT) reported total revenue of $1.18B. This represents a 1332.5% increase compared to $82.6M in 2005.
Commvault Systems, Inc. (CVLT) is profitable, generating $70.7M in net income for the fiscal year ending 2026 with a net profit margin of 6.0%.
Commvault Systems, Inc. (CVLT) reported an operating income of $105.6M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Commvault Systems, Inc. (CVLT) generated $950.2M in gross profit for the year, representing a gross profit margin of 80.3%. This demonstrates the company's core pricing power and production efficiency.