Revenue growth has moderated to 16.8% in 2027Q2 ($308.8M) from 31.0% in 2023Q2, while gross margin has settled near 66.5% after an unusually wide 40.2%–74.5% band, yet the company still reported a -$59.0M operating loss (-19.1% margin) as SG&A of $202.2M (~65% of revenue) outpaced R&D of $62.0M.
SailPoint, Inc. (SAIL) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 1.17B | 1.07B | 861.61M | 699.57M | 552.83M | 450.04M | 365.25M | 288.51M | 248.92M | 186.06M | 132.41M | 95.36M |
| Revenue Growth % | 20.13% | 24.35% | 23.16% | 26.54% | 22.84% | 23.21% | 26.6% | 15.91% | 33.79% | 40.51% | 38.86% | - |
| Cost of Goods Sold | 393.72M | 380.63M | 305.73M | 276.63M | 273.39M | 115.45M | 85.75M | 65.47M | 54.67M | 44.59M | 37.04M | 29.26M |
| COGS % of Revenue | - | 35.53% | 35.48% | 39.54% | 49.45% | 25.65% | 23.48% | 22.69% | 21.96% | 23.97% | 27.97% | 30.68% |
| Gross Profit | 771.83M | 690.79M | 555.88M | 422.94M | 279.43M | 334.59M | 279.51M | 223.04M | 194.25M | 141.47M | 95.37M | 66.1M |
| Gross Margin % | 66.22% | 64.47% | 64.52% | 60.46% | 50.55% | 74.35% | 76.52% | 77.31% | 78.04% | 76.03% | 72.03% | 69.32% |
| Gross Profit Growth % | - | 24.27% | 31.43% | 51.36% | -16.48% | 19.71% | 25.32% | 14.82% | 37.31% | 48.33% | 44.29% | - |
| Operating Expenses | 992.33M | 998.28M | 744.61M | 755.67M | 500.62M | 394.88M | 278.63M | 232.47M | 183.34M | 131.52M | 92.64M | 74.27M |
| OpEx % of Revenue | - | 93.17% | 86.42% | 108.02% | 90.56% | 87.74% | 76.28% | 80.58% | 73.65% | 70.69% | 69.97% | 77.89% |
| Selling, General & Admin | 760.88M | 775.32M | 574.88M | 574.89M | 431.89M | 275.35M | 207.44M | 176.35M | 140.18M | 98.19M | 68.29M | 54.3M |
| SG&A % of Revenue | - | 72.36% | 66.72% | 82.18% | 78.12% | 61.18% | 56.79% | 61.12% | 56.32% | 52.78% | 51.57% | 56.95% |
| Research & Development | 231.45M | 222.96M | 169.73M | 180.78M | 159.48M | 119.53M | 71.19M | 56.12M | 43.15M | 33.33M | 24.36M | 19.96M |
| R&D % of Revenue | - | 20.81% | 19.7% | 25.84% | 28.85% | 26.56% | 19.49% | 19.45% | 17.34% | 17.91% | 18.4% | 20.94% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -90.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -220.51M | -307.49M | -188.73M | -332.73M | -221.19M | -60.29M | 877K | -9.43M | 10.91M | 9.94M | 2.73M | -8.17M |
| Operating Margin % | -18.92% | -28.7% | -21.9% | -47.56% | -40.01% | -13.4% | 0.24% | -3.27% | 4.38% | 5.34% | 2.06% | -8.57% |
| Operating Income Growth % | - | -62.92% | 43.28% | -50.43% | -266.87% | -6974.69% | 109.3% | -186.44% | 9.76% | 264.35% | 133.39% | - |
| EBITDA | -7.53M | -96.71M | 48.51M | -69.09M | -89.98M | -37.5M | 19.17M | -3.21M | 21.65M | 39.97M | 12.71M | 1.45M |
| EBITDA Margin % | -0.65% | -9.03% | 5.63% | -9.88% | -16.28% | -8.33% | 5.25% | -1.11% | 8.7% | 21.48% | 9.6% | 1.52% |
| EBITDA Growth % | -112.58% | -299.35% | 170.22% | 23.22% | -139.96% | -295.65% | 698.03% | -114.8% | -45.83% | 214.44% | 778.44% | - |
| D&A (Non-Cash Add-back) | 212.98M | 210.77M | 237.25M | 263.64M | 131.2M | 22.79M | 18.29M | 6.23M | 10.74M | 30.02M | 9.98M | 9.62M |
| EBIT | -215.91M | -301.36M | -189.98M | -325.29M | -221.19M | -60.38M | 2.93M | -15.66M | 0 | -20.08M | 0 | 0 |
| Net Interest Income | 10.59M | -13.85M | -182.49M | -123M | -74.04M | -1.95M | -16.59M | -2.57M | 0 | 0 | 0 | 0 |
| Interest Income | 11.67M | 10.79M | 4.16M | 10.66M | 2.29M | 730K | 2.02M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.08M | 24.64M | 186.65M | 133.66M | 76.34M | 2.68M | 18.61M | 2.57M | 0 | -14.78M | 0 | 0 |
| Other Income/Expense | 3.51M | -18.51M | -187.9M | -179.62M | -172.17M | -2.77M | -16.56M | -3.65M | -6.15M | -15.24M | -7.89M | -5.25M |
| Pretax Income | -217M | -326M | -376.63M | -512.35M | -393.36M | -63.06M | -15.68M | -13.09M | 4.76M | -5.3M | -5.16M | -13.42M |
| Pretax Margin % | -18.62% | -30.43% | -43.71% | -73.24% | -71.15% | -14.01% | -4.29% | -4.54% | 1.91% | -2.85% | -3.9% | -14.07% |
| Income Tax | -19.77M | -55.95M | -60.8M | -116.98M | 60.86M | 99K | -4.92M | -4.59M | 1.09M | 2.29M | -1.99M | -2.61M |
| Effective Tax Rate % | 9.11% | 17.16% | 16.14% | 22.83% | -15.47% | -0.16% | 31.37% | 35.06% | 22.9% | -43.27% | 38.48% | 19.48% |
| Net Income | -197.22M | -270.05M | -315.83M | -395.37M | -332.5M | -61.63M | -10.76M | -8.5M | 3.67M | -7.59M | -3.17M | -10.81M |
| Net Margin % | -16.92% | -25.21% | -36.66% | -56.52% | -60.15% | -13.7% | -2.95% | -2.95% | 1.47% | -4.08% | -2.4% | -11.33% |
| Net Income Growth % | 38.44% | 14.49% | 20.12% | -18.91% | -439.47% | -472.65% | -26.62% | -331.61% | 148.34% | -139.27% | 70.64% | - |
| Net Income (Continuing) | -197.22M | -270.05M | -315.83M | -395.37M | -332.5M | -63.16M | -10.76M | -8.5M | 3.67M | -7.59M | -3.17M | -10.81M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.35 | -0.52 | -1.98 | -7.07 | -1.07 | -0.66 | -0.12 | -0.10 | 0.04 | -0.15 | -0.05 | -0.15 |
| EPS Growth % | 77.78% | 73.74% | 71.99% | -560.75% | -62.12% | -450% | -25.52% | -334.31% | 127.2% | -225.38% | 69.27% | - |
| EPS (Basic) | - | -0.52 | -1.98 | -7.07 | -1.07 | -0.66 | -0.12 | -0.10 | 0.04 | -0.15 | -0.05 | -0.15 |
| Diluted Shares Outstanding | 568.11M | 561.89M | 546.56M | 138.43M | 546.56M | 93.7M | 90.51M | 88.91M | 90M | 52.34M | 68.89M | 72.24M |
| Basic Shares Outstanding | 568.11M | 561.89M | 546.56M | 138.43M | 546.56M | 93.7M | 90.51M | 88.91M | 90M | 52.34M | 68.89M | 72.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SAIL stock.
For fiscal year 2026, SailPoint, Inc. (SAIL) reported total revenue of $1.07B. This represents a 1023.6% increase compared to $95.4M in 2016.
SailPoint, Inc. (SAIL) reported a net loss of $270.1M for the fiscal year ending 2026.
SailPoint, Inc. (SAIL) reported an operating income of $-307.5M, resulting in an operating profit margin of -28.7%. This margin reflects the operational efficiency of the business before interest and taxes.
SailPoint, Inc. (SAIL) generated $690.8M in gross profit for the year, representing a gross profit margin of 64.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent losses despite growth deceleration
Metrics are mathematically derived from official filings.
Revenue Growth Decelerating From Earlier Peaks
According to SailPoint's reported quarterly results, revenue growth has moderated from 31.0% in 2023Q2 to 16.8% in 2027Q2 ($308.8M), suggesting the cloud migration tailwind may be losing momentum even as absolute revenue continues to compound.
The deceleration appears gradual but persistent, with sequential quarterly revenue growth easing from 22.7% in 2026Q4 to 16.8% in 2027Q2. Investors should consider whether this reflects saturation of large enterprise logo wins, sales capacity constraints, or a natural digestion period following aggressive earlier expansion. The durability of the mid-teens growth rate is the central variable for any DCF-based valuation given the still-negative bottom line.
Gross Margin Volatility Suggests Unsettled Cost Structure
As reported in financial statements, gross margin has fluctuated between 40.2% (2024Q4) and 74.5% (2025Q4) before settling near 66.5% in 2027Q2, an unusually wide band for a subscription software business that may indicate uneven mix between legacy licenses and cloud subscriptions.
The 74.5% print in 2025Q4 and the 40.2% print in 2024Q4 are both outliers that warrant scrutiny; either suggests significant non-recurring items or accounting noise rather than a stable underlying cost base. The recent stabilization near the mid-60s could represent a more honest long-term gross margin, but it trails the 77.4% achieved by Okta by roughly eleven percentage points. This gap may reflect a services-heavy revenue mix or cloud hosting inefficiencies that would need to close for structural profitability.
SG&A Consumes Nearly All Gross Profit
Based on reported figures, SailPoint's SG&A of $202.2M in 2027Q2 nearly matches gross profit of $205.4M, leaving a negative operating margin of -19.1% and suggesting that sales productivity or overhead efficiency has not yet caught up to the revenue base.
Adding R&D of $62.0M to SG&A results in combined operating expense exceeding gross profit by roughly $59M in the most recent quarter, indicating that scale economies are not yet evident despite revenue crossing $1.2B annualized. This pattern suggests the company is still funding market share capture rather than harvesting it. Investors should monitor whether SG&A as a percentage of revenue trends downward over the next four to six quarters; failure to do so would question the entire operating leverage thesis.
Stock-Based Compensation Volatility Obscures True Earnings
As disclosed in SEC filings, stock-based compensation surged to $105.7M in 2026Q1 before dropping to $69.1M in 2027Q1 and then to zero in 2027Q2, an unusual pattern that makes quarter-over-quarter earnings comparisons unreliable and obscures the company's true economic profitability.
The zero-SBC reading in 2027Q2 against a net loss of $50.4M suggests either a change in disclosure practice, a one-time settlement, or data limitations rather than a genuine elimination of dilution; this warrants further investigation before drawing conclusions about underlying losses. Historically, SBC has represented a material portion of operating expense, meaning adjusted non-GAAP earnings have consistently been flattered relative to reported figures. Analysts should treat any non-GAAP EPS positive prints with skepticism until GAAP net income turns persistently positive on a normalized SBC basis.
Cost Structure Heavily Skewed Toward Sales and Marketing
According to recent financial statements, SG&A of $202.2M represents roughly 65% of revenue in 2027Q2 versus R&D at 20%, suggesting go-to-market spending dominates the cost base and that expense discipline will be the primary lever for margin expansion.
The R&D-to-revenue ratio has remained relatively steady around 20%, which appears appropriate for sustaining competitive differentiation in identity governance, but the SG&A intensity is elevated relative to peers like Okta. This may indicate that customer acquisition remains expensive as SailPoint competes against platform bundling from Microsoft and specialized rivals like CyberArk. A structural reduction in SG&A intensity without sacrificing growth would be the clearest signal that the business model is approaching an inflection point.
Losses Persist Despite Decelerating Growth
The most challenging interpretation of SailPoint's income statement is that operating losses of -$59.0M in 2027Q2 continue even as growth decelerates toward the mid-teens, which may indicate the company has not yet reached the scale threshold needed to justify its cost structure and raises the risk of a structurally unprofitable model.
A short-seller would focus on the fact that operating margin has remained negative in nine of the last ten quarters presented, including during periods of 20%+ growth, suggesting the losses may be structural rather than transitional. The combination of decelerating growth, historically volatile gross margins, and an elevated SG&A base leaves limited margin for error if enterprise IT budgets tighten. Investors should weigh the possibility that the identity governance market is becoming more competitive, compressing pricing power, even as the compliance-driven demand narrative remains intuitively compelling.