Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Okta’s balance sheet grew materially: total assets rose from $3,299M in 2021 to $9,437M in 2025 (≈+186%). The biggest inflection was in 2022, when assets jumped to $9,206M from $3,299M the prior year — a large one‑time increase that persisted through the period. Stockholders’ equity expanded even more dramatically, from $694M in 2021 to $6,405M in 2025 (≈+823%), with the bulk of that increase occurring in 2022 (equity moved to $5,922M). After 2022 equity dipped modestly in 2023 to $5,466M, it recovered in 2024–2025 to finish higher, reflecting a materially stronger capitalization compared with 2021. Liabilities show a different pattern: a high liabilities-to-assets position in 2021 (≈79%) dropped sharply in 2022 (≈36%), spiked moderately in 2023 (≈41%), then declined to about 32% by 2025. In dollar terms liabilities rose only modestly from $2,605M to $3,032M over the five years (≈+16%), so the large improvement in leverage is driven mainly by the surge in assets and equity. For a cloud/SaaS company like Okta, movements in liabilities can reflect changes in deferred revenue, short-term financing or one-off financing transactions; the profile here points to significant recapitalization or financing activity around 2022 and a subsequent normalization through 2024–2025. Overall the balance sheet is markedly stronger by 2025 — lower relative leverage and much higher equity provide more flexibility for growth investments, M&A or to absorb operating volatility — though it would be prudent to review cash flows and the drivers of the 2022 jump to fully understand sustainability.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.