PagerDuty Announces First Quarter 2027 Financial Results

First quarter revenue increased 1% year over year to $121 million

Annual Recurring Revenue ("ARR") remained flat year over year at $496 million

First quarter operating income was $9 million; non-GAAP operating income was $30 million

Net income was $10 million, representing the fourth consecutive quarter of GAAP profitability

Announced $100 million share repurchase program

John DiLullo named as Chief Executive Officer and Jennifer Tejada transitions to Executive Chair of Board of Directors

SAN FRANCISCO – May 28, 2026 - PagerDuty, Inc. (NYSE:PD), a leader in AI-first operations management, today announced financial results for the first quarter of fiscal 2027, ended April 30, 2026.

“Our Q1 results exceeded guidance for both revenue and non-GAAP operating margin, reflecting continued execution against our strategic and operational priorities,” said Jennifer Tejada, Executive Chair, PagerDuty. “Our expanding AI offers and the introduction of the new Operations Cloud usage-based package, further strengthens our platform and positions PagerDuty to accelerate long-term growth.”

Tejada continued, “John is off to a great start in leading PagerDuty through its next chapter with a strong foundation, meaningful product and business momentum and a significant opportunity ahead.”

 

First Quarter Fiscal 2027 Financial Highlights

  •  Revenue was $121.0 million, an increase of 1.0% year over year.
  • Operating income was $9.2 million; operating margin was 7.6%.
  • Non-GAAP operating income was $29.7 million; non-GAAP operating margin was 24.6%.
  • Net income was $10.2 million, representing the Company's fourth consecutive quarter of GAAP profitability.
  • Net income per diluted share attributable to PagerDuty, Inc. common stockholders was $0.13.
  • Non-GAAP net income per diluted share attributable to PagerDuty, Inc. common stockholders was $0.32.
  • Net cash provided by operating activities was $44.3 million; free cash flow was $41.2 million.
  • Cash, cash equivalents, and investments were $444.0 million as of April 30, 2026.

The section titled “Non-GAAP Financial Measures” below contains a description of the non-GAAP financial measures and reconciliations between GAAP and non-GAAP financial information.

First Quarter and Recent Highlights

  •  ARR as of April 30, 2026 remained flat year over year at $496 million.
  • Customers with ARR over $100 thousand grew 1% to 860 as of April 30, 2026, compared to 848 as of April 30, 2025.
  • Dollar-based net retention rate was 97% as of April 30, 2026, compared to 104% as of April 30, 2025.
  • Total paid customers were 15,380 as of April 30, 2026, compared to 15,247 as of April 30, 2025.
  • Paid and free customers totaled more than 36,000 as of April 30, 2026, representing approximately 14% growth since April 30, 2025.
  • Remaining performance obligations were $441 million as of April 30, 2026. Of this amount, the Company expects to recognize revenue of approximately $316 million, or 72%, over the next 12 months, $100 million, or 23%, over months 13 to 24, and the remainder thereafter.
  • Lands and expands include: The Boston Consulting Group, Coreweave, Inc., The Gap, Inc,, General Motors Company, LightSpun, Palo Alto Networks, Inc., and Vodafone Group Public Limited Company.
  • Appointed John DiLullo as Chief Executive Officer and announced Jennifer Tejada’s transition to Executive Chair of Board of Directors after serving as CEO since 2016.
  • Announced the expansion of PagerDuty’s AI integration ecosystem, with strategic partnerships with Anthropic, Cursor, and LangChain.
  • Announced enhancements to the PagerDuty Advance SRE Agent. Features new automated triage capabilities triggered directly from a team’s automated workflows to accelerate incident response.
  • Named a Leader and Outperformer in 2026 Gigaom Radar for IT Incident Response Platforms for Fourth Consecutive Year.
  • Published the 2026 State of AI-First Operations Report, which illustrates how the financial state of extended service disruption has made operational resilience a top priority.
  • Approved for the 2026 Trust Radius - Trusted Seller verification marking PagerDuty as one of the elite companies on TrustRadius.
  • Named a finalist for the Best Technology for Good Initiative Category in the 2026 Halo Awards.
  • Received silver in the 2026 American Business Awards for Corporate Social Responsibility Program of the Year.
  • Recognized as a finalist for six Inspiring Workplaces in 2026: Latin America, Europe, UK & Ireland, North America, Australia & New Zealand, and Asia.
  • Announced PagerDuty’s latest Impact cohort including grants to eight nonprofits focused on healthcare, humanitarian and crisis-response.

Financial Outlook 

For the second quarter of fiscal 2027, PagerDuty currently expects:

  • Total revenue of $122.0 million - $124.0 million.
  • Non-GAAP net income per diluted share attributable to PagerDuty, Inc. common stockholders of $0.29 - $0.31 assuming approximately 78 million diluted shares and a non-GAAP tax rate of 20%.

For the full fiscal year 2027, PagerDuty currently expects:

  • Total revenue of $488.5 million - $496.5 million, consistent with previous guidance.
  • Non-GAAP net income per diluted share attributable to PagerDuty, Inc. common stockholders of $1.27 - $1.32 (up from $1.23 - $1.28) assuming approximately 79 million diluted shares and a non-GAAP tax rate of 20%.

These statements are forward-looking and actual results may differ materially. Please refer to the section titled "Forward-Looking Statements" below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

PagerDuty has not reconciled its expectations as to non-GAAP net income per share attributable to PagerDuty, Inc. common stockholders to GAAP net loss per share attributable to PagerDuty, Inc. common stockholders because certain reconciling items such as stock-based compensation expense, employer taxes related to employee stock transactions, acquisition-related expenses, restructuring costs, gains or losses on extinguishment of convertible senior notes, adjustment attributable to redeemable non-controlling interest, and income tax effects and adjustments are out of PagerDuty's control or cannot be reasonably predicted. Accordingly, such reconciliation is not available without unreasonable effort. However, it is important to note that these reconciling items could have a significant effect on PagerDuty's future GAAP results.

Conference Call Information:

PagerDuty will host a conference call and live webcast (Zoom meeting ID 977 8380 9980) for analysts and investors at 2:00 p.m. Pacific Time on May 28, 2026. For audio only, the dial-in number 1-312-626-6799 may be used. This news release with the financial results will be accessible from PagerDuty’s website at investor.pagerduty.com prior to the conference call. A live webcast of the conference call will be accessible from the PagerDuty investor relations website at investor.pagerduty.com.

Supplemental Financial and Other Information:

Supplemental financial and other information can be accessed through PagerDuty’s investor relations website at investor.pagerduty.com. PagerDuty uses the investor relations section on its website as the means of complying with its disclosure obligations under Regulation FD. Accordingly, we recommend that investors monitor PagerDuty’s investor relations website in addition to following PagerDuty’s press releases, SEC filings, social media, including PagerDuty’s LinkedIn account (https://www.linkedin.com/company/482819), X (formerly Twitter) account @pagerduty, and Facebook page (facebook.com/pagerduty), and public conference calls and webcasts.

Forward-Looking Statements

This press release and the related webcast contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our future financial and operational performance and outlook, and strategies, objectives, opportunity, expectations and market positioning. Words such as “expect,” “extend,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “accelerate,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks and other factors detailed in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 12, 2026. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and other filings and reports that we may file from time to time with the SEC. In particular, the following risks and uncertainties, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: our ability to maintain or increase profitability; our ability to sustain or increase growth and effectively manage changes in our business and industry; our ability to attract new customers and retain and sell additional functionality and services to our existing customers; our ability to attract and retain executives and employees we need to support our operations and growth; our dependence on a majority of our revenue from a single product; our ability to compete effectively in an increasingly competitive market; the impact of seasonality on our business; our ability to adapt and respond effectively to rapidly developing technology; our ability to effectively develop and expand our marketing and sales capacities; our ability to enhance and improve our platform or develop new functionality or use cases; the effect of unfavorable conditions in our industry or the global economy, or reductions in information technology spending, on our business and results of operations; adverse consequences that could arise as a result of international trade policies, geopolitical developments, and macroeconomic conditions, including tariffs, sanctions, trade barriers and global instability; the accuracy of our estimates of market opportunity and forecasts of market growth; our assumptions and limitations to which ARR and certain other operational data are subject that may cause such metrics to not provide an accurate indication of actual performance or future results; adverse consequences that could result from any compromise of our information technology systems or those of third parties with whom we work or our data; adverse consequences that could result from any interruptions or delays in performance of our service; and our ability to maintain the compatibility of our platform with third party applications that our customers use in their businesses.

Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release and the related webcast represent our views as of the date of this press release and the related webcast . We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release and the related webcast.

About PagerDuty

PagerDuty, Inc. (NYSE: PD) is the global leader in AI-first digital operations. By automatically detecting, diagnosing, and remediating issues, the PagerDuty Operations Cloud acts as the central control plane for the modern enterprise - orchestrating AI agents and automated workflows with context from over 750 integrations. Trusted by approximately two-thirds of the Fortune 100 and nearly half of the Fortune 500, PagerDuty is the industry standard for organizations scaling resilient, autonomous operations. Learn more and try it for free at www.pagerduty.com. 

The PagerDuty Operations Cloud

The PagerDuty Operations Cloud is an AI-powered platform that automates and orchestrates the entire incident management lifecycle - from detection to resolution, providing resilience at scale. Designed for mission-critical operations, the platform empowers teams to identify and diagnose disruptions in real time, mobilizing the right teams to quickly streamline workflows to solve digital issues before they become incidents. The PagerDuty Operations Cloud is essential for delivering flawless, always-on digital experiences that organizations and consumers expect today.

Investor Relations Contact:

Paul Underwood

investor@pagerduty.com

Media Contact:

Debbie O'Brien

media@pagerduty.com