Commvault Systems (CVLT) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended September 30, 2026 and Commvault published the results on October 27, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Commvault reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Commvault's fiscal 2027 runs from April 1, 2026 to March 31, 2027. Q2 fiscal 2027 is the quarter ended September 30, 2026.

Source: Commvault Q2 fiscal 2027 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Commvault splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Commvault's Total subscription revenue was $269 million in Q2 fiscal 2027, up 21% from $222 million in Q2 fiscal 2026, 86% of total revenue.
• Commvault's Perpetual license revenue was $7.2 million in Q2 fiscal 2027, down 40% from $12.1 million in Q2 fiscal 2026, 2% of total revenue.
• Commvault's Perpetual support revenue was $23.5 million in Q2 fiscal 2027, down 23% from $30.5 million in Q2 fiscal 2026, 8% of total revenue.
• Commvault's Other services revenue was $13.2 million in Q2 fiscal 2027, up 18% from $11.2 million in Q2 fiscal 2026, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first quote is Commvault's outlook for Q3 fiscal 2027; the other three are its updated full fiscal year 2027 outlook. Commvault does not guide total revenue or EPS.

In its Q2 fiscal 2027 release, Commvault said:

“Subscription revenue is expected to be between $293 million and $297 million”

“Subscription revenue is expected to be between $1,127 million and $1,133 million”

“Subscription ARR is expected to be between $1,205 million and $1,215 million”

“Non-GAAP EBIT margin is expected to be between 21.0% and 21.5%”

Source: Commvault Q2 fiscal 2027 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CVLT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

Commvault's next report is expected around January 26, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Oct 27, 2026

Commvault's total revenues were $312.4 million in Q2 fiscal 2027, up 13% from $276.2 million. Subscription revenue rose 21% to $268.5 million and represented 86% of total revenue, up from 81% a year earlier, as perpetual license and perpetual support revenue fell 40% and 23%. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026; Commvault Form 10-Q, Q2 fiscal 2027, Oct 28, 2026)

Within subscription, Commvault's SaaS revenue grew 33% to $106.2 million, term-based license 13% to $105.0 million and term-based support 15% to $57.3 million. The 10-Q says the term-based license increase was led by a 17% increase in revenue from transactions greater than $0.1 million. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026; Commvault Form 10-Q, Q2 fiscal 2027, Oct 28, 2026)

Subscription ARR reached $1,104 million, up 20%, of which SaaS ARR was $454.4 million. On a constant currency basis Commvault added $51 million of net new subscription ARR in the quarter, and its subscription net dollar retention rate was 113%. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026)

Americas revenue was $194.1 million, up 15%, and International $118.3 million, up 9%, a 62% and 38% split. About 90% of Commvault's revenue in fiscal 2026 came through indirect channels, and one distribution partner (Partner A) accounted for about 32% of total revenues. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026; Commvault Form 10-Q, Q2 fiscal 2027, Oct 28, 2026; Commvault Form 10-K, fiscal 2026, May 11, 2026)

Commvault's GAAP diluted EPS was $0.69 in Q2 fiscal 2027 against $0.33, and non-GAAP diluted EPS was $1.38 against $0.91. Most of the gap is noncash stock-based compensation of $35.7 million, $0.85 per share. Commvault also excludes restructuring, amortization of intangibles and payroll taxes on stock compensation, and applies a non-GAAP effective tax rate of 24%. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026)

Commvault's GAAP effective tax rate rose to 24.9% from 2.5% a year earlier, which the 10-Q attributes to changes in the mix of earnings between the U.S. and foreign countries and in the tax impact of stock-based compensation. Income from operations rose to $30.4 million from $12.5 million. (Commvault Form 10-Q, Q2 fiscal 2027, Oct 28, 2026; Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026)

Diluted weighted average shares fell to 42.2 million from 45.2 million. In the six months ended September 30, 2026, Commvault repurchased about 906,000 shares for $119 million, and it held $897 million of cash and cash equivalents at quarter end. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Commvault guides subscription revenue, subscription ARR, non-GAAP EBIT margin and free cash flow, not total revenue or EPS. For Q3 fiscal 2027 it expects subscription revenue of $293 million to $297 million and a non-GAAP EBIT margin of 20.5% to 21.0%. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026)

For full fiscal 2027 Commvault now expects subscription revenue of $1,127 million to $1,133 million, subscription ARR of $1,205 million to $1,215 million, a non-GAAP EBIT margin of 21.0% to 21.5% and free cash flow of $255 million to $265 million, with about 42 million diluted shares. The ARR midpoint moved to $1,210 million from $1,205 million. (Commvault Q2 fiscal 2027 release (8-K Exhibit 99.1), Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Commvault, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Commvault's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CVLT is on is CVLT a buy or a sell?, what analysts expect next is on the CVLT forecast, and what the company does is on the Commvault Systems (CVLT) stock page.

Every number on this page can be traced to a document Commvault published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.