Commvault

A company can stop an attack and still struggle to restore its work. Commvault addresses that recovery problem through software and hosted services that protect data and help customers restore it. Its July 28, 2026 results show a business moving toward subscriptions: revenue reached $314.1 million in the quarter ended June 30, up 11.4%, while software-as-a-service revenue grew 39%. Subscription annual recurring revenue, or ARR, reached $1.054 billion, up 22%.

These measures answer different questions. Revenue records what the company earned under its accounting rules. ARR annualizes recurring contracts in force at a point in time. Growing ARR can support later revenue, but it is not cash received or a promise that every customer will renew. SaaS growth also describes one part of Commvault’s business. The total revenue growth rate remains the check on how quickly the whole company is expanding.

Commvault belongs in the cyber resilience theme alongside Rubrik. Both connect security spending with a customer’s ability to resume work after a failure. That demand differs from the application protection sold by Cloudflare or the exposure management sold by Tenable. Prevention, finding weaknesses and recovery can share a budget without doing the same job.

The retrieved TEXXR record offers one historical event: Commvault’s September 5, 2019 agreement to acquire Hedvig for $225 million. Hedvig supplied distributed storage software. That deal explains a past expansion of the business; it does not establish a recent earnings trend or prove that today’s subscription growth comes from that acquisition.

Current filings provide the missing operating account. The March 2026 annual report records $1.184 billion of fiscal-year revenue. The June quarter then adds a useful distinction: subscription revenue grew 16%, while total revenue grew 11.4%. Declining perpetual support revenue partly offset growth in subscription offerings. A transition can make the new product category grow faster than the whole company.

The category itself changed. Starting in fiscal 2027, Commvault includes support tied to term-based software licenses within subscription revenue. It recast the prior June quarter to match. Readers should use that comparison, rather than join the old annual subscription definition to the new quarter and call the difference growth. The June 10-Q explains the change and separates term licenses, SaaS and support.

The same restraint applies to acquisitions and AI. Reported SaaS growth is not a separately disclosed organic growth rate. The July release highlights a Microsoft partnership to distribute Commvault services through Azure, but it supplies no separate revenue contribution from that partnership or from AI products. Distribution access can create sales opportunities. Paid use, renewals and customer cash must show whether those opportunities become a larger business.

Cash gives the transition a second test. Using the annual cash-flow statement, adding June 2026 and subtracting June 2025, Commvault generated $258.5 million of free cash flow in the twelve months ended June 30, 2026. That calculation subtracts $6.2 million of cash capital spending from $264.7 million of operating cash flow. It excludes the headquarters sale, borrowing and share repurchases. Those transactions matter, but they do not represent cash earned from customers.

The October 22, 2026 corpus snapshot returned one Commvault edge on one dated day, September 5, 2019. The same-day Rubrik snapshot returned 30 edges across 22 distinct first-seen dates. Edges are relationships, not a count of independent reports. Commvault’s one edge links it to Hedvig; the retrieved record contains no recent sequence from which to infer a change in product demand.

That gap limits the story the graph can tell. It does not show that customers overlook Commvault, that investors misunderstand it or that its products lag a rival. It shows that the current operating assessment depends on primary filings rather than a broad news record. The Hedvig acquisition supplies historical context, while the quarterly accounts supply the recent evidence.

The comparison with Rubrik is therefore about the available record. Commvault needs more dated evidence about contracts, product use and recovery outcomes before its graph can support the same kind of sequence. More launch announcements alone would widen the record without proving adoption.

Positioning: how much of CVLT is sold short, on the record brokers file twice a month. It lags by design — read it as where the crowd stood, not where it stands.

The cash test needs compensation as well as collections. The aligned trailing period contained $128.5 million of stock compensation, leaving $129.9 million of free cash flow after that deduction, about 10.7% of revenue. This is an analytical measure, not a company forecast or a required cash payment. It asks what remains if employee equity has an economic cost. A model that instead follows future share dilution must avoid charging the same cost twice.

The June quarter shows why both cash and shares matter. Commvault generated $51.1 million of free cash flow and recorded $35.3 million of stock compensation. Despite cash repurchases, its rounded outstanding share count rose during the quarter as employee issuance exceeded shares retired. Watch whether subscription growth produces more cash after compensation and less pressure on the share count.

Financing adds a separate check. The June balance sheet and debt notes report $929.8 million of cash beside $900 million of convertible principal due in September 2030. The notes bear no ordinary coupon, but the cash earns interest. The aligned trailing accounts include $27.5 million of interest income. Cash-flow improvement should therefore be read with its source: customer operations and returns on financial assets are different earnings streams. Subtracting cash from a business valuation while also treating its interest as operating earnings would count the same asset twice.

Restructuring requires similar care. The annual report expected the larger cost plan to finish in the first quarter of fiscal 2027; the June filing says remaining activities should finish during fiscal 2027. Watch actual cash payments and lasting expense changes rather than adding the full accounting charge back to recurring cash. Some restructuring costs consist of stock compensation or lease items, and their payment dates differ.

The next quarterly account can test whether SaaS growth and subscription ARR continue to support the whole business. Separate organic growth, customer expansion and paid use of new services would make that evidence stronger. A broader recovery platform matters most when customers renew it, use it in a real recovery and fund it with less compensation cost relative to sales.