Samsara Inc.

Q2 revenue was $508 million, up 30% year over year, or 29% in constant currency. Q2 ending ARR was $2.1 billion, up 30% year over year, and net new ARR was $134 million, up 28% year over year in constant currency. GAAP EPS was positive $0.03, and non-GAAP operating margin was 21% versus 15% a year ago; free cash flow margin was 13%, up 1 point year over year. For guidance, Samsara expects Q3 revenue of $514 million to $516 million, up 24% year over year, non-GAAP operating margin of 21%, non-GAAP EPS of $0.18 to $0.19, and GAAP profitability. Full-year FY27 revenue is guided to $2.043 billion to $2.047 billion, up 26% year over year, with non-GAAP operating margin of 21%, non-GAAP EPS of $0.76 to $0.78, and GAAP profitability. Free cash flow margin is now expected to be approximately 100 basis points lower than FY26 because of more IoT devices, inventory prebuys, and higher supply-chain costs.

Sanjit Biswas framed the quarter as evidence of durable, efficient growth powered by strong product-market fit in large, complex physical operations. He emphasized that customers want more visibility across assets and are increasingly adopting Samsara as a unified platform, with AI and new products extending the value of the installed base. His tone was confident and expansive, repeatedly highlighting the company’s data moat, AI leadership, and momentum from Beyond.

Dominic Phillips highlighted accelerating growth and improved operating leverage, pointing to 30% ARR growth, 30% revenue growth, 21% non-GAAP operating margin, and fourth straight quarter of GAAP profitability. He also noted strong large-customer expansion, with 242 $100,000-plus ARR additions and 20 $1 million-plus ARR additions, and said more than 20% of net new ACV came from emerging products for the third consecutive quarter. On cash flow, he said free cash flow margin should be about 100 basis points below FY26 because of upfront device purchases, prebuying inventory, and elevated supply-chain costs, but stressed the company is well capitalized and expects this to be temporary.

Analysts focused on what is driving the acceleration, how much the Beyond product launches are contributing, and whether AI Multicam and other emerging products are changing sales cycles or creating a refresh cycle. Management said the strength is broad-based across industries, with no single new product accounting for more than 50% of bookings, and described AI Multicam as additive rather than a replacement cycle. They also said sales cycles remain about the same, since many customers still start with core telematics and dash cams before adding more products, while the expanded product set increases ROI and expansion potential.