Analysis: Commvault Systems, Inc. announces Q4 FY2025 and full-year financial results

Commvault Systems, Inc. has announced financial results for the fourth quarter of FY2025, ending on 31 March 2025. For the quarter, revenue rose year-on-year by 23.2% to $275 million. For the full year, revenue increased to $995.6 million, or 18.6% growth. Within this data, Commvault continues to grow SaaS and ARR revenue, just missing that psychological $1 billion target.

Background

Commvault Systems, Inc. has published financial data for Q4 FY2025 and the full year FY2025, ending 31 March 2025 on 29 April 2025. For the quarter, revenue increased by 23.2% year-on-year to $275 million, driven by a 44.5% increase in subscriptions. For the financial year 2025, total revenue fell just short of $1 billion at $995.6 million, 18.6% up on FY2024. Within that revenue number, subscriptions grew by 37.4% for the year.

We present the data as six graphs labelled Figures 1 to 6.

SaaS Growth

As we reported in our Q3 review, Commvault continues to transition the business to a subscriptions model, of which SaaS ARR is the fastest growing component (68% year-on-year in Q4, to $281 million). SaaS now accounts for 36% of ARR and will continue to be a larger component of ARR overall as FY2026 data is released.

The Architect’s View®

At this point, there is little more to add other than highlight the continued success of the process transforming Commvault’s business. In the Q3 comment, we discussed several areas that Commvault should focus on. To date, additions to the features of the Commvault platform have been achieved through acquisitions. We would not be surprised to see this strategy continue through 2026.