On this page of StockholderLetter.com we present the latest annual shareholder letter from COMMVAULT SYSTEMS INC — ticker symbol CVLT. Reading current and past CVLT letters to shareholders can bring important insights into the investment thesis.

 •  6/27/2025 Letter Continued (Full PDF)
 •  7/11/2023 CVLT Stockholder Letter
 •  7/8/2024 CVLT Stockholder Letter
 •  More "Application Software" Category Stockholder Letters
 •  CVLT Benford's Law Stock Score = 95

CVLT Shareholder/Stockholder Letter Transcript:

RECOVER
YOUR BUSINESS,
NOT JUST
YOUR DATA
2025 ANNUAL REPORT

COMMVAULT 2025 ANNUAL REPORT
INTRODUCTION
About Us
Commvault empowers customers to be resilient and keep business continuous by protecting and
recovering their data and cloud-native applications in a world of increasing cyber threats. Representing
decades of innovation, industry leadership, customer trust, and a robust partner ecosystem, our
Commvault   Cloud cyber resilience platform is built for the hybrid world and offers the best data
security and rapid enterprise-scale recovery for all workloads, anywhere.
To learn more, visit commvault.com
Finance
These    gures are in thousands, with the exception of Headcount. All data is based on    scal years ended March 31.
INCOME STATEMENT
2021
2022
2023
2024
2025
Revenue
$723,472
$769,591
$784,590
$839,247
$995,619
Non-GAAP Operating Income1
$137,464
$161,682
$159,902
$177,472
$209,729
Non-GAAP Operating Income Margin1
19.0%
21.0%
20.4%
21.1%
21.1%
BALANCE SHEET
2021
2022
2023
2024
2025
Cash and Cash Equivalents
$397,237
$267,507
$287,778
$312,754
$302,103
Total Assets
$904,173
$816,080
$782,574
$943,913
$1,118,266
2021
2022
2023
2024
2025
$123,955
$177,180
$170,288
$203,798
$207,382
2,671
2,848
2,779
2,882
3,262
SELECTED ADDITIONAL INFORMATION
Operating Cash Flow
Headcount
   2025 Commvault
1 Non-GAAP operating results exclude certain expenses, including non-cash stock-based
compensation. For a detailed reconciliation of GAAP and non-GAAP results, please refer to
our earnings press releases found on our website.

COMMVAULT 2025 ANNUAL REPORT
INTRODUCTION
Key Figures
Total ARR1, +21% YoY Growth
Subscription ARR1,
+31% YoY Growth
Free Cash Flow1
Patents Issued
In Commvault   s
Lifetime
Consecutive Leader in the
Gartner Magic Quadrant for
Data Center Backup and
Recovery Solutions
   2025 Commvault
1 ARR, subscription ARR and free cash    ow are non-GAAP measures. For a detailed
reconciliation of GAAP and non-GAAP results, please refer to our earnings press
releases found on our website.

2025 ANNUAL REPORT
   2025 Commvault



 6/27/2025 Letter Continued (Full PDF)