OpenText is a leading provider of data management for enterprise AI, providing the secure data foundation in the AI stack that makes credible AI outcomes possible. The company operates across the private, public, and highly regulated sectors including retail, financial services, government, manufacturing, healthcare, energy, and logistics. As enterprise adoption of AI continues to evolve, organizations increasingly require trusted, governed enterprise data to deploy AI effectively, and OpenText’s products and solutions build on the Company’s longstanding data management capabilities to help clients meet those evolving requirements. The industry is subject to rapid technological change and shifting client needs and economic pressures, with competition based on vendor and product reputation, product quality, performance and price, availability on multiple platforms, product scalability, integration with other enterprise applications, software functionality and features, ease of use, quality of professional services and client support, and the ability to address specific client business problems.

OpenText operates in a highly competitive environment across many distinct market categories, each of which includes well-established and specialized competitors. The company competes with large enterprise technology providers including International Business Machines Corporation, Microsoft Corporation, Oracle Corporation and ServiceNow, Inc., as well as with specialized software vendors such as Box, Inc., Hyland Software, Inc., Atlassian Corporation, Gen Digital Inc. and Adobe Inc. In certain markets, OpenText competes with Microsoft, who is also its partner. The company also faces competition from systems integrators that configure hardware and software into customized systems. As enterprises increasingly adopt artificial intelligence and agentic technologies, competition has expanded beyond traditional data management vendors, and OpenText increasingly competes with large platform providers extending into enterprise AI and agentic workflows including Microsoft and ServiceNow, as well as specialized enterprise AI and knowledge-platform providers.

OpenText generates revenue through four revenue streams: cloud services and subscriptions, customer support, license, and professional service and other. Cloud services and subscriptions revenues consist of software as a service offerings, APIs and data services, and private cloud that includes hosted services and managed service arrangements. Customer support is typically renewed on an annual basis and historically has been a significant portion of total revenue. License revenues consist of fees earned from the licensing of software products and solutions to clients. Professional service and other revenues come from consulting and learning services related to implementation, training and integration of licensed product offerings. The client base consists of Global 10,000 organizations, enterprise companies, public sector agencies, mid-market companies, SMBs and direct consumers.

OpenText is a comprehensive data management platform consisting of seven product categories: Content, Business Network, IT Operations Management, Cybersecurity (Enterprise), Cybersecurity (SMB & Consumer), Application Delivery Management, and Analytics. Content is the largest product category and includes content management, integration and intelligent automation capabilities that manage human-generated data by connecting content to digital business processes. Business Network provides the foundation for digital supply chains and secure e-commerce ecosystems in the cloud, managing business-to-business data within the organization and outside the firewall. IT Operations Management helps clients manage machine generated data to increase service levels and improve experiences through holistic management of IT assets and applications. Cybersecurity (Enterprise) consists of a comprehensive portfolio of software solutions and services enabling large organizations to protect, detect, and respond to cyber threats across complex, hybrid IT environments. Cybersecurity (SMB & Consumer) consists of simplified, integrated security solutions designed for small and medium-sized businesses, managed service providers, and individual consumers. Application Delivery Management focuses on helping clients re-engineer processes and deliver client and employee applications, and the ADM product category included the AMC business prior to the AMC Divestiture on May 1, 2024, with the AMC business comprising approximately 45% of ADM revenues during Fiscal 2024. Analytics products and solutions help organizations improve data strategy and data management through automation, high-speed data processing, visualization, and natural language capabilities; the Analytics product category included the eDOCS business prior to the eDOCS Divestiture on January 12, 2026, and the Vertica business prior to the Vertica Divestiture on May 11, 2026, with Vertica and eDOCS comprising approximately 34% and 8% of Analytics respectively during Fiscal 2026.

OpenText Aviator is a suite of business AI agents embedded across OpenText platforms, products, and solutions with enterprise-grade security, privacy, compliance, and data governance capabilities. Aviator agents operate as AI-powered assistants designed to support employees, automate knowledge-intensive tasks, and support more timely and informed business decisions. By combining conversational AI, generative AI, predictive analytics, knowledge discovery, and workflow automation, Aviator agents use the secure data context layer to help clients search, summarize, analyze, generate, and act on enterprise data. The company's product strategy relies on five pillars: Business AI with roadmaps driven by AI strategies, Business Clouds for secure and connected data management, Business Technology via data cloud and enhanced cloud platforms, Business & Consumer Security enhancing security for all clients and products, and Product Integration deepening the integration of cybersecurity products into Content Cloud and Business Network Cloud products.

On May 11, 2026, OpenText completed the divestiture of its Vertica business to Rocket Software, Inc. for $150.0 million ¹ in cash before taxes, fees and other adjustments. On January 12, 2026, the company completed the divestiture of its eDOCS business to NetDocuments Software, Inc. for $163.0 million ² in cash before taxes, fees and other adjustments. On May 1, 2024, the company completed the divestiture of its Application Modernization and Connectivity business to Rocket Software for $2.275 billion ³ in cash before taxes, fees and other adjustments. On January 31, 2023, OpenText completed the acquisition of all outstanding ordinary shares of Micro Focus International Limited for $6.2 billion ⁴, inclusive of Micro Focus’ cash and repayment of Micro Focus’ outstanding indebtedness. On December 23, 2021, the company acquired Zix Corporation for $894.5 million ⁵. On November 24, 2021, the company acquired all of the equity interest in Bricata Inc. for $17.8 million ⁶. During the fourth quarter of Fiscal 2026, the company launched an end-to-end enterprise assessment to identify actions to drive growth, focusing on areas including go-to-market strategy, portfolio composition and differentiation, sales and marketing enablement, and the execution model. Under the Business Optimization Plan and other savings initiatives, the company is targeting total estimated savings within a range that has been disclosed, to be realized over multiple fiscal years.

Cloud services and subscriptions revenue was the largest driver of growth in Fiscal 2026. Total revenues for Fiscal 2026 were $4,476.9 million ⁷, compared to $4,675.4 million ⁸ in Fiscal 2025 and $5,693.2 million ⁹ in Fiscal 2024. Net income for Fiscal 2026 was $1,003.1 million ¹⁰, compared to $1,060.5 million ¹¹ in Fiscal 2025 and $1,007.5 million ¹² in Fiscal 2024. Diluted earnings per share for Fiscal 2026 was $4.05 ¹³, compared to $3.89 ¹⁴ in Fiscal 2025 and $3.68 ¹⁵ in Fiscal 2024. Research and development expenses were $647.7 million ¹⁶ for Fiscal 2026, $755.9 million ¹⁷ for Fiscal 2025 and $864.5 million ¹⁸ for Fiscal 2024.

OpenText's strategy is centered around disciplined execution and capital allocation that management expects will return the business to organic and sustainable revenue growth on a constant currency basis. The strategy is built on four strategic pillars: grow the current client base, acquire new clients, drive disciplined execution, and innovate with purpose. The company aims to cross-sell the full OpenText portfolio across accounts via the new "One OpenText" go-to-market model, which aligns client coverage by geographic market, provides clients with a single accountable point of contact and brings together the full breadth of the portfolio, specialist expertise and partner ecosystem. The company also plans to expand installed-base adoption by accelerating cloud migration and accelerate mid-market client acquisition through OpenText's partner ecosystem.

OpenText plans to deepen ties with hyperscalers, global and regional systems integrators and independent software vendors to expand reach and drive innovation. The company has important global partnerships with SAP SE, Google Cloud, Amazon Web Services, Microsoft Corporation, and Salesforce, Inc. The partnership with SAP focuses on content services with OpenText Suite for SAP solutions providing key business content within the context of SAP business processes. The collaboration with Google Cloud involves innovating on AI and deploying data management solutions on the Google Cloud Platform, including a containerized application architecture for flexible cloud or hybrid deployment models. With AWS, OpenText deploys cloud solutions on AWS infrastructure to meet client demand, offering data management solutions as fully managed services on AWS. The partnership with Microsoft focuses on integrated content solutions with AI, holistic cybersecurity solutions particularly in threat detection and response, and in ADM with integrated tool sets for the developer. The company-to-company partnership with Salesforce focuses on growing a full portfolio of data management solutions to complement the Salesforce ecosystem.

OpenText is committed to advancing its product portfolio through increased investment in research and development activities, with a focus on Content, Business Network, AI, and cloud services products and solutions that reinforce the company's role as the data foundation for trusted AI. The company's product strategy relies on five pillars: Business AI with roadmaps driven by AI strategies, Business Clouds for secure and connected data management, Business Technology via data cloud and enhanced cloud platforms, Business & Consumer Security enhancing security for all clients and products, and Product Integration deepening the integration of cybersecurity products into Content Cloud and Business Network Cloud products. The company expects to carry out programmatic divestitures when such a strategy presents the best opportunity to monetize long-term returns for mature products, and will remain flexible and aim to allocate capital accordingly to the highest return scenario.

OpenText is targeting total estimated savings under the Business Optimization Plan and other savings initiatives within a range that has been disclosed, to be realized over multiple fiscal years. The company launched an end-to-end enterprise assessment during the fourth quarter of Fiscal 2026 to identify actions to drive growth, focusing on areas including go-to-market strategy, portfolio composition and differentiation, sales and marketing enablement, and the execution model. Actions arising from the enterprise assessment may include changes to the operating model, product portfolio and investment priorities, including possible divestitures, workforce changes and additional restructuring.

OpenText's operations and client base span multiple countries, subjecting the company to a broad range of risks arising from international trade laws and policies. Trade tensions among major global economies have escalated, resulting in the imposition and threatened imposition of tariffs, export controls, sanctions, and other trade barriers or restrictive measures. Increased protectionist policies, retaliatory trade and tariff actions, or regulatory divergence across jurisdictions may increase costs, limit the ability to sell products and services in certain markets, delay or prevent the delivery of services, or compel the company to alter its operations to comply with new international trade and tariff laws and policies. The company cannot predict the direction of future trade and tariff policy, including whether additional tariffs or non-tariff barriers will be applied to digital goods and services or whether regulatory frameworks governing cross-border data flows, digital services taxation, or intellectual property transfers will be expanded or new measures introduced.

Geopolitical instability, political unrest, war and other global conflicts, including the Russia-Ukraine and Middle East conflicts, have affected and may continue to affect OpenText's business. These events may result in adverse effects on macroeconomic conditions, including volatility in financial markets, adverse changes in trade and tariff policies, inflation, higher interest rates, direct and indirect supply chain disruptions, increased cybersecurity threats, fluctuations in foreign currency and disruption to global energy supplies and markets. Sanctions, export controls and related laws and regulations imposed by the United States, Canada and other countries, including those targeting Russia in connection with its military actions in Ukraine, restrict the sale or export of goods, services or technology to certain regions. While the Russia-Ukraine and Middle East conflicts have not had and are not expected to have a material adverse effect on the overall business, results of operations or financial condition, it is not possible to predict how these conflicts will unfold and the broader consequences.

Management's message emphasizes that OpenText is a leading provider of secure data context for enterprise AI, with a strategy centered around disciplined execution and capital allocation expected to return the business to organic and sustainable revenue growth on a constant currency basis. The four strategic pillars are grow the current client base, acquire new clients, drive disciplined execution, and innovate with purpose. Management highlights the new "One OpenText" go-to-market model which aligns client coverage by geographic market and provides clients with a single accountable point of contact. The company is committed to advancing the product portfolio through increased investment in research and development with a focus on Content, Business Network, AI, and cloud services. Management believes in a programmatic approach to growth through tuck-in acquisitions that align with strategic priorities and expects to carry out programmatic divestitures when such a strategy presents the best opportunity to monetize long-term returns for mature products. The company will remain flexible and aim to allocate capital accordingly to the highest return scenario.

Total revenues for Fiscal 2026 were $4,476.9 million ²⁴, compared to $4,675.4 million ²⁵ in Fiscal 2025 and $5,693.2 million ²⁶ in Fiscal 2024. Net income was $1,003.1 million ²⁷ for Fiscal 2026, $1,060.5 million ²⁸ for Fiscal 2025, and $1,007.5 million ²⁹ for Fiscal 2024. Diluted earnings per share was $4.05 ³⁰ for Fiscal 2026, $3.89 ³¹ for Fiscal 2025, and $3.68 ³² for Fiscal 2024. Cloud services and subscriptions revenue was the largest driver of growth in Fiscal 2026. Research and development expenses were $647.7 million ³³ for Fiscal 2026, $755.9 million ³⁴ for Fiscal 2025, and $864.5 million ³⁵ for Fiscal 2024. The company completed the divestiture of Vertica for $150.0 million ³⁶ in cash and eDOCS for $163.0 million ³⁷ in cash during Fiscal 2026, and the AMC business for $2.275 billion ³⁸ in cash during Fiscal 2024.

OpenText faces material risks from the ongoing audit of its Canadian tax returns by the Canada Revenue Agency, which has disputed the company's transfer pricing methodology and issued notices of reassessment for Fiscal 2012 through Fiscal 2021. The potential aggregate liability for Fiscal 2012 through Fiscal 2016 is estimated at approximately $87.4 million ¹⁹ for penalties, interest and provincial taxes, and the proposed adjustment for Fiscal 2017 through Fiscal 2021 could result in an income tax expense of up to approximately $470 million ²⁰ to reduce deferred tax assets. The company has provisionally paid approximately $32 million ²¹ for Fiscal 2012 through Fiscal 2016 and approximately $40.3 million ²² for Fiscal 2020 and 2021, with an additional payment of $19.3 million ²³ expected by December 31, 2026. The company also faces risks from the evolving international trade and tariff environment, as trade tensions among major global economies have escalated resulting in tariffs, export controls, sanctions, and other trade barriers that could increase costs and limit the ability to sell products in certain markets. Additionally, the integration of AI into products presents risks including potential liability from inaccurate outputs, intellectual property ownership challenges, and intensified competitive pressures as advances in AI enable new competitors to offer solutions that compete with aspects of OpenText's offerings.