Samsara just closed out its fiscal year 2026, and while the vertical B2B leader has always been a rocketship, it’s now showing reacceleration to 30% growth as it crosses $2 Billion in ARR. There are several reasons as we’ll dig into below, but AI is on the list.
And in a time when the markets are almost giving up on many B2B leaders, it’s earned a market cap of roughly $19 billion, or about 10x ARR. That used to be common. Now it’s quite … rare. The 10x ARR club is quite exclusive in 2026.
The 10x ARR club in today’s tougher public markets takes 30%+ profitable growth and acceleration at scale (almost $2B ARR).
Samsara is one of the clearest examples right now of what happens when you build a true platform for physical operations (here connecting trucks, trailers, equipment, and workers to the cloud) and then layer AI and data on top. They’re selling into industries that make up 40%+ of global GDP: construction, transportation, logistics, utilities, field services. Very large.
Let’s dig into five metrics that matter most, and a few bonus ones:
#1. $1.9 Billion in ARR, Growing 30% YoY. And the Growth Rate Is Actually Accelerating at Scale.
At $1.9 billion in ARR, most companies are decelerating hard. Samsara is doing the opposite. ARR grew 30% year-over-year, and the trajectory is getting steeper, not flatter.
The proof is in the net new ARR — the incremental ARR added each period after accounting for expansions, contractions, and churn. Think of it as the true “new business engine” metric. Samsara added $432 million in net new ARR for FY26, which itself grew 21% over the prior year. They added more net new ARR than they did the year before, at a larger base. That’s rare.
Q4 was even stronger: $145 million in net new ARR, growing 33% year-over-year, the highest quarterly net new ARR growth rate in eight quarters. Three consecutive quarters of sequential acceleration.
To put $432 million of net new ARR in perspective: that’s more than most public B2B companies generate in total ARR. Samsara is adding the equivalent of a large standalone software business every year just in incremental bookings. And they guided FY27 saying that even in a downside scenario, they’d add at least as much net new ARR as FY26. That’s not guidance. That’s a floor.
#2. $100K+ ARR Customers Now Generate $1.2 Billion, or 61% of Total ARR, Growing 37% YoY. The Big Are Getting Bigger, Faster.
Samsara ended FY26 with 3,194 customers paying $100K+ in ARR. That cohort now represents $1.2 billion in ARR, growing 37% year-over-year — 7 points faster than the overall business. And the mix keeps shifting: $100K+ customers were 56% of ARR two years ago, 58% a year ago, and 61% now.
Average ARR per large customer climbed to $362K, up from $340K a year ago.
This is the pattern you want to see. Samsara is not growing by adding lots of small accounts. It’s growing by going deeper with the largest, most complex operations organizations. That creates better unit economics, higher retention, and a more defensible business. When your top customers are running 30,000+ route miles of rail or 43,000 trailers, switching costs are enormous.
#3. $1M+ ARR Customers Growing 56% YoY, with a Record 13 $1M+ Net New ACV Deals in Q4. The Enterprise Motion Is Working.
This one is significant. Samsara’s $1M+ ARR customer cohort grew 56% year-over-year — the third consecutive quarter of sequential acceleration. They signed a quarterly record 13 transactions with $1M+ in net new ACV in Q4 alone. And $1M+ customers now generate more than 20% of total ARR, roughly $400M+.
Named wins in Q4 included Southern California Edison, Groundworks, Harris County (Texas), Estes (the largest privately held freight company in North America with 43,000+ trailers), and one of North America’s leading rail freight companies operating 30,000+ route miles.
That rail customer had already achieved a 90% drop in safety events and a 97% drop in distracted driving since deploying Samsara. That’s the kind of ROI that makes a $1M+ deal easy to justify and almost impossible to rip out. The enterprise flywheel is spinning.
#4. Non-GAAP Operating Margin Hit 17% for FY26, Up 8 Points YoY. Adjusted Free Cash Flow Margin at 13%. And Now GAAP Profitable.
Samsara’s profitability ramp is real. Non-GAAP operating margin went from 9% in FY25 to 17% in FY26. Non-GAAP gross margin held at 78%. Adjusted free cash flow margin was 13%, up 4 points year-over-year. And they posted GAAP profitability for two consecutive quarters, with GAAP EPS of $0.04 in Q4.
The leverage came from everywhere: 1 point from COGS, 5 points from sales and marketing, 2 points from R&D, and 1 point from G&A. That’s not a one-time trick. That’s a company finding operating leverage across the entire P&L as it scales.
FY27 guidance calls for 19% non-GAAP operating margin and full-year GAAP profitability. At 21-22% revenue growth with 19% operating margins, Samsara is comfortably above a Rule of 40. And they’re doing it while still investing heavily in AI agents, new products, and international expansion. The model is working.
#5. 96% of Large Customers on 2+ Products, 69% on 3+ Products, and Emerging Products Now Over $100M in ARR. Multi-Product Is the Compounding Engine.
This is the data point that tells you the platform strategy is real. 96% of $100K+ ARR customers subscribe to two or more Samsara products, up from 95% a year ago. 69% subscribe to three or more, up from 65%. And 8 of the top 10 net new ACV deals in Q4 included three or more products, with 6 of the top 10 including four or more.
Emerging products launched in the past two years — AI Multicam, Asset Maintenance, Asset Tags, Commercial Navigation, Qualifications, Routing, Training, and Workflows — now collectively generate over $100 million in ARR and contributed 23% of Q4 net new ACV. Asset Tags ARR alone tripled year-over-year.
The net retention rate held at roughly 115% for core customers. That’s strong for a hardware-included IoT platform. And it’s powered by exactly this multi-product expansion: customers start with telematics or video safety, then add equipment monitoring, then asset tags, then maintenance, then routing. Each product deepens the data moat and makes the platform stickier. One customer ran a pilot and saw a 65% reduction in safety events, 85% reduction in speeding, and 45% reduction in idling. That kind of measured ROI across multiple products is what drives expansion and retention.
A Few More Interesting Points:
- Construction was the #1 industry for net new ACV for the tenth consecutive quarter, and hit its highest net new ACV growth in seven quarters. Wholesale and Retail Trade was #2 and contributed its highest net new ACV mix in three years. Physical operations end markets are broad and durable.
- 15% of Q4 net new ACV came from outside the US. Europe ARR growth accelerated for the fourth straight quarter. Canada had its highest net new ACV growth in ten quarters. International is still early but building real momentum.
- Average ARR per $100K+ customer climbed to $362K, up from $340K a year ago. That 6.5% increase in spend per large customer, on top of adding 204 new $100K+ customers in Q4 alone, is the dual engine of land-and-expand at work.
- Asset Tags ARR tripled year-over-year. This is Samsara extending from vehicles into every physical asset a customer operates: tools, trailers, dumpsters, IV pumps, breathing tanks. They signed their largest-ever Asset Tags deal with Total Safety to track 250,000+ assets. The new Asset Tag XS is 5x smaller, purpose-built for handheld equipment.
- One customer saw a 90% drop in safety events and 97% drop in distracted driving after deploying Samsara’s platform. Another pilot delivered a 65% reduction in safety events, 85% reduction in speeding, and 45% reduction in idling. That kind of quantified ROI is what makes $1M+ deals repeatable.
Samsara is seeing substantial revenue acceleration at scale. If you are in vertical B2B, learn from them. And don’t settle for deceleration.
Samsara didn’t.
