Palo Alto Networks, Inc.

Palo Alto Networks, Inc. Earnings Recaps

PANW Financials 3 recaps
Next earnings: November 18, 2026 (estimated) · full calendar
Q4 2026 Sep 3, 2026

Shares of Palo Alto Networks dropped 14% following the earnings release as investor disappointment centered on a cautious outlook and deceleration signals despite strong headline bookings and ARR growth.

Key takeaways
  • Record RPO hit $21.2 billion, a 34% increase year-over-year, with GSARR up 63% to $9.1 billion, highlighting solid demand for next-generation security ARR.
  • Net new NGS ARR addition approached $1 billion in Q4, reflecting continued momentum in core platform adoption.
  • Platformization gains accelerated, with 22 new platformizations in the quarter (twice prior volume), and net revenue retention for platformized accounts surpassed 120%.
  • CEO commentary emphasized AI-driven transformation and broad adoption but introduced caution around evolving enterprise AI risks and integration complexity.
  • No explicit guidance details were provided in the transcript; however, the steep stock decline suggests the market parsed a cautious or less confident outlook relative to expectations.
Full recap
Q3 2026 Jun 4, 2026

Shares fell 6.7% following Palo Alto Networks’ Q3 report, reflecting investor disappointment with cautious outlook signals despite strong revenue growth, suggesting concerns about execution risks and margin pressures amid an evolving threat landscape.

Key takeaways
  • NGS ARR reached $8.13 billion, growing 60% year over year, driven by organic bookings acceleration and platformization efforts.
  • Remaining Performance Obligations (RPO) hit $18.4 billion, up 36% year over year including contributions from recent acquisitions CyberArk and Chronosphere.
  • Organic NGS ARR and RPO growth moderated to 28% and 22%, respectively, indicating some deceleration versus overall headline growth.
  • Management highlighted challenges with frontier AI defenses, including high false positive rates (up to 25%) and gaps in last-mile remediation, underscoring operational complexity and potential margin compression.
  • Market reaction likely reflects skepticism about sustaining rapid growth and profitability amid necessary investments in AI-driven cybersecurity defenses and integration complexity.
Full recap
Q2 2026 Feb 18, 2026

Palo Alto Networks achieved robust fiscal Q2 2026 results, highlighted by a 15% revenue growth and a 28% increase in Net Generational Services (NGS) Annual Recurring Revenue (ARR), driven by strong demand for cybersecurity solutions.

Key takeaways
  • Operating margin exceeded 30% for the third consecutive quarter, indicating improving profitability.
  • Record 110 net new platformizations, raising total to approximately 1,550, alongside a net retention rate of 119%.
  • Successful integration of recent acquisitions, including CyberArk and Chronosphere, with positive feedback from customers on early implementations.
  • Continued leadership in AI security and platformization strategy supporting market expansion amidst rising security needs.
Full recap

Go deeper on PANW and the wider market.

All earnings recaps Browse the latest results across the market. Stock directory Browse companies by sector and market. Highest-yield stocks A curated screen of top dividend payers. Investing glossary Plain-English definitions for every metric.