◆ Inside the Latest Quarter (Q4 FY2026)

Palo Alto Networks (PANW) — the variant view

Palo Alto's latest quarter grew revenue 34% and added nearly $1 billion of new ARR, and still reported a GAAP loss because of CyberArk's convertible notes.

📈 PANW valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Palo Alto's fourth quarter of fiscal 2026, the three months to 31 July, was its first full quarter with both CyberArk and Chronosphere, and it looked very different depending on which measure a reader chose. Revenue grew 34% to $3,410 million1. Product revenue was $738 million and subscription and support $2,672 million2.

Q4 FY2026 operating income by measure ($M)497GAAP Q4 FY2025172GAAP Q4 FY2026768Non-GAAP Q4 FY20251,011Non-GAAP Q4 FY2026Palo Alto Q4 FY2026 results release
The two measures went opposite ways.

The non-GAAP results were strong. Non-GAAP operating income was $1,011 million, against $768 million a year earlier3, a margin of about 29.6%4. Non-GAAP earnings per share were $1.02, against $0.955.

The GAAP results were a loss. GAAP operating income fell to $172 million from $497 million, and the company reported a net loss of $282 million, $0.35 a share6. The main causes were a $524 million loss on the fair value of CyberArk's convertible notes and capped calls, and $281 million of amortization of acquired intangibles7.

The forward indicators rose. NGS ARR reached $9.10 billion, up 63%, and RPO $21.2 billion, up 34%8. Palo Alto added "nearly $1 billion of Net New NGS ARR in a single quarter"9, including a nine-figure benefit from one AI model customer moving to Chronosphere10. It added about 220 platformizations11.

Cash was strong. Operating cash flow was $1,357 million and free cash flow $1,254 million12.

Against its own February guidance the year came in ahead: revenue of $11,480 million against $11.28 billion to $11.31 billion, and NGS ARR of $9.10 billion against $8.52 billion to $8.62 billion1314. For the first quarter of fiscal 2027 the company guides to revenue of $3.300 billion to $3.310 billion15.

The quarter capped an uneven year. Revenue rose from $2,474 million in the first quarter to $2,594 million, $3,002 million and $3,410 million16171819. GAAP operating income was $309 million and $397 million in the first two quarters, a loss of $183 million in the third, when CyberArk closed, and $172 million in the fourth20212223.

Other income swung into a loss for the year. Other income and expense was a net expense of $159 million in fiscal 2026, against income of $355.8 million in fiscal 20252425, largely because of the $562 million loss on CyberArk's convertible notes and capped calls26.

The quarter confirmed the shape of the company: strong cash, a high non-GAAP margin, and GAAP results distorted by acquisitions. The next checkpoint is first-quarter NGS ARR, guided at $9.54 billion to $9.56 billion27; a miss would mean the fourth quarter's record owed more to the one-off than management said.

References
  1. ReportedRevenue grew 34% to $3,410 million.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  2. ReportedProduct revenue was $738 million and subscription and support $2,672 million.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  3. ReportedNon-GAAP operating income was $1,011 million, against $768 million a year earlier, a margin of about 29.6%.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  4. Moat Explorer calcNon-GAAP operating income was $1,011 million, against $768 million a year earlier, a margin of about 29.6%.
    Moat Explorer calculation from Palo Alto Networks' reported figures ($ millions unless stated; fiscal years end 31 July). Growth: revenue FY2026 11,480 / 9,221.5 - 1 = 24.5%; FY2025 9,221.5 / 8,027.5 - 1 = 14.9%; FY2024 8,027.5 / 6,892.7 - 1 = 16.5%; FY2023 25.3%; FY2022 29.3%; FY2021 24.9%; FY2020 17.5%; FY2024 to FY2026 11,480 / 8,027.5 - 1 = 43%; compound FY2015-FY2026 (11,480 / 928.1)^(1/11) - 1 = 25.7%, about 26%. By type FY2026: product 2,280 / 1,801.9 - 1 = 26.5%; subscription 6,239 / 4,974.4 - 1 = 25.4%; support 2,961 / 2,445.2 - 1 = 21.1%. Product FY2025 12.4%, FY2024 1,603.3 / 1,578.4 - 1 = 1.6%, FY2020 1,064.2 / 1,096.2 - 1 = -2.9%. Subscription FY2017 53.7%, FY2019 36.2%, FY2021 35.1%, FY2023 31.4%, FY2024 25.6%, FY2025 18.8%. Support FY2022 29.3%, FY2023 23.7%, FY2024 13.0%, FY2025 9.4%. Compound FY2015-FY2026: subscription (6,239 / 212.7)^(1/11) - 1 = 36.0%; support (2,961 / 222.7)^(1/11) - 1 = 26.5%; product (2,280 / 492.7)^(1/11) - 1 = 14.9%. Product outgrew subscription in FY2026 (26.5% against 25.4%), which it did not in any year FY2016-FY2025. Organic: FY2026 (11,480 - 930) / 9,221 - 1 = 14.4%; Q4 acquisition revenue 930 - 388 = 542; Q4 (3,410 - 542) / 2,536 - 1 = 13.1%, about 13%; pro forma 12,312 / 10,486 - 1 = 17.4%; FY2027 guidance 14.15 / 12.312 - 1 = 14.9%, about 15%. Margins: gross margin FY2026 8,077 / 11,480 = 70.4% (FY2025 6,769.9 / 9,221.5 = 73.4%; FY2024 5,968.3 / 8,027.5 = 74.3%); Q4 GAAP 2,304 / 3,410 = 67.6%. Product gross margin (2,280 - 568) / 2,280 = 75.1% (FY2025 (1,801.9 - 413) / 1,801.9 = 77.1%); subscription and support (9,200 - 2,835) / 9,200 = 69.2% (FY2025 (7,419.6 - 2,038) / 7,419.6 = 72.5%). Operating margin 695 / 11,480 = 6.1% (FY2025 1,242.9 / 9,221.5 = 13.5%); non-GAAP 3,356 / 11,480 = 29.2% (FY2025 2,652 / 9,221.5 = 28.8%); Q4 non-GAAP 1,011 / 3,410 = 29.6%; gap 3,356 - 695 = 2,661. R&D 2,552 / 11,480 = 22.2%; sales and marketing 3,931 / 11,480 = 34.2%; capital expenditure 440 / 11,480 = 3.8%. Tax 229 / (307 + 229 = 536) = 42.7%. Mix: product share 492.7 / 928.1 = 53.1% (FY2015), 2,280 / 11,480 = 19.9% (FY2026); subscription 212.7 / 928.1 = 22.9%, 6,239 / 11,480 = 54.3%; support 222.7 / 928.1 = 24.0%, 2,961 / 11,480 = 25.8%; one point of share 1% x 11,480 = 115. Recurring share 435.4 / 928.1 = 46.9% (FY2015), 1,393.8 / 2,273.6 = 61.3% (FY2018), 3,135.8 / 4,256.1 = 73.7% (FY2021), 6,424.2 / 8,027.5 = 80.0% (FY2024). Subscription and support per dollar of product 435.4 / 492.7 = 0.88 (FY2015), 1,393.8 / 879.8 = 1.58 (FY2018), 3,135.8 / 1,120.3 = 2.80 (FY2021), 6,424.2 / 1,603.3 = 4.01 (FY2024), 9,200 / 2,280 = 4.04 (FY2026). Hardware about 10% x 11,480 = about 1,150, about 50% of product. NGS ARR 9.10 / 11.48 = 79% of revenue. United States 7,108 / 11,480 = 61.9% (FY2016 901.8 / 1,378.5 = 65.4%). Q4 share of year 3,410 / 11,480 = 29.7%, about 30%. Prisma AIRS ARR 100 / 11,480 = under 1%. ARR and RPO: Q3 acquired ARR 1.6 / 8.1 = 20%, about a fifth; Q3 organic 8.1 - 1.6 = 6.5; Q3 acquired RPO 1.8 / 18.4 = 10%; FY2023 NGS ARR 4.2 / 1.43 = about 2.9; FY2025 growth 5.6 / 4.2 - 1 = 33%; Q1 FY2027 net new 9.54 - 9.10 = 0.44 to 9.56 - 9.10 = 0.46 billion; FY2030 target (20 / 9.1)^(1/4) - 1 = 21.8% a year; RPO / revenue 21.2 / 11.48 = 1.85; RPO due in 12 months 1.7 / 3.1 = 55% (FY2019), 2.2 / 4.3 = 51% (FY2020), 3.1 / 5.9 = 53% (FY2021), 4.1 / 8.2 = 50% (FY2022), 5.1 / 10.6 = 48% (FY2023), 5.9 / 12.7 = 46% (FY2024), 7.0 / 15.8 = 44% (FY2025), 9.3 / 21.2 = 44% (FY2026); RPO beyond 12 months 21.2 - 9.3 = 11.9 billion; Idira guidance 1.5 / 1.26 - 1 = 19%; Network and AI Security FY2025 8.35 / 1.17 = about 7.14 billion. Revenue from prior deferred 6.2 / 5.5 - 1 = 13%. Cash, deferred revenue and stock pay: free cash flow margin 4,113 / 11,480 = 35.8%; share-based compensation (cash flow) 1,774 / 11,480 = 15.5%; 1,774 / 1,295 - 1 = 37%; 1,774 / 4,113 = 43%; free cash flow after stock pay 4,113 - 1,774 = 2,339, 2,339 / 11,480 = 20.4%, 2,339 / 306,540 = 0.76%; free cash flow 4,113 / 306,540 = 1.3% and 4,113 / 27,492 = 15%. Stock pay share of revenue FY2016 392.8 / 1,378.5 = 28.5%, FY2020 658.4 / 3,408.4 = 19.3%, FY2024 1,076 / 8,027.5 = 13.4%, FY2025 1,295 / 9,221.5 = 14.0%. 10-K share-based compensation 1,815 / 1,079 - 1 = 68%. Equity plan (26.1 + 24.3) / 818 = 6%. Net cash 2,514 + 557 + 4,835 - 1,774 = 6,132; cash and investments 2,514 + 557 + 4,835 = 7,906, about 7.9 billion. Deferred revenue 1,582.1 + 1,306.6 = 2,888.7 (FY2019); 2,741.9 + 2,282.1 = 5,024.0 (FY2021); 4,674.6 + 4,621.8 = 9,296.4 (FY2023); 6,302.2 + 6,449.7 = 12,751.9 (FY2025); 7,747 + 7,009 = 14,756 (FY2026); 14,756 / 11,480 = 1.29 times; 2,888.7 / 2,899.6 = about one year (FY2019); growth 14,756 / 12,751.9 - 1 = 15.7%; excluding CyberArk (14,756 - 776) / 12,751.9 - 1 = 9.6%. Billings FY2025 9,221.5 + (12,751.9 - 11,480.5) = 10,493, 10,493 / 10,208.1 - 1 = 2.8%; FY2026 11,480 + (14,756 - 12,752) - 776 = about 12,708, 12,708 / 10,493 - 1 = 21%; February 2024 guidance cut 10.7 - 10.1 = 0.6 billion. Acquisitions: fiscal 2019 378.1 + 474.2 + 158.2 + 292.9 + 82.7 + 36.8 + 103.1 = 1,526; fiscal 2020 144.1 + 66.4 = 210.5; fiscal 2021 797.2 + 227.7 + 156.9 + 27.0 = 1,209; fiscal 2024 255.4 + 458.6 = 714; fiscal 2025 1,143 + 635 = 1,778; fiscal 2026 2,951 + 21,061 + 231 + 117 = 24,360, about 24.4 billion; all twenty-two FY2019-FY2026 including Cider 198.3 = 29,996, about 30.0 billion; FY2026 against FY2019-FY2025 24,360 / 5,636 = 4.3 times; after year end 325 + 500 = 825; AI security 635 + 231 + 117 = 983. CyberArk shares 18,488 / 112 = about 165 a share; 25,000 - 21,061 = about 3.9 billion; 112 x 374.74 = about 42.0 billion; 112 / 818 = 14%. Chronosphere 2,951 / 160 = about 18 times ARR. Goodwill and intangibles (22,010 + 7,017) / 48,460 = 60%; other assets 48,460 - 29,027 = 19,433. Headcount 21,921 - 4,223 = 17,698, 17,698 / 16,068 - 1 = 10%. Revenue per employee 928.1 / 2,637 = 0.35; 9,221.5 / 16,068 = 0.57; 11,480 / 21,921 = 0.52. Convertible loss Q1-Q3 562 - 524 = 38. Distributors: FY2019 31.8 + 22.1 + 10.7 + 10.0 = 74.6%; FY2021 33.2 + 12.2 + 10.6 = 56.0%; FY2023 25.0 + 12.8 + 11.9 = 49.7%; FY2024 21.2 + 13.2 + 13.2 + 11.4 = 59.0%; FY2025 18.8 + 14.4 + 11.0 = 44.2%; FY2026 15 + 15 = 30%; largest 34.4% (FY2020) to 15% (FY2026); receivables FY2019 29.9 + 18.9 + 14.2 = 63.0%. Valuation: market value over fiscal revenue at calendar year-end 15.13 / 0.928 = 16.3 (2015), 11.47 / 1.3785 = 8.3 (2016), 42.19 / 5.5015 = 7.7 (2022), 92.98 / 6.8927 = 13.5 (2023), 119.40 / 8.0275 = 14.9 (2024), 128.39 / 9.2215 = 13.9 (2025); 306.54 / 11.48 = 26.7; 306.54 / 0.307 = 998; 374.74 / 3.84 = 97.6; market value against Fortinet 306.54 / 130.12 = 2.4, against CrowdStrike 306.54 / 267.43 = 1.15; analyst target 395.70 / 374.74 - 1 = 6% - growth rates and margins. — FY2015-FY2027 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palo Alto Networks' Forms 10-K and results releases, the Q4 FY2026 earnings call and market data; operands shown in the source line.
  5. ReportedNon-GAAP earnings per share were $1.02, against $0.95.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  6. ReportedGAAP operating income fell to $172 million from $497 million, and the company reported a net loss of $282 million, $0.35 a share.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  7. ReportedThe main causes were a $524 million loss on the fair value of CyberArk's convertible notes and capped calls, and $281 million of amortization of acquired intangibles.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - balance sheet and cash flow statement. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  8. ReportedNGS ARR reached $9.10 billion, up 63%, and RPO $21.2 billion, up 34%.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  9. ReportedPalo Alto added "nearly $1 billion of Net New NGS ARR in a single quarter", including a nine-figure benefit from one AI model customer moving to Chronosphere.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  10. ReportedPalo Alto added "nearly $1 billion of Net New NGS ARR in a single quarter", including a nine-figure benefit from one AI model customer moving to Chronosphere.
    Palo Alto Networks fourth-quarter fiscal 2026 earnings call transcript (Motley Fool) - platform revenue, platformized cohort retention, large deals and fiscal 2027 modelling points. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  11. ReportedIt added about 220 platformizations.
    Yahoo Finance summary of the Palo Alto Networks fourth-quarter fiscal 2026 call - XSIAM, Prisma AIRS and observability ARR, platformizations, Idira deals and hardware share of revenue. — Q4 FY2026 · publ. September 2026 · source ↗
  12. ReportedOperating cash flow was $1,357 million and free cash flow $1,254 million.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - balance sheet and cash flow statement. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  13. ReportedAgainst its own February guidance the year came in ahead: revenue of $11,480 million against $11.28 billion to $11.31 billion, and NGS ARR of $9.10 billion against $8.52 billion to $8.62 billion.
    Palo Alto Networks second-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - results and raised fiscal 2026 guidance. — Q2 FY2026 · publ. 17 February 2026 · source ↗
  14. ReportedAgainst its own February guidance the year came in ahead: revenue of $11,480 million against $11.28 billion to $11.31 billion, and NGS ARR of $9.10 billion against $8.52 billion to $8.62 billion.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fiscal 2027 guidance and long-term targets. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  15. ReportedFor the first quarter of fiscal 2027 the company guides to revenue of $3.300 billion to $3.310 billion.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fiscal 2027 guidance and long-term targets. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  16. ReportedRevenue rose from $2,474 million in the first quarter to $2,594 million, $3,002 million and $3,410 million.
    Palo Alto Networks first-quarter fiscal 2026 results release, Form 8-K exhibit 99.1. — Q1 FY2026 · publ. 19 November 2025 · source ↗
  17. ReportedRevenue rose from $2,474 million in the first quarter to $2,594 million, $3,002 million and $3,410 million.
    Palo Alto Networks second-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - results and raised fiscal 2026 guidance. — Q2 FY2026 · publ. 17 February 2026 · source ↗
  18. ReportedRevenue rose from $2,474 million in the first quarter to $2,594 million, $3,002 million and $3,410 million.
    Palo Alto Networks third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - including $1.6 billion of NGS ARR, $1.8 billion of remaining performance obligations and $388 million of revenue from CyberArk and Chronosphere. — Q3 FY2026 · publ. 2 June 2026 · source ↗
  19. ReportedRevenue rose from $2,474 million in the first quarter to $2,594 million, $3,002 million and $3,410 million.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  20. ReportedGAAP operating income was $309 million and $397 million in the first two quarters, a loss of $183 million in the third, when CyberArk closed, and $172 million in the fourth.
    Palo Alto Networks first-quarter fiscal 2026 results release, Form 8-K exhibit 99.1. — Q1 FY2026 · publ. 19 November 2025 · source ↗
  21. ReportedGAAP operating income was $309 million and $397 million in the first two quarters, a loss of $183 million in the third, when CyberArk closed, and $172 million in the fourth.
    Palo Alto Networks second-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - results and raised fiscal 2026 guidance. — Q2 FY2026 · publ. 17 February 2026 · source ↗
  22. ReportedGAAP operating income was $309 million and $397 million in the first two quarters, a loss of $183 million in the third, when CyberArk closed, and $172 million in the fourth.
    Palo Alto Networks third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - including $1.6 billion of NGS ARR, $1.8 billion of remaining performance obligations and $388 million of revenue from CyberArk and Chronosphere. — Q3 FY2026 · publ. 2 June 2026 · source ↗
  23. ReportedGAAP operating income was $309 million and $397 million in the first two quarters, a loss of $183 million in the third, when CyberArk closed, and $172 million in the fourth.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fourth-quarter and full-year results, balance sheet and cash flow. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  24. ReportedOther income and expense was a net expense of $159 million in fiscal 2026, against income of $355.8 million in fiscal 2025, largely because of the $562 million loss on CyberArk's convertible notes and capped calls.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - balance sheet and cash flow statement. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  25. ReportedOther income and expense was a net expense of $159 million in fiscal 2026, against income of $355.8 million in fiscal 2025, largely because of the $562 million loss on CyberArk's convertible notes and capped calls.
    Palo Alto Networks Form 10-K for fiscal 2025 - revenue by type and geography for fiscal 2023-2025, remaining performance obligations, distributor concentration and payment terms. — FY2025 · publ. September 2025 · source ↗
  26. ReportedOther income and expense was a net expense of $159 million in fiscal 2026, against income of $355.8 million in fiscal 2025, largely because of the $562 million loss on CyberArk's convertible notes and capped calls.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - balance sheet and cash flow statement. — Q4 FY2026 · publ. 1 September 2026 · source ↗
  27. ReportedThe next checkpoint is first-quarter NGS ARR, guided at $9.54 billion to $9.56 billion; a miss would mean the fourth quarter's record owed more to the one-off than management said.
    Palo Alto Networks fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - income statement, non-GAAP reconciliation, balance sheet, cash flow, Next-Generation Security ARR, remaining performance obligations and fiscal 2027 guidance - fiscal 2027 guidance and long-term targets. — Q4 FY2026 · publ. 1 September 2026 · source ↗
Sources
Generated September 26, 2026