Joe Gallo

Vincent said channel and distribution expansion (Equifax went live this summer, plus Copilot) is a B2B-then-B2B2C motion that takes time to deploy but creates long-term upper-funnel reach and retargeting ability. It contributes roughly a third to about half of the $100 million revenue synergy opportunity, which begins deploying in the second half of fiscal 2027, with more breakdown promised at the next investor event.

Natalie said the upside was broad-based across both segments, with Cyber Safety at a consistent mid-single-digit rate and industry-leading margins and Trust-Based Solutions outperforming, blending to a stable 50% operating margin. On a go-forward basis, the raised guidance assumes continued acceleration on the trust-based/marketplace side plus reimagined LifeLock and Norton, with the best Norton cross-sell since the last Analyst Day almost three years ago.

Natalie pegged the MoneyLion growth framework at approximately 30%, roughly in line with market growth. PFM business is strong with increasing transactions per customer and very sticky repeat customers (2/3 of first-party revenue from repeats). Engine continues to expand supply and demand sides of the marketplace.

Natalie broke down the FY2027 growth framework: mid-single-digit cyber safety driven by customer acquisition, cross-sell/upsell at moments of truth, and growing ARPU with stable-to-improving retention; Trust-Based Solutions with reimagined LifeLock, healthy MoneyLion growth, and synergistic benefits scaling throughout the year. Q1 guided to 8-10% with momentum continuing.

Vincent said it's too early to quantify ARPU/ASP for agent protection. Drew parallels to early antivirus filling security gaps in OS. Sees clear consumer willingness to pay based on real-life pain points, even board members calling worried about AI agent access to their data. The AI economy cannot scale without safety.

Natalie said everything known is baked into guidance including current FX rates. Vincent added that consumer sentiment is at a multiyear low but stable, and the services Gen provides are highly relevant in that environment, both security and financial wellness needs strengthen during uncertain times.

Vincent ranked cross-sell priorities: (1) financial insights and marketplace embedded into LifeLock app, most natural and immediate, being carefully demand-driven not forceful, (2) Norton Money into the Norton base as an alternative to identity upsell, (3) MoneyLion features into the employee benefits channel, about to launch with early discussions extremely positive but results will be delayed by onboarding cycles.

Vincent noted broad-based geographic strength with Europe particularly strong over the last two quarters, positively surprising management. Financial wellness has not yet been introduced in Europe, representing additional upside. Latin America previously led growth but Europe has overtaken recently.

George said roughly half the market still runs legacy AV that cannot identify rogue AI agents or shadow AI, so the need to protect AI consumed on the endpoint drives both net-new wins from legacy providers and cross-sell into the base.

George highlighted the identity business since 2020 plus the Signal acquisition, positioning Signal as an identity control plane combined with AIDR.

Kurtz confirmed AI security is already contributing to ARR growth with AIDR up 5x QoQ. Drew parallel to cloud era where hyperscalers didn't displace security vendors but became partners, expects same with AI hyperscalers.

Kurtz highlighted next-gen SIEM as all-star for FY2027, plus cloud and Falcon Shield for SaaS protection. Security for AI is early innings but contributes across multiple product lines.

Kurtz noted cloud security still early innings with market shift from CSPM to runtime protection. Disruption in market driving tremendous interest and conversions to CrowdStrike.

Podbere confirmed 27% Q4 FCF exit rate and 30%+ FY2027 target driven by Flex momentum generating larger, longer deals with faster-than-expected license burndown.

Kurtz differentiated CrowdStrike's runtime workload protection from CSPM-only competitors, noting consolidation trend as customers seek integrated platforms.

Lee highlighted full lifecycle coverage from code to cloud to runtime to SOC. Added ASPM for application security, CDR agent 50% more efficient in cloud workload protection. AgentiX now natively available in Cortex Cloud.

Lee explained conviction in unified cloud security thesis even stronger at 6 months post-Cortex Cloud launch. ASPM launched for AI-era application security. Runtime protection becoming critical.

Nikesh acknowledged brief customer hesitation in April from tariff uncertainty but said teams executed through it. Customers did not change transformation plans.

Dipak attributed outperformance to strong product portfolio, IBM QRadar pipeline, and proven forecasting process, suggesting platformization strategy is delivering differentiated results versus peers.

Jay described Symmetry as an innovative technology connecting entities to the data sources they access, foundational for zero trust across agents, cloud workloads and devices, acquired with very little revenue. Kevin confirmed the results are immaterial. Jay noted many newer offerings such as Zero Trust for cloud workloads, Zero Trust Branch and security for AI are consumption-based and non-seat-oriented.

Jay said IT budgets tight but cyber under less pressure. Two priority areas: zero trust security and AI security. Deal scrutiny continues but cost takeout messaging + strategic partnership positioning driving results.

Kevin confirmed no philosophical shift in guidance. Fed expected similar to FY2025 (high single digits of revenue). No meaningful macro change assumed. Only change is shift from billings to ARR as primary metric.

Remo declined to comment on FY26 but confirmed scheduled billings increases through Q4.

Ken Xie answered directly on pricing policy and memory cost stabilization, and reiterated that pricing is a single digit impact while the SASE firewall shift is the larger growth driver.

Ken Xie named FortiGate as the fastest growing component but declined a numeric split, arguing the single-OS design makes the secure networking versus SASE boundary hard to categorize.

Keith explained large enterprises are moving first with deployment schedules, and Christiana noted enterprise agreement customers negotiate upfront and buy as ready, so deal sizes don't necessarily creep up.