Start 30 days free, no card. Full Pro access for a month, then decide. Start free

Palo Alto Networks PANW

Sector: Technology Industry: Software - Infrastructure

CompanyFiscal year ends JulMost recent earnings call: Sep 1, 2026 (FY2026 Q4)Est. next earnings call: Nov 18, 2026

9/ 10

FY2026 Q3Positive+3.0 vs FY2026 Q2Default view · newest free

Calendar quarter Q2 2026Earnings call Jun 2, 2026

FY2026 Q3 in brief

PositiveRecord Q3 Beat-And-Raise Across All Metrics
PositiveStrongest Hardware Quarter In A Decade
PositiveCyberArk Integration Ahead Of Plan

Full narrative and all 7 themes ↓

ScoringBase 8 · revenue +31.1%Transcript 0EPS 0Guidance +1Final 9

Newest quarter FY2026 Q4 is part of Pro · see what Pro adds →

Quarter

Score details · FY2026 Q3

calendar Q2 2026 · call Jun 2, 2026

Year over year · FY26 Q3 vs FY25 Q3: ±0.0 ptsFY26 Q3 9 vs FY25 Q3 9
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters: 5%

Share price · trailing year

daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score

PANW $397.031Y +91.3%YTD +115.5%● earnings calls (score)

Sources. Tellvest earnings-call sentiment score for Palo Alto Networks (PANW), FY2026 Q3: 9/10. Scores: Palo Alto Networks’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: PANW daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.

Key financials

FY2026 Q3 selectedReported GAAP figures from SEC filings

The table scrolls sideways. Swipe it, or select it and use the arrow keys.

Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin	FCF
FY2025 Q1	$2.14B	+13.9%	$0.49	+75.0%	74.1%	13.4%	16.4%	$1.47B
FY2025 Q2	$2.26B	+14.3%	$0.38	-84.4%	73.5%	10.6%	11.8%	$509M
FY2025 Q3	$2.29B	+15.3%	$0.37	-5.1%	72.9%	9.6%	11.5%	$560M
FY2025 Q4	$2.54B	+15.8%	$0.36	-29.4%	73.2%	19.6%	10.0%	$1.18B
FY2026 Q1	$2.47B	+15.7%	$0.47	-4.1%	74.2%	12.5%	13.5%	$1.69B
FY2026 Q2	$2.59B	+14.9%	$0.60	+57.9%	73.6%	15.4%	16.7%	$638M
FY2026 Q3Selected	$3.00B	+31.1%	$-0.28	-175.7%	67.6%	-6.1%	-5.9%	$788M
FY2026 Q4	$3.41B	+34.4%	$-0.35	-197.2%	67.6%	5.0%	-8.3%	—

As stated by management

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

GAAP revenue YoY +31.1% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.

How this score was built

Base8Transcript0EPS0Guidance+1Final9

How this score was built

Base8Transcript0

Quarter in detail

· FY2026 Q3

Macro Signals

↑AI & Tech↓Supply Chain↑CAPEX

Palo Alto Networks delivered a record fiscal Q3 2026, with total revenue of $3 billion growing 31% year-over-year and NGS ARR reaching $8.13 billion, up 60% (28% organic excluding CyberArk and Chronosphere). The quarter marked the first full period with CyberArk and Chronosphere consolidated, both exceeding internal benchmarks, while network security posted its strongest hardware quarter in a decade with next-generation firewall bookings up nearly 40%. Acquisition-related transaction, integration, and stock-based compensation charges drove a GAAP net loss per share of $0.22, but non-GAAP diluted EPS reached $0.85 and non-GAAP operating margin held flat at 21.3%. Management raised full-year fiscal 2026 guidance across all metrics, lifting the non-GAAP EPS range to $3.77 to $3.79 and revenue to $11.415 billion to $11.425 billion. Prisma AIRS, now past 300 customers and tripling sequentially, remained the fastest-growing product in the company's history as AI-driven threats elevated cybersecurity demand.

Key Themes7

positive📊 company

Record Q3 Beat-And-Raise Across All Metrics

Total revenue was $3 billion, growing 31% year-over-year, and NGS ARR reached $8.13 billion, up 60% (28% organic ex-CyberArk and Chronosphere). Management surpassed every guided metric.

Revenue GrowthGuidance Reliability

positive📊 company

Strongest Hardware Quarter In A Decade

Hardware delivered its best quarter in a decade with next-generation firewall bookings rising nearly 40% year-over-year, supported by Gen 5 appliances and early AI data center build-outs.

DemandProduct Launch

positive📊 company

CyberArk Integration Ahead Of Plan

In its inaugural quarter post close, CyberArk surpassed internal benchmarks; management is now 3 to 6 months ahead of its original timeline for converging CyberArk profitability with its own.

M&AMargin

positive📊 company

Prisma AIRS Fastest-Growing Product Ever

Prisma AIRS reached over 300 customers in Q3, tripling the Q2 count, with clear visibility toward $100 million in ARR within the next couple of quarters for a product not in the market a year ago.

Product LaunchCloud & AI

positive🏢 sector

AI As Structural Cybersecurity Demand Catalyst

Management argued frontier models like Mythos increase the terminal value of cybersecurity, with north of 1,200 customers requesting Unit 42 frontier AI defense meetings in 6 weeks.

DemandCloud & AI

positive📊 company

Platformization Momentum

Secured 110 net new platformizations in Q3, ending with roughly 2,280 total platformized customers, supporting 120% net retention and the path toward 4,000 platformizations by fiscal 2030.

Competitive DynamicsSubscriber Growth

mixed📊 company

Rising Memory And Storage Component Costs

Management is closely monitoring rising component costs, particularly in memory and storage, and implemented a 10% price increase on hardware in early April to offset the impact.

Cost PressureSupply Chain

Q&A Topicsfrequency by quarter

	Cloud & AI	Competitive Dynamics	Revenue Growth	M&A	Demand	Innovation & R&D	Margin	Product Launch
2025Q1	2	7	2	2	2	1	1	2
2025Q2	5	4	4	1	2	1	2
2025Q3	6	2	4	2		3		1
2025Q4	2	4	3	1			1	1
2026Q1	6	3	3	5	2	3	1	1
2026Q2	5	3	4	5	2	1
2026Q3	5	2	1	2	4	2

	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1	'26Q2	'26Q3
Cloud & AI	2	5	6	2	6	5	5
Competitive Dynamics	7	4	2	4	3	3	2
Revenue Growth	2	4	4	3	3	4	1
M&A	2	1	2	1	5	5	2
Demand	2	2			2	2	4
Innovation & R&D	1	1	3		3	1	2
Margin	1	2		1	1
Product Launch	2		1	1	1

Analyst Q&A9 analysts · 9 questions

Adam BorgStifel

maybe help us just rank order is that traction across SSC, SD-WAN, Prisma Browser

View in transcript →

Brian EssexJPMorgan

How are your customers evaluating that as they look at kind of the elevated threat environment they have

View in transcript →

Fatima BoolaniCitigroup

how much incremental investment do you expect to put behind that franchise? How capacity constrained are you?

View Technology sector trends →View Software - Infrastructure industry trends →

Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Saket Kalia	Barclays	8 questions · 0% challenging
Matt Hedberg	RBC Capital Markets	7 questions · 0% challenging
Brian Essex	JPMorgan	7 questions · 0% challenging
Brad Zelnick	Deutsche Bank	5 questions · 0% challenging
Robbie Owens	Piper Sandler	5 questions · 0% challenging
Shaul Eyal	TD Cowen	4 questions · 0% challenging
Gabriela Borges	Goldman Sachs	4 questions · 0% challenging
Meta Marshall	Morgan Stanley	4 questions · 0% challenging
Joe Gallo	Jefferies	4 questions · 0% challenging
Fatima Boolani	Citigroup	4 questions · 0% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Barclays	1 analyst	8 questions · 0% challenging
Morgan Stanley	3 analysts	7 questions · 0% challenging
RBC Capital Markets	1 analyst	7 questions · 0% challenging
JPMorgan	1 analyst	7 questions · 0% challenging
Wells Fargo	2 analysts	5 questions · 20% challenging
Deutsche Bank	1 analyst	5 questions · 0% challenging
Piper Sandler	1 analyst	5 questions · 0% challenging
Goldman Sachs	1 analyst	4 questions · 0% challenging

Industry Peersas of Q2 2026

Software - Infrastructure

Company	Score	Rev YoY	Headline
PANW Palo Alto Networks	9	+31.1%	Palo Alto Networks delivered a record fiscal Q3 2026, with total revenue of $3 billion growing 31% year-over-year and NGS ARR reaching $8.13 billion, up 60% (28% organic excluding CyberArk and Chronosphere)
ADBE Adobe Inc.	9	+12.7%	Adobe posted record Q2 FY2026 revenue of $6.62 billion, up 11% year over year, and raised its full-year revenue and non-GAAP EPS targets, lifting the non-GAAP EPS range to $24.35 to $24.45
AKAM Akamai Technologies	4	+5.4%	Akamai's total revenue rose 5% year over year to $1.1 billion, but earnings fell as heavy cloud-infrastructure investment compressed margins: non-GAAP EPS was $1.59, down 8% (GAAP EPS was $0.52), and non-GAAP operating margin was 25% versus a mid-20s target
CPAY Corpay	8	+21.5%	Corpay delivered a strong fiscal Q2 2026, with GAAP revenue of $1.34 billion up 21% year over year and 10% organic growth led by Corporate Payments (+16% organic) and Vehicle Payments (+8% organic)
CRWD CrowdStrike	10	+25.6%	CrowdStrike opened FY2027 with a standout quarter: total revenue grew 26% year over year to $1.39 billion, accelerating for the fourth consecutive quarter, while record Q1 net new ARR of $255.8 million (up 32%) drove ending ARR to $5.51 billion
CRWV CoreWeave, Inc. Class A Common Stock	9	+112.3%	CoreWeave's second quarter of 2026 delivered record revenue of $2.6 billion, up 112% year-over-year and 24% sequentially, as active power reached 1.5 gigawatts on the largest quarterly capacity addition in company history
FFIV F5, Inc.	9	+10.8%	F5 grew revenue 11% to $865 million, with product revenue of $463 million up 19% and systems revenue of $240 million up 32%, the eighth consecutive quarter of double-digit product growth as the iSeries refresh combined with sovereignty-driven data center reinvestment and rising on-premises AI traffic
FTNT Fortinet	10	+25.6%	Fortinet's second quarter of 2026 accelerated on every top-line measure: total revenue grew 26% to 2.05 billion led by product revenue up 52% to $773 million, while total billings grew 33% to $2.37 billion with secure networking, unified SASE and security operations each accelerating from the first quarter
GDDY GoDaddy	7	+6.6%	GoDaddy grew total revenue 7% to $1.3 billion (6.60% GAAP YoY) in Q2 FY2026, coming in above the midpoint of its guide while expanding Normalized EBITDA margin more than 200 basis points to 33.4% and generating $443 million of free cash flow, up 13%
GEN Gen Digital	8	+6.3%	Gen Digital delivered a beat-and-raise first quarter, with revenue of $1.34 billion up 11% on an adjusted basis, its fastest growth rate since the company was formed, and non-GAAP EPS of $0.71 up 19%, both above guidance
IOT Samsara Inc.	10	+30.5%	Samsara delivered accelerating growth at scale in Q1 FY2027, with revenue up 31% year-over-year to $479 million and ARR reaching nearly $2 billion, up 30%
MDB MongoDB, Inc.	9	+25.3%	MongoDB delivered a strong first quarter of fiscal 2027, with total revenue of $688 million up 25% year-over-year and accelerating from 22% a year ago, beating the high end of guidance
MSFT Microsoft Corporation	8	+17.8%	Microsoft closed fiscal 2026 with quarterly revenue of $90 billion, up 18%, and operating income up 18%, capping a year in which annual revenue surpassed $331 billion and Microsoft Cloud surpassed $214 billion
NET Cloudflare, Inc.	9	+35.9%	Cloudflare delivered an accelerating quarter, with revenue up 36% year-over-year to $696.1 million and a record 986 net new large customers (those spending more than $100,000 annually) added over the trailing twelve months, lifting dollar-based net retention to 120%
ORCL Oracle Corporation	9	+20.6%	Oracle closed fiscal 2026 with a record quarter: revenue of $19.2 billion, up 21%, led by cloud infrastructure revenue growth of 93% and Cloud Applications up 10%
PATH UiPath Inc.	9	+17.3%	UiPath delivered its first GAAP-profitable quarter in company history, with first-quarter revenue up 17% year-over-year to $418 million (15% excluding a roughly $7 million FX tailwind) and non-GAAP operating income of $92 million, a 22% margin
PLTR Palantir Technologies	10	+92.8%	Palantir delivered its strongest quarter to date, with revenue up 93% year over year to $1.935 billion and US revenue up 115%, led by US commercial revenue accelerating to 149% growth
SNPS Synopsys	7	+41.9%	Synopsys delivered Q2 revenue of $2.276B including approximately $652M from Ansys, with organic ex-Ansys growth of approximately 3-4% driven by AI-related chip design activity and hardware-assisted verification demand
TWLO Twilio Inc.	10	+22.0%	Twilio's GAAP EPS jumped to $6.68 from $0.14, but nearly all of that came from a one-time $944 million tax valuation allowance release rather than from operations
VRSN Verisign	7	+6.0%	VeriSign delivered a solid second quarter, with revenue of $435 million up 6% year over year and diluted EPS of $2.38 up 7.7% from $2.21 a year ago
XYZ Block, Inc.	10	+9.3%	Block delivered second-quarter gross profit growth of 25% year-over-year with a record 27% adjusted operating income margin and adjusted diluted EPS growth of 65%, well above a GAAP diluted EPS of $0.15 that remains distorted by acquisition amortization and reorganization charges
ZS Zscaler	9	+25.4%	Zscaler delivered 25% revenue growth to $850 million with non-GAAP operating margin reaching an all-time high of 23%, achieving Rule of 55 performance year-to-date

Shared themes this quarter

PAADAKCPCRCRFFFTGDGEIOMDMSNEORPAPLSNTWVRXYZS

Demand

PAADAK

Macro signal alignment

AI & tech

↑ PANW↑ ADBE↑ AKAM↑ CRWD↑ CRWD↑ CRWV↑ FFIV↑ FTNT↑ GDDY GEN↑ MDB↑ MSFT↑ NET↑ ORCL↑ PATH↑ PLTR↑ SNPS

Corporate events

Palo Alto Networks PANW

Score details · FY2026 Q3

Share price · trailing year

Key financials

As stated by management

Quarter in detail

Q&A Topicsfrequency by quarter

Top analysts & firms

Most active analysts

Most active firms