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Sentiment · FY2026 Q3
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Now given the announced Palo Alto CyberArk deal, can you talk a little bit more holistically about how you're thinking about targeting in the identity market versus some of the pure plays”
An analyst references Palo Alto Networks' announced acquisition of CyberArk as it pushes into the identity/PAM market where CrowdStrike is also expanding.
“Our marketplace consumption has grown 89% year over year, powered by partners like Broadcom and Palo Alto.”
Palo Alto is a marketplace partner (SASE/Prisma Access on OCI) driving OCI consumption.
“You have Cisco with the new product, Check Point with the new product, Palo talking about very strong growth.”
An analyst notes Palo Alto Networks touting very strong growth as a competitive reference point for Zscaler's core business.
“all four of the leading cloud security companies: CrowdStrike, Cyber Reason, Newfold Digital and Palo Alto, they all decided to move to the Oracle Cloud.”
Palo Alto Networks is cited among four leading cloud security companies that moved to Oracle Cloud, evidencing OCI's traction in the security software segment.
“we overcame in the third quarter a $500 million headwind from last year as a result of the Palo Alto QRadar transaction that was recorded as an asset sale and reduction in CapEx.”
IBM's prior-year sale of its QRadar SaaS assets to Palo Alto Networks created a $500M free-cash-flow comparison headwind this quarter; the two now partner on QRadar migration.
“I think, first of all, you can't dispute that Palo Alto Networks is just an iconic company and doing a great job. Mark Anderson built a lot of their go-to-market engine for us, and they're a company that we have long looked up to. They have a very different strategy for R&D than we do, where a lot more of their R&D is through acquisitions.”
Cloudflare's CEO calls Palo Alto Networks an iconic company with a strong go-to-market engine, contrasting PANW's acquisition-heavy R&D strategy with Cloudflare's internal-build approach, a positive characterization of a key cybersecurity competitor.
“But if it's really the cloud security like Zscaler or Palo Alto do, we will absolutely work with best-of-breed partners and not pretend to be something we're not.”
Arista positions itself as complementary to, not competitive with, leading cloud security vendors like Palo Alto Networks, planning to partner rather than build overlapping SASE functionality.
“are these displacements of existing vendors, let's say, a customer has Zscaler or Palo Alto and you're displacing them?”
An analyst names Palo Alto as a SASE incumbent Fortinet is displacing; management confirms competitive displacement wins in SASE.
“we signed 2 additional commercial agreements for carbon dioxide removal cells with JPMorgan and Palo Alto Networks”
Palo Alto Networks signed a commercial agreement to buy carbon dioxide removal credits from Occidental's STRATOS DAC facility.
“This was also a very exciting year for Digital, as demand for our products and services continue to accelerate and we formed strategic partnerships with industry leaders including NVIDIA, Amazon Web Services, and Palo Alto Networks.”
SLB names Palo Alto Networks as one of three strategic technology partners supporting its Digital business's accelerating demand and growth in 2024.
“We realized $500 million in proceeds from the Palo Alto QRadar transaction, which was a small contribution to free cash flow given the payout of structural actions and foregone profit.”
IBM divested its QRadar SaaS assets to Palo Alto Networks, generating $500 million in proceeds that modestly contributed to 2024 free cash flow.
“our secure browser, which stems from a strategic bet we made a few years ago with the acquisition of Talon.”
Palo Alto's Prisma Browser (9M+ licenses, 1,500+ customers) stems from its earlier acquisition of secure-browser vendor Talon.
“That's why you see us buy protect.ai, which is now well integrated.”
Palo Alto cites its now-integrated acquisition of protect.ai as part of building out its AI-security platform.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Saket Kalia | Barclays | 7 (0%) |
| Brian Essex | JPMorgan | 6 (0%) |
| Matt Hedberg | RBC Capital Markets |
“As part of the CyberArk deal, we've acquired Venafi.”
Palo Alto gained machine-identity/certificate vendor Venafi through the CyberArk acquisition, feeding its quantum/certificate-lifecycle roadmap.
“This is why I'm excited to announce our intent to acquire Koi, a pioneer in securing the next major inflection point in security, the agentic endpoint.”
Palo Alto announced intent to acquire Koi, an agentic-endpoint security startup it had already been a customer of, to bolster XDR and AI-security capabilities.
“In the age of AI, Chronosphere offers a unique value proposition, delivers observability at a massive scale, proven in production today”
Palo Alto acquired observability vendor Chronosphere (~$200M ARR, above expectations), which signed a 9-figure expansion with a leading AI model provider post-close.
“We're delighted to have closed the acquisition of CyberArk early in Q3 and are ready to execute on what I believe is a massive opportunity in identity security.”
Palo Alto Networks closed its acquisition of CyberArk to enter identity security; CyberArk is noted coming off a record December quarter with 30% subscription ARR growth.
“this is what started when Splunk, half the data is used for observability, half the data is used for security”
Palo Alto references Splunk as the origin of the security/observability data convergence it is now pursuing via Chronosphere.
“With our acquisition of Protect AI now fully integrated, we introduced Prisma AIRS 2.0 in Q1”
Palo Alto fully integrated its Protect AI acquisition into the Prisma AIRS 2.0 AI-security platform.
“tight integrations with platforms like Glean, IBM, Factory and ServiceNow in securing the exploding number of agentic AI workflows”
ServiceNow is named as an integration partner for securing agentic AI workflows with Prisma AIRS.
“we announced our intent to acquire Chronosphere for a total consideration of $3.35 billion in cash and replacement equity awards”
Palo Alto announced a $3.35B acquisition of observability vendor Chronosphere.
“our CyberArk integration plans remain fully on track, and we're proud to have received overwhelming shareholder support for the acquisition”
Palo Alto's pending CyberArk acquisition (identity security) is on track to close in fiscal Q3.
“a collaboration with NVIDIA to secure the AI factory with Prisma AIRS on BlueField”
Palo Alto is collaborating with NVIDIA to run its Prisma AIRS AI-security on BlueField in the AI factory.
| Brad Zelnick | Deutsche Bank | 4 (0%) |
| Gabriela Borges | Goldman Sachs | 4 (0%) |
| Shaul Eyal | TD Cowen | 4 (0%) |
| Joe Gallo | Jefferies | 4 (0%) |
| Robbie Owens | Piper Sandler | 4 (0%) |
| Andy Nowinski | Wells Fargo | 3 (33%) |
| Meta Marshall | Morgan Stanley | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 7 (0%) |
| Morgan Stanley | 3 | 6 (0%) |
| JPMorgan | 1 | 6 (0%) |
| RBC Capital Markets | 1 | 6 (0%) |
| Piper Sandler | 1 | 4 (0%) |
| Jefferies | 1 | 4 (0%) |
| Goldman Sachs | 1 | 4 (0%) |
| Deutsche Bank | 1 | 4 (0%) |
Palo Alto Networks posted Q2 revenue of $2.59 billion, up 15%, with NGS ARR growing 33% to $6.33 billion including $200 million from Chronosphere. Record platformizations showed broad-based organic strength, with SASE surpassing $1.5 billion ARR and XSIAM exceeding $500 million ARR. The CyberArk and Chronosphere acquisitions closed with strong early momentum. However, FY2026 EPS guidance was lowered to $3.65-$3.70 due entirely to M&A dilution from the CyberArk 112 million share issuance.
Cloud & AI | Competitive Dynamics | Revenue Growth | M&A | Demand | Innovation & R&D | Product Launch | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 2 | 7 | 2 | 2 | 2 | 1 | 2 | 1 |
| 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 | |
| Product Launch | 2 | 1 | 1 | 1 | |||
| Margin | 1 | 2 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
PANW Palo Alto Networks | 9 | +31.1% | |
| ADBE Adobe Inc. | 9 | +12.7% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 10 | +25.6% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
| FFIV F5, Inc. | 8 | +11.0% | |
| FTNT Fortinet | 10 | +20.1% | |
| GDDY GoDaddy | 7 | +6.1% | |
| GEN Gen Digital | 6 | +27.0% | |
| MSFT Microsoft Corporation | 8 | +18.3% | |
| NET Cloudflare, Inc. | 10 | +33.5% | |
| ORCL Oracle Corporation | 9 | +20.6% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +41.9% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% | |
| ZS Zscaler | 9 | +25.4% |