Palo Alto Networks, Inc. earnings overview

PANW FY2026 Q3 · Calendar Q2 2026

Palo Alto Networks, Inc.

Palo Alto Networks delivered a record fiscal Q3 2026, beating consensus on both EPS ($0.85 vs. $0.79 estimated) and revenue ($3.00B vs. $2.94B estimated). Next-generation security ARR reached $8.13 billion, up 60% year over year, while remaining performance obligations grew 36% to $18.4 billion. The results reinforce the thesis that AI-driven security demand and the platformization strategy are compounding: 2,280 platformized customers now generate 120% net retention. Despite a sharp initial sell-off (down 5.6% the next session), the stock subsequently drifted 24% higher, suggesting the market ultimately validated the growth narrative. The analyst consensus price target of $344 implies roughly 8% upside from the current $317.