Palo Alto Networks, Inc. · PANW · FY2025 Q1 · Calendar Q4 2024

Palo Alto leans into platformization, AI security and XSIAM

The supplied analysis supports a constructive but qualified view: Palo Alto's platformization, AI security and XSIAM strategy can support continued growth, but execution, margin and competitive risks remain material.

Reported After market closeNASDAQTechnology $311.29B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $1.48
EPS surprise — Reported versus consensus
Reported revenue — Consensus $2.12B
Revenue surprise — Reported versus consensus

Market reaction

event-close to next-session close
Stock move +1.2% Event window
SPY move +0.5% Same window
Abnormal move +0.7% Stock minus SPY
Volume 3.5× Versus trailing sessions
Subsequent drift -6.1% Up to 20 sessions
PANWSPY benchmark

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Transcript, numbers and history already loaded
What drove PANW's +1.2% move after FY2025 Q1 earnings?What changed in PANW's guidance and outlook in FY2025 Q1?Give me the bull and bear case for PANW after FY2025 Q1 earnings.

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Transcript intelligence

What changed

The current analysis shifts the focus toward scaling platformization and XSIAM, expanding AI-enabled security products and executing the QRadar migration, while maintaining a raised guidance stance.

Guidance delta

Management's guidance was characterized as raised in the supplied analysis, with emphasis on ARR, revenue, EPS and operating margin.

Key takeaways

  • Platformization remains the central growth strategy across network, cloud and security operations.
  • AI-enabled products and XSIAM are positioned as important expansion areas.
  • The QRadar migration, acquisitions and larger enterprise deals add execution complexity.

Management priorities

  • Accelerate platform adoption across network, cloud and security operations.
  • Scale XSIAM and support the QRadar customer migration.
  • Expand AI Copilot capabilities and Prisma Access Browser adoption.

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Earnings History

Estimate Beat Miss Match
PANW REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q2 '24 estimate $2B Q2 '24 actual $2B, beat Q3 '24 estimate $2B Q3 '24 actual $2B, beat Q4 '24 estimate $2B Q4 '24 actual $2B, beat Q4 '25 estimate $3B Q4 '25 actual $3B, beat Q1 '26 estimate $2B Q1 '26 actual $2B, beat Q2 '26 estimate $3B Q2 '26 actual $3B, beat Q3 '26 estimate $3B Q3 '26 actual $3B, beat Q4 '26 estimate $3B Q4 '26 actual $3B, beat Q1 '27 estimate $3B Q2 '27 estimate $3B
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Analyst Consensus ?

ConsensusBuy87 ratings
Bullish6372.4%
Neutral2225.3%
Bearish22.3%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$380.55Current
$146.67Low
$325.07Average
$525High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 24, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Citigroup Buy BuyMaintainOct 15, 2026
Wells Fargo Overweight OverweightMaintainOct 13, 2026
TD Cowen Buy BuyMaintainOct 2, 2026
BTIG Buy BuyMaintainSep 28, 2026
Morgan Stanley Overweight OverweightMaintainSep 21, 2026
Show 83 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $380.55. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoMichael Turrin$525$418.78 +38.0%Oct 12, 2026
Cowen & Co.Analyst unavailable$440$396.25 +15.6%Oct 2, 2026
BTIGAnalyst unavailable$425$374.74 +11.7%Sep 28, 2026
Morgan StanleyMeta Marshall$410$363.58 +7.7%Sep 21, 2026
BernsteinAnalyst unavailable$351$375.65 -7.8%Sep 17, 2026
See 241 more

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Company context

Snapshot as of publication

Palo Alto Networks, Inc. is a global leader in providing advanced cybersecurity solutions. The company's core product line includes both hardware and software-based firewalls. It also offers Panorama, a sophisticated security management platform designed for centralized control of these firewall deployments, whether they are physical appliances, virtual instances, or situated in public or private cloud environments. Additionally, the firm provides virtual system upgrades to enhance the capacity of its physical firewall units. Complementing its core products, Palo Alto Networks delivers an extensive range of subscription services. These encompass robust threat prevention, protection against malware and advanced persistent threats, URL filtering, and security for both laptop and mobile devices. Further specialized subscriptions include DNS security, Internet of Things (IoT) security, SaaS security (via API and inline methods), threat intelligence, and data loss prevention.…

Historical context

All PANW earnings
-9.3%FY2026 Q4 · Calendar Q3 2026-5.6%FY2026 Q3 · Calendar Q2 2026-6.8%FY2026 Q2 · Calendar Q1 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
INFY Infosys Limited FY2027 Q2 · Calendar Q4 2026 -4.8% -6.6% Infosys trims growth outlook as AI revenue and deal wins accelerate
SSNC SS&C Technologies Holdings, Inc. FY2026 Q3 · Calendar Q4 2026 +0.6% +2.8% SS&C raises 2026 outlook as AI and tokenization support growth
ROP Roper Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 +1.7% +9.7% Roper raises DEPS outlook as AI adoption expands across portfolio
VRSN VeriSign, Inc. FY2026 Q3 · Calendar Q4 2026 -2.0% -0.9% VeriSign reports record registrations as renewal mix becomes a key watchpoint
TTMI TTM Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 +16.8% -27.7% TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk
NOK Nokia Oyj FY2026 Q3 · Calendar Q4 2026 +25.0% -14.8% Nokia Q3: AI and cloud growth lifts margins as cash flow stays negative

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-10T18:39:04.055137+00:00
  3. Polygon adjusted daily market bars · 2026-10-24T15:40:41.286947+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-24T15:40:41.284176+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-24. For educational purposes only; not investment advice.