Analyst Consensus ?
ConsensusBuy87 ratings
Bullish6473.6%
Neutral2124.1%
Bearish22.3%
1 unmapped firm rating excluded from the percentages.
Palo Alto Networks, Inc. · PANW · FY2026 Q3 · Calendar Q2 2026
PANW FY26 Q3: NGS ARR Reaches $8.13B on AI Security and Platformization
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.
Reported After market closeNASDAQTechnology
$258.62B market cap
100quality score
Company context
Snapshot as of publicationPalo 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.85
Consensus $1
EPS surprise
+7.2%
Reported versus consensus
Reported revenue
$3.00B
Consensus $2.94B
Revenue surprise
+2.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$329.63Current
$146.67Low
$319.43Average
$496High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Argus Research | Buy | Buy | Maintain | Sep 3, 2026 |
| Susquehanna | Positive | Positive | Maintain | Sep 2, 2026 |
| Roth Capital | Neutral | Neutral | Maintain | Sep 2, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Sep 2, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Needham | Buy | Buy | Maintain | Sep 2, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Guggenheim | Neutral | Neutral | Maintain | Sep 2, 2026 |
| DA Davidson | Buy | Buy | Maintain | Sep 2, 2026 |
| Citigroup | Buy | Buy | Maintain | Sep 2, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Sep 2, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 2, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Aug 31, 2026 |
| Jefferies | Buy | Buy | Maintain | Aug 28, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 25, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 24, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 20, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 19, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 19, 2026 |
| Stifel | Buy | Buy | Maintain | Aug 19, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 19, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 17, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 17, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Aug 12, 2026 |
| Tigress Financial | Buy | Buy | Maintain | Jul 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 8, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Jun 3, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Jun 3, 2026 |
| Loop Capital | Hold | Hold | Maintain | Jun 3, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Jun 3, 2026 |
| Baird | Outperform | Outperform | Maintain | Jun 1, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Mar 11, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Feb 18, 2026 |
| HSBC | Reduce | Hold | Downgrade | Nov 21, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 21, 2025 |
| WestPark Capital | Hold | Hold | Maintain | Nov 20, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 27, 2025 |
| B of A Securities | Buy | Neutral | Upgrade | Aug 19, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Aug 13, 2025 |
| Keybanc | Overweight | Downgrade | Jul 31, 2025 | |
| TD Securities | Buy | Buy | Maintain | May 21, 2025 |
| Northland Capital Markets | Market Perform | Market Perform | Maintain | May 21, 2025 |
| OTR Global | Negative | Mixed | Downgrade | Nov 7, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Jul 18, 2024 |
| Macquarie | Neutral | Neutral | Maintain | May 21, 2024 |
| Raymond James | Market Perform | Outperform | Downgrade | Dec 18, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | May 24, 2023 |
| Capital One | Overweight | Overweight | Maintain | May 12, 2023 |
| Wolfe Research | Outperform | Outperform | Maintain | Feb 22, 2023 |
| Redburn Partners | Buy | Buy | Maintain | Dec 1, 2022 |
| SMBC Nikko | Outperform | Outperform | Maintain | Oct 7, 2022 |
| MKM Partners | Buy | Buy | Maintain | Sep 16, 2022 |
| Atlantic Equities | Neutral | Neutral | Maintain | Sep 2, 2022 |
| Summit Insights Group | Buy | Buy | Maintain | Aug 24, 2021 |
| Cowen & Co. | Outperform | Outperform | Maintain | Aug 24, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 18, 2020 |
| Northland Securities | Market Perform | Market Perform | Maintain | Feb 25, 2020 |
| Dougherty & Co. | Neutral | Buy | Downgrade | Feb 25, 2020 |
| Dougherty | Neutral | Buy | Downgrade | Feb 25, 2020 |
| First Analysis | Outperform | Strong Buy | Downgrade | Jan 14, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Jan 8, 2020 |
| PiperJaffray | Neutral | Neutral | Maintain | Nov 8, 2019 |
| Gabelli & Co. | Hold | Buy | Downgrade | Feb 20, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 7, 2018 |
| Maxim Group | Buy | Buy | Maintain | Jun 5, 2018 |
| B. Riley FBR | Buy | Neutral | Upgrade | May 5, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Imperial Capital | Outperform | Outperform | Maintain | Feb 27, 2018 |
| BTIG Research | Buy | Buy | Maintain | Feb 27, 2018 |
| William Blair | Outperform | Market Perform | Upgrade | Dec 4, 2017 |
| FBN Securities | Outperform | Sector Perform | Upgrade | Nov 21, 2017 |
| Summit Redstone Partners | Buy | Hold | Upgrade | Sep 5, 2017 |
| Wunderlich Securities | Hold | Buy | Downgrade | Mar 1, 2017 |
| Wunderlich | Hold | Buy | Downgrade | Mar 1, 2017 |
| Nomura | Buy | Buy | Maintain | Aug 31, 2016 |
| Cleveland Research | Neutral | Buy | Downgrade | Aug 10, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | May 27, 2016 |
| FBR Capital | Outperform | Outperform | Maintain | Feb 26, 2016 |
| Buckingham Research | Buy | Buy | Maintain | Sep 9, 2015 |
| Janney Capital | Buy | Buy | Maintain | Sep 22, 2014 |
| Northland | Outperform | Outperform | Maintain | Jul 2, 2014 |
| B. Riley Securities | Buy | Neutral | Upgrade | Mar 22, 2013 |
| B. Riley | Buy | Buy | Maintain | Mar 22, 2013 |
| Topeka Capital | Buy | Buy | Maintain | Mar 4, 2013 |
| Topeka | Buy | Buy | Maintain | Mar 4, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $329.63. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Analyst unavailable | $390 | $328.48 | +18.3% | Sep 2, 2026 |
| Truist Financial | Analyst unavailable | $400 | $333.75 | +21.3% | Sep 2, 2026 |
| Deutsche Bank | Analyst unavailable | $430 | $333.75 | +30.4% | Sep 2, 2026 |
| Stephens | Analyst unavailable | $400 | $334.11 | +21.3% | Sep 2, 2026 |
| Northland Securities | Analyst unavailable | $360 | $333.4 | +9.2% | Sep 2, 2026 |
| D.A. Davidson | Analyst unavailable | $420 | $331.09 | +27.4% | Sep 2, 2026 |
| RBC Capital | Matthew Hedberg | $475 | $329.64 | +44.1% | Sep 2, 2026 |
| Roth Capital | Analyst unavailable | $300 | $330.46 | -9.0% | Sep 2, 2026 |
| Susquehanna | Analyst unavailable | $415 | $362.09 | +25.9% | Sep 2, 2026 |
| Rosenblatt Securities | Catherine Trebnick | $415 | $330.8 | +25.9% | Sep 2, 2026 |
| BTIG | Analyst unavailable | $404 | $362.09 | +22.6% | Sep 2, 2026 |
| Piper Sandler | Analyst unavailable | $410 | $362.09 | +24.4% | Sep 2, 2026 |
| Morgan Stanley | Meta A Marshall | $394 | $362.09 | +19.5% | Sep 2, 2026 |
| Robert W. Baird | Shrenik Kothari | $420 | $362.09 | +27.4% | Sep 2, 2026 |
| Barclays | Analyst unavailable | $375 | $362.09 | +13.8% | Sep 2, 2026 |
| Bernstein | Peter Weed | $253 | $362.09 | -23.2% | Sep 2, 2026 |
| Scotiabank | Patrick Colville | $430 | $380.56 | +30.4% | Aug 31, 2026 |
| Jefferies | Analyst unavailable | $450 | $382.85 | +36.5% | Aug 28, 2026 |
| BMO Capital | Analyst unavailable | $415 | $356.96 | +25.9% | Aug 20, 2026 |
| UBS | Analyst unavailable | $390 | $353.78 | +18.3% | Aug 19, 2026 |
| Mizuho Securities | Analyst unavailable | $415 | $374.14 | +25.9% | Aug 19, 2026 |
| Truist Financial | Analyst unavailable | $435 | $374.14 | +32.0% | Aug 19, 2026 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $425 | $374.14 | +28.9% | Aug 19, 2026 |
| Stifel Nicolaus | Adam Borg | $415 | $374.14 | +25.9% | Aug 19, 2026 |
| New Street | Analyst unavailable | $415 | $375.76 | +25.9% | Aug 18, 2026 |
| Wells Fargo | Analyst unavailable | $475 | $384.27 | +44.1% | Aug 17, 2026 |
| Morgan Stanley | Analyst unavailable | $400 | $384.27 | +21.3% | Aug 17, 2026 |
| RBC Capital | Matthew Hedberg | $434 | $396 | +31.7% | Aug 14, 2026 |
| Oppenheimer | Analyst unavailable | $400 | $347.13 | +21.3% | Aug 4, 2026 |
| Argus Research | Joseph Bonner | $425 | $338.22 | +28.9% | Jul 21, 2026 |
| Morgan Stanley | Analyst unavailable | $387 | $338.73 | +17.4% | Jul 21, 2026 |
| Capital One Financial | Analyst unavailable | $421 | $354.02 | +27.7% | Jul 16, 2026 |
| Tigress Financial | Analyst unavailable | $430 | $355.89 | +30.4% | Jul 15, 2026 |
| Evercore ISI | Peter Levine | $415 | $320.58 | +25.9% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $320 | $318.66 | -2.9% | Jul 8, 2026 |
| Needham | Analyst unavailable | $425 | $357.53 | +28.9% | Jul 7, 2026 |
| BTIG | Analyst unavailable | $380 | $341.02 | +15.3% | Jul 1, 2026 |
| Wells Fargo | Analyst unavailable | $420 | $341.02 | +27.4% | Jul 1, 2026 |
| Goldman Sachs | Analyst unavailable | $330 | $280.43 | +0.1% | Jun 3, 2026 |
| Northland Securities | Analyst unavailable | $302 | $282.42 | -8.4% | Jun 3, 2026 |
| RBC Capital | Matthew Hedberg | $330 | $282.2 | +0.1% | Jun 3, 2026 |
| FBN Securities | Shebly Seyrafi | $330 | $281 | +0.1% | Jun 3, 2026 |
| Mizuho Securities | Analyst unavailable | $305 | $281.44 | -7.5% | Jun 3, 2026 |
| Wolfe Research | Analyst unavailable | $320 | $297.18 | -2.9% | Jun 3, 2026 |
| BMO Capital | Analyst unavailable | $335 | $297.18 | +1.6% | Jun 3, 2026 |
| Oppenheimer | Ittai Kidron | $350 | $297.18 | +6.2% | Jun 3, 2026 |
| Susquehanna | Analyst unavailable | $350 | $297.18 | +6.2% | Jun 3, 2026 |
| Wedbush | Analyst unavailable | $340 | $297.18 | +3.1% | Jun 3, 2026 |
| BTIG | Analyst unavailable | $333 | $297.18 | +1.0% | Jun 3, 2026 |
| Loop Capital Markets | Yun Kinm | $290 | $297.18 | -12.0% | Jun 3, 2026 |
| D.A. Davidson | Rudy Kessinger | $345 | $297.18 | +4.7% | Jun 3, 2026 |
| Stifel Nicolaus | Analyst unavailable | $340 | $297.18 | +3.1% | Jun 3, 2026 |
| Scotiabank | Patrick Colville | $320 | $297.18 | -2.9% | Jun 3, 2026 |
| Morgan Stanley | Analyst unavailable | $320 | $297.18 | -2.9% | Jun 3, 2026 |
| Truist Financial | Junaid Siddiqui | $375 | $297.18 | +13.8% | Jun 3, 2026 |
| Needham | Analyst unavailable | $350 | $297.18 | +6.2% | Jun 3, 2026 |
| Piper Sandler | Analyst unavailable | $345 | $297.18 | +4.7% | Jun 3, 2026 |
| Robert W. Baird | Analyst unavailable | $320 | $297.18 | -2.9% | Jun 3, 2026 |
| UBS | Analyst unavailable | $300 | $297.18 | -9.0% | Jun 3, 2026 |
| Stephens | Todd Weller | $300 | $297.18 | -9.0% | Jun 3, 2026 |
| Wells Fargo | Michael Turrin | $325 | $297.18 | -1.4% | Jun 3, 2026 |
| Jefferies | Analyst unavailable | $335 | $297.18 | +1.6% | Jun 3, 2026 |
| Barclays | Analyst unavailable | $315 | $297.18 | -4.4% | Jun 3, 2026 |
| Evercore ISI | Peter Levine | $375 | $297.18 | +13.8% | Jun 3, 2026 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $340 | $297.18 | +3.1% | Jun 3, 2026 |
| Robert W. Baird | Shrenik Kothari | $300 | $281.69 | -9.0% | Jun 1, 2026 |
| Jefferies | Analyst unavailable | $300 | $257.77 | -9.0% | May 29, 2026 |
| Wedbush | Analyst unavailable | $300 | $249.7 | -9.0% | May 27, 2026 |
| Berenberg Bank | Rahul Chopra | $290 | $256.75 | -12.0% | May 27, 2026 |
| Morgan Stanley | Meta Marshall | $253 | $242.12 | -23.2% | May 20, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $285 | $240.13 | -13.5% | May 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $275 | $240.13 | -16.6% | May 20, 2026 |
| Truist Financial | Analyst unavailable | $275 | $247.55 | -16.6% | May 19, 2026 |
| RBC Capital | Analyst unavailable | $255 | $234.94 | -22.6% | May 15, 2026 |
| Oppenheimer | Ittai Kidron | $275 | $238.21 | -16.6% | May 15, 2026 |
| Jefferies | Joseph Gallo | $265 | $227.79 | -19.6% | May 14, 2026 |
| Barclays | Analyst unavailable | $220 | $207.88 | -33.3% | May 11, 2026 |
| BTIG | Analyst unavailable | $216 | $183.98 | -34.5% | May 6, 2026 |
| Berenberg Bank | Analyst unavailable | $215 | $169.56 | -34.8% | Apr 21, 2026 |
| UBS | Analyst unavailable | $183 | $149.23 | -44.5% | Feb 19, 2026 |
| Scotiabank | Patrick Colville | $180 | $153.36 | -45.4% | Feb 18, 2026 |
| BMO Capital | Keith Bachman | $200 | $154.1 | -39.3% | Feb 18, 2026 |
| Robert W. Baird | Shrenik Kothari | $220 | $153 | -33.3% | Feb 18, 2026 |
| D.A. Davidson | Analyst unavailable | $190 | $163.5 | -42.4% | Feb 18, 2026 |
| Stifel Nicolaus | Analyst unavailable | $185 | $149.02 | -43.9% | Feb 18, 2026 |
| Mizuho Securities | Analyst unavailable | $200 | $163.5 | -39.3% | Feb 18, 2026 |
| Needham | Mike Cikos | $200 | $163.5 | -39.3% | Feb 18, 2026 |
| Bernstein | Analyst unavailable | $209 | $163.5 | -36.6% | Feb 18, 2026 |
| Morgan Stanley | Meta Marshall | $223 | $163.5 | -32.3% | Feb 18, 2026 |
| Truist Financial | Junaid Siddiqui | $200 | $160.74 | -39.3% | Feb 17, 2026 |
| Mizuho Securities | Gregg Moskowitz | $205 | $166.95 | -37.8% | Feb 17, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $220 | $168.46 | -33.3% | Feb 13, 2026 |
| BTIG | Analyst unavailable | $200 | $165.3 | -39.3% | Feb 12, 2026 |
| D.A. Davidson | Rudy Kessinger | $210 | $164.97 | -36.3% | Feb 11, 2026 |
| RBC Capital | Analyst unavailable | $220 | $165.51 | -33.3% | Feb 11, 2026 |
| Stifel Nicolaus | Analyst unavailable | $200 | $166 | -39.3% | Feb 10, 2026 |
| Barclays | Analyst unavailable | $200 | $159.32 | -39.3% | Feb 9, 2026 |
| UBS | Analyst unavailable | $215 | $188.88 | -34.8% | Jan 13, 2026 |
| Piper Sandler | Analyst unavailable | $265 | $179.37 | -19.6% | Jan 5, 2026 |
| D.A. Davidson | Rudy Kessinger | $240 | $187.26 | -27.2% | Dec 19, 2025 |
| Morgan Stanley | Analyst unavailable | $245 | $183.44 | -25.7% | Dec 18, 2025 |
| Mizuho Securities | Analyst unavailable | $220 | $185.83 | -33.3% | Dec 16, 2025 |
| HSBC | Stephen Bersey | $157 | $185.07 | -52.4% | Nov 20, 2025 |
| Goldman Sachs | Analyst unavailable | $240 | $185.07 | -27.2% | Nov 20, 2025 |
| Piper Sandler | Rob Owens | $230 | $199.9 | -30.2% | Nov 20, 2025 |
| Bernstein | Analyst unavailable | $210 | $199.9 | -36.3% | Nov 20, 2025 |
| BMO Capital | Keith Bachman | $230 | $205.05 | -30.2% | Nov 17, 2025 |
| Jefferies | Joseph Gallo | $250 | $218.27 | -24.2% | Nov 12, 2025 |
| UBS | Analyst unavailable | $250 | $218.27 | -24.2% | Nov 11, 2025 |
| JMP Securities | Trevor Walsh | $250 | $217.11 | -24.2% | Oct 27, 2025 |
| Oppenheimer | Analyst unavailable | $245 | $205.84 | -25.7% | Oct 17, 2025 |
| BTIG | Gray Powell | $248 | $208.55 | -24.8% | Oct 13, 2025 |
| UBS | Analyst unavailable | $245 | $201.99 | -25.7% | Sep 26, 2025 |
| Morgan Stanley | Analyst unavailable | $216 | $190.52 | -34.5% | Sep 2, 2025 |
| Truist Financial | Joel Fishbein | $220 | $182.9 | -33.3% | Aug 19, 2025 |
| Bernstein | Peter Weed | $207 | $176.17 | -37.2% | Aug 19, 2025 |
| UBS | Roger Boyd | $185 | $171.98 | -43.9% | Aug 12, 2025 |
| Piper Sandler | Rob Owens | $225 | $168.17 | -31.7% | Aug 12, 2025 |
| Morgan Stanley | Keith Weiss | $496 | $168.1 | +50.5% | Aug 7, 2025 |
| Jefferies | Analyst unavailable | $235 | $193.84 | -28.7% | Jul 29, 2025 |
| Bernstein | Peter Weed | $225 | $181.26 | -31.7% | May 21, 2025 |
| Roth Capital | Taz Koujalgi | $210 | $192.9 | -36.3% | May 15, 2025 |
| Morgan Stanley | Analyst unavailable | $230 | $183.1 | -30.2% | Mar 18, 2025 |
| BMO Capital | Keith Bachman | $425 | $397.7 | +28.9% | Nov 21, 2024 |
| Rosenblatt Securities | Catherine Trebnick | $425 | $397.7 | +28.9% | Nov 21, 2024 |
| Loop Capital Markets | Yun Kim | $385 | $388.41 | +16.8% | Nov 18, 2024 |
| Rosenblatt Securities | Catherine Trebnick | $390 | $388.26 | +18.3% | Nov 18, 2024 |
| Truist Financial | Joel Fishbein | $425 | $388.01 | +28.9% | Nov 18, 2024 |
| Evercore ISI | Peter Levine | $455 | $331.48 | +38.0% | Nov 18, 2024 |
| Robert W. Baird | Shrenik Kothari | $425 | $389.04 | +28.9% | Nov 15, 2024 |
| Oppenheimer | Ittai Kidron | $450 | $378.41 | +36.5% | Oct 22, 2024 |
| BNP Paribas | Andrew DeGasperi | $410 | $356.28 | +24.4% | Oct 8, 2024 |
| Susquehanna | Shyam Patil | $260 | $341.59 | -21.1% | Sep 5, 2024 |
| BTIG | Gray Powerll | $395 | $348.34 | +19.8% | Aug 27, 2024 |
| Stifel Nicolaus | Adam Borg | $385 | $368.01 | +16.8% | Aug 20, 2024 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $400 | $343.36 | +21.3% | Aug 20, 2024 |
| Oppenheimer | Ittai Kidron | $410 | $343.36 | +24.4% | Aug 20, 2024 |
| Robert W. Baird | Shrenik Kothari | $385 | $343.36 | +16.8% | Aug 20, 2024 |
| D.A. Davidson | Rudy Kessinger | $415 | $343.36 | +25.9% | Aug 20, 2024 |
| Deutsche Bank | Brad Zelnick | $395 | $343.36 | +19.8% | Aug 20, 2024 |
| Barclays | Saket Kalia | $370 | $343.36 | +12.2% | Aug 20, 2024 |
| KeyBanc | Eric Heath | $400 | $343.36 | +21.3% | Aug 20, 2024 |
| Robert W. Baird | Shrenik Kothari | $375 | $340.71 | +13.8% | Aug 19, 2024 |
| Scotiabank | Patrick Colville | $385 | $339.91 | +16.8% | Aug 14, 2024 |
| Barclays | Saket Kalia | $350 | $317.37 | +6.2% | Aug 9, 2024 |
| KeyBanc | Eric Heath | $380 | $338.5 | +15.3% | Jul 17, 2024 |
| Robert W. Baird | Shrenik Kothari | $360 | $340 | +9.2% | Jun 27, 2024 |
| Argus Research | Joseph Bonner | $348 | $308.01 | +5.6% | May 29, 2024 |
| Loop Capital Markets | Keith Bachman | $334 | $314.6 | +1.3% | May 21, 2024 |
| Macquarie | Sarah Hindlian-Bowler | $285 | $312.3 | -13.5% | May 21, 2024 |
| FBN Securities | Shebly Seyrafi | $350 | $303.48 | +6.2% | May 21, 2024 |
| Piper Sandler | Rob Owens | $300 | $303.3 | -9.0% | May 21, 2024 |
| Susquehanna | Anne Meisner | $340 | $303.08 | +3.1% | May 21, 2024 |
| Goldman Sachs | Gabriela Borges | $310 | $323.77 | -6.0% | May 21, 2024 |
| Deutsche Bank | Brad Zelnick | $330 | $323.77 | +0.1% | May 21, 2024 |
| Cantor Fitzgerald | Jonathan Ruykhaver | $350 | $323.77 | +6.2% | May 21, 2024 |
| Jefferies | Joseph Gallo | $365 | $323.77 | +10.7% | May 21, 2024 |
| RBC Capital | Matthew Hedberg | $360 | $323.77 | +9.2% | May 21, 2024 |
| Stifel Nicolaus | Adam Borg | $330 | $323.77 | +0.1% | May 21, 2024 |
| Wolfe Research | Strecker Backe | $315 | $323.77 | -4.4% | May 21, 2024 |
| BMO Capital | Keith Bachman | $334 | $323.77 | +1.3% | May 21, 2024 |
| Bernstein | Peter Weed | $364 | $323.77 | +10.4% | May 21, 2024 |
| Wells Fargo | Andrew Nowinski | $385 | $317.85 | +16.8% | May 20, 2024 |
| Robert W. Baird | Shrenik Kothari | $340 | $316.01 | +3.1% | May 17, 2024 |
| Barclays | Saket Kalia | $345 | $316.78 | +4.7% | May 16, 2024 |
| KeyBanc | Eric Heath | $384 | $314.7 | +16.5% | May 16, 2024 |
| Rosenblatt Securities | Catherine Trebnick | $300 | $301.54 | -9.0% | May 15, 2024 |
| Evercore ISI | Peter Levine | $385 | $302.25 | +16.8% | May 14, 2024 |
| Morgan Stanley | Hamza Fodderwala | $360 | $294.38 | +9.2% | Apr 29, 2024 |
| Loop Capital Markets | Eric Heath | $380 | $261.97 | +15.3% | Feb 21, 2024 |
| Oppenheimer | Ittai Kidron | $290 | $240.81 | -12.0% | Aug 21, 2023 |
| JMP Securities | Trevor Walsh | $225 | $238.73 | -31.7% | Jul 13, 2023 |
| Oppenheimer | Ittai Kidron | $250 | $204.25 | -24.2% | May 24, 2023 |
| Oppenheimer | Ittai Kidron | $220 | $186.97 | -33.3% | Feb 22, 2023 |
| Barclays | Saket Kalia | $227 | $186.52 | -31.1% | Feb 22, 2023 |
| Morgan Stanley | Analyst unavailable | $220 | $136.19 | -33.3% | Jan 12, 2023 |
| Piper Sandler | Analyst unavailable | $220 | $138.54 | -33.3% | Jan 5, 2023 |
| Redburn Partners | Analyst unavailable | $270 | $177.16 | -18.1% | Dec 1, 2022 |
| Deutsche Bank | Analyst unavailable | $217 | $168.84 | -34.2% | Nov 18, 2022 |
| Wolfe Research | Analyst unavailable | $225 | $168.52 | -31.7% | Nov 18, 2022 |
| Barclays | Analyst unavailable | $215 | $156.56 | -34.8% | Nov 18, 2022 |
| Morgan Stanley | Analyst unavailable | $268 | $163.03 | -18.7% | Nov 14, 2022 |
| Loop Capital Markets | Yun Kim | $200 | $151.57 | -39.3% | Nov 10, 2022 |
| Morgan Stanley | Analyst unavailable | $274 | $179.87 | -16.9% | Sep 15, 2022 |
| Mizuho Securities | Gregg Moskowitz | $220 | $187.47 | -33.3% | Aug 23, 2022 |
| Northland Securities | Analyst unavailable | $244.33 | $188.16 | -25.9% | Aug 23, 2022 |
| Wolfe Research | Analyst unavailable | $238.33 | $188.26 | -27.7% | Aug 23, 2022 |
| Credit Suisse | Phil Winslow | $228.33 | $169.35 | -30.7% | Aug 23, 2022 |
| Wedbush | Analyst unavailable | $206.67 | $188.11 | -37.3% | Aug 23, 2022 |
| BMO Capital | Analyst unavailable | $225 | $169.35 | -31.7% | Aug 23, 2022 |
| RBC Capital | Analyst unavailable | $233.33 | $169.35 | -29.2% | Aug 23, 2022 |
| Raymond James | Analyst unavailable | $213.33 | $169.35 | -35.3% | Aug 23, 2022 |
| Piper Sandler | Analyst unavailable | $230 | $169.35 | -30.2% | Aug 23, 2022 |
| Barclays | Analyst unavailable | $231.67 | $169.35 | -29.7% | Aug 23, 2022 |
| Deutsche Bank | Patrick Colville | $208.33 | $169.35 | -36.8% | Aug 23, 2022 |
| Evercore ISI | Irvin Liu | $206.67 | $169.35 | -37.3% | Aug 23, 2022 |
| Jefferies | Brent Thill | $216.67 | $169.35 | -34.3% | Aug 23, 2022 |
| Stifel Nicolaus | Adam Borg | $215 | $169.35 | -34.8% | Aug 23, 2022 |
| Goldman Sachs | Brian Essex | $240 | $169.35 | -27.2% | Aug 23, 2022 |
| BMO Capital | Keith Bachman | $225 | $169.35 | -31.7% | Aug 23, 2022 |
| Barclays | Analyst unavailable | $201.67 | $167.02 | -38.8% | Aug 9, 2022 |
| Wolfe Research | Joshua Tilton | $233.33 | $169.64 | -29.2% | Aug 1, 2022 |
| Piper Sandler | Rob Owens | $216.67 | $171.2 | -34.3% | Jul 19, 2022 |
| BMO Capital | Analyst unavailable | $216.67 | $173.62 | -34.3% | Jul 8, 2022 |
| BMO Capital | Keith Bachman | $205 | $159.56 | -37.8% | May 23, 2022 |
| Wedbush | Analyst unavailable | $193.33 | $157.17 | -41.3% | May 20, 2022 |
| Citigroup | Fatima Boolani | $203.33 | $157.12 | -38.3% | May 20, 2022 |
| Mizuho Securities | Gregg Moskowitz | $200 | $145.46 | -39.3% | May 19, 2022 |
| Jefferies | Brent Thill | $200 | $157.76 | -39.3% | May 17, 2022 |
| KeyBanc | Michael Turits | $203.33 | $157.76 | -38.3% | May 17, 2022 |
| RBC Capital | Matthew Hedberg | $226.67 | $163.67 | -31.2% | May 15, 2022 |
| Oppenheimer | Ittai Kidron | $233.33 | $196.25 | -29.2% | Apr 29, 2022 |
| Morgan Stanley | Hamza Fodderwala | $274.33 | $196.25 | -16.8% | Apr 28, 2022 |
| KeyBanc | Michael Turits | $243 | $190.53 | -26.3% | Apr 24, 2022 |
| Goldman Sachs | Brian Essex | $233.33 | $208.93 | -29.2% | Apr 17, 2022 |
| BTIG | Gray Powell | $240 | $202.74 | -27.2% | Apr 9, 2022 |
| Bank of America Securities | Tal Liani | $225 | $202.74 | -31.7% | Apr 9, 2022 |
| JMP Securities | Trevor J. Walsh | $206.67 | $159.2 | -37.3% | Feb 23, 2022 |
| Loop Capital Markets | Yun Kim | $170 | $159.2 | -48.4% | Feb 23, 2022 |
| Evercore ISI | Irvin Liu | $200 | $159.2 | -39.3% | Feb 23, 2022 |
| Morgan Stanley | Hamza Fodderwala | $223.33 | $159.2 | -32.2% | Feb 23, 2022 |
| Raymond James | Adam Tindle | $203.33 | $159.2 | -38.3% | Feb 23, 2022 |
| Colliers Securities | Catharine Trebnick | $208.33 | $159.2 | -36.8% | Feb 23, 2022 |
| BMO Capital | Keith Bachman | $210 | $159.2 | -36.3% | Feb 23, 2022 |
| J.P. Morgan | Sterling Auty | $206.67 | $159.2 | -37.3% | Feb 23, 2022 |
| Citigroup | Fatima Boolani | $200 | $159.2 | -39.3% | Feb 23, 2022 |
| Jefferies | Brent Thill | $216.67 | $158.5 | -34.3% | Feb 22, 2022 |
| Guggenheim | Imtiaz Koujalgi | $208.33 | $160.72 | -36.8% | Feb 18, 2022 |
| Citigroup | Fatima Boolani | $195 | $165.39 | -40.8% | Jan 30, 2022 |
| Wells Fargo | Andrew Nowinski | $233.33 | $168.29 | -29.2% | Jan 5, 2022 |
| Argus Research | Joseph Bonner | $206.67 | $177.67 | -37.3% | Nov 23, 2021 |
| UBS | Roger Boyd | $178.33 | $176.78 | -45.9% | Nov 19, 2021 |
| Oppenheimer | Ittai Kidron | $200 | $176.78 | -39.3% | Nov 19, 2021 |
| Stifel Nicolaus | Adam Borg | $200 | $176.78 | -39.3% | Nov 19, 2021 |
| Piper Sandler | Rob Owens | $225 | $176.78 | -31.7% | Nov 19, 2021 |
| Credit Suisse | Philip Winslow | $211.67 | $176.78 | -35.8% | Nov 19, 2021 |
| Deutsche Bank | Patrick Colville | $201.67 | $172.69 | -38.8% | Nov 15, 2021 |
| Goldman Sachs | Brian Essex | $178.33 | $158.71 | -45.9% | Sep 13, 2021 |
| Summit Redstone Partners | Srini Nandury | $166.67 | $147.29 | -49.4% | Aug 24, 2021 |
| FBN Securities | Shebly Seyrafi | $146.67 | $121.51 | -55.5% | May 24, 2021 |
| Monness | Ryan Flanagan | $146.67 | $111.86 | -55.5% | May 19, 2021 |
Track every rating change on PANW the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-5.6%
Event window
SPY move
-0.7%
Same window
Abnormal move
-4.9%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
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Up to 20 sessions
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Try FN2 freeTranscript intelligence
What changed
Compared to the prior quarter, NGS ARR growth accelerated from 28% to 60% YoY. Net retention among platformized customers improved from 119% to 120%. The acquisition portfolio expanded with the addition of Portkey, an AI gateway processing trillions of tokens daily, alongside the prior CyberArk, Chronosphere, and Koi deals. Management introduced a new long-term target of 4,000 platformizations by FY2030 and a $20B NGS ARR milestone. Unit 42 launched a frontier AI defense offering with over 1,200 customer engagements, and the company flagged a 3-to-6 month window before autonomous AI hacking threats mature.
Guidance delta
Full-year FY26 guidance was raised across all key metrics: NGS ARR to $8.9-$8.95 billion, revenue to $11.415-$11.425 billion, and adjusted free cash flow margin to 37.5%. The prior quarter had already signaled raised guidance; this marks a further upward revision. Management also announced a transition to total-company guidance reporting and segment-level disclosure starting in FY27.
Key takeaways
- Record NGS ARR of $8.13B (+60% YoY) and RPO of $18.4B (+36% YoY) exceeded all guidance metrics.
- EPS of $0.85 beat consensus by 7.2%; revenue of $3.00B beat by 2.0%.
- Platformization reached 2,280 customers with 120% net retention, tracking toward a 4,000-customer goal by FY2030.
- AI security products (Prisma AIRS, XSIAM, Idira) are the fastest-growing in company history.
- Acquisitions of CyberArk, Chronosphere, Koi, and Portkey are integrated and contributing new revenue streams.
- Full-year FY26 guidance raised: revenue $11.415-$11.425B, NGS ARR $8.9-$8.95B, adjusted FCF margin 37.5%.
Management priorities
- Scale AI security platforms (Prisma AIRS, XSIAM, Idira) to address autonomous AI threats
- Complete CyberArk system migration to a unified platform by year-end
- Roll out the Idira identity platform across AI, endpoint, and cloud workloads
- Expand Unit 42 frontier AI defense capabilities and customer engagements
- Transition to total-company guidance and segment-level disclosure starting FY27
- Achieve 4,000 platformizations by FY2030 and $20B NGS ARR
Sources
- Earnings call transcript and parsed analysis · 2026-06-03T00:24:02.523506+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T11:52:13.997694+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T11:52:13.994423+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 . For educational purposes only; not investment advice.