Palo Alto Networks, Inc.

Q4 / FY26 results: strong upside vs guidance + accelerating momentum - Palo Alto Networks delivered a record fiscal year close; in Q4 they exceeded guidance across every financial metric. - RPO crossed $20B for the first time: $21.2B at FY26 end (+34% YoY); Q4 bookings momentum accelerated (2nd straight quarter, on a pro forma basis). - Next-Generation Security ARR (NGS ARR) reached $9.1B in Q4 (+63% YoY) with nearly ~$1B of net-new NGS ARR in Q4 (described as an exceptional milestone, “almost doubling” YoY). - GSARR: $9.1B (+63% YoY) and RPO growth +34% were key highlights.

Platformization is the core demand driver (and is scaling fast) - Management attributes results to record “platformization” adoption and customer urgency to fortify defenses as AI changes the threat landscape. - They reported ~22 net new platformizations in Q4, surpassing prior record (and >2x the volume vs when the metric started ~2 years ago). - Retention/expansion strength: NRR >120% for the platformized cohort in Q4. - Target remains ambitious: >4,000 platformizations by FY2030 to support the $20B NGS ARR long-term goal.

Product/platform performance: Network, Cortex, Idira/NGTS, and rapid Prisma AIRS growth - Network & AI security revenue (includes CyberArk certificate lifecycle management, rebranded NGTS) grew 17% in FY26 to $8.35B. - Prisma AIRS surpassed $100M ARR within 4 quarters of GA (called the fastest scaling product in company history). - Cortex revenue (security ops + observability) grew 25% in FY26 to $1.92B. - XSIAM ARR +70% in Q4; XSIAM ended FY with >$700M ARR and ~1,000th customer milestone. - Chronosphere observability ARR: > $500M and more than doubled since acquisition close (Q2). - Idira (identity platform; note exclusions) had pro forma FY26 revenue ~$1.26B (+21% growth YoY) and management emphasized early integration/bookings momentum.