Q3 26 EPS
$0.85
Q3 26 Revenue
$3.00B
BEAT +1.96%
Est. $2.94B
vs S&P Since Q3 26
-7.0%
TRAILING MARKET
PANW -9.2% vs S&P -2.2%
Market Reaction
Did PANW Beat Earnings? Q3 2026 Results
Palo Alto Networks delivered a convincing fiscal third-quarter 2026, beating Wall Street expectations on both the top and bottom lines and extending its EPS beat streak to five consecutive quarters. The cybersecurity giant reported non-GAAP earnings … Read more Palo Alto Networks delivered a convincing fiscal third-quarter 2026, beating Wall Street expectations on both the top and bottom lines and extending its EPS beat streak to five consecutive quarters. The cybersecurity giant reported non-GAAP earnings of $0.85 per diluted share, ahead of the $0.80 consensus by 6.65%, while revenue climbed 31.1% year over year to $3.00 billion, edging past the $2.94 billion estimate by 1.96%. The headline growth story was powered in part by the CyberArk and Chronosphere acquisitions, which together contributed $388.00 million to revenue, but organic momentum was equally notable, with Next-Generation Security ARR surging 60% to $8.10 billion as customers accelerated efforts to secure AI deployments at scale, a trend analysts broadly see benefiting platform-centric security vendors. Operating cash flow expanded to $871.00 million from $628.00 million a year ago, underscoring improving cash generation. Looking ahead, management guided fiscal Q4 revenue of $3.35 billion and non-GAAP EPS of $0.96 to $0.98, with full-year adjusted free cash flow margin targeted at 37.5%, keeping the company on track toward its 40% margin goal by FY28.
Key Takeaways
- • Accelerating organic bookings growth driven by customer demand to secure AI deployments
- • 31% total revenue growth year over year, including $388 million from CyberArk and Chronosphere acquisitions
- • Next-Generation Security ARR grew 60% year over year to $8.1 billion
- • Remaining performance obligation grew 36% year over year to $18.4 billion
- • Non-GAAP operating income grew to $814 million from $627 million year over year
- • Trailing 12-month adjusted free cash flow margin of 38.5%, up 430 basis points year over year
PANW Forward Guidance & Outlook
For fiscal Q4 2026, Palo Alto Networks expects NGS ARR of $8.90–$8.95 billion (59–60% YoY growth), RPO of $20.9–$21.0 billion (32–33% growth), total revenue of $3.345–$3.355 billion (32% growth), and non-GAAP EPS of $0.96–$0.98. For full fiscal year 2026, the company expects total revenue of $11.415–$11.425 billion (24% growth), non-GAAP operating margin of 28.9–29.2%, non-GAAP EPS of $3.77–$3.79, and adjusted free cash flow margin of 37.5%. The company remains on track to achieve 40% adjusted free cash flow margin by FY28.
PANW YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
PANW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Q3 was a standout quarter for Palo Alto Networks, with accelerating organic bookings growth as customers turn to us to secure their AI deployments at scale.”
— Nikesh Arora, Q3 2026 Earnings Press Release
PANW Earnings Trends
PANW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PANW EPS Trend
Earnings per share: estimate vs actual
PANW Revenue Trend
Quarterly revenue: estimate vs actual
PANW Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 | — | $0.85 | — | $3.00B | +1.96% |
| Q2 26 BEAT | $0.94 | $1.03 | +9.70% | $2.59B | +0.44% |
| Q1 26 BEAT | $0.89 | $0.93 | +4.35% | $2.47B | +0.50% |
| Q4 25 BEAT FY | $0.89 | $0.95 | +6.74% | $2.54B | — |
| FY Full Year | $3.27 | $3.34 | +2.03% | $9.22B | +0.39% |
| Q3 25 BEAT | $0.77 | $0.80 | +3.59% | $2.29B | +0.39% |
| Q1 25 BEAT | $1.47 | $1.56 | +5.79% | $2.14B | +0.85% |