Highlights

  • Fiscal fourth-quarter Revenue increased 34% to USD 3.41 billion across the company’s Cybersecurity services portfolio.
  • Next-Generation Security annual Recurring Revenue reached USD 9.10 billion at the end of fiscal 2026.
  • Palo Alto Networks acquired Console, expanding AI-enabled workflow capabilities within the company’s Cortex security platform.
  • Management projected fiscal 2027 total revenue of between USD 14.10 billion and USD 14.20 billion.

Palo Alto Networks (NASDAQ:PANW) is navigating a new phase shaped by its latest operational disclosures and financial results. The recent developments connect measurable performance with Business priorities that remain at different stages of execution. Shares closed at USD 330.89 on November 9, 2026, a +5.43% change for the session; Market Capitalisation was approximately USD 270.92 bn. The operational and financial updates provide a closer view of the issues behind the company’s current direction.

Growth Across Security Platforms

Palo Alto Networks reported fiscal fourth-quarter 2026 revenue of USD 3.41 billion, representing 34% year-on-year growth. Next-Generation Security annual recurring revenue reached USD 9.10 billion, up 63% from the prior year. Remaining performance obligations totalled USD 21.2 billion, representing a 34% increase. These measures refer to different accounting concepts: revenue already recognized, an annualized recurring revenue indicator, and contracted obligations yet to be recognized. Combining them into one implied revenue figure would misrepresent the results.

Profitability Requires Two Lenses

The quarter produced GAAP Operating Income of USD 172 million and non-GAAP operating income of approximately USD 1.0 billion. GAAP net loss was USD 282 million, while non-GAAP Net Income was USD 853 million. The differences reflect adjustments specified by the company, so the results should not be presented as if GAAP and non-GAAP measurements are identical. Cash from Operating Activities was approximately USD 1.4 billion, and adjusted free Cash Flow reached USD 1.3 billion in the quarter.

An Acquisition Broadens Automation

The acquisition of Console introduced an AI-native platform intended to enable agentic workflows across enterprise operations. Palo Alto Networks has positioned the product to expand capabilities of its Cortex platform. The company also highlighted Network and AI Security and other platform offerings as contributors to its fiscal-year progress. The integration of an acquired technology is a continuing operational process rather than an already measured future financial contribution.

Targets Set for the New Fiscal Year

For fiscal 2027, management projected revenue of USD 14.10 billion to USD 14.20 billion and Next-Generation Security annual recurring revenue of USD 11.075 billion to USD 11.175 billion. It also projected a non-GAAP Operating Margin of 29.5%. These are targets, subject to market conditions and execution. The company’s first-quarter fiscal 2027 outlook was also disclosed, with results to be evaluated when reported.