Palo Alto Networks (NASDAQ: PANW) shares jumped more than 5% in after-hours trading on Tuesday after the cybersecurity giant delivered a strong fiscal third-quarter 2026 earnings report, handily surpassing Wall Street’s expectations on both the top and bottom lines.
For the quarter ended April 30, 2026, Palo Alto posted total revenue of $3.0 billion, a 31% year-over-year increase, topping the Yahoo Finance consensus estimate of $2.94 billion. Non-GAAP diluted EPS came in at $0.85, beating the analyst consensus of $0.80 by $0.05, or roughly 6%.
Next-Generation Security Annual Recurring Revenue surged 60% year-over-year to $8.1 billion, while Remaining Performance Obligation grew 36% to $18.4 billion — both signals of durable demand momentum across the company’s platformization strategy.
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“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,” said Chairman and CEO Nikesh Arora. “The latest advancements at the AI frontier have increased the level of urgency around cybersecurity, and redefined the shape of the industry for the coming years.”
Adjusted free cash flow reached $910 million for the quarter, with trailing 12-month adjusted free cash flow margin of 38.5%, up 430 basis points year-over-year, keeping the company firmly on track toward its FY28 target of 40%.
Looking ahead, Palo Alto guided Q4 revenue of $3.345–$3.355 billion and full-year revenue of $11.415–$11.425 billion, representing 24% annual growth, with non-GAAP diluted EPS guidance of $3.77–$3.79 — above the prior Yahoo Finance full-year consensus of $3.69.
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