Key Takeaways From NYC Investor Dinner With CEO, CFO, & IR

Research evidence excerpt

Key Takeaways From NYC Investor Dinner With CEO, CFO, & IR

Flash Note Technology | Software

May 11, 2026

Check Point Software Technologies Peter Levine Kirk Materne, CFA 212 497 0833 212 497 0873

CHKP | $114.93 peter.levine@evercoreisi.com kirk.materne@evercoreisi.com

In Line | Target Price/Base Case: $130.00 Charlie Zhou Peter Burkly

Company Update 646-551-8513 212 497 0831

charlie.zhou@evercoreisi.com peter.burkly@evercoreisi.com

We had the opportunity to host CHKP’s CEO, CFO, and IR last week in NYC. Following our discussions, we walked away

incrementally more constructive on the company’s GTM and product strategy, despite N/T headwinds tied to GTM disruption.

◼ N/T GTM Disruption: The GTM sales realignment was slated to be implemented in CY27 but was pulled forward a year. We

would expect some continued disruption to likely run into C2Q and 3Q. Mgmt emphasized that most impacted deals were

deferred to the 2H and CY27 rather than lost, with disruption primarily within the channel vs. direct. The GTM strategy is shifting

toward larger, upmarket accounts. Assigned accounts per rep are being reduced by ~50%, though this only lowers covered

ACV by ~2–3%. Reassigned accounts will largely transition to the channel. While the company plans to add sales capacity,

mgmt does not expect a material impact to FY26 op. margin guide.

◼ GTM Strategy: Mgmt continues to invest in the channel, though ~80% of sales remain managed by internal reps. We expect

the ~20% of revenue currently routed through the channel to increase as the GTM realignment progresses. The company has

also built dedicated “hunter” teams to drive net-new business. Recent GTM leadership hires from PANW, FTNT, and CYBR

should become more impactful as the new operating model takes hold.