Cybersecurity Software: 1Q26 Off-Cycle Earnings Preview

Research evidence excerpt

Cybersecurity Software: 1Q26 Off-Cycle Earnings Preview

Truist Securities

Equity Research Report May 19, 2026

TMT: Security Software

Cybersecurity Software: 1Q26 Off-Cycle

Earnings Preview Junaid Siddiqui Off-cycle earnings begin with ZS reporting on May 26th AMC. Results for our calendar

212-326-6141

Junaid.Siddiqui@truist.com Q4 companies in cybersecurity mostly topped estimates, but share performance was

largely determined by guidance. While investors will remain focused on the usual

setup-and-beat dynamics heading into off-cycle quarterly EPS prints, the broader Miller Jump narrative around AI disruption is likely to dominate earnings as they seek to separate 212-401-4427

Miller.Jump@truist.com AI beneficiaries from those at risk. We favor RBRK and SAIL going into their respective

quarterly prints as we believe not only are they set up well for beat and raise quarters,

but are benefitting from AI tailwinds as well. Jonathan Ngo

212-419-4482 Summary of PT Changes pg. 4

Jonathan.Ngo@truist.com

23 Page Document As we progress through Q1 earnings season, cybersecurity continues to stand out

as one of the most resilient segments within enterprise software, underpinned by

durable secular demand drivers and an elevated threat backdrop. While market

Reasons for this report performance earlier in the year suggested otherwise, with the IGV down ~21% at its

trough, recent weeks have marked a meaningful recovery (now ~-11% YTD), reflecting

✓ Earnings Preview both broader “rising-tide” dynamics and a gradual rebuilding of investor confidence

✓ Adjusting Price Targets in cybersecurity stocks specifically. Importantly, stronger-than-feared Q1 prints and

✓ 1Q26 Off-Calendar EPS Preview constructive commentary from early reporters have helped re-anchor the narrative