Wake That SaaS Up Daily 6/2/2026

Research evidence excerpt

Wake That SaaS Up Daily 6/2/2026

June 2, 2026

Earnings Previews

Palo Alto Networks (PANW)

Key Thoughts Heading Into Earnings. PANW reports F3Q26 earnings on Tuesday, June 2nd, after market close. Our

checks point to a solid quarter driven by strong refresh activity while pipeline for 2Q and the remainder for the year looks

strong. SIEM and SASE were described as doing well, demand for AI security is building, and partners are excited for

the potential cross-sell opportunity for CyberArk. Our conversations with partners indicated that PANW had a strong

April that more than made up for a slow (but expected) calendar 1Q driven by solid hardware refresh activity as well

as solid momentum for smaller "run rate" business. While check commentary on refresh was relatively mixed as some

partners told us that some customers did pull in portions of planned refresh activity but it wasn't just because of the

price increase while others told us that they are seeing both pull forward and longer duration contracts as a result of

the current uncertainty. One ecosystem contact we spoke with indicated that they believe PANW (and CRWD) will be

the two biggest beneficiaries in security from the Mythos leak back in late March as customers will likely default to

their largest vendors initially when looking to solve this problem. However, given the timing of the leak, there is little

expectations for impacts in PANW's F3Q, but our check believed that there will certainly be tailwinds in F4Q and beyond.

We also attended PANW's Ignite conference in NYC where we spoke with partners and surveyed 50 customers. Our

survey work and partner conversations point to some near term pull forward of firewalls ahead of April's price