U.S. Software: Another Security VaR Call: 2Q Data Points on Firewall, SASE, Data, Endpoint, Identity, & VM

Research evidence excerpt

U.S. Software: Another Security VaR Call: 2Q Data Points on Firewall, SASE, Data, Endpoint, Identity, & VM

Equity Research

14 July 2026

U.S. Software

Another Security VaR Call: 2Q Data

Points on Firewall, SASE, Data, Industry Update

U.S. SoftwareEndpoint, Identity, & VM

POSITIVE

We spoke 1x1 with a security VaR and came away with details U.S. Software

Saket Kalia, CFAon its 2Q performance of several specific vendors across

network security (PANW, FTNT, CHKP), zero trust (ZS), data +1saket.kalia@barclays.com212 526 8465

security (VRNS, RBRK), endpoint (CRWD, S), identity (OKTA), BCI, US

VM (TENB, RPD), and CDN (NET). More on each below... Ryan Powderly-Gross

+1 212 526 7126

ryan.powderly-gross@barclays.com

We spoke 1x1 with a value-added reseller (VaR) in cybersecurity and had several vendor-specific BCI, US

takeaways: (1) in network security, big deal activity drove strong growth for PANW in May and Joseph Pilleteri

June, FTNT was flat y/y in 2Q though the pipeline shows strong growth going forward, and CHKP +1 212 526 8081

was down y/y in 2Q; (2) in zero trust/SASE, ZS was up 20% in calendar 2Q and the pipeline is joseph.pilleteri@barclays.com

healthy, though more of this partner's business is coming from existing customers rather than BCI, US

new logos; (3) in endpoint, CRWD posted strong y/y growth in May and June, while SentinelOne Carly Buecker

was softer, down low teens % y/y; (4) in identity, OKTA was flat y/y with a solid pipeline for the +1 212 526 8284

next quarter; and (5) in data security, VRNS was up y/y in 2Q and RBRK had a strong month in carly.buecker@barclays.com

June, but there are still some concerns around component shortages; (6) in VM, RPD was up BCI, US

mid-teens % y/y, while TENB was up MSD% y/y. Ethan Sneckenberger

+1 212 526 2971