F3Q26 Preview: Setup in Place for Beat-and-Raise Print And To Capture Share

研报英文原文证据摘录

F3Q26 Preview: Setup in Place for Beat-and-Raise Print And To Capture Share

Software: Cybersecurity & Information Security

Palo Alto Networks

TD SECURITIES (USA) LLC COMPANY UPDATE

May 19, 2026

Price: $247.55 (05/18/2026) F3Q26 Preview: Setup in Place for Beat-and-

Price Target: $255.00 Raise Print And To Capture Share

BUY (1)

ESG SCORE: 59/100

Shaul Eyal THE TD COWEN INSIGHT

646 562 1414

For F3Q26 (due on June 2 AMC), we est an in-line Total Rev of $2,944M (+29% y/y; LFL: +16%

shaul.eyal@tdsecurities.com

y/y). Our industry, channel checks indicate a solid demand backdrop, while CHKP's rev miss

Hugh Cunningham, CFA, CAIA creates a short-term tailwind to capture share. Investors may be looking for evidence that the

646 562 1370 platformization momentum is not slowing down and discounted offers can be converted into

hugh.cunningham@tdsecurities.com

long-term, high-value commitments.

Michael Junghans

646 562 1427 Setup in Place for Solid Beat-and-Raise: We view PANW's upcoming F3Q favorably as our

michael.junghans@tdsecurities.com industry and channel checks indicate a solid demand backdrop. The upbeat revenue outlook

Key Data from network security competitor FTNT and its remarks that the industry is becoming less

Symbol NYSE: PANW cyclical given the need to address evolving AI security threats could have laid the groundwork

Beta: 0.77 for PANW to deliver a solid beat-and-raise print, while CHKP's rev miss creates a short-term

52-Week Range: $247.55-$141.67 tailwind for PANW to capture share.

Market Cap: $202.0B What Investors Want to See in the Print: After 110 net new platformization deals were signed

Net Debt (MM): $(4,168.0) during the last Q, bringing the total to ~1,550 (+35% y/y), investors will be looking for evidence