U.S. Software "Positive June Quarter Cyber Checks, but Not a Step Change" Boyd

研报英文原文证据摘录

U.S. Software "Positive June Quarter Cyber Checks, but Not a Step Change" Boyd

Global Research

14 July 2026ab

U.S. Software Equities

AmericasPositive June Quarter Cyber Checks, but Not a

Step Change Software

Roger Boyd

Analyst

roger.boyd@ubs.com

Summary +1-212-713 1256

Across conversations with 6 partners and 3 customers, our checks support a view that Nicholas Hodge

cybersecurity remains one of the healthiest and most resilient areas of enterprise Associate Analyst

technology spending. We see enterprise concerns over AI's impact on the threat nicholas.hodge@ubs.com

environment supporting cybersecurity budget growth over the next twelve months. +1-212-882 5954

That said, our field work highlighted modestly better 2Q performance across partner

practices, and not necessarily a step change in demand. Net, with cybersecurity stocks

up an average 20% MTD and nearly 80% since April 10th, we think the setup for the

sector into 2Q earnings looks challenging.

What we heard

Across 6 partners, 5 cited above-plan 2Q results, with 1 citing deal delays in May/June.

Consistent with prior quarters we heard the most positivity around larger vendors like

CRWD and PANW, however June quarter checks sounded more well-rounded. While

most of the partners we spoke with cited rather small vuln mgmt practices, anecdotal

feedback on TENB/QLYS was upbeat. Customers spoke to better budget availability but

suggested spend is still being scrutinized and it seems like some organizations are

contemplating transformational security projects with longer sales cycles. Overall,

conversations suggested that pace of vulnerabilities/incidents, growing regulatory

requirements, and reputational risks of AI security incidents will continue to drive board-

level awareness and support for cybersecurity.