Cyber Thermometer: Post-Earnings Check-Up

研报英文原文证据摘录

Cyber Thermometer: Post-Earnings Check-Up

8% 16% 8%

Median 22% 8% 15% 12% 7% -6% .already manifesting via conversations and trials, we expect to see agentic revenue tangibility closer -8% Source: FactSet, Company data, and Jefferies Research

to CY27 and beyond. Positively, we have heard of conversations being conducted with leaders Notes:have been(1) CYcalendarized.ests. Jan YENewtreatedbusinessas CY.representsZS, PANW,reportedCVLT

outside of traditional security roles (Heads of AI, etc.), which suggests the potential for cyber to billingsVRNS, &forRPD,QLYS,Next-GenARR forARRRBRK,for PANW,CVLT, ZS,JefSAIL,est ARRS, CRWD,for NET

attract portions of large, growing AI budgets. We believe that customer confusion remains a barrier &C1Q26TENB,estsandassumecRPO bookings92% grossfor retention.OKTA. (2)(3)RBRKCVLTC1Q25-ests use

and that vendors are still in the process of articulating their value and landing on a pricing model Total ARR (guides to Sub ARR). (5) PANW C2Q26 est uses NGS ARR guidance given cons doesn't match guide, and

(we still see identity vendors as early beneficiaries). C3Q-C4Q26 ests use cons. Reflects accel from CyberArk and Chronosphere. (6) NET 2Q26 est assumes 3% rev beat in

ARR calc. (7) AVPT C2Q26-C4Q26 ests assume 89% gross

How to Position for 2H26. Heading into 2H, we continue to favor identity vendors (OKTA, SAIL, retention rate.

& PANW via CyberArk) given 1) visibly healthy demand as identity remains a top CISO priority Chart 3 - SASE, Identity, and Cloud Security

(supported by survey work), and 2) structural tailwinds that are likely to proliferate as agentic Expected To Be Fastest Growing Areas of

adoption increases. We do, however, expect more measured performance overall for cyber vs the Cyber in 2026