Q2 FY2026 revenue grew 15% year-over-year to $2.6 billion, driven by strong product, subscription, and Next-Gen Security ARR growth, and robust platformization momentum.
Non-GAAP operating margin exceeded 30% for the third consecutive quarter, with non-GAAP EPS at $1.03 and GAAP net income at $432 million, up 62% year-over-year.
Adjusted free cash flow for the trailing twelve months was $3.75 billion, with strong cash and equivalents position post-acquisitions.
Completed major acquisitions of Chronosphere and CyberArk, expanding observability and identity security platforms and driving future growth.
Continued innovation in AI-driven security and platformization, with Prisma AIRS and Cortex AgentiX gaining traction.
Total revenue was $2.59–$2.6 billion, up 15% year-over-year; Next-Gen Security ARR reached $6.3–$6.33 billion, up 33%.
Product revenue grew 22% to $514 million; subscription and support revenue was $2.08 billion, up 13–14%.
Gross margin was 73.6–76.1%; product gross margin 78.2%, services gross margin 75.6%.
Diluted non-GAAP EPS was $1.03; GAAP EPS was $0.61; adjusted free cash flow for Q2 was $502 million.
Cash and equivalents at $7.9 billion after acquisitions; cash flow from operations for six months was $2.3 billion.
Q3 2026: Revenue expected at $2.941–$2.945 billion (+28–29%), Next-Gen Security ARR at $7.94–$7.96 billion (+56%), non-GAAP EPS $0.78–$0.80.
FY26: Revenue guidance $11.28–$11.31 billion (+22–23%), Next-Gen Security ARR $8.52–$8.62 billion (+53–54%), non-GAAP operating margin 28.5–29%, adjusted free cash flow margin 37%.
Targeting 40% free cash flow margin by FY28 and $20 billion Next-Gen Security ARR by FY30.
Management expects sufficient liquidity to meet cash needs for at least the next 12 months.
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