Next-Generation Security ARR
Annual recurring revenue from the platform products reached $9.10 billion at the end of fiscal Q4 2026, up 63%. Part of that growth came from acquisitions.
The numbers
What it is
Next-Generation Security ARR is the company's headline recurring-revenue measure. It covers the subscriptions for the firewall, SASE, security operations, cloud, AI and identity products that customers buy as platforms.↗ source
Why it matters to the stock. It is the number management guides on each quarter and the basis for the $20 billion fiscal 2030 target. Investors read its growth rate as the main test of whether the platform strategy is working.
News
Palo Alto Networks shares fall about 8% despite 34% revenue growth
Palo Alto Networks shares fell in the session after the September 1 report, even though revenue beat the roughly $3.35 billion consensus.
Palo Alto Networks guides fiscal 2027 revenue to $14.10B-$14.20B
In the same September 1 release, Palo Alto Networks guided fiscal 2027 revenue to $14.10 billion to $14.20 billion and Next-Generation Security ARR to $11.075 billion to $11.175 billion, which is 22% to 23% growth.
Palo Alto Networks Q3 FY2026: revenue up 31%, FY26 EPS guidance raised
Palo Alto Networks reported fiscal third-quarter 2026 revenue of $3.00 billion, up 31%, including $388 million from CyberArk and Chronosphere.
Palo Alto Networks Q2 FY2026: revenue up 15%, FY26 EPS guidance cut
Palo Alto Networks reported fiscal second-quarter 2026 revenue of $2.59 billion, up 15%, and Next-Generation Security ARR of $6.3 billion, up 33%.