Palo Alto Networks, Inc. Q4 FY2026 Earnings Results vs. Expectations
ReportsSep 1, 2026
SlotAfter Market Close
Results are out
This quarter has reported. The consensus below is what we expected going in.
What the Street expects
EPS · NON-GAAP
$0.98
Guided $0.96–$0.98
QoQ—
YoY—
Revenue
$3.35B
Guided $3.345B–$3.355B
QoQ+11.6%
YoY+32.1%
QoQ and YoY are what the consensus implies against the prior quarter and the prior year.
Also on the card
Company guidance
$3.345-$3.355B revenue, non-GAAP EPS $0.96-$0.98
GAAP
A $0.22 diluted loss in the April quarter
NGS ARR
$8.90-$8.95B guided, +59-60% year over year
Net new NGS ARR
About $795M implied by that guide
Organic growth
Revenue +14% ex-acquisitions, against +31%
Adjusted FCF margin
37.5% guided, below the 38.5% trailing
Quarter ended
July 31, 2026
What to watch
- Whether the organic disclosure is repeated. The ex-acquisition revenue growth rate and the acquired NGS ARR contribution are the two figures that make the headline readable.
- Net new NGS ARR against the implied $770–820 million, and the fiscal 2027 ending ARR guide. The second is the number our model turns on; the first is one quarter of it.
- The fiscal 2026 adjusted free cash flow margin against the guided 37.5%, and whatever fiscal 2027 figure replaces it. Management has stated a 40% target year; this is the guide that either steps toward it or does not.
- RPO against the guided $20.9–21.0 billion, and current RPO organic growth against the 17% printed in April and 15% in January. Two quarters of organic cRPO in the mid-to-high teens is a different company from the one a 34% headline describes.
- Whether management addresses the acquisition reports. The stock added roughly 13% in a day on press reporting the company has not commented on. A question on capital allocation is more informative than the reporting was.
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2025 Q1 | — | $0.49 | — |
| 2025 Q2 | — | $0.38 | — |
| 2025 Q3 | — | $0.37 | — |
| 2025 Q4 | — | $0.36 | — |
| 2026 Q1 | — | $0.47 | — |
| 2026 Q2 | — | $0.61 | — |
| 2026 Q3 | — | −$0.22 | — |
| 2026 Q4 | $0.98 | $1.02 | +4% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Every quarter
Read the full preview → Q4 FY2026 release page View PANW stock page