Palo Alto Networks Hits $5B in NGS ARR: What's Fueling the Surge?

Key Takeaways Palo Alto Networks' NGS ARR hit $5.09B in Q3 of fiscal 2025, growing 34% year over year. XSIAM bookings neared $1B as ARR from the AI platform soared more than 200% year over year. PANW now has 130 customers with $5M in NGS ARR, and 44 customers surpassing $10M .Palo Alto Networks (PANW) surpassed a key milestone during the third quarter of fiscal 2025, wherein the annual recurring revenues (ARR) for its next-generation security (NGS) solutions hit the $5 billion mark. In the third quarter, ...