Can Platformization Continue Fueling PANW's NGS ARR Growth?

Key Takeaways PANW's NGS ARR grew 29% year over year to $5.85B in Q1 fiscal 2026, led by platform adoption.Platform customers are scaling fast, with those above $5M and $10M in NGS ARR up about 50%.Large XSIAM and SASE deals show enterprises are replacing legacy tools with PANW's unified platform.Palo Alto Networks (PANW) is seeing steady growth in its next-generation security (NGS) business, where the company’s platformization strategy plays a key role. The platformization strategy involves getting custome ...