'Cyber is still pretty resilient', which is driving Palo Alto Networks, says Evercore ISI's Levine

Financial Performance - Palo Alto Networks' fiscal year 26 guidance exceeded expectations [3] - Free cash flow margins are guided above 38% to 39% [3] Market Trends & Industry Dynamics - Cyber security demand remains resilient despite softness seen in other vendors [5] - The geopolitical landscape and AI are driving the need for cyber security [5] - Cyber security is mission critical, making Palo Alto Networks an essential enterprise brand [5] - Digital transformations around security and AI cannot be paused [6] Strategic Initiatives & Acquisitions - CyberArk deal enhances Palo Alto Networks' platform through deeper integration with identity data [8] - The combination of networking, cloud, and endpoint data, along with identity access management, strengthens AI security [9][10] Federal Business - Federal business accounts for less than 4% or 5% of Palo Alto Networks' revenue [7] - Palo Alto Networks is a leading vendor within the federal government and is expected to continue outperforming in this sector [7]