新智元报道 编辑：Aeneas 定慧 刚刚，Anthropic发布了一个代码安全工具Claude Code Security，能高效扫描代码库漏洞并自动生成针对性补丁，远超传统工具。 【新智元导读】刚刚，Anthropic发布代码安全工具Claude Code Security，直接让安全股一夜蒸发百亿市值！网络安全龙头CrowdStrike的股价直接原地 跌超6.5%，市场陷入极度恐慌：传统安全工具，从此全凉了？ 过年期间，AI圈接连不断的地震还没停。 昨天的Gemini 3.1 Pro刚刚亮相，紧接着就又来新炸弹了—— 听起来，是不是只是一条平平无奇的技术更新？ 结果，消息一出，美股网络安全板块立刻集体跳水。 CrowdStrike、Cloudflare、Okta等安全股瞬间暴跌超5%，总市值蒸发逾100亿美元，一夜就蒸发了百亿市值！ 仔细看，网络安全龙头CrowdStrike一度暴跌6.5%，Cloudflare重挫超6%，SailPoint大跌6.8%，Okta下挫5.7%，Zscaler跌3.5%，Global X网络安全ETF下跌 3.8%，年内累计跌幅扩大至14% 一条AI功能更新，直接让一个千 ...

Palo Alto Networks (NasdaqGS:PANW) Q2 2026 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsAdam Borg - Managing DirectorAdam Tindle - Managing DirectorBrad Zelnick - Managing DirectorDipak Golechha - CFOGabriela Borges - Managing Director and Head of US Software Equity ResearchGregg Moskowitz - Managing DirectorHamza Fodderwala - SVP of Investor Relations and Strategic FinanceJohn DiFucci - Senior Managing DirectorJosh Tilton - Managing DirectorLee Klarich - Chief Product and Technology Offi ...

Palo Alto Networks (NasdaqGS:PANW) Q2 2026 Earnings call February 17, 2026 04:30 PM ET Company ParticipantsAdam Borg - Managing DirectorAdam Tindle - Managing DirectorBrad Zelnick - Managing DirectorDipak Golechha - CFOGabriela Borges - Managing Director and Head of US Software Equity ResearchGregg Moskowitz - Managing DirectorHamza Fodderwala - SVP of Investor Relations and Strategic FinanceJohn DiFucci - Senior Managing DirectorJosh Tilton - Managing DirectorLee Klarich - Chief Product and Technology Offi ...

Palo Alto Networks (NasdaqGS:PANW) Q2 2026 Earnings call February 17, 2026 04:30 PM ET Speaker5Good day, everyone, and welcome to Palo Alto Networks' fiscal second quarter 2026 earnings conference call. I am Hamza Fodderwala, Senior Vice President of Investor Relations and Strategic Finance. Please note that this call is being recorded today, Tuesday, February 17, 2026, at 1:30 P.M. Pacific Time. With me on today's call to discuss our fiscal second quarter results are Nikesh Arora, our Chairman and Chief Ex ...

Core Insights - Palo Alto Networks (PANW) experienced a 4.8% increase in stock price this week, closing at $166.95, despite being down 9.36% year-to-date and 17.3% from the previous year [1] - The company completed a significant $25 billion acquisition of CyberArk, enhancing its identity security capabilities and aligning with its platformization strategy [1] - Upcoming earnings report on February 17 is anticipated to reset market expectations, with analysts projecting $0.94 EPS and $2.58 billion in revenue, indicating year-over-year growth [1] Stock Performance - PANW outperformed the broader market and cybersecurity peers, with the S&P 500 dropping 1.29% while the ETFMG Prime Cyber Security ETF gained 3.51% [1] - The stock opened at $165.03, reached an intraday high of $170.49, and closed at $166.95, which is significantly below the average analyst price target of $222.97, suggesting a potential upside of approximately 33% [1] Acquisition Details - The CyberArk acquisition, valued at $25 billion, is the second-largest acquisition of an Israeli company, with CyberArk shareholders receiving $45 in cash plus 2.2005 PANW shares per share [1] - This acquisition is part of PANW's strategy to consolidate various security solutions into unified platforms, positioning identity security as a central focus [1] - The previous acquisition of Chronosphere for $3.35 billion in January 2026 further indicates PANW's aggressive expansion into adjacent security markets [1] Earnings Expectations - Analysts expect PANW to report Q2 fiscal 2026 earnings with $0.94 EPS and $2.58 billion in revenue, reflecting 16% EPS growth and 14.15% revenue growth year-over-year [1] - Mixed analyst sentiment exists, with Jefferies maintaining a $250 price target while Stifel and JPMorgan have lowered their targets due to concerns about organic growth and reseller feedback [1] - The consensus rating includes 12 Strong Buy, 30 Buy, 11 Hold, and 2 Sell, indicating overall confidence but also uncertainty regarding growth sustainability amid integration of acquisitions [1] Industry Context - PANW is focusing on AI-driven security solutions, positioning itself against competitors like Fortinet and Zscaler, which are also investing heavily in AI security [1] - Gartner predicts that by 2028, 50% of organizations will adopt zero-trust data governance due to risks associated with AI-generated data, which aligns with PANW's strategic direction [1] - The cybersecurity sector is expected to see increased investment as security incidents rise, potentially benefiting companies like PANW [1]

Core Insights - Check Point aims to secure customers' AI transformation through a "prevention-first" approach and AI-powered unified management across its portfolio [1] - The company has expanded its platform to include AI security and exposure management, responding to an AI-driven shift in the threat landscape [2] - Check Point's strategy focuses on consistent execution and strengthening its foundation for long-term growth, with changes in organizational structure and go-to-market strategies [3] Financial Performance - For Q4 2025, Check Point reported revenue of $745 million, a 6% year-over-year increase, with subscription revenue growing by 11% [6][10] - Non-GAAP EPS for Q4 was $3.40, exceeding guidance, which included a one-time tax benefit of approximately $0.52 [11] - Full-year 2025 revenue reached $2.725 billion, also a 6% year-over-year increase, with non-GAAP EPS of $11.89, boosted by a tax benefit [14] Growth Projections - For 2026, Check Point guided revenue between $2.83 billion and $2.95 billion, representing 4% to 8% growth, with subscription revenue growth projected at 10% to 14% [5][17] - The company anticipates Q1 2026 revenue of $655 million to $685 million, with subscription revenue between $318 million and $328 million [17] Strategic Initiatives - Check Point is repositioning to secure AI transformation with a four-pillar platform that includes AI security and exposure management [7] - The company has made targeted acquisitions, including Cyclops for asset discovery and Cyada for governing autonomous AI agents [8] - Check Point is focusing on managed service providers (MSPs) to enhance its offerings for smaller customers through partnerships [9] Market Dynamics - The company highlighted that attackers are adopting AI faster than defenders, creating new attack surfaces due to rapid enterprise AI adoption [2] - Check Point's revenue growth in Q4 was driven primarily by subscription revenue, which is expected to continue benefiting from a product price increase effective January 1, 2026 [16] Operational Metrics - Deferred revenue grew 9% year-over-year to $2.18 billion, with calculated billings up 8% to $1.039 billion [12] - Gross margin for Q4 was 89%, with operating expenses rising 13% due to workforce increases and investments in sales and marketing [13]

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased 10% year-over-year to $80 million, with non-GAAP earnings per share growing 19% to $0.32 [5][14] - For the full year 2025, revenue also grew 10% year-over-year, surpassing $300 million, with net income rising 37% to $51.5 million [5][20] - Adjusted EBITDA for Q4 2025 increased by 25% to $13.7 million, while for the full year, it rose by 37% to $47.4 million [18][20] Business Line Data and Key Metrics Changes - Cloud ARR rose 23% year-over-year to $95 million in Q4 2025, contributing significantly to overall revenue growth [6][15] - Subscription revenues surged 21% year-over-year, driven by strong demand for defense products [10] - The defense products segment saw exceptional double-digit year-over-year growth in Q4 and for the full year [10] Market Data and Key Metrics Changes - The Americas region saw a revenue decline of 4% year-over-year in Q4, but grew 6% for the full year [16] - EMEA revenue increased 38% year-over-year in Q4, accounting for 40% of total revenue, while APAC revenue declined 3% in Q4 [16] Company Strategy and Development Direction - The company aims to gain market share in cloud security, lead through AI innovation, and expand its go-to-market footprint [5][12] - The acquisition of Pynt enhances the company's API security capabilities, positioning it for growth in a rapidly expanding market [9] - The introduction of the Agentic AI Protection solution marks a significant expansion of the company's security platform [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing sophistication of cyberattacks, necessitating advanced AI-based security solutions [31][32] - The company expects RPO growth to align with revenue growth in 2026, reflecting strong booking performance [25] - Management expressed confidence in the robust demand and backlog entering 2026, which supports the revenue guidance for Q1 2026 [36] Other Important Information - The company plans to increase investments in innovation and go-to-market initiatives in 2026 [17][22] - The effective tax rate for 2025 was 15.3%, with expectations to remain stable in the coming quarters [19] Q&A Session Summary Question: What drove the strength in RPO growth? - Management attributed the strength to strong bookings in both cloud and product subscriptions, expecting RPO growth to align with revenue growth in 2026 [25] Question: Update on the Americas market and growth profile? - Management noted strong booking performance in North America and plans to increase investments in the region to support growth [27] Question: How is security positioned in relation to AI disruption? - Management emphasized the need for AI-based security solutions due to the increasing sophistication of attacks, positioning the company well in the market [31][32] Question: Changes needed for selling API and Agentic AI security solutions? - API security is integrated into the existing sales force, while a dedicated team is being formed for the new Agentic AI market [40] Question: Timing of product delivery relative to marketplace development? - Management believes the timing is favorable as enterprises are moving from proof of concept to production, with a strong offering ready to address security concerns [49]

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased by 10% year-over-year to $80 million, with non-GAAP earnings per share growing by 19% to $0.32 [5][14] - For the full year 2025, revenue also grew by 10% year-over-year, surpassing $300 million, while net income rose by 37% to $51.5 million [20][5] - Adjusted EBITDA for Q4 2025 increased by 25% to $13.7 million, and for the full year, it rose by 37% to $47.4 million [18][20] Business Line Data and Key Metrics Changes - Cloud ARR grew by 23% year-over-year to $95 million in Q4 2025, marking a significant acceleration from 19% growth at the beginning of the year [6][15] - Subscription revenues surged by 21% year-over-year, driven by strong demand for product subscriptions and defense products [10][12] - The defense products segment saw exceptional double-digit year-over-year growth in Q4 and for the full year [10] Market Data and Key Metrics Changes - The Americas region experienced a 4% decline in Q4 year-over-year, but grew by 6% for the full year, accounting for 41% of total revenue [16] - EMEA revenue increased by 38% year-over-year in Q4, representing 40% of total revenue, while APAC revenue declined by 3% in Q4 but grew by 5% for the full year [16] Company Strategy and Development Direction - The company aims to gain market share in cloud security, lead through AI and algorithmic-driven innovation, and expand its go-to-market footprint [5][12] - The acquisition of Pynt enhances the company's API security capabilities, providing a full-life cycle API security solution [9] - The introduction of the Agentic AI Protection solution positions the company at the forefront of securing the next era of AI [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing sophistication of cyberattacks, necessitating stronger security measures, particularly as attackers leverage AI [31][32] - The company expects RPO growth to align with revenue growth in 2026, reflecting strong booking performance [25] - The outlook for Q1 2026 anticipates total revenue in the range of $78 to $79 million, supported by a solid backlog [22][36] Other Important Information - The company plans to increase investments in innovation and go-to-market initiatives in 2026 [17][22] - The effective tax rate for 2025 was 15.3%, with expectations to remain stable in the coming quarters [19] Q&A Session Summary Question: What drove the strength in RPO growth? - Management attributed the strength to strong bookings in both cloud and product subscriptions, expecting RPOs to grow in line with revenue growth for 2026 [25] Question: Update on the Americas market and growth profile? - Management noted strong booking performance in North America and plans to increase investments in the region to support growth [27] Question: Broader market environment and AI disruption? - Management emphasized the need for stronger security as attacks become more sophisticated, positioning the company well in the market [31][32] Question: Changes needed for API and Agentic AI security solutions? - API security is integrated into the existing sales force, while a dedicated group is being formed for the new Agentic AI market [40] Question: Timing of product delivery relative to marketplace development? - Management believes the timing is favorable as enterprises are moving from proof of concept to production, with a strong offering ready [49]

Financial Data and Key Metrics Changes - In Q4 2025, revenue increased 10% year-over-year to $80 million, and non-GAAP earnings per share grew 19% to $0.32 [5][12] - For the full year 2025, revenue also grew 10% year-over-year, surpassing $300 million, with net income rising 37% to $51.5 million [12][18] - Adjusted EBITDA for Q4 2025 increased by 25% to $13.7 million, while for the full year, it rose by 37% to $47.4 million [16][18] Business Line Data and Key Metrics Changes - Cloud ARR rose 23% year-over-year to $95 million in Q4, demonstrating accelerated growth from 19% at the beginning of 2025 [6][13] - Subscription revenues surged 21% year-over-year, driven by strong demand for product subscriptions and defense products [9][12] - The defense products segment saw exceptional double-digit year-over-year growth in Q4 and for the full year of 2025 [9] Market Data and Key Metrics Changes - In the Americas, Q4 revenue declined 4% year-over-year to $32 million, while full-year revenue grew 6% to $125 million [14] - EMEA region saw a 38% year-over-year revenue increase in Q4 to $32 million, with full-year revenue growing 18% to $111 million [14] - APAC revenue declined 3% year-over-year to $16 million in Q4, but grew 5% for the full year to $66 million [14] Company Strategy and Development Direction - The company aims to gain market share in cloud security, lead through AI innovation, and expand its go-to-market footprint [5][11] - Recent acquisitions, such as Pynt, enhance the company's API security capabilities and support its growth strategy in the rapidly expanding market [8][19] - The introduction of the Agentic AI Protection solution positions the company at the forefront of securing AI applications, indicating a strategic focus on emerging technologies [9][31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing sophistication of cyberattacks and the necessity for AI-based security solutions [28][30] - The company expects strong demand to continue into 2026, with a robust pipeline across existing and new customers [9][19] - Guidance for Q1 2026 anticipates total revenue in the range of $78-$79 million, reflecting confidence from a solid backlog [19] Other Important Information - The company plans to increase investments in innovation and go-to-market initiatives in 2026 [15][19] - The effective tax rate for 2025 was 15.3%, with expectations to remain stable in the coming quarters [17] Q&A Session Summary Question: What drove the strength in RPO growth? - Management attributed the strength to strong bookings in both cloud and product subscriptions, expecting RPO growth to align with revenue growth in 2026 [23][25] Question: Update on the growth profile of the Americas? - Management noted strong bookings in North America and plans to increase investments in the region to support growth [25] Question: How is security positioned in relation to AI disruption? - Management emphasized the need for AI-based defense due to the increasing sophistication of attacks, positioning the company well in the market [28][30] Question: Changes needed for selling API and Agentic AI security solutions? - API security is integrated into the existing sales force, while a dedicated group is being formed for Agentic AI to navigate the new market [37][41] Question: Timing of product delivery relative to marketplace development? - Management believes the timing is favorable as enterprises are moving from proof of concept to production, with a strong offering ready to address security concerns [45][46]

Financial Data and Key Metrics Changes - Total billings grew by 18% to $2.37 billion in Q4 2025, driven by strong growth in Unified SASE and operational technology security [15][22] - Total revenue increased by 15% to $1.91 billion, with product revenue up over 20% to $691 million and service revenue growing 12% to $1.21 billion [16][17] - Operating margin was strong at 37.3%, exceeding guidance, while gross margin was 80.3% [21][22] - Free cash flow reached $577 million, representing a margin of 31% [22][24] Business Line Data and Key Metrics Changes - Unified SASE billings grew 40%, representing 27% of total billings, indicating strong demand for cloud security solutions [8][15] - Operational technology solutions saw billings growth of over 25%, reflecting broad-based demand [10][16] - AI-driven SecOps billings grew 6% in Q4 and 22% for the full year, with ARR up 21% [10][16] Market Data and Key Metrics Changes - The U.S. and Europe were the largest contributors to growth in $1 million-plus deals, each delivering more than 30% growth [16] - 16% of large enterprise customers purchased FortiSASE, an increase of over 50% [15][16] - The company gained market share, maintaining a 55% unit market share in firewalls [7][10] Company Strategy and Development Direction - The company aims to continue growing faster than the overall market, targeting billings and revenue CAGR above 12% and achieving the Rule of 45 [11][27] - Fortinet is focused on integrating networking and security through its FortiOS platform, which is expected to drive upsell opportunities [12][13] - The company is investing in R&D across custom silicon, OS convergence, AI-driven security, and cloud infrastructure to support innovation and growth [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth driven by strong demand across various sectors, including AI and operational technology [33][34] - The company is well-prepared for supply chain challenges and is maintaining healthy margins through strategic pricing and inventory management [42][43] - Management highlighted the importance of AI in cybersecurity, viewing it as an opportunity for growth [37][38] Other Important Information - The company plans to repay $500 million of senior debt at maturity at the end of Q1 2026 [27] - The board approved a $1 billion increase in the authorized stock repurchase amount, with approximately $1.4 billion remaining [22] Q&A Session Summary Question: What drove the strength in Unified SASE billings and the strong guidance for 2026? - Management attributed the growth to unique advantages in Sovereign SASE and the integration of network security, SD-WAN, and SASE on a single OS, which none of their competitors offer [31][32] Question: How is the company navigating the current environment regarding memory prices? - The company has prepared for supply chain issues by maintaining inventory and adjusting prices to manage margins effectively [42][43] Question: What is the revenue mix between Sovereign and public SASE? - Management indicated that the Sovereign SASE market is likely larger than the public SASE market, with strong growth expected due to the lack of competition in this area [50][51] Question: How does the company view the refresh cycles for technology upgrades? - Management noted that while some customers may seek extended support, the primary driver for growth is the demand for new functions and technology upgrades [56][61] Question: What is the expected pricing increase for appliances in 2026? - Management indicated that pricing for appliances is expected to increase between 5% and 20%, depending on the product [73][84] Question: What is the company's M&A philosophy moving forward? - The company remains open to M&A opportunities, particularly in secure operations, but emphasizes a disciplined approach to acquisitions [87][88]