Core Insights - Check Point Software Technologies Ltd. (NASDAQ:CHKP) is recognized as one of the 12 best tech stocks that exceeded earnings estimates [1] - The company reported Q4 EPS of $3.40, surpassing the consensus estimate of $2.77, while Q4 revenue was $744.9 million, slightly below the consensus of $746.42 million [4] - The calculated billings for the quarter reached $1.04 billion [4] Analyst Ratings and Price Targets - Wedbush lowered its price target for Check Point to $210 from $240 but maintained an Outperform rating, citing revenue alignment with expectations and strong demand across its product portfolio [1] - Baird analyst Shrenik Kothari also reduced the price target to $220 from $245 while keeping an Outperform rating, following the Q4 results [2] - Stephens lowered its price target to $210 from $240, maintaining an Overweight rating, describing the quarter as mixed but largely in line with expectations [2] Company Performance and Strategy - CEO Nadav Zafrir highlighted solid Q4 and full-year 2025 results, with revenue above the midpoint of the outlook and EPS exceeding expectations, driven by customer adoption of Hybrid Mesh Network and Workspace platforms [4] - The company plans to focus on securing customers' AI transformation and embedding AI-driven security throughout its portfolio in 2026, including the acquisition of Cyata to enhance its AI security capabilities [4] - Increased AI adoption is noted to be enabling more sophisticated attacks, reducing the attack lifecycle, which reinforces Check Point's role as a foundational security layer [1]

SAN ANTONIO--(BUSINESS WIRE)--Liquid Networx, a national Fortinet partner and the first Fortinet Engage Preferred Services Partner (EPSP) in North America, is now offering dedicated and resident certified Fortinet engineers for enterprise clients. This offering delivers expert design, implementation, and ongoing support for Fortinet solutions including SASE, Zero Trust, and the Fortinet Security Fabric. The EPSP program endorses partners with verified capacities and experience in service delive. ...

Core Insights - Palo Alto Networks (PANW) and Cisco Systems (CSCO) are significant players in the cybersecurity sector, with PANW focusing on next-generation firewalls, cloud security, and AI-driven threat detection, while CSCO emphasizes Threat Intelligence, Detection, and Response offerings, including Secure Access Service Edge (SASE) and Network Security [1][2] Industry Overview - The cybersecurity market is expected to grow at a CAGR of 12.28% from 2026 to 2031, driven by increasing complex attacks such as credential theft and social engineering [2] Company Analysis: Palo Alto Networks (PANW) - PANW is recognized as a leader in cybersecurity, providing comprehensive solutions for network security, cloud security, and endpoint protection [4] - The company’s SASE segment is its fastest-growing area, with Annual Recurring Revenues (ARR) increasing by 40% year-over-year in Q2 of fiscal 2026 [5] - A significant deal worth over $50 million was secured with a global automotive leader for a major security transformation, highlighting PANW's strong market position [6] - PANW faces challenges from integration and acquisition-related costs, including a $25 billion acquisition of CyberArk and a $3.35 billion acquisition of Chronosphere, leading to increased costs and potential profitability impacts [7] - The issuance of 112 million shares as part of the CyberArk deal is expected to cause significant equity dilution, with EPS guidance for fiscal 2026 revised down to $3.65-$3.70 from $3.80-$3.90 [8] Company Analysis: Cisco Systems (CSCO) - CSCO is making steady advancements in its security business, with new products like Secure Access and AI Defense gaining traction, now representing about one-third of its security portfolio [9] - The company added 2.5 million Secure Access users in Q2 of fiscal 2026, with new customer acquisitions contributing significantly to new bookings [11] - CSCO has reported three consecutive quarters of double-digit growth in firewall units, supported by new high-end firewall platforms [12] - The company is embedding AI deeper into its security offerings, enhancing its capabilities to address advanced threats [12] - CSCO's earnings estimates for fiscal 2026 and 2027 have been revised upward, with current estimates at $4.13 and $4.46, respectively [17] Market Performance - Over the past six months, CSCO shares have increased by 17.2%, while PANW shares have decreased by 17.7% [19] - CSCO is trading at a forward sales multiple of 4.95X, which is lower than PANW's 9.31X, making CSCO more attractive for value-seeking investors [21] Conclusion - The analysis suggests that CSCO presents a more compelling investment opportunity due to its steady execution, strong product adoption, and favorable earnings revisions, while PANW faces near-term risks from integration costs and share dilution [23][24]

Core Insights - Palo Alto Networks (PANW) reported second-quarter fiscal 2026 non-GAAP earnings of $1.03 per share, exceeding the Zacks Consensus Estimate by 10.8% and reflecting a year-over-year increase of 27.2% [1][8] - The company's revenues for the second quarter reached $2.59 billion, surpassing the Zacks Consensus Estimate by 0.50% and up from $2.26 billion in the same quarter last year [1][2] Revenue Breakdown - Product revenues increased by 22.1% year over year to $514 million, making up 19.8% of total revenues [2] - Subscription and Support revenues, which accounted for 80.2% of total revenues, grew 13.3% year over year to $2.08 billion, driven by strong performance in SASE, Software Firewalls, and XSIAM offerings [2] Performance Metrics - Remaining Performance Obligation reached $16 billion, up 23% year over year [3] - Next-Generation Security annualized recurring revenues (ARR) hit $6.33 billion, representing a 33% year-over-year growth [3] - Non-GAAP gross profit rose to $1.98 billion, with a non-GAAP gross margin of 76.1% [3] - Non-GAAP operating income increased to $785 million, maintaining a non-GAAP operating margin of 30.3% [3] Financial Position - As of January 31, 2026, Palo Alto Networks had $4.54 billion in cash and cash equivalents and short-term investments [4] - The company generated $3.75 billion in trailing 12-month adjusted free cash flow, indicating robust cash generation in the second quarter [4] Fiscal Year 2026 Guidance - For fiscal 2026, Palo Alto Networks expects revenues between $11.28 billion and $11.31 billion, suggesting a year-over-year growth of 22-23% [5] - Remaining Performance Obligations are projected to be between $20.2 billion and $20.3 billion, while Next-Gen Security ARR is forecasted to be between $8.52 billion and $8.62 billion, indicating 53-54% annual growth [6] - The company anticipates a non-GAAP operating margin of 28.5% to 29.0% and an adjusted free cash flow margin of 37% [6] - Non-GAAP earnings per share are expected to be in the range of $3.65 to $3.70, while the Zacks Consensus Estimate for fiscal 2026 earnings is $3.94 [6] Third Quarter Projections - For the third quarter of fiscal 2026, revenues are projected to be between $2.941 billion and $2.945 billion, indicating year-over-year growth of 28% to 29% [7] - Remaining Performance Obligations are expected to be between $17.85 billion and $17.95 billion, with Next-Gen Security ARR forecasted between $7.94 billion and $7.96 billion, suggesting 56% growth [7]

Performance was driven by a deliberate 'flywheel' motion where customers landing in SASE or Cortex expand into integrated platform architectures to reduce fragmented defense risks. Management attributes the record 110 net new platformizations to a market shift where enterprises are moving beyond AI experimentation toward embedding foundational models into real workflows. The strategy focuses on 'critical control points'—network, endpoint, cloud, browser, and identity—arguing that fragmented security i ...

Financial Data and Key Metrics Changes - The company reported a strong Q2 with revenue growth of 15%, totaling $2.59 billion, and Next-Generation Security (NGS) ARR increased by 33% to $6.33 billion, with organic growth of 28% year-over-year [5][31][32] - The operating margin was 30.3%, marking the third consecutive quarter of 30%+ operating margins, reflecting a 190 basis point expansion year-over-year [37] - Diluted non-GAAP EPS reached $1.03, exceeding guidance, and adjusted free cash flow was $502 million, with a trailing 12-month adjusted free cash flow margin of 37.9% [37][38] Business Line Data and Key Metrics Changes - The SASE business surpassed $1.5 billion ARR, growing approximately 40% year-on-year, solidifying its position as the fastest-growing SASE provider [14] - Software Firewall ARR grew approximately 25%, driven by the need to secure dynamic multi-cloud environments [16] - XSIAM surpassed the $500 million ARR milestone, with over 600 customers, achieving mean time remediation of less than 10 minutes for over 60% of deployed customers [17] Market Data and Key Metrics Changes - The Americas region grew by 14%, EMEA by 17%, and JAPAC by 17%, indicating broad-based strength across all major markets [33] - The company reported a net retention rate of 119% among platformized customers, with low single-digit churn [9] Company Strategy and Development Direction - The company is focused on a platformization strategy, integrating various security solutions to address the evolving cybersecurity landscape, particularly with the rise of AI [5][6][10] - Recent acquisitions of CyberArk and Chronosphere are seen as pivotal for enhancing identity security and observability capabilities, with plans for rapid integration and innovation [25][24] - The company aims to become the largest identity security player, addressing the growing needs of identity to secure AI agents [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for cybersecurity solutions, particularly as enterprises begin to integrate AI into their workflows [6][50] - The shift towards AI is viewed as an opportunity for increased security adoption, with a focus on platformization and data harmonization [50] - The company anticipates continued growth in NGS ARR, projecting a range of $8.52 billion to $8.62 billion for the fiscal year 2026, reflecting a 53%-54% increase [43] Other Important Information - The company is preparing for the post-quantum era, addressing emerging threats and ensuring customers are equipped for future challenges [16] - The integration of Koi is expected to enhance endpoint security capabilities, particularly in relation to autonomous AI agents [22][23] Q&A Session Summary Question: Comparison of AI shift to cloud computing and M&A strategy - Management compared the current AI shift to the previous cloud transition, emphasizing the need for platformization and consolidation in security solutions [47][49] Question: Concerns about LLMs replacing SIEM tools - Management views LLMs as complementary to security capabilities, enhancing data classification and threat detection, but not a replacement for comprehensive security solutions [53][55] Question: Joint pipeline opportunities with CyberArk - Management highlighted the collaboration between CyberArk and Palo Alto Networks teams to pursue joint opportunities, with a focus on integrating capabilities and building a unified go-to-market strategy [60][62] Question: Strength in SASE business - Management noted that the acceleration in the SASE business is driven by customers seeking comprehensive solutions to address hybrid work environments and security needs [69][72] Question: Impact of AI adoption on network traffic - Management indicated that while AI adoption is increasing, it is still early to assess its full impact on network traffic, but expects growth as enterprises continue to adopt AI solutions [75][76]

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 ...

Q2 Fiscal Year 2026 Earnings Call February 17, 2026 © 2026 Palo Alto Networks, Inc. All rights reserved. Proprietary and confidential information. © 2026 Palo Alto Networks, Inc. All rights reserved. Safe Harbor This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical or current facts, including, without limitation, statements regarding the cybersecurity threat lands ...

Core Insights - Palo Alto Networks, Inc. (PANW) is set to report its second-quarter fiscal 2026 results on February 17, projecting revenues between $2.57 billion and $2.59 billion, indicating a year-over-year increase of 14-15% [1][8] - The consensus estimate for PANW's fiscal second-quarter non-GAAP earnings remains at 93 cents per share, reflecting a 14.8% increase from the previous year [2] Revenue and Earnings Estimates - The Zacks Consensus Estimate for fiscal second-quarter revenues is pegged at $2.58 billion, suggesting a growth of 14.3% from the year-ago figure [1] - Earnings estimates for the current quarter have remained stable at 93 cents per share over the past 30 days [2][3] Performance Trends - Palo Alto Networks has consistently beaten the Zacks Consensus Estimate in the last four quarters, with an average surprise of 5.1% [3] - The company’s Next-Generation Security (NGS) Annual Recurring Revenues (ARR) grew by 29% year-over-year to $5.85 billion in the first quarter of fiscal 2026, driven by its platformization strategy [7] Market Dynamics - The company is experiencing a slowdown in sales growth, with revenue growth expected to remain in the mid-teen percentage range for fiscal 2026, down from mid-20s in fiscal 2023 [18][19] - NGS ARR growth has decelerated for six consecutive quarters, with expectations for fiscal 2026 indicating growth of 26-27%, a decline from 32% in fiscal 2025 [20] Strategic Factors - Palo Alto Networks' platformization strategy is enabling larger customers to adopt its full security platform, contributing to faster growth and larger deals [6][7] - Significant deals, such as an $85 million XSIAM deal with a U.S. telecom company and a $33 million SASE deal with a U.S. federal agency, highlight the trend of enterprises consolidating security budgets [9] Valuation and Stock Performance - PANW shares have declined by 19.6% over the past year, underperforming the Zacks Computer and Technology sector, which grew by 21.5% [12] - The company's forward 12-month price-to-sales (P/S) ratio is 10.22X, significantly higher than the sector's average of 6.51X [16][23]

智通财经APP获悉，思科(CSCO.US)周四成为市场关注焦点。尽管这家网络设备巨头公布的业绩与指引 被部分华尔街人士评价为"稳健"，内存成本大幅上行引发投资者对毛利率的担忧，思科股价盘初跌超 10%。 美国银行分析师Tal Liani指出，思科第四财季的市场预期"偏保守"。公司给出的第三财季收入指引同比 增长9.5%，明显高于市场预期的7.3%。不过，他同时表示，更强劲的硬件增长、更高的云业务占比， 以及内存价格同比暴涨约400%，正在侵蚀公司毛利率。 Liani在报告中称，产品提价有望对冲部分成本压力。近期园区交换机与计算相关产品价格已上调约 3%，在年初至今内存价格持续走高的背景下，进一步提价的可能性仍然存在。管理层预计，毛利率压 力在短期内仍将持续，但通过运营效率提升，或可抵消影响，从而维持运营利润率的稳定。Liani维持 对思科的"买入"评级和95美元目标价，并认为公司正同时受益于强劲的硬件周期和网络升级周期。 他补充称，思科在园区网络更新周期中处于有利位置，服务器、Wi-Fi以及工业物联网解决方案有望带 来额外增长。安全业务预计全年仍将偏弱，但SASE、XDR以及升级后的防火墙等新产品需求健康，当 ...