EARNINGS & CATALYSTS · November 11, 2026
Palo Alto Networks earnings preview: can recurring sales support its outlook? — November 18, 2026
Palo Alto Networks reports after the November 18 close. Watch recurring security sales, acquisition integration and whether management supports its fiscal 2027 outlook.
| Company | Report date | Window | EPS estimate | Revenue estimate |
|---|---|---|---|---|
| Palo Alto Networks, Inc. (PANW) | November 18, 2026Issuer confirmed | After close | 0.97 | 3.31B |
1) When are the results, and what is the benchmark?
The company confirmed November 18, 2026 after close for fiscal first-quarter 2027 results, covering the quarter ended October 31. On September 1, management forecast revenue of $3.300–$3.310 billion and adjusted EPS of $0.96–$0.98. EPS means profit per share; adjusted EPS excludes certain expenses. These are company forecasts, not reported results or a current analyst consensus.
2) What do the last two quarters show?
Fiscal fourth-quarter revenue was $3.410 billion and adjusted EPS was $1.02, versus the September 1 analyst benchmarks of $3.35 billion and $0.98. Fiscal third-quarter revenue was $3.002 billion and adjusted EPS was $0.85, versus June 2 benchmarks of $2.94 billion and $0.79. Both quarters showed losses under standard accounting rules. Compare the profit measures carefully when judging valuation.
3) What does the share price tell us?
PANW closed at $326.36 on November 10. Recent lows near $312–$315 and highs around $331–$339 provide reference areas, not guaranteed support or resistance. The shares fell 5.6% from the June 2 close to June 3 and 9.3% from the September 1 close to September 2, despite earnings beats. Those completed-session reactions illustrate how expectations can matter as much as headline results.
4) How the business makes money
Subscriptions and support generated about 80% of fiscal 2026 revenue. Renewals and customers adding more services help determine how durable that revenue is. Products provide the remaining share, while the wider platform covers network, cloud, security operations and identity protection.
5) What to watch
Look for growth in recurring security contracts and evidence that acquired businesses are integrating well. CyberArk and Chronosphere contributed $388 million of fiscal third-quarter revenue, so total sales growth should not be read as entirely organic. The annual outlook and cash generation will help investors judge the quality of expansion.
6) Recently reported peers
Fortinet reported October 28 revenue of $2.078 billion and adjusted EPS of $0.91, ahead of $2.06 billion and $0.86 forecasts. It issued fourth-quarter sales guidance of $2.155–$2.245 billion. Its stock fell 20.1% from the October 28 close to October 29. Fortinet is a useful network-security comparison, but its hardware and services mix differs from Palo Alto Networks.
7) Risks into the report
Acquisition integration can raise costs and distract management. Competition and customer budget scrutiny can slow new commitments. A high valuation leaves the stock sensitive to weaker guidance, while adjusted profit excludes expenses that still matter to shareholders.
8) Insider activity over the past three months
$0 bought and $40.75M sold in reported trades. 0% buy / 100% sell by value. 0 insiders bought only, 6 sold only, and 0 did both.
