Jun. 2 at 4:51 AM
Earnings tonight (June 2 after close). 8% options-implied move.
The expectations:
Revenue
$2.94B (+28-29% YoY)
Non-GAAP EPS
$0.79-0.80
NGS ARR
$7.94-7.96B (+56% YoY)
RPO
$17.85-17.95B
The catalysts:
NATO partnership with
$MSFT + ESET (May 27)
CyberArk ~
$25B acquisition (identity platform)
Protect AI acquisition (AI workload security)
Portkey AI gateway acquisition
Cortex XSIAM, Prisma AIRS, Strata AI agents driving platformization
Jefferies + Wedbush PTs to
$300
CEO Nikesh Arora insider buying late March
White House federal AI cyber directive
The risks:
CVE-2026-0300 PAN-OS zero-day exploit ongoing
Stock overbought, +100% from YTD low
Zscaler showed memory/processor cost pressure
Competition from
$CRWD $ZS $FTNT
Plays:
$PANW direct, hedge with
$CRWD $ZS $FTNT for sector beta.