Palo Alto Networks reported revenue of $3,002 million for the quarter ended 30 April 2026, up 31.1%, beat every metric it had guided to and raised its full-year outlook across the board — and reported a GAAP operating loss of $183 million for the same three months. Both are the company’s own figures from the same presentation, and its non-GAAP operating income for that quarter was $814 million: 33.2 percentage points apart, with opposite signs. It had closed a $21.1 billion acquisition of CyberArk eleven weeks earlier and a $3.0 billion acquisition of Chronosphere thirteen days before that. Strip both out, on Palo Alto’s own reconciliation, and revenue grew 14.2%, next-generation security ARR grew 28% rather than 60%, and remaining performance obligation grew 22% rather than 36%. This is a full institutional-grade equity research report on Palo Alto Networks, Inc. (NASDAQ: PANW), built from SEC XBRL company facts, seven Forms 10-K, the April 2026 Form 10-Q and the Q3 fiscal 2026 investor presentation, earnings release and call transcript of 2 June 2026, into eight structured chapters and 65 rebuilt charts.
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