Fiscal 2026 was strong by almost any measure:Revenue grew 25% to approximately $3.4 billion.
I increasingly see it as an AI-enablement platform whose security architecture may become essential infrastructure for enterprise AI adoption. If that thesis proves correct, today’s valuation may reflect the legacy business more than the opportunity that could emerge over the next several years.
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Outlook
1. Next Earnings Date
- Expected Date: Estimated between November 24, 2026 and December 1, 2026 (After Market Close).
- Reporting Period: First Quarter Fiscal 2027 (ended October 31, 2026).
2. Expected Revenue & Profit Growth
(Guidance reaffirmed by management at the October 6, 2026 Investor Day)
Q1 FY2027 (Upcoming Quarter)
- Expected Revenue: $935M – $939M
- YoY Revenue Growth: ~19%
- Expected Profitability (Non-GAAP):
- Operating Income: $215M – $217M (~25% to 26% YoY growth; 23% operating margin)
- Adjusted EPS: $1.15 – $1.16 per share (consensus ~$1.16, up ~20.8% YoY from $0.96)
Full Year Fiscal 2027 (FY27)
- Expected Total Revenue: $3.908B – $3.938B
- YoY Revenue Growth: 16.6% – 17.5% (a step down from 25.4% YoY growth achieved in FY2026)
- Annual Recurring Revenue (ARR): $4.396B – $4.426B (+16.6% to +17.4% YoY)
- Expected Profitability (Non-GAAP):
- Operating Income: $924M – $932M (~21% YoY growth)
- Adjusted EPS: $4.86 – $4.90 per share (above earlier consensus estimates of ~$4.60)
- Free Cash Flow Margin: Expected between 23.0% – 23.5%
