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One of the world's largest cybersecurity firms builds platforms for network security, security operations, and threat intelligence. Its products include Prisma Access for connecting remote workers and the Cortex suite for detecting threats. Founded in 2005 by Nir Zuk, the company took its name from the Silicon Valley city of Palo Alto, though it's headquartered in nearby Santa Clara. Zuk reportedly launched the firm after leaving Check Point, aiming to outdate its firewalls.
Palo Alto Networks adopts executive change in control and severance policy
On August 20, 2026, the Board approved an Executive Change in Control and Severance Policy for SVP-and-above employees who sign participation agreements.
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Named participants include CEO Nikesh Arora, CFO Dipak Golechha, President William 'BJ' Jenkins, and Chief Product and Technology Officer Lee Klarich.
Outside a change in control period, executives get 100% salary severance, 12 months of COBRA premium, and 12 months of time-based equity vesting acceleration.
During a change in control period, the CEO gets 200% salary and cash incentive severance plus 24 months of health benefits; other executives get 150% and 18 months.
The Board also adopted amended and restated bylaws, effective immediately, with updates on stockholder meetings, proxy authorizations, and indemnification.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 9.01 Financial Statements and Exhibits
Palo Alto Networks Q3 FY2026 revenue up 31% to $3.0B; NGS ARR up 60% to $8.1B
Total revenue for fiscal Q3 2026 (ended April 30, 2026) grew 31% year over year to $3.0 billion, including $388 million from CyberArk and Chronosphere.
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Next-Generation Security ARR grew 60% year over year to $8.1 billion, including $1.6 billion from CyberArk and Chronosphere.
GAAP operating loss was $183 million, compared with GAAP operating income of $219 million in the prior-year quarter; non-GAAP operating income was $814 million, up from $627 million.
GAAP net loss was $177 million, or ($0.22) per diluted share, versus GAAP net income of $262 million, or $0.37 per diluted share, a year ago; non-GAAP net income was $684 million, or $0.85 per diluted share, up from $561 million, or $0.80 per diluted share.
For fiscal Q4 2026, the company expects total revenue of $3.345–$3.355 billion (32% growth) and diluted non-GAAP EPS of $0.96–$0.98; for fiscal year 2026, it expects revenue of $11.415–$11.425 billion (24% growth) and non-GAAP EPS of $3.77–$3.79.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Palo Alto Networks extends Santa Clara headquarters leases by 12 years to 2040
On April 8, 2026, Palo Alto Networks entered into three lease amendments covering Buildings E, F, G, and H at its Tannery Way campus in Santa Clara, California.
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The lease terms are extended for 12 years, from August 1, 2028 to July 31, 2040, with two optional six-year renewal periods.
Base rent will be abated for the first 12 months of the extended term, then set at $3.825 per rentable square foot per month with 2% annual increases.
The landlord will provide a tenant improvement allowance of up to $72.50 per rentable square foot for construction improvements.
The amendments were made with Santa Clara Phase III EFH, LLC (Buildings E, F, H) and Santa Clara Phase III G, LLC (Building G).
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
CyberArk elects Combination Settlement for its 0.00% Convertible Senior Notes due 2030, effective March 23, 2026.
The Specified Dollar Amount is $1,000 per $1,000 principal amount of Notes for any conversion occurring on or after March 23, 2026.
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On March 23, 2026, CyberArk Software Ltd. notified holders, the trustee, and the conversion agent that the Default Settlement Method for its 0.00% Convertible Senior Notes due 2030 will be Combination Settlement.
All conversions with a Conversion Date on or after March 23, 2026 will be settled by Combination Settlement until CyberArk modifies the Settlement Method under the Indenture.
The Indenture is the Base Indenture dated June 10, 2025, as supplemented by the First Supplemental Indenture dated February 11, 2026, among CyberArk, U.S. Bank Trust Company, National Association (trustee), and Palo Alto Networks, Inc.
The trustee also serves as paying agent and conversion agent under the Indenture.
The prior authorization had $0.0 million remaining as of March 6, 2026; it was originally approved in February 2019 and extended multiple times through November 2025.
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On March 10, 2026, the Board of Directors approved repurchasing up to an additional $1.0 billion of common stock, increasing the existing $4.1 billion authorization.
The company repurchased $1.0 billion of stock on the open market between February 20 and February 24, 2026, totaling about 6.8 million shares at an average price of $147.69 per share.
The repurchase authorization expires on December 31, 2026, and may be suspended or discontinued at any time without prior notice.
Approximately 811 million shares of common stock were outstanding as of March 6, 2026.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Palo Alto Networks Q2 FY2026 revenue up 15% to $2.6B, NGS ARR up 33% to $6.3B
Fiscal Q2 2026 (ended Jan 31, 2026) total revenue was $2.6 billion, up 15% year over year from $2.3 billion.
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GAAP net income was $432 million ($0.61 per diluted share), up from $267 million ($0.38 per diluted share) in Q2 FY2025.
Non-GAAP net income was $732 million ($1.03 per diluted share), up from $566 million ($0.81 per diluted share) in Q2 FY2025.
Next-Generation Security ARR grew 33% year over year to $6.3 billion; remaining performance obligation grew 23% to $16.0 billion.
For fiscal Q3 2026, the company expects total revenue of $2.941–$2.945 billion and non-GAAP EPS of $0.78–$0.80; for fiscal year 2026, revenue of $11.28–$11.31 billion and non-GAAP EPS of $3.65–$3.70.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
CyberArk shareholders receive $45.00 in cash and 2.2005 Palo Alto Networks shares per CyberArk ordinary share.
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Palo Alto Networks completed its acquisition of CyberArk on February 11, 2026, with CyberArk becoming a wholly owned subsidiary.
CyberArk's 0.00% Convertible Senior Notes due 2030 are now exchangeable into Palo Alto Networks common stock and cash, with Palo Alto Networks guaranteeing the obligations.
Palo Alto Networks announced intent to pursue a secondary listing on the Tel Aviv Stock Exchange under the ticker 'CYBR'.
The acquisition aims to secure human, machine, and agentic identities, with CyberArk's platform continuing as a standalone offering.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Palo Alto Networks completes acquisition of observability firm Chronosphere
On January 29, 2026, Palo Alto Networks completed its acquisition of Chronosphere, Inc. via a merger, making Chronosphere a wholly owned subsidiary.
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Chronosphere's co-founder and CEO Martin Mao will join Palo Alto Networks as SVP, GM Observability.
The acquisition aims to unify observability and security for AI-driven operations, integrating Chronosphere's platform with Palo Alto Networks' Cortex AgentiX and Cortex XSIAM.
Chronosphere's Telemetry Pipeline will remain available as a standalone solution, with claims of reducing data volumes by 30% or more and requiring 20x less infrastructure.
The deal was disclosed under Item 7.01 Regulation FD, with a press release furnished as Exhibit 99.1.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits