AI Security

Zscaler (NASDAQ: ZS) — Q4 FY2026 Post Earnings

by
Zscaler ZS q4 post earnings finance note

Operations

Q4 2026
Q4 Revenue ↑ 24.9% YoY $898.2M
Segments
Zscaler 100.0%

Key Earnings Driver

Z-Flex Zscaler revenue increased 24.9% year over year to $898.2M. Within Zscaler, Z-Flex TCV exceeded $770M in Q4, increasing more than 60% quarter over quarter, and exceeded $1.7B for FY2026. Management cited increasing contribution from non-seat-based solutions and continued Z-Flex momentum.

Key Operating Metrics¹

METRIC

STATUS

Zscaler↑ 24.9%

Z-Flex

🟢 Scaling

Key Financial Metrics

Gross Margin 77.00% +1 pp YoY
Backlog / Revenue 819.8% 8.19x Qtr Rev
CapEx Intensity 22.25% 0.22x Revenue

Sources: Zscaler Q4 FY2026 Earnings Release — Company Website, Zscaler Q4 FY2026 Shareholder Letter — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Palo Alto Networks (NASDAQ: PANW) — Q4 FY2026 Post Earnings

by
Palo Alto Networks panw q4 26 Post Earnings

Operations

Q4 2026
Q4 Revenue ↑ 34.5% YoY $3.41B
Segments
Network & AI Security 68.4%
Cortex 17.2%
Idira 9.8%
Other 4.6%

Key Earnings Driver

Cortex Network & AI Security revenue increased 17% year over year to $2.3B. Cortex revenue increased 25% to $586M. Idira revenue increased 21% pro forma to $336M. Other revenue increased 5% to $157M. Network & AI Security represented 68% of revenue and was the largest reported platform. Management attributed the quarter’s strength to Network & AI Security, Cortex, and Idira.

Key Operating Metrics¹

METRIC

STATUS

Network & AI Security↑ 17.0%

Cortex↑ 25.0%

🟢 Scaling

Key Financial Metrics

Gross Margin 74.80% -1 pp YoY
Backlog / Revenue 621.7% 6.21x Qtr Rev
CapEx Intensity 3.02% 0.03x Revenue

Sources: Palo Alto Networks Q4 FY2026 Earnings Release — Company Website, Palo Alto Networks Q4 FY2026 Earnings Presentation — Company Website, Palo Alto Networks Q4 FY2026 Supplemental Financial Information

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) — Q2 FY2027 Post Earnings

by

Operations

Q2 2027
Q2 Revenue ↑ 25.8% YoY $1.47B
Segments
Subscription 95.2%
Professional Services 4.8%

Key Earnings Driver

Falcon Platform Subscription revenue increased 27% year over year to $1.4B and Professional Services revenue increased 7% to $70.6M. Module adoption rates for Subscription customers using six or more Falcon modules reached 51%.

Key Operating Metrics¹

METRIC

STATUS

Subscription↑ 27.0%

Falcon Platform

🟢 Scaling

Key Financial Metrics

Gross Margin 75.00% +1 pp YoY
Backlog / Revenue 401.0% 4.01x Qtr Rev
CapEx Intensity 10.26% 0.10x Revenue

Sources: CrowdStrike Q2 FY2027 Financial Results — Company Website, CrowdStrike Q2 FY2027 Earnings Presentation — Company Website, CrowdStrike Q2 FY2027 Form 10-Q — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) — Q2 FY2027 Pre Earnings

by
Pre earnings note company quarterly analysis

Operations

Q1 2027
Q1 Revenue ↑ 25.6% YoY $1.39B
Segments
Subscription 95.3%
Professional Services 4.7%

Key Earnings Driver

Falcon Platform Subscription revenue increased 25.7% year over year to $1.32 billion. Subscription revenue growth was primarily driven by new customer additions and sales of additional sensors and modules to existing customers. 51% of CrowdStrike’s subscription customers were using six or more Falcon modules. Professional Services revenue increased 23.0% to $64.8M.

Key Operating Metrics¹

METRIC

STATUS

Subscription↑ 25.7%

Falcon Platform

🟢 Scaling

Key Financial Metrics

Gross Margin 75.00% +1 pp YoY
Backlog / Revenue 288.7% 2.88x Qtr Rev
CapEx Intensity 8.67% 0.08x Revenue

Sources: CrowdStrike Q1 FY2027 Form 10-Q — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.