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PANW Q2 FY2026 Earnings: CyberArk Masks 2.7% Organic Growth Behind 28% Headline

Palo Alto Networks delivered $2.594 billion in Q2 FY2026 revenue (+15% Y/Y) and $1.03 non-GAAP EPS, beating consensus by 10%. But the stock dropped 5% on Q3 EPS guidance of $0.78–$0.80 versus the Street's $0.92. The 10-Q reveals why: stripping CyberArk's ~$280 million quarterly revenue contribution from Q3 guidance implies organic sequential growth of just 2.7%, while 73% headline incremental operating margins collapse to 16% when stock-based compensation timing is removed. With $6.45 billion in non-cancelable cloud commitments and four new CyberArk-related risk factors, the platformization thesis faces its first real integration test.

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11 min

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Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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