Palo Alto Networks' core security platform spans next-gen firewalls (Strata), cloud security (Prisma Cloud/SASE), and endpoint/XDR (Cortex). The platformization strategy offers free product trials to consolidate customers onto a single vendor. Q2 FY26 ARR ~$4.8B, growing 33%. Revenue ~$2.3B/quarter. 1,550+ platformization customers. RPO $15.8B (+23% YoY). FCF margin ~37%. The key debate: does platformization create a multi-decade moat (like Microsoft), or does 43% of organizations planning to expand vendor count limit consolidation?
Q2 FY26 ARR approximately $4.8B, growing 33% YoY, with 1,550+ platformization customers