| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | September 1, 2026 | 4/12 | 1 high, 1 medium, 1 low flags | 0 | 0 | Call sheet → |
| Q3'26 | June 2, 2026 | 11/12 | 3 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q2'26 | February 17, 2026 | 9/12 | 3 medium, 3 low flags | 4 | 0 | Call sheet → |
| Q1'26 | November 19, 2025 | 10/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Q4'25 | August 18, 2025 | 8/12 | 1 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q3'25 | May 20, 2025 | 9/12 | 1 high, 2 medium, 4 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Delivered | Integration of Chronosphere and CyberArk without breaking momentum Both businesses exceeding expectations in first quarter post-close |
| Q3'26 | Pending | 40% FCF margin by fiscal 2028 On track with 38.5% TTM margin, reinforced commitment |
| Q3'26 | Exceeded | Prisma AIRS rapid scaling with over 100 customers Tripled to 300+ customers, now targeting $100M ARR |
| Q3'26 | Exceeded | XSIAM surpassing $0.5 billion ARR milestone Reached $600M+ ARR with 100% YoY growth |
| Q3'26 | Exceeded | Early progress on M&A integration plans Running 3-6 months ahead on profitability convergence timeline |
| Q3'26 | Delivered | CyberArk delivering record numbers in most recent quarter CyberArk exceeded internal benchmarks in first quarter post-close |
| Q2'26 | Delivered | Ground running execution on CyberArk integration from day one Teams already collaborating on joint opportunities per management examples |
| Q2'26 | Delivered | XSIAM customers achieving sub-10 minute remediation outcomes Confirmed over 60% of deployed customers hitting this metric |
| Q2'26 | Pending | $20B NGS ARR by FY30 raised from $15B target Raised target but heavily dependent on acquisition integration success |
| Q2'26 | Pending | Software firewalls as hidden gem and next billion-dollar opportunity Disclosed 25% growth but deceleration raises questions about billion-dollar timeline |
| Q2'26 | Delivered | Maintain 37%+ free cash flow margin for FY26 inclusive of acquisitions Q2 generated $502M, on track for annual target |
| Q2'26 | Pending | 40% free cash flow margin by FY28 inclusive of both acquisitions Reiterated target - will be key test of execution capability |
| Q2'26 | Delivered | CyberArk integration planning proceeding exceptionally well Successfully closed acquisition and provided specific employee role assignments within 48 hours |
| Q2'26 | Pending | Chronosphere to remain largely standalone enabling balanced integration timelines Now talking active integration plans - stance may be shifting toward more hands-on approach |
| Q1'26 | Delivered | CyberArk close in second half of fiscal '26 Tightened to Q3, showing progress on regulatory approval |
| Q1'26 | Exceeded | Operating margins of 29.5% to 30% Delivered 30.2%, above high end of range |
| Q1'26 | Delivered | NGS ARR growth of 29% for Q1 Delivered exactly at high end of guided range |
| Q1'26 | Exceeded | Product revenue growth in low teens for FY '26 Q1 delivered 23% growth, well above low teens guidance |
| Q1'26 | Delivered | Second half and Q4 weighted revenue seasonality Specifically called out this expectation continues |
| Q1'26 | Pending | 40%+ free cash flow margins by FY '28 Reaffirmed and expanded to include both major acquisitions |
| Q1'26 | Exceeded | $15 billion NGS ARR by FY '30 on stand-alone basis Raised target to $20B including acquisitions, suggests confidence in organic trajectory |
| Q4'25 | Delivered | XSIAM to continue rapid customer growth Went from ~270 to ~400 customers, 48% sequential growth |
| Q4'25 | Delivered | Strong Q4 pipeline driving year-end performance RPO grew 24% vs 19% in Q3, highest in 7 quarters |
| Q4'25 | Delivered | Q4 would be 'first north of $4 billion quarter' in bookings Nikesh confirmed 'nearly $5 billion bookings' in Q4 |
| Q4'25 | Exceeded | Fiscal '25 operating margins 28.2-28.5% Delivered 28.8%, above high end of range |
| Q4'25 | Delivered | Fiscal '25 revenue $9.17-9.19B Likely hit range based on Q4 performance above guidance |
| Q4'25 | Delivered | Fiscal '25 NGS ARR $5.52-5.57B (31-32% growth) Hit $5.58B at 32% growth, top of range |
| Q3'25 | Pending | More Q4-weighted cash flow due to deferred payments Confirmed expectation but Q4 results still pending |
| Q3'25 | Pending | 2,500 to 3,500 platformizations by FY30 At 1,250 total, need to accelerate to ~500 new per year to hit target |
| Q3'25 | Delivered | Stable appliance demand through FY25 Confirmed stable appliance demand, grew mid-single digits |
| Q3'25 | Delivered | NGS ARR growth of 31-32% for FY25 Maintained guidance at $5.52-5.57B range, on track |
| Q3'25 | Delivered | Double-digit product revenue growth in H2 Q3 product revenue grew 16% vs 8% in Q2, clearly in double-digit range |
| Q3'25 | Exceeded | Operating margin expansion with targets of 28-28.5% Raised guidance from 28-28.5% range, showing continued leverage |
| Q3'25 | Delivered | Adjusted FCF margin of 37-38% for FY25 Maintained guidance at 37.5-38% range with strong Q3 performance of $578M |
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