| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | September 3, 2026 | 4/12 | 1 high, 3 medium, 2 low flags | 0 | 0 | Call sheet → |
| Q3'26 | May 26, 2026 | 5/12 | 2 high, 5 medium, 1 low flags | 3 | 2 | Call sheet → |
| Q2'26 | February 27, 2026 | 8/12 | 1 high, 2 medium, 3 low flags | 5 | 1 | Call sheet → |
| Q1'26 | November 25, 2025 | 10/12 | 2 medium, 4 low flags | 7 | 1 | Call sheet → |
| Q4'25 | 2025-09-02 | 3/12 | 1 high, 4 medium, 2 low flags | 4 | 1 | Call sheet → |
| Q3'25 | 2025-05-29 | 10/12 | 1 high, 4 medium, 1 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Missed | Would maintain mid-single digit CapEx as % of revenue Now guiding to high single digits in Q4, up 200 bps in FY27 |
| Q3'26 | Delivered | Zero Trust Branch would help drive new logos 45% of branch customers were new logos, validating the strategy |
| Q3'26 | Pending | AI Security would be a growth catalyst AI Protect at $100M bookings but Jay admits 'not factoring any meaningful impact for Q4' |
| Q3'26 | Missed | Red Canary integration would advance Agentic SecOps capabilities Elevated churn post-acquisition, integration clearly struggling |
| Q3'26 | Delivered | We'll deliver continued double-digit sales productivity growth Sixth straight quarter of productivity growth, though adding 'tough comps' qualifier |
| Q3'26 | Delivered | Z-Flex would drive meaningful upsell and shorter sales cycles Z-Flex TCV jumped 65% QoQ to $480M+, proving the model works |
| Q2'26 | Exceeded | Z-Flex program driving meaningful results $290M TCV vs $175M prior quarter, consistently exceeding expectations |
| Q2'26 | Delivered | Continued sales productivity improvements Double-digit sales productivity growth achieved |
| Q2'26 | Missed | Red Canary trending slightly better than guidance Now admits elevated churn, though raised financial guidance - mixed signal |
| Q2'26 | Delivered | Data Security Everywhere ARR acceleration Accelerated to approximately $450M as promised |
| Q2'26 | Exceeded | AI Security ARR target of $400M for FY '26 Hit target three quarters early, now targeting >$500M by year end |
| Q2'26 | Exceeded | Zero Trust Everywhere goal of 390 enterprises by FY '26 Hit 450+ customers three quarters early, now at 550+ - clear overdelivery |
| Q1'26 | Exceeded | Free cash flow margin 26-26.5% for FY25 Finished FY25 at 27%, Q1 spiked to 52% |
| Q1'26 | Delivered | Operating margin in long-term range with leverage 21.8% in range, though down sequentially from 22.1% |
| Q1'26 | Missed | Gross margin recovery to 80% in Q1 Only hit 79.9%, pushed recovery to Q2 guidance |
| Q1'26 | Delivered | Red Canary integration and go-to-market execution Kevin says trending slightly better than guidance, but downplayed materiality |
| Q1'26 | Exceeded | Z Flex to be meaningful growth driver in FY26 $175M TCV in Q1, 70% sequential growth, now 20% of bookings |
| Q1'26 | Delivered | Data Security Everywhere continued strong growth $450M ARR, up $25M from Q4's $425M |
| Q1'26 | Exceeded | Zero Trust Everywhere goal of 390 enterprises by end of FY26 Reached 450+ customers, achieved three quarters ahead of schedule |
| Q1'26 | Exceeded | AI security ARR to reach $400M in FY26 Hit target three quarters early, now tracking to $500M+ |
| Q4'25 | Missed | SecOps ARR growth acceleration with Red Canary SecOps growth decelerated from 120% to 85% YoY despite Red Canary |
| Q4'25 | Delivered | Red Canary to close in August 2025 Closed August 1 as promised with $83M ARR recognized |
| Q4'25 | Delivered | Data security everywhere to see strong growth Grew to $425M ARR, added $75M in Q4 alone |
| Q4'25 | Pending | Z Flex to be meaningful growth driver in fiscal 2026 Generated $100M TCV in Q4 but revenue impact still unclear |
| Q4'25 | Exceeded | Triple Zero Trust Everywhere customers from 130 to 390 by end of fiscal 2026 Hit 350+ customers by Q4 FY25, well ahead of schedule |
| Q4'25 | Delivered | Reach $3 billion or more in ARR by end of Q4 Hit $3B+ ARR milestone as promised |
| Q3'25 | Delivered | Data protection growing faster than overall ARR (Q2 2025) Confirmed continued outpacing though specific growth rate not disclosed |
| Q3'25 | Pending | Free cash flow margin of 24.5% to 25% for full year (Q2 2025) Q3 was 18%, need significant Q4 improvement to hit guidance |
| Q3'25 | Exceeded | Zero Trust Everywhere customers to triple from 130 to 390 by end FY26 (Q2 2025) Ahead of pace with 210+ customers vs expected linear progression |
| Q3'25 | Pending | Expect to achieve $3 billion or more in ARR by end of fiscal year (Q2 2025) At $2.9B ARR, need $100M+ growth in Q4 to hit target |
| Q3'25 | Delivered | Billings growth acceleration in second half with scheduled billings at 23% (Q2 2025) Total calculated billings grew 25% YoY vs 18% in Q2 |
| Q3'25 | Delivered | Sales productivity to continue improvement in second half (Q2 2025) Management confirmed increased sales productivity in Q3 results |
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