Palo Alto Networks Inc

PANW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Palo Alto Earnings: We See Continued Traction on Platformization and View Shares as Undervalued

Malik Ahmed Khan

Feb 18, 2026

Palo Alto reported strong second-quarter results, with the firm's sales growing 15% year over year to $2.6 billion and its adjusted operating margins expanding 190 basis points to at 30%. The firm's next-generation annual recurring revenue grew 33%, with 4 points of inorganic growth.

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Palo Alto Networks Inc

Palo Alto Earnings: We See Continued Traction on Platformization and View Shares as Undervalued

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