TLDR
- PANW stock rose more than 3% on Monday ahead of Q4 FY26 earnings due after market close on September 1.
- Evercore reiterated a Buy rating with a $415 price target, expecting a “solid quarter” from Palo Alto.
- Wall Street expects Q4 revenue of $3.35 billion, up 32% year-over-year, which would be a new company record.
- EPS is forecast at $0.98, up 3.2% year-over-year; Palo Alto has beaten EPS estimates in six straight quarters.
- Wall Street holds a Strong Buy consensus on PANW with 37 Buys and 5 Holds, though the stock has fallen after four of its last five earnings reports.
Palo Alto Networks reports Q4 FY26 earnings after market close on Tuesday, September 1. The stock was trading at $381.65 on Monday, up about 2.7%, within its 52-week range of $139.57 to $398.87.
Palo Alto Networks, Inc., PANW
PANW is up roughly 109% year-to-date in 2026, putting it near all-time highs ahead of the print.
Wall Street expects Q4 revenue of $3.35 billion, up from $2.54 billion in the same quarter last year. That would set a new company record, topping the $3.00 billion reported in Q3.
Analysts are also forecasting EPS of $0.98, up from $0.95 a year ago. Palo Alto has beaten EPS estimates in six straight quarters and in eight of the last ten.
Evercore analyst Peter Levine reiterated his Buy rating with a $415 price target going into the report. He cited strengthening pipelines and continued platformization as key drivers.
Levine pointed to survey data showing a more constructive outlook than in prior quarters. Partner commentary suggested improving pipelines and continued revenue acceleration over the next 12 months.
Large-deal activity also picked up sequentially, driven by platformization trends and stronger demand for AI security. Levine sees upside to Q4 product revenue, supported by record Q3 hardware appliance backlog and April price hikes.
One number that stood out from channel checks: 67% of partners described AI-related cybersecurity concerns as urgent, up from just 26% in Q3 FY26.
Analyst Price Targets
Multiple analysts raised their price targets ahead of the print. Jefferies moved from $335 to $450, BMO Capital went from $335 to $415, JPMorgan lifted from $326 to $384, and Benchmark raised from $340 to $400. BTIG held at $380.
Wall Street’s overall consensus is Strong Buy, with 37 Buy ratings and 5 Holds. The average price target sits at $374.68.
What to Watch
Despite the bullish setup, there are a few things worth watching. Freedom Capital Markets strategist Jay Woods flagged that PANW has fallen after four of its last five earnings reports.
Woods also noted the stock failed to make new highs after CrowdStrike’s strong results last week, despite gapping up. RSI and MACD are showing bearish signals, which Woods says can appear at momentum peaks.
He flagged $390 as recent resistance and $330 as support. A strong report that still fails to close at new highs could signal a fade ahead.
CrowdStrike reported its best quarter in company history last week, raising the bar for cybersecurity names. PANW is the top holding in both the Amplify Cybersecurity ETF (HACK) at 6.3% and the First Trust Nasdaq Cybersecurity ETF (CIBR) at 9.2%.
Investors and analysts will be focused on a double beat, bookings growth, and fiscal year 2027 guidance.
Palo Alto raised full-year guidance after Q3 results, adding to the pressure on Tuesday’s numbers.
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