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Financial research concept

Cybersecurity Platform NGS ARR Growth

measures growth in Palo Alto Networks' issuer-defined next-generation security annualized recurring revenue.

By Lee BaileyPublished Oct 1, 2026
Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date
Oct 1, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
10 connected conceptsPart of the reviewed Cybersecurity Platform Economics; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. Growth can reflect both organic selling and acquired offerings
  2. ARR growth and revenue growth answer different questions
  3. Part of the Cybersecurity Platform Economics
  4. See It in Company Research
  5. Continue Research

Cybersecurity platform NGS ARR growth measures year-over-year growth in Palo Alto Networks' issuer-defined next-generation security annualized recurring revenue.

The company reported 63% year-over-year NGS ARR growth at the end of fiscal Q4 2026.

Growth can reflect both organic selling and acquired offerings

The eligible NGS portfolio can expand as Palo Alto Networks introduces or acquires additional next-generation products, subscriptions, and support offerings.

That means the growth rate should not automatically be read as same-product organic growth.

ARR growth and revenue growth answer different questions

NGS ARR is a run-rate operating metric, while GAAP revenue follows revenue-recognition rules over the relevant contract periods.

Compare it with NGS ARR and subscription revenue growth.

Primary source: Palo Alto Networks fiscal Q4 2026 earnings release.

Part of the Cybersecurity Platform Economics

Connects next-generation recurring contract scale, contracted backlog, product and recurring revenue mix, gross-margin conversion, and adjusted cash generation across a cybersecurity platform.

Browse the full operating model in Company Analysis →
Where this concept fits
  • Recurring contract scale and backlogCurrent relationship
    NGS ARR and its growth rate capture the issuer-defined recurring run rate, while RPO growth captures contracted revenue obligations under a different accounting perimeter.
    NGS ARRNGS ARR GrowthCurrent conceptRPO Growth
  • Product and recurring revenue mix
    Product, subscription, and support growth show how recognized revenue is distributed across hardware/software licenses and recurring service streams, while subscription and support revenue mix shows the weight of recurring revenue in the platform model.
    Product Revenue GrowthSubscription Revenue GrowthSubscription & Support MixSupport Revenue Growth
  • Gross profit and cash conversion
    Product and subscription/support gross margins show cost conversion across different delivery models, while adjusted free cash flow margin measures issuer-defined cash generation after specified adjustments.
    Adjusted FCF MarginProduct Gross MarginSubscription & Support Gross Margin

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

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Compare cybersecurity platform economics

Compare next-generation security recurring growth while preserving acquisition and eligible-offering perimeter effects.

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