Palo Alto Networks (NASDAQ:PANW) delivered sound FY25 Q3 results, beating both revenue and earnings expectations. Margins came in slightly lighter—off by about a percentage point—but this was a minor miss in an otherwise solid quarter. The company’s platformization strategy continues to gain traction, with approximately 1,250 platform deals booked, tracking well against its 2030 target of 2,500–3,500. Growth in Next-Generation Security (NGS) remained robust, up 34% year-over-year. While the sequential growth rate in NGS moderated, it remains healthy—particularly in international markets and with SASE adoption.
The earnings event was well-executed, featuring live video during the Q&A and timely transcripts, which helped with transparency and engagement. However, the accompanying presentation lacked some of the data depth found in the prepared remarks, and more detailed metrics would have provided additional insight for investors.
For more details, key highlights, and commentary, check out the high-level earnings summary.
