Quarterly guidance

Billings
$2.775 billion to $2.925 billion
Revenue
$2.155 billion to $2.245 billion
Non-GAAP gross margin
78% to 80%
Non-GAAP operating margin
34.5% to 37.5%
Non-GAAP EPS
$0.93 to $0.95

Annual guidance

Billings
$9.568 billion to $9.718 billion
Revenue
$8.125 billion to $8.215 billion
Service revenue
$5.15 billion to $5.17 billion
Non-GAAP gross margin
79.7% to 80.3%
Non-GAAP operating margin
36.5% to 37.5%
Non-GAAP EPS
$3.54 to $3.58

Outlook

Demand
Demand remains very strong with no signs of slowdown; AI security concerns are driving investment.
Supply Chain
Lead times for components are getting longer; inventory levels are normalizing.
Pricing
Price increases have stabilized compared to the first half of the year.
Services
Expect improved growth rates in 2027 compared to 2026.
Market Share
Confident in growing faster than the overall addressable market.
OT Security
Manufacturing and critical infrastructure sectors are driving sustained demand.