Quarterly guidance

NGS ARR
$9.54 billion to $9.56 billion
RPO
$20.8 billion to $20.9 billion
Revenue
$3.3 billion to $3.31 billion
Non-GAAP EPS
$0.96 to $0.98

Annual guidance

NGS ARR
$11.075 billion to $11.175 billion
RPO
$25.2 billion to $25.4 billion
Revenue
$14.1 billion to $14.2 billion
Non-GAAP EPS
$4.16 to $4.19
Operating Margin
29.5%
Adjusted Free Cash Flow Margin
38%

Outlook

AI Infrastructure
The global AI build-out is expected to drive trillions in capital expenditure, creating a permanent tailwind for cybersecurity.
Real-time Defense
There is a strategic imperative to modernize approximately $1 trillion of global cybersecurity debt, which requires unified platforms.
Agentic AI
The rise of autonomous agents will expand the network surface area, making governance and security guardrails essential.
Platformization
Management views platformization as the only viable strategy for real-time defense against AI-driven threats.
Hardware Costs
Rising commodity costs for memory and storage are expected to persist in the hardware business.
Acquisitions
Recent acquisitions of Console and Embrace are considered immaterial to the fiscal year 2027 guidance.