Dipak Golechha
CFO at Palo Alto Networks
The Q1 twenty six and fiscal year twenty six guidance I will provide is for Palo Alto on a standalone basis and does not include any anticipated impacts on the proposed acquisition of CyberArk announced on 07/30/2025. For the fiscal year twenty twenty six, we expect NGS ARR to be in the range of $7 to $7,100,000,000 an increase of 26% to 27% remaining performance obligation of 18,600,000,000.0 to $18,700,000,000 an increase of 17% to 18% revenue to be in the range of $10,475,000,000 to $10,525,000,000 an increase of 14% operating margins to be in the range of 29.2% to 29.7% diluted non GAAP EPS to be in the range of $3.75 to $3.85, an increase of 12% to 15%, and adjusted free cash flow margin in the range of 38% to 39%. For the 2026, we expect NGS to be in the range of 5,820,000,000.00 to $5,840,000,000 an increase of 29% remaining performance obligation of $15,400,000,000 to $15,500,000,000 an increase of 23% revenue to be in the range of $2,450,000,000 to $2,470,000,000 an increase of 15% and diluted non GAAP EPS to be in the range of $0.88 to $0.9 an increase of 13% to 15%. We've included our modeling points in the presentation for your review, but I would like to highlight two areas.