Hold PANW by Dec 24, 2026.

# PANW: AI May Make Cybersecurity More Essential, Not Less **Palo Alto Networks (PANW) trades around $390.** The company is increasingly moving beyond its firewall roots toward a broad enterprise security platform spanning Network & AI Security, Cortex, Cloud and Identity. FY2026 revenue reached **$11.48B, up 24.5%**, while Q4 revenue increased 34% to $3.41B. The most important operating metric was Next-Generation Security ARR, which reached **$9.1B, up 63% YoY**. Remaining performance obligations rose 34% to $21.2B, while FY2026 adjusted free-cash-flow …