Palo Alto Networks filed its 2026 Proxy Statement, including a letter from Chair and CEO Nikesh Arora summarizing fiscal 2026 financial results, executive compensation changes, and corporate governance proposals ahead of the December 8, 2026 Annual Meeting of Shareholders.

Key Highlights

  • Total revenue: The company reported total revenue of $11.48 billion for fiscal 2026, representing 24% growth from the prior year, according to the filing.
  • NGS ARR growth: Next-generation security annualized recurring revenue reached $9.10 billion, a 63% increase year-over-year, with nearly $1 billion of net new NGS ARR added in the fourth quarter alone.
  • RPO milestone: Remaining performance obligations surpassed $20 billion for the first time, ending the year at $21.2 billion, a 34% increase year-over-year.
  • Acquisitions completed: The company completed acquisitions of CyberArk (rebranded as Idira) and Chronosphere, described as the two largest acquisitions in the company's history.
  • Executive compensation: 100% of named executive officers' equity compensation awards were performance-based; approximately 98% of the CEO's total compensation and an average of approximately 96% of other current executive officers' total compensation was described as performance-based and at risk.
  • Shareholder engagement: The company held discussions with shareholders representing approximately 63% of outstanding shares and offered discussions to shareholders representing approximately 69% of outstanding shares, in each case as of June 30, 2026.
  • Annual meeting: The 2026 Annual Meeting of Shareholders is scheduled for December 8, 2026 at 11:00 A.M., Pacific Time, as a virtual meeting.

Palo Alto Networks Fiscal 2026 Results and Governance Changes Outlined in Proxy

According to the 2026 Proxy Statement filed by Palo Alto Networks (NASDAQ:PANW), Chair and CEO Nikesh Arora characterized fiscal 2026 as "a pivotal inflection point" in the company's transformation, citing platformization as the company's core strategic direction. The filing states that total revenue reached $11.48 billion, growing 24% from the prior year, while next-generation security annualized recurring revenue grew 63% year-over-year to $9.10 billion. Remaining performance obligations ended the year at $21.2 billion, surpassing $20 billion for the first time.

The filing describes the completion of two acquisitions the company characterizes as the largest in its history: CyberArk, which has been rebranded as Idira and is described as establishing Identity Security as a core pillar of the company's platformization strategy, and Chronosphere, which the filing states expanded the portfolio to include next-generation observability. The company also disclosed the acquisition of Koi to address what it describes as a new category it has defined, called Agentic Endpoint Security. The filing states the company delivered adjusted free cash flow margin at 38% or better for a fourth consecutive year and expanded its non-GAAP operating margin while absorbing a partial year of the CyberArk acquisition.

On corporate governance, the filing discloses that the Board developed a proposal giving shareholders an annual advisory vote on the continued service of every director not up for election at the annual meeting, while preserving the classified board structure. This was described as a response to a shareholder proposal on Board declassification from the prior year. On executive compensation, the Proxy notes that the Compensation and People Committee made changes to the equity compensation program following feedback from the prior year's "Say-on-Pay" vote results. The filing also states the company remains on track toward a long-term goal of more than 4,000 platformizations and $20 billion in NGS ARR by fiscal 2030.

What Was Disclosed

The 2026 Proxy Statement disclosed fiscal 2026 financial highlights, completion of the CyberArk and Chronosphere acquisitions, executive compensation structure details, shareholder engagement activity, a new board advisory vote proposal, and the date and format of the 2026 Annual Meeting.