Firewalls and appliances

The next-generation firewall line is the company's original core product: hardware appliances and software firewalls that inspect traffic. The product revenue line reports these sales up front, separate from the subscriptions that run on them.

Why it matters to the stock. Firewall refresh cycles and the AI-driven demand for data-center security set the pace of product revenue. Management ties most future growth to the subscriptions attached to these devices.