Palo Alto Networks shares fall about 8% despite 34% revenue growth

Palo Alto Networks shares fell in the session after the September 1 report, even though revenue beat the roughly $3.35 billion consensus. Next-Generation Security ARR of $9.10 billion was seen as slightly short of what Raymond James said was needed for an accelerating beat, and the stock had risen sharply into the print. Reports put the decline at about 8%, with the stock near $332 intraday on September 2.

• Reported decline of about 8% on September 2, intraday near $332.30
• Q4 revenue $3.41 billion vs roughly $3.35 billion consensus
• Raymond James kept a Market Perform rating and said ARR was modestly below buy-side expectations
• The shares had run up sharply in 2026 before the print