The company also issued upbeat guidance for the fiscal first quarter. Earnings per share will be between 88 cents and 90 cents, topping an 85-cents estimate.

For the full year, Palo Alto said revenue will range from $10.48 billion to $10.53 billion on adjusted earnings of $3.75 to $3.85 per share. Both estimates exceeded Wall Street’s projections. Meanwhile for the fiscal first quarter, backlog will range between $15.4 billion and $15.5 billion, surpassing a $15.07 billion estimate.

In terms of the acquisition, Palo Alto Networks announced plans to buy identity security provider CyberArk for $25 billion in July. It’s the largest deal Palo Alto has made since its founding, and most ambitious in an acquiring spree that ramped up after CEO Nikesh Arora took the helm of the company in 2018, when the cybersecurity company was valued at about $19 billion and was taking on large networking vendors like Cisco and Juniper.

Seven years later, Palo Alto’s market cap has expanded by sixfold, driven in part by an acquisition spree that’s seen Arora led the company to implement more than 20 deals in an effort to create a one-stop shop for all things cybersecurity.

Most of Arora’s acquisitions over the years have been of smaller startups. That includes a $400 million deal to buy Dig Security and the $625 million purchase of Talon Cyber Security in 2023. Last month, the company closed its takeover of Seattle-based startup Protect AI for an undisclosed amount. These acquisitions help Palo Alto penetrate the cloud security space as more businesses were moving their workloads to Amazon Web Services, Microsoft Azure and Google’s cloud.

Not only does CyberArk represent Palo Alto’s heftiest deal in the 20 years since its founding, but it’s the second-biggest U.S. tech acquisition announced in 2025.

With CyberArk, Palo Alto is making a big splash in the identity management market, taking on the likes of Okta as well as Microsoft and IBM’s HashiCorp. It also puts Palo Alto into further competition with CrowdStrike, the other pure-play security company that’s topped $100 billion in market cap.

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