Cybersecurity
Cybersecurity Platforms by Company
Platform Scale
Cisco Security revenue, Fortinet company revenue, Palo Alto NGS ARR, CrowdStrike ending ARR, Zscaler ARR. Different metrics, same question: who is large enough to consolidate.
Firewall product vs platform annual recurring revenue
Fortinet product revenue is still appliance economics. Palo Alto NGS ARR is the platformization print. Not like-for-like, on purpose.
Cisco Security Segment
FY2026 security $8.232B after Splunk. Q4 grew 14% on on-prem Splunk deals while the year grew 2%.
Platform Deals
Splunk is Cisco. CyberArk is Palo Alto. Wiz is Alphabet. Those three deals reset the map.
| Deal | Closed | Buyer | What it bought |
|---|---|---|---|
| Cisco / Splunk (~$28B) | Mar 2024 | Cisco | SIEM/observability; security segment step-up |
| PANW / CyberArk (~$25B) | 11 Feb 2026 | Palo Alto | PAM / identity pillar; $45 cash + 2.2005 PANW shares |
| Google / Wiz (~$32B) | 11 Mar 2026 | Alphabet | CNAPP. Not a roster row. |
Disclosed Operating Margin
GAAP and non-GAAP mixed. Fortinet still prints 31% GAAP. Do not rank this as a single league table.
| Company | Period | Measure | Margin / note |
|---|---|---|---|
| Fortinet | FY2025 | GAAP operating margin | 31% |
| Fortinet | FY2025 | Non-GAAP operating margin | 35% |
| Check Point | Q4 2025 | GAAP operating margin | 31% of revenues |
| Zscaler | Q4 FY2025 | Non-GAAP operating margin | 22.1% |
| CrowdStrike | Q4 FY2026 | GAAP | Positive GAAP net income in the quarter (first as guided in the PR) |
Palo Alto Remaining Performance Obligation
Platform backlog, not NGS ARR. FY2025 RPO $15.8B from $10.6B in FY2023. Q3 FY2026 $18.4B is not plotted because it includes CyberArk and Chronosphere.
Check Point Revenue Mix
FY2025: products $548M, security subscriptions $1.219B, software updates and maintenance $958M. Appliance cash plus a subscription stack, not ARR-native.
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