Cybersecurity
Cybersecurity Market by Company
Cybersecurity at a Glance
Disclosed ARR, Cisco Security, a Gartner press-release TAM, and the two megadeals that changed the roster. Not like-for-like metrics.
PANW NGS ARR
$5.58B
FY2025, +32% YoY
Palo Alto FY2025 PR
CRWD ending ARR
$5.25B
FY2026, +24%; $1.01B net new
CrowdStrike FY2026 PR
Cisco Security
$8.23B
FY2026, +2%; Q4 +14%
Cisco FY2026 earnings
ZS ARR
$3.02B
FY2025; billings $3.25B
Zscaler FY2025 PR
Gartner infosec 2025
$213B
End-user spend; 2026 $240B (PR)
Gartner 29 Jul 2025 PR
Wiz deal
~$32B
Google close 11 Mar 2026. Wiz is Alphabet.
Deal PRs
CyberArk close
11 Feb 2026
PANW identity pillar. Not a roster row.
Palo Alto 11 Feb 2026 PR
FTNT billings
$7.55B
FY2025; product revenue $2.22B
Fortinet FY2025 EX-99.1
Disclosed ARR and Security Revenue
Who is actually large. Labels say whether the bar is ARR or revenue. Do not sum them.
Scale by Archetype
Platform consolidators versus the rest of the public roster versus consumer. Hyperscaler attach has no disclosed cyber P&L and is omitted.
Roster by Archetype
Seventeen new publics, eight dual-homes, eight privates. Wiz is Alphabet. CyberArk is Palo Alto. Splunk is Cisco.
| Company | Ticker | Archetype | Watch |
|---|---|---|---|
| Cisco | CSCO | Platform consolidator | Security $8.23B FY2026 after Splunk |
| Palo Alto Networks | PANW | Platform consolidator | NGS ARR $5.58B; CyberArk closed |
| CrowdStrike | CRWD | Category leader | ARR $5.25B; Flex $1.69B |
| Fortinet | FTNT | Category leader | Product $2.22B; SASE Q4 billings +40% |
| Zscaler | ZS | Category leader | ARR $3.02B; independent SSE |
| Okta | OKTA | Category leader | RPO $4.83B vs Entra attach |
| Check Point | CHKP | Category leader | Subscriptions $1.22B |
| SentinelOne | S | Category leader | ARR $1.06B |
| Cloudflare | NET | Category leader | FY2025 $2.17B; security not GAAP-split |
| Rubrik | RBRK | Category leader | Sub ARR $1.35B |
| SailPoint | SAIL | Category leader | Re-IPO; ARR $925M |
| Gen Digital | GEN | Consumer | Cyber Safety $3.34B FY2026 |
| F5 | FFIV | Category leader | FY2025 $3.09B |
| Akamai | AKAM | Category leader | Security $2.24B |
| Qualys | QLYS | Category leader | FY2025 $669M |
| Varonis | VRNS | Category leader | ARR $745M, 86% SaaS |
| Tenable | TENB | Category leader | FY2025 $999M |
| Microsoft | MSFT | Hyperscaler attach | Entra/Defender; no security segment |
| Alphabet | GOOGL | Hyperscaler attach | Wiz + Mandiant |
| Amazon | AMZN | Hyperscaler attach | AWS security services |
| IBM | IBM | Hyperscaler attach | QRadar / consulting |
| Broadcom | AVGO | Hyperscaler attach | Symantec enterprise |
| Oracle | ORCL | Hyperscaler attach | OCI / identity bundle |
| ServiceNow | NOW | Hyperscaler attach | SecOps; Armis process |
| Palantir | PLTR | Hyperscaler attach | Gotham/AIP; Defense dual-home |
| Netskope | private | Private | SASE peer to Zscaler |
| Snyk | private | Private | AppSec IPO candidate |
| Tanium | private | Private | Endpoint operations |
| Cyera | private | Private | DSPM |
| Abnormal AI | private | Private | Email security |
| Island | private | Private | Enterprise browser |
| Armis | private | Private | OT/IoT; NOW overlay |
| Arctic Wolf | private | Private | MDR |
Gartner Infosec Spend (Press Release)
Worldwide end-user spending $213B in 2025 and $240B in 2026 per the 29 July 2025 Gartner PR. No Magic Quadrant positions.
Public vs Private Map
How the roster makes money: platforms, SASE, XDR, identity, data, consumer, hyperscaler attach, and the privates.
Platform consolidators
Buying the stack. Splunk is Cisco. CyberArk is Palo Alto.
Cisco$CSCOUS
Palo Alto Networks$PANWUS
Network / SASE / firewall
Appliance cash plus cloud SSE.
Fortinet$FTNTUS
Zscaler$ZSUS
Check Point$CHKPIL
F5$FFIVUS
Cloudflare$NETUS
Akamai$AKAMUS
Endpoint / XDR
EDR-out platforms.
CrowdStrike$CRWDUS
SentinelOne$SUS
Identity
Independent IAM/IGA. PAM is inside PANW.
Okta$OKTAUS
SailPoint$SAILUS
Data / exposure
Cyber resilience, DSPM, VM.
Rubrik$RBRKUS
Varonis$VRNSUS
Tenable$TENBUS
Qualys$QLYSUS
Consumer
Different wallet.
Gen Digital$GENUS
Hyperscaler attach (dual-home)
No disclosed cyber segment except Cisco, which is listed above. Wiz is Alphabet.
Microsoft$MSFTUS
Alphabet$GOOGLUS
Amazon$AMZNUS
IBM$IBMUS
Broadcom$AVGOUS
Oracle$ORCLUS
ServiceNow$NOWUS
Palantir$PLTRUS
Private
On the roster, no FMP.
NetskopeprivateUS
SnykprivateUS
TaniumprivateUS
CyeraprivateUS
Abnormal AIprivateUS
IslandprivateUS
ArmisprivateUS
Arctic WolfprivateUS
