Palo Alto Networks: Strong Market Position and Growth Potential with Positive Outlook Despite Conservative GuidanceWe believe there are three key focus points for the call. 1. Quarterly results: Despite mixed C2Q prints and commentaries from competitors Fortinet, we expect Palo to deliver an upside print given strong checks in Palo’s seasonally strong F4Q. For example, following the end of the July quarter, we spoke with five Tier 1 VARs/SIs (with combined CY24 Palo spend of over $1.7B) for a closer look at how their Palo quarter F4Q25 finished up. Four partners were above expectations, with the fifth partner slightly below expectations. Partners generally saw good traction with firewall deals and, depending on the partner, saw traction with Prisma, Cortex, and/or XSIAM.