Palo Alto Networks reported stronger-than-expected fiscal fourth-quarter results, with revenue rising 16% year on year to $2.54 billion and adjusted earnings climbing to $0.95 a share, six cents above analyst estimates. GAAP net income was $253.8 million, or $0.36 a share. Demand for the company’s integrated cybersecurity platform continued to accelerate: annual recurring revenue from next-generation security products grew 32% to $5.6 billion and remaining performance obligations expanded 24% to $15.8 billion. For the current quarter, management projects revenue of $2.45 billion to $2.47 billion and adjusted earnings of $0.88 to $0.90 a share, both topping Wall Street forecasts. Full-year fiscal 2026 guidance calls for revenue of about $10.5 billion—roughly 14% growth—and non-GAAP earnings of around $3.80 a share, pushing the company past a $10 billion annualized revenue run-rate. The upbeat outlook sent the stock up roughly 6% in late trading. Bank of America promptly raised its rating to Buy and set a $215 price target, citing the faster-than-expected build-up of recurring revenue and margin strength. Separately, Palo Alto Networks said founder and Chief Technology Officer Nir Zuk will retire and disclosed plans to acquire identity-security specialist CyberArk in a deal valued at about $25 billion, reinforcing its strategy to offer a consolidated, AI-enabled cybersecurity platform.