Did Palo Alto Networks beat earnings estimates?

Yes. PANW reported Q4 FY26 adjusted EPS of $1.02 vs $0.98 estimate, and revenue of $3.41B vs $3.35B estimate. Shares fell despite the beat as investors focused on the Console acquisition and guidance nuance.

How did Dell perform in Q2 FY27?

Dell smashed estimates: adjusted EPS of $7.04 vs $4.91 consensus (a 43%+ beat), revenue of $47.0B (+58% YoY). AI server backlog hit $95B. Stock surged ~9% on the print.

What drove Dell's AI server strength?

Infrastructure Solutions Group revenue surged on AI-optimized and traditional server demand. Dell raised full-year FY27 revenue guidance to ~$192B, up $25B from prior outlook.

Why did PANW shares fall on a beat?

Beats were solid across revenue, EPS, NGS ARR ($9.1B, +63% YoY), and RPO ($21.2B, +34%), but the Console acquisition announcement and full-year guide (though above Street) didn't satisfy elevated expectations after the cybersecurity sector's recent run.

Earnings Recap: Palo Alto Networks & Dell — September 1, 2026

Palo Alto Networks (PANW) — Q4 FY2026

The Numbers

Metric	Actual	Estimate	Result
Adjusted EPS	$1.02	$0.98	✅ Beat
Revenue	$3.41B	$3.35B	✅ Beat
NGS ARR	$9.10B (+63% YoY)	—	✅ Strong
RPO	$21.2B (+34% YoY)	—	✅ Strong
GAAP result	$282M loss	—	⚠️ Non-GAAP still positive

Guidance Update

Full-year FY27 guide: revenue $14.10B–$14.20B, adjusted EPS $4.16–$4.19 — both above the Street’s $13.79B / $4.11 estimate.

What Happened

✅ Subscription and support revenue +36% YoY — recurring base carrying growth ✅ Operating cash flow $1.36B ✅ Announced Console acquisition to bolster agentic security capabilities ⚠️ Shares fell despite the beat — CEO Nikesh Arora’s “proof, not a single quarter” framing didn’t fully offset guidance-nuance concerns after CrowdStrike’s recent rally set a high bar

Market Reaction: Shares slipped post-print even with a clean beat — sector priced for perfection after cybersecurity’s August run.

Bottom Line: Fundamentals are excellent (ARR, RPO, cash flow all strong), but the market wanted more than “beat and modest raise” — a reminder that in this tape, meeting expectations isn’t always enough.

Dell Technologies (DELL) — Q2 FY2027

The Numbers

Metric	Actual	Estimate	Result
Adjusted EPS	$7.04	$4.91	✅ Beat by 43%+
GAAP EPS	$6.34	—	✅ +273% YoY
Revenue	$47.0B (+58% YoY)	$44.92B	✅ Beat
Net income	$4.13B	—	✅ vs $1.16B YoY
AI server backlog	$95B	—	✅ Record

Guidance Update

Raised full-year FY27 revenue outlook to ~$192B, up $25B from the prior forecast — a major upward revision driven entirely by AI server momentum.

What Happened

✅ Infrastructure Solutions Group revenue surged on AI-optimized and traditional server demand ✅ Fourth consecutive quarterly EPS beat ✅ AI server backlog hit a record $95B, signaling durable multi-quarter demand ✅ Record quarterly revenue, up 58% YoY

Market Reaction: Stock surged ~9% on the print — one of the cleanest “beat and raise” stories of the AI infrastructure cycle so far.

Bottom Line: Dell is now firmly an AI-infrastructure bellwether — the $95B backlog de-risks the next several quarters and sets up a strong read-through for tomorrow’s Broadcom (AVGO) report.

Next up: Broadcom (AVGO), Snowflake (SNOW), and HPE report tomorrow (Sep 2) after market close — the AI infrastructure narrative continues.