Saastr · 11 August 2026 · Industry Analysis

5 Interesting Learnings from Palo Alto Networks at $11.4 Billion in Revenue: 60% ARR Growth, 120% NRR, and a $25B Acquisition That Doubled the Stock

Jason Lemkin, GP @ SaaStr

Palo Alto Networks grew to $11.4B revenue through 20+ acquisitions while maintaining 28% organic ARR growth—using AI's surge in traffic, threats, and observability needs to justify valuations that halve post-close and build a 120% NRR platformized customer cohort.

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Topics: Cybersecurity · AI (Horizontal)

Published by Saastr · their site ↗

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