Palo Alto Networks Inc PANW is scheduled to report its fiscal third-quarter results on Tuesday, May 20.

The announcement will come amid an exciting earnings season. Here are some key analyst previews.

Cantor Fitzgerald On Palo Alto Networks

Analyst Jonathan Ruykhaver reiterated an Overweight rating and price target of $223.

Checks indicate that Palo Alto Networks will report mixed result for the fiscal third quarter, Ruykhaver said in a note. The consensus estimates for NNARR (net new annual recurring revenue) of around $260 million implies a 6% year-on-year decline, "which we view as conservative despite the mixed checks," he added.

The analyst expects Palo Alto Networks to report revenues at $2.285 and earnings of 79 cents per share, higher than consensus of $2.279 billion and 77 cents per share, respectively. "Partner feedback on large deal momentum is largely consistent with last quarter, which should support at least an in-line 4Q25 guide for RPO, which currently stands at 19%-20%," he further wrote.

Check out other analyst stock ratings.

Roth Capital Partners On Palo Alto Networks

Analyst Taz Koujalgi maintained a Neutral rating and price target of $210.

Palo Alto Networks' revenues could fall short of the high end of the guidance range and management may not raise full-year NGS ARR (next-generation security annual recurring revenue) and RPO (remaining performance obligation) guidance, Koujalgi said.

"PANW's feedback improved from the end of March but was consistent with the end of January," the analyst wrote. Although feedback indicates large deals during the quarter, some of the pipeline deals that were expected to close in the fiscal fourth quarter could be pushed out to fiscal 2026, he further stated.

DA Davidson On Palo Alto Networks

Analyst Rudy Kessinger reaffirmed a Buy rating and price target of $225.

Palo Alto Networks is likely to report "in-line to modestly ahead" quarterly results and reiterate its full-year guidance, Kessinger said. Although checks indicate weaker third-quarter sales, the company had "the strongest feedback out of all vendors," which are likely to report significant sequential declines, he added.

Although Palo Alto Networks may report a strong quarter, the upside could be less than in previous quarters and fail to drive the share price in the near term, the analyst stated. "Total RPO growth & CRPO growth could actually result in a negative near-term reaction in our view," he further wrote.

PANW Price Action: Shares of Palo Alto Networks had declined slightly by 0.021% to $192.94 at the time of publication on Monday.

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