⁠Wall St Engine
$PANW | Palo Alto Networks Q3 Earnings Highlights

🔹 Revenue: $2.29B (Est. $2.277B) 🟢; UP +15% YoY
🔹 Pretax Profit: $310.5M (Est. $698.2M) 🔴
🔹 Next-Gen Security ARR: $5.1B; UP +34% YoY
🔹 Remaining Performance Obligation (RPO): $13.5B; UP +19% YoY

Q4'25 Guidance:
🔹 Revenue: $2.49B–$2.51B (Est. $2.5B) 😐; UP +14%–15% YoY
🔹 Adj EPS: $0.87–$0.89 (Est. $0.87) 😐
🔹 Next-Gen Security ARR: $5.52B–$5.57B; UP +31%–32% YoY
🔹 RPO: $15.2B–$15.3B; UP +19%–20% YoY

FY25 Guidance (Updated):
🔹 Revenue: $9.17B–$9.19B (Est. $9.14B–$9.19B) 🟢; UP +14% YoY
🔹 Adj EPS: $3.26–$3.28 (Est. $3.23) 🟢
🔹 Next-Gen Security ARR: $5.52B–$5.57B; UP +31%–32% YoY
🔹 RPO: $15.2B–$15.3B; UP +19%–20% YoY
🔹 Adjusted Operating Margin: 28.2%–28.5%
🔹 Adjusted Free Cash Flow Margin: 37.5%–38.0%

CEO Nikesh Arora's Commentary:
🔸 "In Q3, we continued to make progress on our platformization strategy and achieved an important milestone in crossing $5 billion in Next-Gen Security ARR. Our scale and platform breadth make us a leading consolidator of choice in cybersecurity."

CFO Dipak Golechha's Commentary:
🔸 "We again delivered strong top-line results within our profitable growth framework, as we continue to see our business scale well across the P&L. We look forward to executing against our targets as we close fiscal year 2025."
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TRUMP: BILL IN CONGRESS WILL INCLUDE $25 BLN FOR GOLDEN DOME; EVERYTHING IN GOLDEN DOME WILL BE MADE IN USA
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ELON MUSK: THERE IS NO NEED FOR TESLA TO BUY $UBER
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⁠Wall St Engine
SENATOR BANKS SAYS L3HARRIS $LHX WILL WORK ON 'GOLDEN DOME'
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ELON MUSK: EXPECTS TO BUY 'A LOT' OF NEXT-GENERATION GPUS FROM $NVDA, $AMD; “NVIDIA IS STILL BETTER THAN WHAT WE MAKE”
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⁠Wall St Engine
ELON MUSK:

DOESN'T CURRENTLY HAVE PLANS TO MERGE TESLA, XAI

MERGING TESLA AND XAI NOT OUT OF THE QUESTION, WOULD NEED SHAREHOLDER APPROVAL
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ELON MUSK: PLANS TO BE AT THE WHITE HOUSE COUPLE OF DAYS EVERY FEW WEEKS
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⁠Wall St Engine
$GOOGL Waymo has hit 10 million fully driverless rides, per CNBC — doubling its lifetime total in just five months. https://t.co/tMZq5xhs1U
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⁠Wall St Engine
Wolfspeed $WOLF is reportedly preparing to file for bankruptcy within weeks, per WSJ. The company is said to be working toward a prepackaged Chapter 11 plan.
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⁠Wall St Engine
CNN is reporting that Israel is planning an attack on Iranian nuclear facilities - Reuters
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⁠Quiver Quantitative
Representative Mark Pocan asked the SEC chair if there would be investigations into trades made around tariff announcements: https://t.co/IUYX6aBvhM
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⁠The All-In Podcast
Chamath on sending his kids to college: Culture > Credentials

@friedberg:

"As a parent, I think a lot about, so much of education in America in the middle class, upper class is all about what college, how do you get them there?"

"And honestly, lately I'm like, I don't think they should go to college."

@chamath:

" My son is a rising junior and his entire focus is he wants to go to an SEC school because of the culture."

" And two years ago I would've panicked and I would've thought, should I help him get into a school? This school, that school?"

"And now I'm like, that's actually the best thing you could do."

"Be socially well-adjusted. Psychologically, deal with different kinds of failures, you know?"

Friedberg:

"Enjoy a few years of exploration."

Chamath:

"Yeah."
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⁠Wall St Engine
IMF’s Gita Gopinath says U.S. fiscal deficits are “too large” and the debt-to-GDP ratio is “ever-increasing,” urging Washington to adopt a fiscal policy that brings debt down over time.
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⁠Wall St Engine
The U.S. Senate just passed the No Tax on Tips Act with a unanimous 100-0 vote. The bill lets tipped workers in certain industries deduct 100% of tips earned, up to $25,000.
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⁠Wall St Engine
Today's Key Events (All EST) — 05/21/2025

All Day: G7 Finance Summit
07:00: US MBA Mortgage Applications
12:15: Fed's Barkin
13:00: US 20-Year Bond Auction

Before Open 👇
01:00: $WIX.com
02:00: Golden Ocean $GOGL
04:00: Baidu $BIDU
04:00: iQIYI $IQ
04:30: WeRide $WRD
05:00: Full Truck Alliance $YMM
05:00: Weibo $WB
06:00: Lowe's $LOW
06:00: XPeng $XPEV
06:30: Target $TGT
06:45: Canada Goose $GOOS
06:45: Medtronic. $MDT
06:55: VF Corp. $VFC
07:00: Dycom $DY
07:30: $TJX
07:55: Super Hi $HDL

After Hours 👇
16:05: Snowflake $SNOW
16:05: Zoom $ZM
16:05: $AMSC
16:05: Urban Outfitters $URBN
16:05: $DOMO
16:15: EnerSys $ENS
16:25: Banco BBVA Argentina $BBAR
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⁠Wall St Engine
Marks & Spencer says last month’s cyberattack will knock £300M off operating profit this year. Online clothing and home sales remain suspended and won’t fully recover until July.
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⁠Wall St Engine
Kraft Heinz is reviewing strategic options to boost value, with no set timeline. Berkshire Hathaway is also stepping off the board but keeps its 27% stake. Demand remains soft, and guidance was cut last month. CEO says review's been in motion for months.
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