Question · Q1 2026
Paul Liguori asked about the transitory impact of the CyberArk and Kronosphere acquisitions on dilution, margins, and free cash flow margins, and the timeline for realizing synergies.
Answer
Chairman and CEO Nikesh Arora explained Kronosphere will run independently with Palo Alto Networks providing support, while CyberArk integration will involve some rational synergies. CFO Dipak Golechha reiterated the target of 40%+ free cash flow by FY2028, maintaining at least 37%+ even in the interim, barring one-time costs.
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