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    CHKP
    Earnings call· Jun 2026(Q2 FY26)

    CHECK POINT SOFTWARE TECHNOLOGIES Q2 FY26 earnings call CHKP

    Jul 30, 2026 Source

    Executive summary

    Check Point Q2 FY26 — AI Network Firewall Launch & Sales Capacity Expansion

    Check Point's Q2 FY26 results were in line with expectations, driven by strong subscription revenue growth and the launch of the AI network firewall. The company is expanding its sales force to capitalize on long-term growth opportunities, particularly in the AI era. While Q3 is anticipated to be a trough due to seasonality and go-to-market adjustments, management expects a strong Q4 to meet full-year guidance, positioning the company for accelerated growth in 2027.

    Highlights

    5
    • Non-GAAP EPS reached $2.55, exceeding guidance and growing 8% year-over-year.

    • Subscription revenues grew 12% year-over-year to $333 million, meeting midpoint projections.

    • Adjusted free cash flow reached $161 million, $1 million above projections and representing 24% of revenues.

    • The company launched the industry's first AI network firewall, integrating it into the AI Defense plane.

    • Check Point is significantly expanding sales capacity by hiring hundreds of additional salespeople, reflecting confidence in long-term growth.

    Concerns

    5
    • Total revenues grew only 1% to $674 million, $1 million below the midpoint of projections.

    • Product revenues declined by 14% in Q2 and are expected to see similar trends in Q3.

    • Q3 is expected to mark a trough, with significant deals being pushed from Q3 to Q4 due to seasonality and internal factors.

    • The implied Q4 revenue target of approximately $800 million represents a record quarter, requiring strong execution.

    • Higher memory costs contributed to a slight decrease in gross margin to 87%.

    Guidance & targets

    7
    CategoryTargetConfidence
    Full-year 2026 Revenue
    Maintained
    high materiality
    High
    Q3 FY26 Total Revenue
    $665 million to $685 million
    high materiality
    High
    Q3 FY26 Subscription Revenue
    $332 million to $343 million
    medium materiality
    High
    Q3 FY26 Non-GAAP EPS
    $2.43 to $2.53
    high materiality
    High
    Q3 FY26 Adjusted Free Cash Flow
    $235 million to $265 million
    medium materiality
    High
    Q3 FY26 Diluted Shares Outstanding
    Decrease by approximately 1.5 million shares
    low materiality
    High
    Product Revenue Growth
    Back to growth
    high materiality
    Medium

    Operational metrics

    16
    Total Revenue
    $674M1% growth year-over-year
    Q2 FY26

    Total revenues were $1 million below the midpoint of projections.

    Subscription Revenue
    $333M12% growth year-over-year
    Q2 FY26

    Subscription revenues were at the midpoint of projections, driven by strong demand for emerging technologies.

    Non-GAAP EPS
    $2.558% growth year-over-year
    Q2 FY26

    Exceeded guidance.

    Gross Profit
    $588MIncreased from $585M
    Q2 FY26

    Gross margin was 87%, a slight decrease due to higher memory costs.

    Operating Expenses (net of R&D grants)
    $328MIncreased 5% year-over-year
    Q2 FY26

    Primarily due to increased workforce and investment in AI security and sales/marketing.

    Operating Income
    $260M
    Q2 FY26

    Strong operating income.

    Non-GAAP Net Income
    $264MIncreased 1%
    Q2 FY26

    Reported for the quarter.

    GAAP Net Income
    $194MDecreased 4% year-over-year
    Q2 FY26

    Reported for the quarter.

    GAAP EPS
    $1.872% increase year-over-year
    Q2 FY26

    Reported for the quarter.

    Diluted Shares Outstanding
    103.5M
    Q2 FY26

    Used for EPS calculation.

    Cash and investments balance
    $4.2B
    Q2 FY26

    Includes cash, marketable securities, and deposits.

    Share Repurchase (Q2 FY26)
    $325M
    Q2 FY26

    Part of the ongoing buyback program.

    Share Repurchase Program Expansion
    $2B
    announced Q2 FY26

    Expansion of the company's share repurchase program.

    Email Security, CTEM, AI Security ARR Growth
    Exceeded 40%year-over-year
    Q2 FY26

    Cumulative growth for these emerging technologies.

    Email Security, CTEM, AI Security Calculated Billings Growth
    35%year-over-year
    Q2 FY26

    Cumulative growth for these emerging technologies.

    Sales Headcount Expansion
    Approximately 300
    by end of FY26

    A significant expansion of the sales force, with impact expected in 2027.

    Industry KPIs

    7
    MetricValueDetails
    Revenue growth$674MUSD
    Arr net new arrExceeded 40%%
    Rpo current rpo$2.55BUSD
    Bookings billings$639MUSD
    Pricing model mix
    Operating FCF margin rule of 4039%%
    Ai product adoption monetizationExceeded 40%%

    Orderbook & backlog

    5
    Deferred Revenues$2.025BQ2 FY26 end

    7% growth

    Calculated Billings$639MQ2 FY26 end

    Similar to last year

    Impacted by a shift from annual to quarterly billing for large deals, which reduced reported billings by 2 points.

    Current Calculated Billings$641MQ2 FY26 end

    2% growth

    Remaining Performance Obligation (RPO)$2.55BQ2 FY26 end

    7% growth

    Current RPO$1.6BQ2 FY26 end

    4% increase

    Product announcements

    1
    ProductTypeDetails
    AI Network Firewalllaunch

    Risks & headwinds

    4
    Product Revenue DeclineQ2 FY26, expected similar in Q3 FY26

    Declined 14% in Q2 FY26

    Mitigation: Expectation of significant improvement and return to growth in Q4 FY26 due to stronger pipeline and qualified opportunities.

    Go-to-Market Reorganization DisruptionQ2 FY26, expected to stabilize with Q3 as trough

    Affected execution and contributed to lower product revenues.

    Mitigation: Organization is now stabilized, leading to confidence in Q4 rebound and aggressive sales hiring for 2027 growth.

    Q3 Seasonality and Deal PushesQ3 FY26

    Significant deals expected to be pushed from Q3 to Q4.

    Mitigation: Taking a more prudent approach for Q3 guidance, with confidence in a strong Q4 pipeline to compensate.

    Higher Memory CostsQ2 FY26

    Slight decrease in gross margin to 87%.

    Mitigation: Management is actively working to ensure sufficient inventory despite cost pressures.

    What to watch in Q3 FY26

    5

    Q4 Revenue Performance

    Q4 FY26
    CurrentImplied ~$800M revenue quarter
    TargetAchievement of implied record revenue

    Why it matters

    Achievement of this record quarter is critical for meeting full-year guidance and demonstrating the effectiveness of go-to-market stabilization and pipeline strength.

    I mean, you're going to need to do about an $800 million revenue quarter at the midpoint of guidance. And I was going back through the model, I've never seen that. That would be a record quarter.

    Q&A highlights

    6

    Given the investment in sales capacity, what is the normal ramp-to-productivity for new hires, and how does this align with the confidence in a Q4 rebound, as new hires typically benefit 2027?

    The impact of new sales hires is expected in Q1 and Q2 of 2027, meaning the Q3/Q4 guidance does not factor in their productivity. The Q4 confidence stems from the stabilization of the go-to-market reorg and a strong existing pipeline, not the new hires.

    The impact to sales is expected in Q1 and Q2 of 2027. So the guidance and what we're expecting for Q3 and Q4 does not take into consideration the ramp-up.

    asked by Joseph Gallo · answered by Nadav Zafrir

    2 min read6 chapters

    Detailed Narrative

    01

    AI Network Firewall Launch and AI Defense Plane

    Check Point introduced the industry's first AI network firewall, designed to address the new class of network traffic created by AI. This firewall provides visibility, control, and security for prompts, agent actions, and model interactions. It is part of the broader AI Defense plane, a full-stack AI security platform continuously trained on threat intelligence, built to protect applications, users, and agents from AI-based attacks. The AI network firewall embeds AI defense across networks, private and public cloud, and SASE.

    02

    Sales Capacity Expansion and Go-to-Market Strategy

    The company is significantly expanding its sales capacity by hiring approximately 300 additional salespeople globally, a major move following a recent go-to-market reorganization. This hiring campaign is expected to impact productivity in Q1 and Q2 of 2027, preparing for stronger future growth. Management noted that the Q2 results were impacted by internal disruption from the go-to-market changes, but the organization is now stabilized, and Q3 is expected to be the trough.

    03

    Impact of AI on Cybersecurity and Paradigm Shift

    Management highlighted that AI is driving a collapse in the scarcity of adversarial capabilities, democratizing and industrializing sophisticated cyber attacks. This necessitates a shift in cybersecurity paradigms, moving towards automatic remediation at machine speed rather than relying solely on detection and response. Check Point is making massive investments in building next-generation security, including working with NVIDIA to embed firewall capabilities at the GPU level for AI factories and data centers.

    04

    Open Platform and Multi-Vendor Management

    Check Point emphasized its commitment to an open platform approach, acknowledging that enterprises often operate in multi-vendor environments. The company plans to offer customers the ability to manage different products and firewalls, including those from competitors, through its unified management platform. This strategy aims to provide comprehensive security and autonomous remediation capabilities, which are crucial in the evolving threat landscape.

    05

    SASE Readiness and Hybrid Mesh Proposition

    SASE (Secure Access Service Edge) is an integral part of Check Point's hybrid mesh proposition. The company stated it is now ready for enterprise-level capacity in SASE and is integrating it into its unified management. Management highlighted best-in-class latency with its hybrid device architecture, making it fast and easy to deploy and manage. Check Point is focused on expanding its SASE offerings, connecting it to firewalls and the AI Defense plane.

    06

    Q3 Trough and Q4 Rebound Expectations

    Management reiterated that Q3 is expected to be the trough, with a more conservative approach taken due to summer seasonality and anticipated deal pushes from Q3 to Q4. Despite this, the company maintains its full-year guidance, citing a significantly improved and stronger pipeline for Q4, particularly in product revenues, which are expected to return to growth after declines in Q2 and Q3. This makes the second half of the year heavily back-end loaded⚖️.

    AI-generated summary of the company’s earnings call. Not investment advice.