Palo Alto Networks delivered a solid Q3 2025 performance with total revenue of $2.29 billion, up 15 percent year over year, and continued robust expansion in next generation security ARR (NGS ARR) to $5.09 billion, up 34 percent YoY. The growth was led by platformization momentum, XSIAM, and AI driven security offerings, underscoring PANW's strategy to consolidate security tooling on a single data driven platform. Management articulated a clear path toward a multi-year ARR expansion toward a $15 billion NGS ARR target by FY 2030, supported by strong gross margins, expanding software mix, and healthy free cash flow generation. The quarter also showcased accelerating adoption of AI driven capabilities, a growing pipeline for new markets, and the ongoing transition from hardware to software as a core driver of sustainable profitability. In the near term, PANW provided FY25 guidance that embeds mid-teens revenue growth, an improved yet disciplined free cash flow profile, and an expectation of a larger, more durable software ARR base, while signaling upside from Protect AI integration and Cortex Cloud driven expansion. The company also announced an acquisitive move to acquire Protect AI for $700 million in cash and replacement equity awards to bolster AI model scanning and red teaming. Investors should monitor the pace of XSIAM driven net new ARR, the progression of Prisma Access Browser and SASE, 4Q bookings and cash collections timing, and the execution risk associated with Protect AI integration and ongoing AI utilization across the platform.