Netskope, Inc. · NASDAQ:NTSK
Netskope — Q2 2027 Earnings Presentation
35 slides from Netskope's earnings presentation, Sep 2, 2026
Slide 1: Fiscal Q2 2027 Investor Presentation
Fiscal Q2 2027 Investor Presentation September 2, 2026 1 2026 © Netskope Public. All rights reserved.
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements that involve risks and uncertainties. Forward-looking statements contained in this presentation include, but are not limited to, statements regarding our future financial and operating performance, including our GAAP and non-GAAP guid
Slide 3: Netskope Q2'27 Financial Highlights
Netskope Q2’27 Financial Highlights $899M $221M ARR Revenue 114% 27% 29% Net Retention Rate ARR Growth Y/Y Revenue Growth Y/Y 77% (9%) 36% Non-GAAP Gross Margin 1 Non-GAAP Operating Margin 1 RPO Growth Y/Y +2% +11% Point Improvement Y/Y Point Improvement Y/Y 3 2026 © Netskope Public. All rights rese
Slide 4: We've ReAImagined Security and Networking for the Cloud & AI Era
We’ve ReAImagined Security and Networking for the Cloud & AI Era 4 2026 © Netskope Public. All rights reserved.
Slide 5: Our Customers Include Large and Complex Global Organizations
Our Customers Include Large and Complex Global Organizations 4,700+ 4 of the 9 3 of the 4 5 of the 7 3 of the 4 Customers Largest Largest Largest Largest Healthcare Telcos Financial Retailers Services >33% ~19% of the Fortune 100 of the Forbes Global 2000 Notes: 1. Largest companies across healthcar
Slide 6: The Expanding AI Attack Surface Increases Risk Exposure
The Expanding AI Attack Surface Increases Risk Exposure 3x YoY increase in GenAI usage 6x YoY increase in prompt volume 47% of users leverage personal accounts (Shadow AI) 60% of insider threat incidents involve 3-6x YoY growth in Agentic AI personal cloud accounts Data Leakage Business Disruption C
Slide 7: Our Market Opportunity is Large and Growing
Our Market Opportunity is Large and Growing $336Bn+ Industry Analyst Categories AI Securing AI Rapid innovation for a market that is in Security AI-Amplified Security early innings $170Bn+ Zero Trust Edge AI Security VPN / ZTNA New innovation and modernization of Security Messaging Security Software
Slide 8: Netskope One Platform for Security, Networking, Analytics, and AI Security
Netskope One Platform for Security, Networking, Analytics, and AI Security AgentSkope AI Agents DLP Agent | Insider Threat Agent | Private Access Agent | DEM Intelligence Agent | DEM Insights Agent | CCI Insights Agent Security Networking Analytics AI Security Data Security Command Center* DNSaaS Da
Slide 9: Netskope Redefines Enterprise Security and Networking for the Cloud and AI
Netskope Redefines Enterprise Security and Networking for the Cloud and AI DATA UNMANAGED PRIVATE MANAGED PUBLIC AI MODELS/ ECOSYSTEM WEB CENTER SaaS CLOUD SaaS CLOUD FACTORIES APPS One Engine One Client One Network NewEdge Network Netskope One Zero Trust Engine Netskope One NewEdge Network One Gate
Slide 10: AI-Native Architecture Powers Everything We Do
AI-Native Architecture Powers Everything We Do 190+ Proprietary Models from Netskope AI Labs Data Threat Generative AI User & Entity SD-WAN Device Access Protection Protection and SaaS Behavior Optimization Intelligence Automatically protect Prevent evasive attacks, Discover and govern the Detect us
Slide 11: Our AI Strategy is Built on Four Key Pillars
Our AI Strategy is Built on Four Key Pillars AI Native Platform Enabling and Securing AI NewEdge AI Infrastructure AI Agents AI-Native R&D Thinking Deep Learning AI Labs & GenAI Facets for 8 Years Netskope One Core AI Agents Enabling AI Securing AI 190+ Domain 50+ Killer AI Innovations Specific Mode
Slide 12: Netskope One AI Security
Netskope One AI Security AI Command Center: Receive a holistic view of AI usage and risk with centralized AI discovery, risk understanding, and remediation Agentic Broker AI Gateway AI Guardrails AI Red Teaming Secure MCP-based agentic Delivers visibility, access Extends Netskope's data Stress-tests
Slide 13: Data Security Command Center: Unified Data Security Control Plane
Data Security Command Center: Unified Data Security Control Plane Data Security Posture AI Security DSPM, CASB API, Data Lineage AI Command Center DataSec Command Center Data Data store Policy ● Signal correlation & normalization AI access to Training data Prompt and ● Data inventory & topology disc
Slide 14: We Enable Enterprises to Securely Unleash AI Potential
We Enable Enterprises to Securely Unleash AI Potential Sanctioned Enterprise AI/MCP Agentic & MCP Interactions AI Coding Assistants AI/MCP on Endpoints User Interactions Assess Secure AI Enforce Real- AI Embedded in Apps Risk Environments Time Actions Personal AI Usage Attacker Interactions AI Produ
Slide 15: NewEdge Network: High-Performance Infrastructure for the AI Era
NewEdge Network: High-Performance Infrastructure for the AI Era Visibility ~80 Regions 120+ Data Centers Resilience (full compute) 99.999% Uptime SLA Performance 200+ Localization Zones Control Network 10K+ Adjacencies 15 2026 © Netskope Public. All rights reserved.
Slide 16: Innovation Drives Our Business Model
Innovation Drives Our Business Model Land & Expand ● Land & Expand model drives Innovate our growth ● More products, users, and use ● Innovation drives our cases drives expansion opportunity ● Upsell and cross-sell drives NRR ● 25+ products; >6 new products introduced YTD ● Early in AI security oppo
Slide 17: Netskope One Platform Driving Expansion
Netskope One Platform Driving Expansion Significant Whitespace EXPAND Product Adoption Rates Cross-sell and upsell opportunities with 25+ platform products High-Velocity Innovation INNOVATE Common platform capabilities drive product velocity and efficiency Well-Positioned For AI Supercycle MONETIZE
Slide 18: Netskope is a Leader in the 2026 Gartner Magic Quadrant for SASE Platforms
SASE PLATFORMS Netskope is a Leader in the 2026 Gartner Magic Quadrant for SASE Platforms Highest Ability to Execute of any vendor evaluated Top product score in three of the five SASE use cases Rated excellent in four of the five use cases 18 2026 © Netskope Public. All rights reserved.
Slide 19: Netskope is a Leader in the 2026 Gartner Magic Quadrant for Security Service Edge
SECURITY SERVICE EDGE Netskope is a Leader in the 2026 Gartner Magic Quadrant for Security Service Edge Named a Leader again in 2026 Customer experience rated above the SSE market average High market visibility, and named often on client shortlists AgentSkope called out for its role in agentic opera
Slide 20: A Leader in the 2026 IDC MarketScape for worldwide SASE
IDC MARKETSCAPE · WORLDWIDE SASE A Leader in the 2026 IDC MarketScape for worldwide SASE Unified architecture: one policy engine, one client, one console NewEdge called a foundational component, with full compute in every location Depth in data and AI security, and application visibility down to use
Slide 21: Financial Highlights
Financial Highlights 21 2026 © Netskope Public. All rights reserved.
Slide 22: Q2'27 Financial Results
Q2’27 Financial Results Q2’27 Q2’27 Q2’27 Results Guidance Results vs. Guidance Revenue $213M – $215M $221M Exceeded Y/Y Growth % 25-26% 29% Operating Margin (14%) – (15%) (9%) Exceeded EPS ($0.06) – ($0.07) ($0.03) Exceeded Free Cash Flow ($30M) – ($40M) ($29.8M) Exceeded Note: All metrics represen
Slide 23: Durable Growth At Scale
Durable Growth At Scale Sustained High ARR ($M) Revenue ($M) Growth at Scale Globally balanced with all geos growing 25%+ High Visibility RPO grew 36% Y/Y to $1.35B+ illustrates customer commitment and provides future revenue visibility Enterprise Adoption $100K+ ARR customers grew 23% Y/Y to 1,686
Slide 24: Continued Gross Margin Expansion
Continued Gross Margin Expansion Built To Scale Non-GAAP Gross Margin Better unit economics at scale, lowering the marginal cost to serve each incremental customer Gaining Leverage NewEdge upfront prior investments driving margin expansion NewEdge AI Fast Path Eliminates “Security vs. Speed” dilemma
Slide 25: Driving Operating Leverage
Driving Operating Leverage Non-GAAP Operating Margin Investing In Future Growth Continued path towards profitability, with ongoing innovation and GTM investments Strong Margin Expansion Realizing the benefit of Netskope being built to scale +11 % Points 25 2026 © Netskope Public. All rights reserved
Slide 26: Q3'27 Financial Guidance
Q3’27 Financial Guidance Q3’27 FY’27 Guidance Guidance Revenue $227M – $229M $888M – $892M Y/Y Growth % at Midpoint ~24% ~26% Gross Margin ~77% Operating Margin (8.0%) (9.0%) EPS1 ($0.03) – ($0.04) ($0.15) Free Cash Flow Margin 2% Note: All metrics represent non-GAAP (except revenue). A reconciliati
Slide 27: Netskope Key Takeaways
Netskope Key Takeaways Broadly recognized Market Leader in SSE, SASE and AI Security with large $336B+ TAM1 opportunity across security and networking for the cloud and AI era Expanding Netskope One platform with 25+ products driving expansion in large and growing installed base Uniquely positioned
Slide 28: Appendix
APPENDIX 28 2026 © Netskope Public. All rights reserved.
Slide 29: Additional FY'27 Modeling Points
Additional FY’27 Modeling Points • Expected to grow YoY in H2’27 compared to prior year period Net New ARR • Expected to follow typical quarterly seasonality with a seasonally strong Q4 • Q3’27 Gross Margin of approximately 77% Gross Margin • FY’27 Gross Margin of approximately 77% Capital • FY’27 C
Slide 30: Fully Diluted Share Count Calculation
Fully Diluted Share Count Calculation Shares (M) (+) Class A Common 265.4 (+) Class B Common 142.6 Basic Shares Outstanding 1 408.0 (+) Options Outstanding 47.0 2 (-) TSM Options Repurchased (21.8) (+) RSUs Outstanding 53.0 (+) Convertible Notes 3 24.6 Fully Diluted Shares Outstanding 510.8 1. Basic
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 Revenue $538,268 $708,997 $170,758 $220,541 GAAP gross profit 347,899 482,669 123,244 163,018 Add: Stock-based compensation expense and related taxes 2,478 34,037 421 3,581 Add: Amo
Slide 32: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 GAAP S&M expense 280,828 393,742 78,050 105,916 Less: Stock-based compensation expense and related taxes (18,597) (97,567) (3,378) (11,348) Less: Amortization of acquired intangible
Slide 33: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 GAAP net loss (354,510) (679,388) (90,301) (110,817) Add: Stock-based compensation expense and related taxes 51,139 525,601 7,869 64,295 Add: Acquisition-related expense 459 - - - A
Slide 34: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations FY’25 FY’26 Q2’26 Q2’27 January 31, 2025 January 31, 2026 July 31, 2025 July 31, 2026 Net cash (used in) provided by operating activities (110,678) 38,073 (16,878) (16,539) Less: Purchase of property and equipment (37,032) (22,920) (1,628) (13,003) Less: Capitalized
Slide 35: Definitions
Definitions Total Addressable Market (“TAM”): Total Addressable Market figures are estimates based on IDC and Gartner market forecasts from 2024-2029. Figures reflect the markets addressed by Netskope’s current offerings which include the following: Zero Trust Edge, VPN (Virtual Private Network)/ZTN