Netskope, Inc. · NASDAQ:NTSK

Netskope — Q3 2026 Earnings Presentation

34 slides from Netskope's earnings presentation, Dec 11, 2025

  1. Slide 1: Fiscal Q3 2026 Investor Presentation

    Fiscal Q3 2026 Investor Presentation December 11, 2025 1 2025 © Netskope Confidential. All rights reserved.

  2. 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

  3. Slide 3: Netskope Q3’26 Financial Highlights

    Netskope Q3’26 Financial Highlights $754M 34% 118% ARR ARR Y/Y Growth Net Retention Rate >$1B 75% $11M RPO Non-GAAP Gross Margin 1 Free Cash Flow 41% Y/Y Growth 6% FCF Margin 1 3 2025 © Netskope Confidential. All rights reserved. 1. See Appendix for definitions and reconciliation to the most compara

  4. Slide 4: Our Market Leadership is Broadly Recognized

    Our Market Leadership is Broadly Recognized 2025 IDC MarketScape for 2025 Gartner Magic Quadrant 2025 Gartner Magic Quadrant Q3 2025 Forrester Wave Worldwide DLP Vendor for SASE Platforms for SSE SASE Solutions Assessment Strong Contenders Performers Leaders Challengers Leaders Challengers Leaders F

  5. Slide 5: Our Market Opportunity is Large and Growing

    Our Market Opportunity is Large and Growing $149B IDC Categories $10B(1) Zero Trust Edge GenAI Security VPN/ZTNA New innovation and Messaging Security Software modernization of Security Sensitive Data Management first-gen cloud and and Data Privacy legacy solutions Virtual Client Computing Firewall/

  6. Slide 6: We’ve ReAImagined Security and Networking for the Cloud & AI Era

    We’ve ReAImagined Security and Networking for the Cloud & AI Era 6 2025 © Netskope Confidential. All rights reserved.

  7. Slide 7: Cloud and AI Have Completely Revolutionized Work

    Cloud and AI Have Completely Revolutionized Work Cloud & AI Are Protecting Data Businesses Need Cyber Risk Is Transforming Has Never Been Fast and Secure One of the the Internet More Difficult Performance Greatest Challenges • Cloud, Web, GenAI, • Volume, variety, dispersed • Human & non-human • Exp

  8. Slide 8: The Language of the Internet Has Fundamentally Changed

    The Language of the Internet Has Fundamentally Changed Data-Rich, Interactive, Dynamic Applications / Websites AI and Cloud Era Some dynamic content Early 2000s to 2010s Static, monolithic webpages Modern Security, Networking, Mid-1990s to Early 2000s Analytics Platform Next Generation Firewall (Net

  9. Slide 9: APIs and JSON are the Language of the Modern Internet

    APIs and JSON are the Language of the Modern Internet Application Programming Model Context Protocol (“MCP”) JavaScript Object Notation Interfaces (“API”) Agent-to-Agent (“A2A”) (“JSON”) Set of rules that allow different Human-readable formats for software applications to communicate different syste

  10. Slide 10: A New Architecture is Required for Visibility and Control

    A New Architecture is Required for Visibility and Control ILLUSTRATIVE APIs comprise majority of TRAFFIC internet traffic VOLUME Language of the Web Era Traditional AI and Language of AI and Cloud Era Websites Cloud A2A MCP 2000 TIME Today Lack visibility into user activity, Granular, contextual vis

  11. Slide 11: Protecting Data Has Never Been More Difficult

    Protecting Data Has Never Been More Difficult Out-of-band Legacy DLP Adds latency Structured Non-Cloud Data Corporate Rudimentary (32%) (14%) IT Web Proxy (RegEx, Keyword, Dictionary) Cloud Unstructured Shadow / (68%)(1) Data Partner IT Where is all our data? (86%)(2) What Data at Rest AND in Motion

  12. Slide 12: Legacy Infrastructure Can’t Address the Modern Digital Landscape

    Legacy Infrastructure Can’t Address the Modern Digital Landscape Web Datacenter Unmanaged SaaS Managed SaaS Private Cloud Public Cloud AI Models/Factories Ecosystem Apps Siloed and cumbersome security and networking Network Services Security Services services create operational complexity and securi

  13. Slide 13: 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 Netskope One NewEdge Network Engine One Gate

  14. Slide 14: Our Platform Converges Security, Networking & Analytics

    Our Platform Converges Security, Networking & Analytics Security Products Network Products Analytics Products Enterprise Browser DNSaaS Digital Experience Management Data Security Posture Management Cloud Packet Stream User Entity Behavior Analytics SaaS Security Posture Management IoT/OT Intelligen

  15. Slide 15: Our NewEdge Network Delivers Highly Performant and Secure Digital Interactions

    Our NewEdge Network Delivers Highly Performant and Secure Digital Interactions Visibility ~80 Regions 120+ Data Centers Resilience 99.999% Uptime SLA Performance 200+ Localization Zones Control Network 10K+ Adjacencies 15 2025 © Netskope Confidential. All rights reserved.

  16. Slide 16: Proprietary AI Models are Infused Across Our Platform

    Proprietary AI Models are Infused Across Our Platform Generative AI Deep Learning Traditional Machine Learning (ML) Statistical Modeling and Anomaly Detection ! Risk-based Threat Data Resilience & Access Controls Protection Protection User Experience Identifies Anomalous Monitors End to End Characte

  17. Slide 17: 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

  18. Slide 18: 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 ● 20+ products; ~2 new products introduced per year ● Early in AI security

  19. Slide 19: Q3’26 Financial Highlights

    Q3’26 Financial Highlights 19 2025 © Netskope Confidential. All rights reserved.

  20. Slide 20: Accelerating Growth At Scale

    Accelerating Growth At Scale ARR ($M) Revenue ($M) ARR Acceleration Third consecutive quarter $754 of ARR growth $184 acceleration $707 $171 $658 $618 $158 $148 Balanced Globally $563 $139 Q3’26 revenue growth: Americas 34%, EMEA 34%, APJ 29% Platform Adoption Cross-sell and upsell drive 118% NRR, >

  21. Slide 21: Netskope One Platform Driving Expansion

    Netskope One Platform Driving Expansion Net Retention Rate (NRR) Product Adoption Rates Significant white space 118% 118% 73% opportunity with platform 117% 69% of 20+ products 113% 113% 53% Q3'25 45% Q3'26 37% 30% 26% 21% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 3+ 4+ 5+ 6+ 21 2025 © Netskope Confidential. Al

  22. Slide 22: Innovation Drives Success With Large Enterprises

    Innovation Drives Success With Large Enterprises 36% Continuous R&D innovation drives platform ARR Y/Y Growth from expansion $100K+ ARR Customers 1,444 20+ products increases customer value and $100K+ ARR Customers 24% Y/Y Growth opportunity $450K+ Larger $100K+ customers drive upsell, cross-sell, A

  23. Slide 23: Strong Gross Margin Expansion

    Strong Gross Margin Expansion Built To Scale Non-GAAP Gross Margin Better unit economics at scale, lowering the marginal cost to serve each incremental 75% 75% customer 74% 72% 70% Gaining Leverage Significant upfront prior investments in NewEdge driving margin expansion Optimizing NewEdge Continued

  24. Slide 24: TTM Free Cash Flow Positive

    TTM Free Cash Flow Positive Trailing Twelve Months Free Cash Flow ($M) Improving $12 Profitability $11M FCF in Q3’26 (6% FCF margin). First time ($27) achieving TTM FCF positive ($67) ROI-Driven Investments ($151) Customer-driven capex expansion based on market opportunity ($196) Q3'25 Q4'25 Q1'26 Q

  25. Slide 25: Q4’26 Financial Guidance

    Q4’26 Financial Guidance Q4’26 FY’26 Guidance Guidance Revenue $188M – $190M $701M – $703M Y/Y Growth % 27% – 28% 30% – 31% Gross Margin 75% Operating Margin (14.0%) – (13.0%) (17.0%) – (16.5%) EPS ($0.07) – ($0.05) ($0.53) – ($0.51) 1 Free Cash Flow $5M – $8M Free Cash Flow Margin % ~1% Note: All m

  26. Slide 26: Netskope Key Takeaways

    Netskope Key Takeaways 1 Well-positioned in a $149B TAM opportunity across security, networking, analytics, and AI security Built to drive growth, with 34% Y/Y ARR growth to $754M as of October 31, 2025 Netskope One platform with 20+ products driving expansion in large and growing installed base; 11

  27. Slide 27: Appendix

    APPENDIX 27 2025 © Netskope Confidential. All rights reserved.

  28. Slide 28: Convertible Notes Impact on EPS

    Convertible Notes Impact on EPS Driven by External Q3’25 Q3’26 Factors FMV of the convertible notes is based on GAAP net loss per share, basic and diluted ($0.72) ($1.85) exogenous factors beyond our control such as market volatility, our (+) Stock-based compensation and related taxes 0.13 1.70 shar

  29. Slide 29: Fully Diluted Share Count Calculation

    Fully Diluted Share Count Calculation Shares (M) (+) Class A Common 80.8 (+) Class B Common 312.2 Basic Shares Outstanding 1 393.0 (+) Options Outstanding 51.6 2 (-) TSM Options Repurchased (12.7) (+) RSUs Outstanding 3 49.4 (+) Convertible Notes 4 24.6 Fully Diluted Shares Outstanding 506.0 1. Basi

  30. Slide 30: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Fiscal Quarter: Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Three Months Ending: April 30, 2024 July 31, 2024 October 31, 2024 January 31, 2025 April 30, 2025 July 31, 2025 October 31, 2025 Revenue $120,997 $130,253 $138,532 $148,486 $157,736 $170,758 $184,173 GAAP gro

  31. Slide 31: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Fiscal Quarter: Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Three Months Ending: April 30, 2024 July 31, 2024 October 31, 2024 January 31, 2025 April 30, 2025 July 31, 2025 October 31, 2025 GAAP S&M expense 74,892 76,734 65,765 63,437 69,376 78,050 149,869 Less: Stock-

  32. Slide 32: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Fiscal Quarter: Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Three Months Ending: April 30, 2024 July 31, 2024 October 31, 2024 January 31, 2025 April 30, 2025 July 31, 2025 October 31, 2025 GAAP net loss (95,157) (111,572) (70,743) (77,038) (79,242) (90,301) (453,075)

  33. Slide 33: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Fiscal Quarter: Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Three Months Ending: April 30, 2024 July 31, 2024 October 31, 2024 January 31, 2025 April 30, 2025 July 31, 2025 October 31, 2025 Net cash provided by (used in) operating activities (50,534) (55,380) (10,884)

  34. Slide 34: Definitions

    Definitions Total Addressable Market (“TAM”): Total Addressable Market figures are estimates based on IDC market forecasts from 2023-2028. Figures reflect the markets addressed by Netskope’s current offerings which include the following: Zero Trust Edge, VPN (Virtual Private Network)/ZTNA (Zero Trus

Netskope — Q3 2026 Earnings Presentation on 6ix