Netskope, Inc. · NASDAQ:NTSK

Netskope — Q4 2026 Earnings Presentation

36 slides from Netskope's earnings presentation, Mar 11, 2026

  1. Slide 1: Fiscal Q4 2026 Investor Presentation

    Fiscal Q4 2026 Investor Presentation March 11, 2026 1 2026 © Netskope Public. 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 FY'26 Financial Highlights

    Netskope FY’26 Financial Highlights $709M $811M Revenue ARR 116% 32% 31% Net Retention Rate Revenue Growth Y/Y ARR Growth Y/Y 75% $12M (16%) 1 1 Non-GAAP Gross Margin Free Cash Flow Non-GAAP Op Margin +6% +30% +18% Point Improvement Y/Y Point Improvement Y/Y Point Improvement Y/Y 3 2026 © Netskope P

  4. Slide 4: Netskope Q4'26 Financial Highlights

    Netskope Q4’26 Financial Highlights $196M $811M Revenue ARR 116% 32% 31% Net Retention Rate Revenue Growth Y/Y ARR Growth Y/Y 76% (10%) Non-GAAP Gross Margin 1 $4M Non-GAAP Op Margin 1 +5% Free Cash Flow +5% Point Improvement Y/Y Point Improvement Y/Y 4 2026 © Netskope Public. All rights reserved. 1

  5. Slide 5: We've ReAImagined Security and Networking for the Cloud & AI Era

    We’ve ReAImagined Security and Networking for the Cloud & AI Era 5 2026 © Netskope Public. All rights reserved.

  6. Slide 6: 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

  7. Slide 7: 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/

  8. Slide 8: And a Converging Digital Economy Makes it Even Larger

    … And a Converging Digital Economy Makes it Even Larger MARKET 1 DEVICES 3 $1+ Trillion 50+ Billion devices by 2030 + + connected by 2034 AI & Autonomous Systems Ubiquitous Connectivity (Generative AI, ML) + + (5G/6G, Satellite, IoT) Security and Networking WORKLOADS 2 ReAImagined DATA 4 221 Zettaby

  9. Slide 9: The Netskope One Platform

    The Netskope One Platform Organically-Built; Truly Unified AI Agents Security Networking Analytics AI Security Quantum Encryption DNSaaS Data Lineage* AI Guardrails* Enterprise Browser Cloud TAP (Packet Streaming) Digital Experience Management AI Gateway* Data Security Posture Management IoT/OT Inte

  10. 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

  11. 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

  12. Slide 12: Netskope One AI Security Products

    NEW! Netskope One AI Security Products Agentic Broker AI Gateway AI Guardrails AI Red Teaming Extends Netskope's AI Delivers visibility, access Extends Netskope's data Stress-tests privately visibility and security control, and runtime and threat protection to hosted AI models with controls to MCP-b

  13. Slide 13: 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

  14. Slide 14: 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 14 2026 © Netskope Public. All rights reserved.

  15. Slide 15: 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

  16. 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; ~2 new products introduced per year ● Early in AI security

  17. Slide 17: Financial Highlights

    Financial Highlights 17 2026 © Netskope Public. All rights reserved.

  18. Slide 18: Q4'26 Financial Results

    Q4’26 Financial Results Q4’26 Q4’26 Q4’26 Results Guidance Results vs. Guidance Revenue $188M – $190M $196.3M Exceeded Y/Y Growth % 27% – 28% 32% Gross Margin ~75% 76.5% 1 Exceeded Operating Margin (14.0%) – (13.0%) (10.4%) Exceeded EPS ($0.07) – ($0.05) ($0.04) Exceeded Free Cash Flow 1 ($3M) – ($0

  19. Slide 19: Sustaining 30%+ Growth At Scale

    Sustaining 30%+ Growth At Scale Strong ARR by FQ ($M) ARR by FY ($M) Commitment From Customers $811 $811 Continued expansion with $754 116% NRR at scale +$193M $707 NNARR $658 $618 $618 High Visibility +$143M NNARR RPO grew 36% to $1.2B $475 providing high visibility into future revenue Record Net N

  20. Slide 20: Sustaining 30%+ Revenue Growth

    Sustaining 30%+ Revenue Growth Leading Growth Revenue by FQ ($M) Revenue by FY ($M) Highly differentiated $709 among public $196 cybersecurity companies $184 with sustained 30%+ $171 annual revenue growth $158 $538 $148 Balanced Globally $407 Q4’26 revenue growth: Americas 32% and Rest of World 32%

  21. Slide 21: Netskope One Platform Driving Expansion

    Netskope One Platform Driving Expansion Significant Whitespace EXPAND Net Retention Rate (NRR) Product Adoption Rates Cross-sell and upsell opportunities with 25 116% 75% platform products 70% 113% High-Velocity 56% Innovation FY'25 INNOVATE 48% Gaining R&D efficiencies FY'26 from common platform 39

  22. Slide 22: Strong Gross Margin Expansion

    Strong Gross Margin Expansion Built To Scale Gross Margin by FQ Gross Margin by FY Better unit economics at scale, lowering the marginal cost to serve 76.5% each incremental 74.9% customer 74.5% 74.7% 73.6% 71.5% 69.0% Gaining Leverage Significant upfront prior 65.4% investments in NewEdge driving m

  23. Slide 23: Gaining Operating Leverage

    Gaining Operating Leverage Operating Margin by FQ Operating Margin by FY Gaining Leverage With Scale Revenue continued to (16%) grow more than double total costs FY’24-26 1 (10%) (34%) Strategic Bets in (15%) (15%) AI Security (18%) (20%) Investing in R&D innovation engine and (56%) +40% Points ramp

  24. Slide 24: Billings Transition

    Billings Transition Contracted Future Billings Illustrative Annual Change in Billing Metrics Accelerates 78% Actual Y/Y $ Δ in Contracted Future Billings Drives future cash Actual Y/Y $ Δ in Calculated Billings collections and visibility Illustrative Y/Y $ Δ in Contracted Future Billings Contracted

  25. Slide 25: Free Cash Flow Positive in FY'26

    Free Cash Flow Positive in FY’26 Improving Profitability Free Cash Flow by FQ ($M) Free Cash Flow by FY ($M) Achieved FCF positive in $17 FY’26 for the first time, $12 with 4 of last 5 quarters FCF positive $11 $4 $4 ROI-Driven Investments Customer-driven capex expansion based on market opportunity

  26. Slide 26: Q1'27 Financial Guidance

    Q1’27 Financial Guidance Q1’27 FY’27 Guidance Guidance Revenue $197M – $199M $870M – $876M Y/Y Growth % at Midpoint ~26% ~23% Gross Margin ~77% Operating Margin (16%) (10%) 1 EPS ($0.07) – ($0.06) ($0.19) Due to annual billings Free Cash Flow Margin shift, FCF expected to be 2% – 4% ($50M) to ($60M)

  27. Slide 27: Netskope Key Takeaways

    Netskope Key Takeaways 1 Large $149B TAM opportunity across security and networking for the cloud and AI era Uniquely positioned for the AI Supercycle with a unified, AI-native platform that eliminates trade-off between performance and security Strong momentum, with 31% Y/Y ARR growth to $811M as of

  28. Slide 28: Appendix

    APPENDIX 28 2026 © Netskope Public. All rights reserved.

  29. Slide 29: Additional FY'27 Modeling Points

    Additional FY’27 Modeling Points Net New ARR • Q1 is typically our lightest NNARR added, while Q4 is typically our largest Billings • One year into shifting customers to annual billing on multi-year contracts where possible • Refer to slide 24 titled “Billings Transition” Gross Margin • 1H’27 gross

  30. Slide 30: Convertible Notes Impact on EPS

    Convertible Notes Impact on EPS Driven by External Q4’25 Q4’26 Factors FMV of the convertible notes is based on GAAP net loss per share, basic and diluted ($0.75) ($0.14) exogenous factors beyond our control such as market volatility, our (+) Stock-based compensation and related taxes 0.11 0.23 shar

  31. Slide 31: Fully Diluted Share Count Calculation

    Fully Diluted Share Count Calculation Shares (M) (+) Class A Common 142.3 (+) Class B Common 256.1 Basic Shares Outstanding 1 398.4 (+) Options Outstanding 50.7 2 (-) TSM Options Repurchased (19.8) (+) RSUs Outstanding 3 48.9 (+) Convertible Notes 4 24.6 Fully Diluted Shares Outstanding 502.8 1. Bas

  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 Q4’26 Three Months Ending: 4/30/24 7/31/24 10/31/24 1/31/25 4/30/25 7/31/25 10/31/25 1/31/26 Revenue $120,997 $130,253 $138,532 $148,486 $157,736 $170,758 $184,173 $196,330 GAAP gross profit 73,778 83,028 91,7

  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 Q4’26 Three Months Ending: 4/30/24 7/31/24 10/31/24 1/31/25 4/30/25 7/31/25 10/31/25 1/31/26 GAAP S&M expense 74,892 76,734 65,765 63,437 69,376 78,050 149,869 96,447 Less: Stock-based comp. & related taxes (5

  34. Slide 34: 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 Q4’26 Three Months Ending: 4/30/24 7/31/24 10/31/24 1/31/25 4/30/25 7/31/25 10/31/25 1/31/26 GAAP net loss (95,157) (111,572) (70,743) (77,038) (79,242) (90,301) (453,075) (56,770) Add: Stock-based compensatio

  35. Slide 35: 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 Q4’26 Three Months Ending: 4/30/24 7/31/24 10/31/24 1/31/25 4/30/25 7/31/25 10/31/25 1/31/26 Net cash provided by (used in) operating activities (50,534) (55,380) (10,884) 6,121 25,592 (16,878) 11,236 18,123 L

  36. Slide 36: 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

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