CyberArk Software (NASDAQ:CYBR) delivered record-breaking results in what may be one of its final reports as an independent company, significantly outperforming Wall Street’s expectations for both its top and bottom lines.
The Petach-Tikva, Israel-based security firm reported fourth-quarter revenue of $372.7 million, a 19% increase year-over-year that surpassed the $355.9 million analyst consensus.
On an adjusted basis, CyberArk earned $1.33 per share, well ahead of the $1.13 expected by the market.
The primary driver of the outperformance was the company’s continuing shift toward a subscription-based business model.
Subscription revenue jumped 28% to $310.5 million, now accounting for more than 83% of the total topline.
Total Annual Recurring Revenue (ARR) reached $1.44 billion, bolstered by a record $99 million in net new ARR added during the quarter alone.
However, the strong operational results were overshadowed by the company's pending merger.
In July 2025, cybersecurity giant Palo Alto Networks announced a definitive agreement to acquire CyberArk in a deal valued at approximately $20.5 billion.
Because of the ongoing transaction—expected to close by the third quarter of Palo Alto’s fiscal 2026—CyberArk canceled its customary analyst call and did not provide financial guidance for the upcoming year.