Netskope, Inc.

netskope.com

What Do They Do?

Sells a cloud-based security and networking platform that helps enterprises protect sensitive data and secure digital activity across their applications and networks.

How Do They Make Money?

Most revenue comes through indirect channels: customers buy subscriptions with support, generally invoiced annually or in advance for the contract term.

revenue

Segment	Share	Revenue	How money arrives
Indirect Channels Recurring	95%		Recurring
Direct end customers Recurring	4.7%		Recurring

Who Are Their Customers?

Large and complex organizations across industries buy through distributors and resellers or directly through Netskope's sales force; managed service providers can also be channel partners or direct customers.

Do Revenues Turn Into Profits?

Not on paper. It lost $679.4M in FY2026, but brought in more cash than it spent: $15.2M of free cash flow.

Operating income, FY2026

−92% of revenue

▲ +155% (Loss) vs FY2025 (−$255.7M, −48%)

Net income, FY2026

−96% of revenue

▲ +92% (Loss) vs FY2025 (−$354.5M, −66%)

Free cash flow, FY2026

2% of revenue

▲ Now profitable vs FY2025 (−$144.4M, −27%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2026, the three months to Jul 31, 2026

Revenue: ▲ +29%; vs $170.8M in Q2 FY2025
Net income: ▲ +23% (Loss); vs −$90.3M in Q2 FY2025

Indirect Channels share of revenue vs 95.0% in Q2 FY2025

Sep 2, 2026 Set revenue guidance Forecast third-quarter revenue of $227 million to $229 million and full-year revenue of $888 million to $892 million.
Jun 3, 2026 CFO Andrew Del Matto announced retirement He will remain through the search for a successor and the transition period.

Growing. Revenue grew 74% in 2 years, from $406.9M in FY2024 to $709M in FY2026, about 32% a year.

Revenue over time

Indirect Channels Direct end customers

$1B$500M$0

FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Broadcom, Cisco, Fortinet, Palo Alto Networks, and Zscaler

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