check point q1 2026 presentation.pdf
First Quarter 2026 Financial Results
April 30, 2026
Roei Golan
CFO
Forward Looking Statement
Our expectations regarding our products and solutions, expectations related to cybersecurity and other threats, and our financial projections for the future quarter and year end results, statements related to our financial projections for the future quarter and year end results.
Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing products and solutions and new products and solutions;
the market for IT security continuing to develop; competition from other products and services; our ability to recognize the anticipated benefits of any acquisition or partnership; and general market, political, economic, and business conditions, including acts terrorism or war.
These forward-looking statements are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2026. The forward-looking statements in this presentation are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forwardlooking statements, except as required by law.
In this presentation and in our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with a reconciliation of such results as well as the reasons for our presentation of non-GAAP information.
Financial Results
First Quarter 2026 Highlights
| Actual | Guidance | Y/Y% | |
|---|---|---|---|
| Total Revenues | $668M | $655M-$685M | 5% |
| Subscription Revenues | $323M | $318M-$328M | 11% |
| Adjusted Free Cash Flow* | $457M | $420M-$460M | 11% |
| Non-GAAP EPS** | $2.50 | $2.35-$2.45 | 13% |
- Adjusted Free Cash Flow is defined as Cash provided by operating activities less purchases of property, equipment, and other assets, net of Acquisition related costs. A reconciliation of non-GAAP to GAAP can be found in the appendix and our press release. ** Non-GAAP excludes equity-based compensation charges, amortization of acquired intangibles, acquisition related expenses and amortization of debt discount and their related tax effects.
First Quarter 2026 Results
| Q1-25 | Q1-26 | Y/Y% | |
|---|---|---|---|
| Total Revenues | $638M | $668M | 5% |
| Deferred Revenues | $1,915M | $2,060M | 8% |
| Calculated Billings* | $553M | $548M | -1% |
| Current Calculated Billings** | $556M | $568M | 2% |
| Remaining Performance Obligation*** | $2,424M | $2,592M | 7% |
- Calculated Billings is a measure that we defined as total revenues recognized in accordance with GAAP plus the change in Total Deferred Revenues during the period ** Current Calculated Billings is a measure that we defined as total revenues recognized in accordance with GAAP plus the change in Current Deferred Revenues during the period *** Remaining Performance Obligation (RPO) is a measure that represents the total value of non-cancellable contracted products and/or services that are yet to be recognized as Revenue as of March 31, 2026.
First Quarter 2026 Global Revenue Distribution
First Quarter 2026 Operating Performance
| Q1-25 | Q1-26 | Y/Y% | |
|---|---|---|---|
| Total Revenues | $638M | $668M | 5% |
| Gross Profit* | $564M | $586M | 4% |
| Operating Expenses, net* | $305M | $321M | 5% |
| Operating Income* | $259M | $265M | 2% |
| Non-GAAP Net Income* | $246M | $265M | 8% |
| Non-GAAP EPS* | $2.21 | $2.50 | 13% |
- Non-GAAP excludes equity-based compensation charges, amortization of acquired intangibles, acquisition related expenses and amortization of debt discount and issuance costs and their related tax effects. A reconciliation of Non-GAAP to GAAP can be found in the appendix and our press release. Q1 2026 results include approximately $27 million of benefit from Research and Development grants to be received under the Israeli Incentive Program Law, which was ratified during the period.
First Quarter 2026 Cash Flow & Cash Position
Adjusted Free Cash Flow
- $457 Million
- Strong with +11% Growth & Cyata Acquisitions
Cash, Marketable Securities & Short-Term Deposits
- $4.4 Billion
- $325 Million
Financial Summary
Double-Digit Growth: Strong Demand For Lower Firewall Refresh
- Non-GAAP EPS
- Adjusted Free Cash Flow
Business Outlook
Business Outlook*
| Total Revenues | Subscription Revenues | Non-GAAP EPS** | GAAP EPS | Adjusted Free Cash Flow | |
|---|---|---|---|---|---|
| $660M- $690M | $328M-$338M | $2.40-$2.50 | 70 cents less | $145M-$175M |
Updated Full Year Business Outlook*
| FY2026 Original | FY2026 Updated | Comments | |
|---|---|---|---|
| Total Revenues | $2,830M-$2,950M | $2,770M-$2,850M | Lower Revenues from Firewall Appliances |
| Subscription Revenues | $1,345M-$1,385M | $1,345M-$1,385M | Same |
| Non-GAAP EPS** | $10.05- $10.85 | $10.05- $10.85 | Same |
| GAAP EPS | $2.58 less | $2.75 less | |
| Adjusted Free Cash Flow*** | $1,150M-$1,250M | $1,150M-$1,250M | Same |
GAAP to Non-GAAP Consolidated Statement of Income Reconciliation
GAAP to Non-GAAP reconciliation of Net Cash provided by Operating activities to Adjusted Free Cash Flow
©2026 Check Point Software Technologies Ltd.