Subtext

Palo Alto Networks, Inc. PANW

SectorInformation Technology
Transcripts22
Date range2019-11-25 – 2025-02-13
Calls charted22

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1 · Overall: +7.32020 Q2 · Overall: +3.72020 Q3 · Overall: +6.12020 Q4 · Overall: +7.52021 Q1 · Overall: +8.62021 Q2 · Overall: +5.12021 Q3 · Overall: +12.32021 Q4 · Overall: +9.22022 Q1 · Overall: +11.52022 Q2 · Overall: +8.32022 Q3 · Overall: +11.52022 Q4 · Overall: +15.02023 Q1 · Overall: +6.22023 Q2 · Overall: +9.72023 Q3 · Overall: +8.32023 Q4 · Overall: +12.52024 Q1 · Overall: +3.12024 Q2 · Overall: +6.72024 Q3 · Overall: +6.22024 Q4 · Overall: +8.72025 Q1 · Overall: +12.72025 Q2 · Overall: +15.6
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-25-12+0+12+252020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1 · CEO: +13.12020 Q2 · CEO: +7.22020 Q3 · CEO: +7.72020 Q4 · CEO: +10.22021 Q1 · CEO: +12.02021 Q2 · CEO: +5.32021 Q3 · CEO: +12.22021 Q4 · CEO: +10.12022 Q1 · CEO: +16.52022 Q2 · CEO: +10.82022 Q3 · CEO: +11.82022 Q4 · CEO: +13.22023 Q1 · CEO: +6.72023 Q2 · CEO: +9.52023 Q3 · CEO: +8.52023 Q4 · CEO: +13.72024 Q1 · CEO: +4.22024 Q2 · CEO: +7.22024 Q3 · CEO: +10.12024 Q4 · CEO: +12.42025 Q1 · CEO: +15.52025 Q2 · CEO: +19.82020 Q1 · CFO: +2.32020 Q2 · CFO: +2.62020 Q3 · CFO: +7.52020 Q4 · CFO: +4.32021 Q1 · CFO: +9.62021 Q2 · CFO: +9.32021 Q3 · CFO: +16.22021 Q4 · CFO: +15.82022 Q2 · CFO: +10.42022 Q3 · CFO: +19.22022 Q4 · CFO: +9.22023 Q1 · CFO: +8.52023 Q2 · CFO: +13.82023 Q4 · CFO: +21.72024 Q1 · CFO: +7.12024 Q2 · CFO: +9.72024 Q3 · CFO: -2.62024 Q4 · CFO: +6.52025 Q1 · CFO: +9.62025 Q2 · CFO: +14.5
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-23-11+0+11+232020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1 · Prepared remarks: +14.52020 Q2 · Prepared remarks: +4.22020 Q3 · Prepared remarks: +8.32020 Q4 · Prepared remarks: +7.52021 Q1 · Prepared remarks: +12.32021 Q2 · Prepared remarks: +9.72021 Q3 · Prepared remarks: +19.62021 Q4 · Prepared remarks: +9.22022 Q1 · Prepared remarks: +11.52022 Q2 · Prepared remarks: +8.32022 Q3 · Prepared remarks: +11.52022 Q4 · Prepared remarks: +15.02023 Q1 · Prepared remarks: +6.32023 Q2 · Prepared remarks: +9.72023 Q3 · Prepared remarks: +8.32023 Q4 · Prepared remarks: +12.52024 Q1 · Prepared remarks: +3.12024 Q2 · Prepared remarks: +6.72024 Q3 · Prepared remarks: +6.22024 Q4 · Prepared remarks: +8.72025 Q1 · Prepared remarks: +12.72025 Q2 · Prepared remarks: +15.82020 Q1 · Q&A responses: +4.62020 Q2 · Q&A responses: +2.12020 Q3 · Q&A responses: +6.82021 Q1 · Q&A responses: +8.82021 Q2 · Q&A responses: +1.22021 Q3 · Q&A responses: +9.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.70$2.13$3.562020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1: $0.902020 Q2: $0.952020 Q3: $0.972020 Q4: $1.042021 Q1: $1.112021 Q2: $1.172021 Q3: $1.262021 Q4: $1.332022 Q1: $1.412022 Q2: $1.522022 Q3: $1.632022 Q4: $1.832023 Q1: $2.222023 Q2: $2.462023 Q3: $2.752023 Q4: $2.942024 Q1: $2.962024 Q2: $3.072024 Q3: $3.212024 Q4: $3.36

Forward P/E

21.0946.2271.352020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32025 Q22020 Q1: 24.562020 Q2: 40.362020 Q3: 42.192020 Q4: 51.862021 Q1: 50.432021 Q2: 51.592021 Q3: 63.652021 Q4: 67.882022 Q1: 65.322022 Q2: 53.262022 Q3: 55.732022 Q4: 43.662023 Q1: 41.332023 Q2: 48.472023 Q3: 44.782023 Q4: 53.352024 Q1: 48.952024 Q2: 51.582024 Q3: 51.282024 Q4: 56.15

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2020 Q2 tone ↓ -3.6 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -3.5 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -3.2 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -3.2 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -8.8 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q22025-02-13+15.6——View →
2025 Q12024-11-20+12.7——View →
2024 Q42024-08-19+8.7$3.3656.1View →
2024 Q32024-05-20+6.2$3.2151.3View →
2024 Q22024-02-20+6.7$3.0751.6View →
2024 Q12023-11-15+3.1$2.9649.0View →
2023 Q42023-08-18+12.5$2.9453.4View →
2023 Q32023-05-23+8.3$2.7544.8View →