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Netskope (NTSK) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 2, 2026 · Netskope (NTSK) Q2 FY27 earnings results →

Q2 FY27 Revenue up 29% year over year to $221M · 50¢ of every $1 of revenue lost · operating margin -40.7%

Netskope made $221M in Q2 FY27 (+29% Y/Y): Indirect Channels $214M, Direct End Customers $6.8M. Operating margin -40.7%, net loss $111M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 2, 2026.

Revenue$221M
Year over year+29%
Operating margin-40.7%
Net earnings−$111M
Operating cash flow−$16.5M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $220.5M in Q2 FY27, up 29% year over year and up 9% from the previous quarter. Indirect Channels was the largest line at 97% of revenue. Indirect Channels added $51.5M year over year (up 32%), 103% of the total change. Direct End Customers declined 20%.

Gross margin was 73.9%, up 1.7 points from a year earlier. Operating costs exceeded revenue by $89.8M, an operating margin of -40.7%. Operating expenses grew 49% against revenue growth of 29%. The fastest-growing cost line was General & admin (+146%). The quarter ended with a net loss of $110.8M, narrower than the previous quarter's $116.5M loss.

Operating cash flow was −$16.5M. Non-cash charges added back $10.6M of depreciation and amortization and $63.0M of share-based compensation. Working capital and other items added $20.7M. Capital expenditures of $13.0M exceeded it, leaving free cash flow of −$29.5M.

Quarterly history

Netskope revenue by quarterNetskope revenue by quarter$184MQ3 FY26$196MQ4 FY26$202MQ1 FY27$221MQ2 FY27
Netskope net earnings by quarterNetskope net earnings by quarter−$453MQ3 FY26−$56.8MQ4 FY26−$116MQ1 FY27−$111MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 2, 2026$221M+29%-40.7%−$111M−$16.5M
Q1 FY2710-QJun 3, 2026$202M+28%-53.9%−$116M−$53.9M
Q4 FY2610-KMar 31, 2026$196M+32%-58.2%−$56.8M$18.1M
Q3 FY2610-QDec 11, 2025$184M+33%-242.7%−$453M$11.2M

Charts

Netskope: revenue growth, year over year and quarter over quarterNetskope: revenue growth, year over year and quarter over quarterY/YQ/Q+33%Q3 FY26+32%+7%Q4 FY26+28%+3%Q1 FY27+29%+9%Q2 FY27
Latest (Q2 FY27): Y/Y +29%, Q/Q +9%.
Netskope: where the cash came from (+) and went (−), TTM to Q2 FY27Netskope: where the cash came from (+) and went (−), TTM to Q2 FY27Other financing$1.0BOther investing−$798MTaxes on employees’ shares−$188MOperating cash flow−$41.1MShares issued$29.3MCapital spending−$29.0MCash drawn (+) / kept (−)−$9.2M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Netskope: profit against cash, quarter by quarterNetskope: profit against cash, quarter by quarterNet incomeOperating cash flow−$70.7MQ3 FY25−$77.0M$6.1MQ4 FY25−$79.2M$25.6MQ1 FY26−$90.3M−$16.9MQ2 FY26−$453M$11.2MQ3 FY26−$56.8M$18.1MQ4 FY26−$116M−$53.9MQ1 FY27−$111M−$16.5MQ2 FY27
Latest (Q2 FY27): Net income −$111M, Operating cash flow −$16.5M.
Netskope: diluted shares by fiscal year (split-adjusted)Netskope: diluted shares by fiscal year (split-adjusted)183MFY24195MFY25214MFY26
+17.0% since FY24: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY26.
Netskope in its industry: growth against margin (192 companies, SIC 7372)Netskope in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWOASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYNTSK (+29%, -41%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Netskope

Netskope (NASDAQ: NTSK), a leader in modern security and networking for the cloud and AI era, addresses the needs of both security and networking teams by providing optimized access and real-time, context-based security for the AI ecosystem inclusive of agents, applications, tools, LLMs, people, devices, and data. Thousands of customers, including more than 30% of the Fortune 100, trust the Netskope One platform, its Zero Trust Engine, and its powerful NewEdge network to reduce risk and gain full visibility and control over cloud, AI, SaaS, web, and private applications — providing security and accelerating performance without trade-offs. Learn more at netskope.com, on LinkedIn, and on Instagram.

In its own words, from its 8-K, filed Sep 2, 2026.

Netskope against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +29% against the peers' median +19%. Operating margin: -40.7% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
NTSK NetskopeQ2 FY27$221M+29%-40.7%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Netskope 10-Q on SEC EDGAR · CIK 2063196 · Services-Prepackaged Software

Guidance and outlook

Netskope Revenue: guidance against what was reportedNetskope Revenue: guidance against what was reportedguided rangereported (above / within / below)FY27Q1 FY27$202MQ2 FY27$221MQ3 FY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns NTSK and who is buying

Largest holders of NTSK (13F)Largest holders of NTSK (13F)BlackRock$102MCanada Pension Plan Investment Bo…$98.0MVanguard Group$93.5MVanguard Capital Management LLC$83.6MVanguard Portfolio Management LLC$80.1MSapphire Ventures, L.L.C.$55.1MBamco$50.0MFirst Trust Advisors LP$46.3MMirae Asset Global ETFS Holdings$45.1MCitigroup$43.0M
Funds' net buying of NTSK by quarter (13F)Funds' net buying of NTSK by quarter (13F)$1.3B2025-09−$195M2025-12−$43.9M2026-03$31.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NTSK

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results

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