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How Netskope (NTSK) makes money

Netskope (NTSK) made $221M of revenue in the second quarter fiscal 2027 (Q2 FY27), +29% from a year earlier. Indirect Channels brought in $214M (97%); Direct End Customers brought in $6.8M (3%).

Drawing the Sankey…

Netskope revenue by segment, Q2 FY27Netskope revenue by segment, Q2 FY27Indirect Channels$214MDirect End Customers$6.8M
Netskope: revenue by line, Q3 FY26 to Q2 FY27Netskope: revenue by line, Q3 FY26 to Q2 FY27Indirect ChannelsDirect End CustomersIndirect Channels: $214M latest$214MDirect End Customers: $6.8M latestQ3 FY26Q4 FY26Q1 FY27Q2 FY27
The mix barely moved between Q3 FY26 and Q2 FY27.
Netskope revenue by quarterNetskope revenue by quarter$184MQ3 FY26$196MQ4 FY26$202MQ1 FY27$221MQ2 FY27
Netskope: where each dollar of revenue goesNetskope: where each dollar of revenue goesIncome tax1¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Indirect Channels$214M96.9%—+32%
Direct End Customers$6.8M3.1%—-20%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$221M100.0%
Income tax$3.1M1.4%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$221M+29%
Q1 FY27$202M+28%
Q4 FY26$196M+32%
Q3 FY26$184M+33%

From Netskope's 10-Q filed Sep 2, 2026 (on EDGAR).

Questions

How does Netskope make money?

Netskope (NTSK) made $221M of revenue in the second quarter fiscal 2027 (Q2 FY27), +29% from a year earlier. Indirect Channels brought in $214M (97%); Direct End Customers brought in $6.8M (3%).

What is Netskope's biggest business?

Indirect Channels: $214M in the second quarter fiscal 2027, 97% of revenue, +32% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.