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Q2 Holdings vs Netskope: QTWO and NTSK compared
Q2 Holdings is the larger company: $226M of revenue in its latest quarter (Q3 2026) against $221M for Netskope (Q2 FY27). Netskope is growing faster (+29% against +12% a year earlier). Q2 Holdings is more profitable, with an operating margin of 15.0% against -40.7%.
Where the money goes: QTWO and NTSK
Q2 Holdings (QTWO) · Q3 2026
Q2 Holdings, Q3 2026: revenue $226M (+12% year over year), operating margin 15.0%, net earnings $33.2M, operating cash flow $64.7M. The chart follows the revenue to costs, profit and cash.
Netskope (NTSK) · Q2 FY27
Netskope, Q2 FY27: revenue $221M (+29% year over year), operating margin -40.7%, net loss $111M, operating cash flow −$16.5M. The chart follows the revenue to costs, profit and cash.
| Q2 Holdings (QTWO) | Netskope (NTSK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $226M | $221M |
| Revenue growth, Y/Y | +12% | +29% |
| Gross margin | 59.7% | — |
| Operating margin | 15.0% | -40.7% |
| Net earnings | $33.2M | −$111M |
| Net margin | 14.7% | -50.2% |
| Operating cash flow | $64.7M | −$16.5M |
| Free cash flow | $62.6M | — |
| Market value | $4.4B | — |
| P/E | 40.8× | — |
| Analysts’ mean target | $79.57 | — |
Where the revenue comes from
Q2 Holdings
- Subscription: $188M (83%)
- Services and Other: $19.6M (9%)
- Transactional: $18.1M (8%)
Netskope
- Indirect Channels: $214M (97%)
- Direct End Customers: $6.8M (3%)
Questions
Which is bigger, Q2 Holdings or Netskope?
Q2 Holdings is the larger company: $226M of revenue in its latest quarter (Q3 2026) against $221M for Netskope (Q2 FY27).
Is Q2 Holdings or Netskope growing faster?
Netskope is growing faster (+29% against +12% a year earlier).
Which is more profitable, Q2 Holdings or Netskope?
Q2 Holdings is more profitable, with an operating margin of 15.0% against -40.7%.
More: Q2 Holdings earnings · how Q2 Holdings makes money · Netskope earnings · how Netskope makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Sep 2, 2026). Fiscal quarters can end on different dates. Not investment advice.