NTSKNasdaqServices-Prepackaged SoftwareUS GAAP · USD

Netskope Inc

Netskope Inc. is a U.S.-based cloud security software company built around the Netskope One platform, which combines security, networking, and analytics capabilities for enterprise users. Its software is delivered as subscriptions and related support services, with a global cloud architecture that supports customers across regions and industries.

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Revenue709m USD
+31.7 %y/y
Operating profit (EBIT)-653m USD
−155.2 %y/y
EBIT margin-92.0%
−44.5 ppy/y
Net income-679m USD
−91.6 %y/y
Free cash flow15.2m USD
+110.5 %y/y

Fiscal year 2026 · change from previous year

Development 2024–2026

-1,000-50005001,000m USD2024: 407 m USD2024: EBIT -313 m USD20242025: 538 m USD2025: EBIT -256 m USD20252026: 709 m USD2026: EBIT -653 m USD2026709-653
RevenueOperating profit (EBIT)
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Business

Share of revenue
Subscription software platform99 %

Cloud-delivered subscriptions to the Netskope One platform and its security, networking, and analytics modules.

Support services1 %

Customer support and related services provided alongside platform subscriptions.

Professional services and hardware0 %

Implementation, advisory, and hardware-related revenue that is immaterial to the business.

Products

Reported · share of revenue
95.3%FY2026100 %
  • Indirect Channels95.3 %
  • Direct End Customers4.7 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Netskope sells primarily to enterprises that are modernizing security and networking for cloud and hybrid environments. Its customer base includes organizations in regulated industries such as financial services and healthcare, as well as companies with distributed workforces and global operations. The company also serves public-sector and mid-market customers through direct sales and channel partners.

Large enterprise customers

Buy the Netskope One platform to secure cloud apps, users, and data across large, complex environments.

Regulated industry customers

Financial services and healthcare customers buy the platform to meet security and compliance needs.

Public sector

Government buyers use the platform for secure access and data protection, including federal deployments.

Mid-market customers

Smaller enterprises buy through partners for cloud security and networking capabilities without building in-house stacks.

Strategy

Netskope is focused on expanding adoption of its platform as enterprises modernize security and networking for cloud and AI workloads. It is investing in sales capacity, channel partnerships, and product innovation to deepen customer penetration and extend use across more users, applications, and geographies. The company also emphasizes global infrastructure scale and AI/ML capabilities to strengthen its competitive position.

Grow through direct sales and channel partnersShort term

Partner reach and sales coverage are central to customer acquisition and market penetration.

Expand within existing customersMedium term

Upselling more subscriptions and users improves retention and deepens platform adoption.

Invest in product innovation and AI/MLMedium term

New capabilities help the platform stay relevant as cloud and AI security needs evolve.

Scale global infrastructureLong term

A broader network footprint supports performance, compliance, and enterprise-grade service delivery.

Geography

Q2/2026

Netskope operates globally and has built a distributed NewEdge network with data centers in more than 75 regions and over 200 localization zones. The company sells in the Americas, Europe, and Asia-Pacific, and its partner-led model helps it reach customers across many countries and industries. Geography matters because the platform depends on local infrastructure coverage, data residency, and regional compliance requirements.

Americas44 %
United States35 %
Europe, Middle East and Africa21 %

Share of the revenue the company reports by geography.

Risks

Netskope faces intense competition from large security vendors, networking companies, and point-solution providers that can bundle adjacent products or offer alternatives to its platform. Its partner-led sales model creates dependence on third parties, while its history of losses, customer concentration in regulated verticals, and cybersecurity exposure add business and financial risk. The company also relies on ongoing product innovation and global infrastructure investment, which can be disrupted by execution issues, regulation, or security incidents.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity and platform abuse risk1Intense competition from security and networking vendors2Channel partner dependence3Customer retention and expansion risk4Regulatory and vertical-specific compliance risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity and platform abuse riskImpact: CriticalLikelihood: Medium

    A successful attack could interrupt service, expose data, or undermine customer confidence in the security platform.

    Exposure: Operations and reputation

  2. Intense competition from security and networking vendorsImpact: HighLikelihood: Medium

    Large incumbents and point-solution providers can bundle products, undercut pricing, or win deals with existing relationships.

    Exposure: Platform sales and renewals

  3. Channel partner dependenceImpact: HighLikelihood: Medium

    A significant portion of sales comes through partners, so partner underperformance or consolidation can reduce growth.

    Exposure: Go-to-market execution

  4. Customer retention and expansion riskImpact: HighLikelihood: Medium

    Subscription revenue depends on renewals and expansion within existing accounts.

    Exposure: Recurring revenue base

  5. Regulatory and vertical-specific compliance riskImpact: MediumLikelihood: Medium

    Selling into financial services, healthcare, and government requires meeting evolving security and compliance standards.

    Exposure: Heavily regulated customers

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Accounting

Judgemental items
Revenue recognition over contract term

Subscription revenue is recognized ratably, so contract timing affects quarterly revenue patterns.

Impact: Affects revenue timing and deferred revenue balances

Multiple performance obligation allocation

Contracts may include software, support, and services that require judgment in allocating consideration.

Impact: Can shift revenue between periods and product lines

Stock-based compensation

Equity awards are a significant employee cost and depend on valuation assumptions.

Impact: Affects operating expense and reported losses

Convertible note valuation

Fair value and accretion/issuance costs can affect non-operating results.

Impact: Impacts other income/expense and balance sheet carrying values

Goodwill and intangible asset impairment

Acquisitions create assets that must be tested for impairment if performance weakens.

Impact: Could create non-cash charges

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Last updated: 24/09/2026

Netskope Inc (Nasdaq) – Services-Prepackaged Software | Financial Analysis – Clarifo