Check Point

Check Point Software sells cybersecurity products to more than 100,000 organizations. Its best-known products are network firewalls: security appliances and software that protect company networks. It also sells security for email, cloud, remote access (SASE), exposure management and AI systems. It makes money in three ways: product and license sales ($548 million in 2025), security subscriptions ($1,219 million) and software updates and maintenance ($958 million).

Total revenue was $2,725 million in 2025, and about 80% of it is recurring. The company is based in Israel, where it does much of its research and development. Check Point has high margins and spends most of its free cash flow on share buybacks.

The market prices Check Point at a discount because its growth stalled in 2026 while it changes how it sells. At the start of 2026, the new management changed the sales model, and firewall appliance sales fell. In April 2026, Check Point cut its 2026 revenue outlook to $2.77 billion to $2.85 billion, and the stock fell about 14% that day. In November 2026, it cut the outlook again, to $2,732 million to $2,782 million.

Q3 2026 revenue fell 1%, and product revenue fell 19%. Partner checks by Raymond James in July 2026 showed lower bookings and some customer losses. Investors also fear that platform rivals take share in firewalls and that AI changes how companies buy security. For the gap to close, three things must be true.

Product revenue must stop falling, security subscriptions must keep growing at about 11%, and the about 300 new sellers that Check Point hires must raise sales in the first half of 2027, as management expects. Revenue must also meet the Q4 2026 outlook of $720 million to $770 million. Management said that revenue reached its low point in Q3 2026 and expects gradual improvement from Q4 2026, but that the recovery takes longer than it expected. The Q4 2026 report with the 2027 outlook in early 2027 and the first two quarters of 2027 show whether the new sales force works.

If product sales recover, the gap can close over the next four to six quarters. The main risk is that the firewall business keeps losing share, so that Check Point becomes a low-growth company.

1. Nov 2, 2026Failed

   Q3 2026 results: product revenue and the 2026 outlookA smaller fall in product revenue, subscription growth near 12% and a kept 2026 revenue outlook pass; another product decline near 14% or a lower outlook fails.Outcome: Product revenue fell 19%, subscriptions grew 11%, and Check Point cut its 2026 revenue outlook to $2,732 million to $2,782 million.
2. Feb 2, 2027 · est.Pending

   Full-year 2026 results and 2027 outlookQ4 2026 revenue within the $720 million to $770 million outlook and a 2027 outlook with faster revenue growth pass; Q4 revenue below the outlook or a 2027 outlook with growth near 2026 levels fails.
3. Jul 2027 · est.Pending

   Q2 2027 results: the new sales forceProduct revenue that grows from a year earlier after the hiring of about 300 sellers passes; product revenue that still falls fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Check Point reported Q3 2026 results. Revenue was $670 million, down 1%. Security subscription revenue was $339 million, up 11%, and product and license revenue fell 19% to $106 million. Non-GAAP EPS was $2.49, up 1% without a one-time tax benefit in Q3 2025, and adjusted free cash flow was $258 million. Check Point bought back about 2.5 million shares for about $325 million. It cut its 2026 revenue outlook to $2,732 million to $2,782 million from $2,770 million to $2,850 million and narrowed its non-GAAP EPS outlook to $10.25 to $10.37. For Q4 2026, it expects revenue of $720 million to $770 million.
• October 1, 2026Check Point said that it will report Q3 2026 results on November 2, 2026.
• September 22, 2026Check Point said that attackers used two flaws in its Security Gateway and Security Management products. It had released a fix for the first flaw on September 9, 2026, and it released a fix for the second flaw, a new zero-day flaw in Security Management, with the advisory.

Last earnings

November 2, 2026

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed March 31, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Sep 30, 2025Filed December 2, 2025 · Read it on sec.gov
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 17, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1015922)

• Product sales fall. Product revenue fell 14% in Q2 2026 and 19% in Q3 2026 after changes to the sales model. Partners reported lower bookings and some customer losses in July 2026. If firewall sales do not recover, future subscription and maintenance revenue also grows more slowly.
• The sales reorganization and a new Chief Revenue Officer from May 2026 add execution risk. The about 300 new sellers add cost in 2026, and management expects their benefit only in the first half of 2027. Operating expenses rose 13% in Q2 2026. In Q3 2026, non-GAAP operating expenses rose 4%, after a $25 million benefit from Israeli research grants.
• Competition is strong. Platform companies such as Palo Alto Networks, Fortinet and CrowdStrike compete for firewall, cloud and AI security budgets.
• Check Point has its main offices and much of its research staff in Israel. A war in the region can disrupt operations, and it can make some customers less willing to buy.
• Security flaws in its own products, such as the VPN flaw disclosed in June 2026 and the two gateway and management flaws of September 2026 that attackers used, can hurt customer trust. Higher memory prices also lower the gross margin on appliances.

Check Point has more cash than debt. Its only debt is $2.0 billion of 0% convertible senior notes due December 15, 2030, which it issued in December 2025. Read more

Check Point does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.