5 Interesting Learnings from Palo Alto Networks at $11.4 Billion in Revenue: 60% ARR Growth, 120% NRR, and a $25B Acquisition That Doubled the Stock
Palo Alto Networks is now a ~$265B market cap company. The stock is up roughly 100% over the past twelve months and hit an all-time high of $368.80 in July. What makes it interesting isn’t the run. It’s how they got it. They spent about $29B on...
5 Interesting Learnings from Shopify at $14B in Revenue: 34% Growth, 18% Free Cash Flow Margins, and AI Orders Up 3x
Shopify reported Q2 2026 this week and the stock jumped roughly 18% on the news, erasing most of a 25% year-to-date decline in a single session. The headline numbers: $3.58 billion in quarterly revenue, up 34% year-over-year $115.6 billion in GMV, up 32%, the fifth...
5 Interesting Learnings from Palantir at $7.7 Billion ARR: 93% Growth (!), 157% NRR, and a Rule of 40 Score of 155%
Almost everyone's growth rate decays at scale Not Palantir. It just pulled off a quarter (and a year) like we've never seen: – Revenue grew 93% year-over-year to $1.935 billion– The twelfth consecutive quarter of accelerating growth– 47% GAAP...
5 Interesting Learnings from Procore at $1.5 Billion in ARR: 16% Growth, Its First GAAP Operating Profit, and $845M for DroneDeploy
Procore’s one of the great pre-AI vertical software leaders. Construction software, 3 million projects, 150+ countries, roughly $1.5B in ARR. But growth slowed as for many the past 24 months. They’ve finally turned it around a bit. And then spent $845...
5 Interesting Learnings from Stripe at $6.8 Billion in Revenue: 33% Growth, 47% Free Cash Flow Margins, and a $53B Bid for PayPal
Stripe is still private, so we mostly get data when the company chooses to give it to us. This week we got more than usual. The Information reported Stripe’s 2025 revenue hit $6.8 billion, up roughly a third year-over-year, its fastest growth since 2021. Free...
5 Interesting Learnings from Zoom at ~$5 Billion in ARR: Modestly Re-Accelerating Growth, Real AI Monetization, a $27B Market Cap, and a 25x Anthropic Windfall
Almost everyone wrote Zoom off a few years back. The innovative app everyone loved before 2020, but then almost a COVID one-hit-wonder that peaked in 2021 after going from $1B to $4B in ARR in one year. That would slowly bleed out as people went back to the office...
5 Interesting Learnings from Vertical B2B Leader ServiceTitan at $1B+ in ARR. Not Slowing Down, Growing 25%, Fintech Growing Fastest, 110% NRR
ServiceTitan has somewhat quietly become one of the most important vertical software stories of the past decade. It sells an end-to-end operating system to the trades: HVAC, plumbing, electrical, roofing, garage doors. And it just crossed a $1B revenue run rate the...
5 Interesting Learnings from Toast at $6.5 Billion Run-Rate: 22%+ Growth, Profitable, No Deceleration. But AI Is Just Getting Started
AI Vertical SaaS is hot now. Toast is … a dominant vertical SaaS leader becoming AI-first. Toast is running at a ~$6.5 billion revenue run-rate. At its core Toast is a payments business, with a high-margin software business as a subset inside it, a fintech...
Figma Grows 46% and Trades at 6x. Everyone Else Growing 30%+ Trades at 15-36x.
Figma went public on July 31, 2025 at $33 a share, popped 250% on day one to close at $115.50, and got valued near $68 billion. It peaked at $142.92. This week it trades around $19, with a market cap near $10 billion. That is down roughly 87% from the high. Down about...
Why Navan Is Up +30% in 2026. When So Many Other Public Software Leaders Are Down.
Pull up a chart of public B2B software in 2026 and it is a sea of red. IGV, the iShares software ETF, is down more -15% year-to-date and off roughly 30% from its September 2025 peak. For the first time in history, software forward multiples dropped below the S&P...
Salesforce at 2.8x ARR, HubSpot Down 56%, Adobe at 11x Earnings: Are They Just Too Oversold Now?
Four months ago the markets decided B2B software was dead. In a 48-hour stretch in February, roughly $285 billion in software market cap evaporated. The trigger was the fear that AI agents would make per-seat licensing obsolete, that the entire model of charging...
Shopify Turns 20! 5 Interesting Learnings from Shopify at $13B+ in ARR. And Accelerating
hopify just turned 20. The company Tobi Lütke spun out of a snowboard shop called Snowdevil in 2006 is now processing more than $100 billion of merchant sales in a single quarter and running at a $13B+ revenue run rate. Most software companies that old are coasting on...
Entrata at $575m ARR Growing 23% Is First of the Next Wave of PE-Backed Software IPOs. The Catch: Almost None of Them Are Accelerating.
Entrata filed its S-1 on May 28 to list on the NYSE under the ticker “ENT.” It’s the multifamily property management Operating System out of Lehi, Utah, founded way back in 2003, with Silver Lake holding majority control since 2022. The numbers are...
Salesforce Just Reaccelerated Growth at $45B+ ARR. It Took the Entire Kitchen Sink. 5 Learnings.
Reaccelerating growth at scale is the hardest thing in B2B. Almost no one does it. The law of large numbers is tough to defeat: the bigger you get, the more new revenue you need just to hold the same growth rate, and eventually the math wins. HubSpot, Workday, even...
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