Oct 28, 2026 earnings call — Raised guidance and AI-driven product focus
Raised full-year revenue guidance to $5.465 billion to $5.515 billion.
Revenue $1.4B (est $1.3B) · EPS $0.74 (est $0.72) · Next-quarter revenue outlook $1.4B–$1.4B
Key quotes
"Personal agents from major platforms reached millions within weeks with access to e-mails, passwords and money."
"In Q2, Trust-Based Solutions bookings and revenues increased 24% and 26%, respectively."
"We are raising and narrowing our fiscal 2027 revenue to $5.465 billion to $5.515 billion, reflecting growth of 10% to 11% versus prior guidance of 9% to 11%."
Analyst Q&A 6
Demand for AI security products
Q (Roger Boyd · UBS): He asked about customer interest and adoption metrics for personal AI security products like Safe AI and whether they drive Norton 360 uplifts. He also asked about partner growth in employee benefits and the Norton Money pipeline.
A: Vincent said agentic solutions like Muse and OpenClaw are spreading and create new consumer risks. He said they built an Agent Trust Hub and are moving control to consumers, but "I don't expect significant material revenue impact from that here now, but adoption will be an interesting one to go." Natalie said employee benefits growth this quarter was the highest in "5-plus quarters" and the pipeline for financial wellness products is the strongest it has been.
"I don't expect significant material revenue impact from that here now, but adoption will be an interesting one to go." — Vincent Pilette (CEO)
Muse cancellations and engagement
Q (Robert Coolbrith · Evercore): He asked whether Muse caused cancellations or people turning off auto-renewal, how consumer agents are a threat or opportunity, and how engagement trends relate to renewals. He also asked about serving SMBs or solopreneurs.
A: Vincent said they have not seen an increase in subscription cancellations and noted this quarter had the highest renewal rate in the "last 4 quarters." He said agentic solutions increase scams and risks but also create opportunity to build secure agents; engagement improvements come from app redesigns and personalization. He said they have ambition to serve broader digital lives including micro businesses and solopreneurs, and Norton Small Business will address some of those needs.
"So no, we have not seen any increase in subscription." — Vincent Pilette (CEO)
Where $100M synergy will come from
Q (Joseph Gallo · Jefferies): He asked where the $100 million revenue synergies will materialize and the timing, and whether it is all financial wellness. He also asked about the margin profile of Trust-Based Solutions over time.
A: Vincent said the synergies come from financial wellness using MoneyLion and Engine tech, including Norton Money Workplace which is white labeled MoneyLion tech and sold into employee benefits; onboarding season will start and "revenue will unroll over the following 12 months," plus marketplace and partnerships like Equifax will contribute and the ramp was expected in the second half and to accelerate through fiscal year '28. Natalie said they plan to run the Trust-Based Solutions segment at approximately "30%" margin while preserving volume upside and reinvesting for growth, and expect to drive productivity to keep the margin architecture relatively consistent.
"Norton Money Workplace is actually built on a white labeled MoneyLion technology that we then bring and sell with the Norton LifeLock into the employee benefit channel." — Vincent Pilette (CEO)
Appetite for large deals
Q (Saket Kalia · Barclays): He asked about the company's appetite for big, transformative deals in the future and what they look for in candidates. He also asked about moving MoneyLion toward a membership model and when that will impact growth.
A: Vincent said strategy drives M&A and they focus on accelerating organic growth where categories are underscaled, looking for opportunities to learn and add customer value via partnerships, JVs, or acquisitions, but he reiterated "We are not working today on a transformative deal." Natalie said the membership model is part of the MoneyLion thesis, they are testing and scaling MoneyLion One, and they see "green shoots" but it's not material yet.
"We are not working today on a transformative deal." — Vincent Pilette (CEO)
Partner channel and margins
Q (Meta Marshall · Morgan Stanley): She asked whether growth in the partner channel comes from new, incremental partners or existing partners expanding. She also asked whether Trust-Based Solutions will keep a 30% margin or sacrifice margin to grow.
A: Natalie said for Cyber Safety the long-standing partner channels like employee benefits, xSP, and telco remain high contributors and help reach cohorts and geographies the company can't reach directly; for financial wellness they are adding partners on the marketplace and Engine, which drives growth and diversification. Vincent said they will manage Trust-Based Solutions to capture market acceleration but keep the business model focus (Rule of 50) with "30% margin for 20% growth," and concluded "expect us to continue to move towards durable growth with a disciplined margin approach."
"And so expect us to continue to move towards durable growth with a disciplined margin approach." — Vincent Pilette (CEO)
New user funnel and macro effects
Q (Richard Poland · Wells Fargo): He asked about the new user funnel for Cyber Safety given Norton bundles, and what macro and AI-related factors they see affecting consumer health and demand.
A: Vincent said Cyber Safety is managed at a mid-single-digit growth rate with "60%" margin and that agentic features could expand Norton into new products like Reputation Management, Norton Money, and Norton Genie; he said the agentic movement is creating angst and a structural shift that increases the need for protection. Natalie pointed to metrics showing higher cross-sell penetration, upsells into higher tier memberships, continued originations in Instacash, and growing matched inquiries in the marketplace as evidence of demand.
"So I definitely would say that the agentic movement, the use of agent is creating angst and I think is underlying structural growth shift for us to make the protection product more relevant tomorrow than yesterday." — Vincent Pilette (CEO)