(https://www.cnbc.com/2026/06/02/palo-alto-networks-panw-q3-earnings-2026.html) on a beat after February's miss. Same rhythm: lower the bar, clear it, celebrate. But accrual cleanup is not operational leverage—it's operating cash flow deception. When guidance misses precede beats, you're watching companies reset accruals downward, not prove underlying business strength. The real test is whether Q2 2026 operating cash flow stays positive while revenue actually grows.

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