On this page of StockholderLetter.com we present the latest annual shareholder letter from Gen Digital Inc. — ticker symbol GEN. Reading current and past GEN letters to shareholders can bring important insights into the investment thesis.
FY26 Annual Report # /-0./ ' 4 - !*- /# $"$/ ' 2*-'
$5.0B Revenue Up 27% YoY 79M Paid customers worldwide $1.57 GAAP EPS Up 53% YoY 500M Users across 150+ countries $2.56 non-GAAP EPS n Up 15% YoY 100M+ Financial Fin nancial accountss monitored up 36% YoY $1.5B Operating Ope erating cash flow Up 27% YoY 400M A Annual financial inquiries in nquiries through Engine by Gen 10B+ A Attacks blocked annually ann nually real-time protection pr rotection at scale AI agents can now book flights, execute trades and move money on people s behalf. Sponsored ads look identical to trusted brands. A realistic video endorsement, a QR code at checkout, a device-pairing prompt any one of these can trigger a scam that compromises both digital identity and financial health. The threat landscape has not just grown. It has changed shape. At Gen, we believe that trust is the critical foundation for consumers to fully embrace and benefit from an ever more automated digital world. We build the trust layer that lets people act online with confidence by securing their devices and data, protecting their identities, empowering their financial health and now, helping them use AI simply and safely. Our brands serve nearly 500 million users across more than 150 countries. We believe the opportunities in front of us have never been larger. Note: Numbers presented in the letter are non-GAAP, unless otherwise noted. All comparisons are year-over-year. Pro forma growth is calculated including MoneyLion historical results in prior year compare. Please refer to the Use of Non-GAAP Financial Information section for reconciliation.
# - #*' - // - )1 ./*-. Fiscal year 2026 was a defining year for Gen, with overall growth inflecting from mid-single digits to double-digit growth as our platform strategy delivered at scale. Cyber safety and Financial Wellness are reinforcing each other and that convergence is driving growth. Six years ago, Gen was born as a pure-play consumer cybersecurity company with $2 billion in revenues. Since then, we have more than doubled revenue, nearly tripled EPS and nearly quadrupled our paid customer base. Today, we span security, privacy, identity, reputation, financial protection and empowerment, unified by a shared technology platform and intelligence layer and supported by our integrated capabilities. The numbers tell the story of that transformation. FY26 revenue crossed $5 billion for the first time. Pro forma bookings and revenue grew 10% and 9%, respectively, while reported revenue grew 27% and nonGAAP EPS grew 15%, accelerating ahead of our prior mid-term targets. We generated $1.5 billion in operating cash flow and exited the year at three times net leverage, a full year ahead of plan. Fiscal year 2026 marks a structural acceleration from mid-single digit to double-digit revenue growth, with midteens non-GAAP EPS growth as we expanded Cyber Safety into Trust-Based Solutions. This is a step change in trajectory. An evolving threat landscape The threat landscape is rapidly changing in character, not just in scale. Some of the most dangerous attacks today are embedded into everyday digital experiences: shopping, social feeds, search, payments. Consumers are not being breached through technical exploits. They are being redirected from trusted behaviors into outcomes that look legitimate and feel safe. A sponsored ad, a realistic video endorsement, a QR code at checkout any one of these can trigger a scam that drains an account or steals an identity before the damage is discovered. AI has compressed the life cycle of attacks from months to days, sometimes hours. It has lowered the cost and effort required to launch personalized scams at scale. Fake ads now represent more than 40% of all consumer cyber threats, visually indistinguishable from legitimate brands. Last year, we blocked more than 45 million fake online shop attacks in a single quarter, up over 60%. These scams mirror exactly how people shop today and cybercriminals are following consumers into the same channels. The next wave is already here. AI agents can now browse, transact and act on a person s behalf at speed and scale no human can match. They can be deceived through the same vectors people can, from fake ads, impersonation sites, manipulated information, but the consequences are amplified. A single malicious prompt could instruct an agent to scan a device, extract credentials and initiate a transaction without exploiting a single traditional software vulnerability. The AI is doing exactly what it was designed to do, just without enough safeguards. Protecting people in the agentic era is not a future problem. It is the challenge we are solving right now.
# - #*' - // 0- /-0./ ' 4 - 0- /-0./ ' 4 - Trust is the foundation of the digital world. Gen s competitive advantage is built on having earned it, at scale, across hundreds of millions of users. With our dedicated focus on consumers cyber and financial health and well-being and with the depth of our telemetry, Gen has a unique view into how threats emerge, spread and intersect with real consumer behavior that no other company can match. We analyze real-time signals across security, identity, devices and financial activities. #$. ' /. 0. "* 4*) '* &$)" /#- /. /* 0) -./ ) $)" -$.& . $/ 1*'1 . ) +/$)" +-*/ /$*) 4) ($ ''4 At their core, these threats primarily target one thing: the consumer s financials. Cyber Safety today is no longer about blocking malware after the fact. It is about understanding behavior, intent and context in the moment, across our trusted brands. The results in each segment confirm the strategy is working. In Cyber Safety, comprehensive membership adoption is near 60%, integrating security, privacy, identity and increasingly financial monitoring into a single relationship. *-/*) -*.. . '' + ) /- /$*) 3 0+ !-*( %0./ /#- 4 -. "* Norton 360 NPS nearly doubled year-over-year. And independent testing labs, which subject security technology to some of the most rigorous evaluation in the industry, awarded Gen 28 times across our brands nearly doubling last year s recognition a clear signal that we are setting the standard for consumer Cyber Safety. Every one of these metrics reflects the same underlying dynamic: trust, once earned through consistent protection, creates the flywheel to serve customers more deeply across their digital and financial lives. We operate in two complementary segments today. Our Cyber Safety segment a $3.3 billion business growing mid-single digits is our foundation, serving hundreds of millions of users. Our TrustBased Solutions segment, nearing $1.7 billion and growing more than 20% in key categories, encompasses identity, reputation and Financial Wellness. Connecting these segments is one platform built on data, insights, trust and agentic AI capabilities. It gives us an integrated view of each customer, so we can personalize offerings across the portfolio and deepen relationships over time. We continue to evaluate how our platform can extend into adjacent areas of trust where our brands and data create a natural advantage.
# - #*' - // From protection to financial empowerment Identity threats and financial risks are no longer separate. They are deeply interconnected. When people live with little financial buffer, an incident of identity theft, a fraudulent charge, or even a scam can quickly upend their finances. The stakes go beyond security and protection. They are about trust and well-being. People are not searching for another financial product. They are seeking a trusted partner; one that can secure their identity, protect their data, safeguard their privacy and empower their financial well-being. That is the role Gen is positioned to play, across every dimension of our customers digital lives. MoneyLion completed its first full fiscal year under Gen, exceeding our expectations with over 40% revenue growth. Its personal financial management portfolio delivered a record fourth quarter, with more than two-thirds of first-party MoneyLion revenue now coming from repeat customers. MoneyLion is rapidly approaching $1 billion in annual revenue. We have also enhanced the MoneyLion membership with scam protection and identity services, demonstrating an early and tangible synergy between Cyber Safety and Financial Wellness. We have reimagined the LifeLock lineup simpler, more competitive and more clearly aligned to customer needs and the early results are compelling. And among these customers, NPS reached 73, up 4 points year-over-year, with retention touching 90%. LifeLock mobile revenue grew almost 50% and linked financial monitoring accounts rose nearly 25%. Customers with connected accounts show higher ARPUs, stronger engagement and better retention. These are early indicators of the lifetime value accretion we expect as the integrated experience deepens. Engine by Gen, our financial marketplace, had a standout year. Engine now processes nearly 400 million annual inquiries and has more than tripled revenue in three years. In fiscal year 2026, we signed over 30 new partnerships in Q4, embedded Engine into Equifax s myequifax.com to deliver personalized financial recommendations to consumers actively checking their credit and became the multicategory financial offer provider within Microsoft Copilot discovery feeds and MSN AI. These partnerships represent strategic distribution positions inside the ecosystems where financial decisions are actively being made. Across Trust-Based Solutions, a third of our paid base now engages with Financial Wellness, with connected financial accounts hitting all-time highs each quarter over 100 million connected accounts in Q4, up 36% year-over-year. That foundation of linking financial data to approximately a third of our paying base is what we are now converting into personalized insights, deeper engagement and improved recommendations.
 • shareholder letter icon 7/28/2026 Letter Continued (Full PDF)
 • stockholder letter icon 7/31/2023 GEN Stockholder Letter
 • stockholder letter icon 7/29/2024 GEN Stockholder Letter
 • stockholder letter icon 7/28/2025 GEN Stockholder Letter
 • stockholder letter icon More "Application Software" Category Stockholder Letters
 • Benford's Law Stocks icon GEN Benford's Law Stock Score = 84


GEN Shareholder/Stockholder Letter Transcript:

FY26
Annual
Report
 # /-0./ ' 4 - !*- /#  $"$/ ' 2*-' 


$5.0B
Revenue
Up 27% YoY
79M
Paid customers
worldwide
$1.57
GAAP EPS
Up 53% YoY
500M
Users across
150+ countries
$2.56
non-GAAP EPS
n
Up 15% YoY
100M+
Financial
Fin
nancial accountss
monitored
up 36% YoY
$1.5B
Operating
Ope
erating cash flow
Up 27% YoY
400M
A
Annual
financial
inquiries
in
nquiries through
Engine by Gen
10B+
A
Attacks
blocked
annually
ann
nually     real-time
protection
pr
rotection at scale
AI agents can now book flights, execute trades and move money on people   s behalf. Sponsored
ads look identical to trusted brands. A realistic video endorsement, a QR code at checkout, a
device-pairing prompt     any one of these can trigger a scam that compromises both digital
identity and financial health. The threat landscape has not just grown. It has changed shape.
At Gen, we believe that trust is the critical foundation for consumers to fully embrace and
benefit from an ever more automated digital world. We build the trust layer that lets people
act online with confidence by securing their devices and data, protecting their identities,
empowering their financial health and now, helping them use AI simply and safely. Our brands
serve nearly 500 million users across more than 150 countries. We believe the opportunities in
front of us have never been larger.
Note: Numbers presented in the letter are non-GAAP, unless otherwise noted. All comparisons are year-over-year.
Pro forma growth is calculated including MoneyLion historical results in prior year compare.
Please refer to the    Use of Non-GAAP Financial Information    section for reconciliation.



 # - #*'  -  //    -  )1 ./*-.  
Fiscal year 2026 was a defining year for Gen, with overall growth inflecting from mid-single digits to
double-digit growth as our platform strategy delivered at scale. Cyber safety and Financial Wellness are
reinforcing each other and that convergence is driving growth. Six years ago, Gen was born as a pure-play
consumer cybersecurity company with $2 billion in revenues. Since then, we have more than doubled
revenue, nearly tripled EPS and nearly quadrupled our paid customer base. Today, we span security,
privacy, identity, reputation, financial protection and empowerment, unified by a shared technology
platform and intelligence layer and supported by our integrated capabilities.
The numbers tell the story of that transformation. FY26 revenue crossed $5 billion for the first time. Pro
forma bookings and revenue grew 10% and 9%, respectively, while reported revenue grew 27% and nonGAAP EPS grew 15%, accelerating ahead of our prior mid-term targets. We generated $1.5 billion in
operating cash flow and exited the year at three times net leverage, a full year ahead of plan. Fiscal year
2026 marks a structural acceleration     from mid-single digit to double-digit revenue growth, with midteens non-GAAP EPS growth     as we expanded Cyber Safety into Trust-Based Solutions. This is a step
change in trajectory.
An evolving threat landscape
The threat landscape is rapidly changing in character, not just in scale. Some of the most dangerous
attacks today are embedded into everyday digital experiences: shopping, social feeds, search,
payments. Consumers are not being breached through technical exploits. They are being redirected from
trusted behaviors into outcomes that look legitimate and feel safe. A sponsored ad, a realistic video
endorsement, a QR code at checkout     any one of these can trigger a scam that drains an account or
steals an identity before the damage is discovered.
AI has compressed the life cycle of attacks from months to days, sometimes hours. It has lowered the cost
and effort required to launch personalized scams at scale. Fake ads now represent more than 40% of all
consumer cyber threats, visually indistinguishable from legitimate brands. Last year, we blocked more
than 45 million fake online shop attacks in a single quarter, up over 60%. These scams mirror exactly
how people shop today and cybercriminals are following consumers into the same channels.
The next wave is already here. AI agents can now browse, transact and act on a person   s behalf at speed
and scale no human can match. They can be deceived through the same vectors people can, from fake
ads, impersonation sites, manipulated information, but the consequences are amplified. A single
malicious prompt could instruct an agent to scan a device, extract credentials and initiate a transaction
without exploiting a single traditional software vulnerability. The AI is doing exactly what it was designed
to do, just without enough safeguards. Protecting people in the agentic era is not a future problem.
It is the challenge we are solving right now.


 # - #*'  -  //  0- /-0./ ' 4 -
 0- /-0./
' 4 -
Trust is the foundation of the digital world. Gen   s
competitive advantage is built on having earned it,
at scale, across hundreds of millions of users. With
our dedicated focus on consumers    cyber and
financial health and well-being and with the depth
of our telemetry, Gen has a unique view into how
threats emerge, spread and intersect with real
consumer behavior that no other company can
match. We analyze real-time signals across security,
identity, devices and financial activities.  #$. ' /.
0. "*   4*)   '* &$)" /#-  /. /* 0)  -./ ) $)"
-$.&  . $/  1*'1 .  )     +/$)" +-*/  /$*)
 4) ($  ''4   At their core, these threats primarily
target one thing: the consumer   s financials. Cyber
Safety today is no longer about blocking malware
after the fact. It is about understanding behavior,
intent and context in the moment, across our
trusted brands.
The results in each segment confirm the strategy
is working. In Cyber Safety, comprehensive
membership adoption is near 60%, integrating
security, privacy, identity and increasingly
financial monitoring into a single relationship.
 *-/*)  -*..  . '' + ) /- /$*)  3               
0+ !-*(       %0./ /#-  4  -.  "*   Norton 360
NPS nearly doubled year-over-year. And
independent testing labs, which subject security
technology to some of the most rigorous
evaluation in the industry, awarded Gen 28 times
across our brands     nearly doubling last year   s
recognition     a clear signal that we are setting
the standard for consumer Cyber Safety. Every
one of these metrics reflects the same underlying
dynamic: trust, once earned through consistent
protection, creates the flywheel to serve
customers more deeply across their digital and
financial lives.
We operate in two complementary segments today.
Our Cyber Safety segment     a $3.3 billion business
growing mid-single digits     is our foundation,
serving hundreds of millions of users. Our TrustBased Solutions segment, nearing $1.7 billion and
growing more than 20% in key categories,
encompasses identity, reputation and Financial
Wellness. Connecting these segments is one
platform built on data, insights, trust and agentic AI
capabilities. It gives us an integrated view of each
customer, so we can personalize offerings across
the portfolio and deepen relationships over time.
We continue to evaluate how our platform can
extend into adjacent areas of trust where our
brands and data create a natural advantage.



 # - #*'  -  // From protection to
financial empowerment
Identity threats and financial risks are no longer
separate. They are deeply interconnected. When
people live with little financial buffer, an incident of
identity theft, a fraudulent charge, or even a scam
can quickly upend their finances. The stakes go
beyond security and protection. They are about
trust and well-being. People are not searching for
another financial product. They are seeking a
trusted partner; one that can secure their identity,
protect their data, safeguard their privacy and
empower their financial well-being. That is the role
Gen is positioned to play, across every dimension
of our customers    digital lives.
MoneyLion completed its first full fiscal year
under Gen, exceeding our expectations with over
40% revenue growth. Its personal financial
management portfolio delivered a record fourth
quarter, with more than two-thirds of first-party
MoneyLion revenue now coming from repeat
customers. MoneyLion is rapidly approaching $1
billion in annual revenue. We have also enhanced
the MoneyLion membership with scam protection
and identity services, demonstrating an early and
tangible synergy between Cyber Safety and
Financial Wellness.
We have reimagined the LifeLock lineup     simpler,
more competitive and more clearly aligned to
customer needs     and the early results are
compelling. And among these customers, NPS
reached 73, up 4 points year-over-year, with
retention touching 90%. LifeLock mobile revenue
grew almost 50% and linked financial monitoring
accounts rose nearly 25%.
Customers with connected accounts show higher
ARPUs, stronger engagement and better
retention. These are early indicators of the
lifetime value accretion we expect as the
integrated experience deepens.
Engine by Gen, our financial marketplace, had a
standout year. Engine now processes nearly 400
million annual inquiries and has more than
tripled revenue in three years. In fiscal year 2026,
we signed over 30 new partnerships in Q4,
embedded Engine into Equifax   s myequifax.com
to deliver personalized financial
recommendations to consumers actively
checking their credit and became the multicategory financial offer provider within
Microsoft Copilot discovery feeds and MSN AI.
These partnerships represent strategic
distribution positions inside the ecosystems
where financial decisions are actively being
made.
Across Trust-Based Solutions, a third of our paid
base now engages with Financial Wellness, with
connected financial accounts hitting all-time
highs each quarter     over 100 million connected
accounts in Q4, up 36% year-over-year. That
foundation of linking financial data to
approximately a third of our paying base is what
we are now converting into personalized insights,
deeper engagement and improved
recommendations.


shareholder letter icon 7/28/2026 Letter Continued (Full PDF)
 

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