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Screener / SEC EDGAR /CIK 0001327567 /10-K filed Sep 10, 2026, compared with Aug 29, 2025 /Numbers from the XBRL of the 10-Ks
Technology peers:
PANWANETSNPSMRVLWDAYMSI
Nasdaq Technology · Computer Peripherals

Palo Alto Networks PANW

PANW quote by TradingView

Palo Alto Networks, Inc. is a global artificial intelligence (“AI”) cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. 10-K, Item 1

Headquarters
Santa Clara, CA
CEO
Nikesh Arora
Next results
around Nov 18, 2026
Compare with peers Embed

Where each dollar of revenue went, FY2026

Revenue of $11.5B through the costs to a net profit of $307.0M · income statement of the 10-K

6% operating margin
Revenue to Gross profit: $8.1BRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $695.0MGross profit to Operating expenses: $7.4BOperating profit to Net profit: $307.0MOperating profit to Tax & other: $388.0MOperating expenses to R&D: $2.6BOperating expenses to Sales, admin & other: $4.8B Revenue: $11.5B REVENUE $11.5B +24% Y/Y Gross profit: $8.1B · 70% margin GROSS PROFIT $8.1B 70% margin · +19% Y/Y Cost of revenue: $3.4B · 30% of revenue COST OF REVENUE $3.4B 30% of revenue Operating profit: $695.0M · 6% margin OPERATING PROFIT $695.0M 6% margin · −44% Y/Y Operating expenses: $7.4B · 64% of revenue OPERATING EXPENSES $7.4B 64% of revenue Net profit: $307.0M · 3% margin NET PROFIT $307.0M 3% margin · −73% Y/Y Tax & other: $388.0M · 3% of revenue TAX & OTHER $388.0M 3% of revenue R&D: $2.6B · 22% of revenue R&D $2.6B 22% of revenue Sales, admin & other: $4.8B · 42% of revenue SALES, ADMIN & OTHER $4.8B 42% of revenue
Gross profit $8.1B 70% margin · +19% Y/Y
Operating profit $695.0M 6% margin · −44% Y/Y
Net profit $307.0M 3% margin · −73% Y/Y
The full income statement, year by year

PANW among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 24.5%, above 77% of 74 peers (their median 14.0%) REVENUE GROWTH 24.5% · above 77% Gross margin: 70.4%, above 72% of 67 peers (their median 56.4%) GROSS MARGIN 70.4% · above 72% Operating margin: 6.1%, above 11% of 70 peers (their median 23.8%) OPERATING MARGIN 6.1% · above 11% Net margin: 2.7%, above 5% of 74 peers (their median 19.2%) NET MARGIN 2.7% · above 5% FCF margin: 35.8%, above 83% of 70 peers (their median 22.3%) FCF MARGIN 35.8% · above 83% Return on capital: 1.4%, above 7% of 61 peers (their median 12.7%) RETURN ON CAPITAL 1.4% · above 7%
PANW Peer median Below the median

What changed

49 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Sep 10, 2026 against Aug 29, 2025.

Risk factors
49 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: ACQUISITION OF CYBERARK SOFTWARE LTD. (“CYBERARK”) - VALUATION OF PLATFORM RENEWALS (“Description As disclosed in Notes 1 and 8 to the consolidated financial statements, on February 11, 2026, the Company completed the acquisition of CyberArk for total purchase consideration of $21.1 billion. The Company accounted for the acquisition as a business combination. In connection with this ”). No longer listed: VALUATION OF CONTINGENT CONSIDERATION LIABILITY IN CONNECTION WITH THE ACQUISITION OF IBM QRADAR ASSETS. Same as last year: REVENUE RECOGNITION
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
0 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Critical audit matters changed
    New this year: ACQUISITION OF CYBERARK SOFTWARE LTD. (“CYBERARK”) - VALUATION OF PLATFORM RENEWALS (“Description As disclosed in Notes 1 and 8 to the consolidated financial statements, on February 11, 2026, the Company completed the acquisition of CyberArk for total purchase consideration of $21.1 billion. The Company accounted for the acquisition as a business combination. In connection with this ”). No longer listed: VALUATION OF CONTINGENT CONSIDERATION LIABILITY IN CONNECTION WITH THE ACQUISITION OF IBM QRADAR ASSETS. Same as last year: REVENUE RECOGNITION
  • Receivables +22.4% vs revenue +24.5% (-2.1 pts)
9 more checks with nothing to note
  • Cash from operations $4.6B vs net income $307.0M (FY ending Jul 31, 2026)
  • Inventory +3.5% vs revenue +24.5% (-21.0 pts)
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

49 paragraphs in Risk Factors that were not in the 10-K filed Aug 29, 2025. Quoted as filed.

All 49 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Aug 29, 2025 10-K, ITEM 1A
    Our consumption- or usage-based offerings may expose us to customer usage optimization behavior that could create revenue volatility. A growing portion of our revenue is generated from offerings priced on a consumption or usage basis, including certain of our observability and AI-related offerings. Pricing on this basis may result in…
  2. Item 1A · new paragraph · not in the 10-K filed Aug 29, 2025 10-K, ITEM 1A
    The “identity security” market lacks a universally accepted definition, which could lead to mischaracterization of our offerings and adverse evaluations by industry stakeholders. We have significantly expanded our participation in what is commonly referred to as the “identity security” market. However, this market lacks a standardized…
  3. Item 1A · new paragraph · not in the 10-K filed Aug 29, 2025 10-K, ITEM 1A
    The success of our strategy depends on maintaining a broad ecosystem of integrations with third-party technologies, which requires significant ongoing investment. The success of our strategy depends in part on the breadth and depth of our integrations with third-party technologies, including cloud infrastructure providers, identity…
  4. Item 1A · new paragraph · not in the 10-K filed Aug 29, 2025 10-K, ITEM 1A
    Vulnerabilities within our AI systems may be identified by researchers or malicious actors before we detect or remediate them, which could result in security incidents, data privacy issues, reputational damage, or loss of customer confidence. Advances in AI have also increased the speed, scale, and sophistication of cybersecurity threat…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2023FY2024FY2025FY2026
Revenue$6.9B$8.0B$9.2B$11.5B
Net income$439.7M$2.6B$1.1B$307.0M
Operating cash flow$2.8B$3.3B$3.7B$4.6B
Free cash flow$2.6B$3.1B$3.5B$4.1B

Revenue, FY2017 to FY2026

Ten fiscal years, each from its own 10-K · XBRL · USD

$11.5B ▲ 24.5% in FY2026

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Every number, year by year

Recent filings

No new filings in the last 30 days · SEC EDGAR

All filings

Nothing new. The most recent filings:

About the company

Palo Alto Networks, Santa Clara, CA · from the 10-K filed Sep 10, 2026

Palo Alto Networks, Inc. is a global artificial intelligence (“AI”) cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California. Our mission is to be the cybersecurity partner of choice, protecting our digital way of life. Our platforms and services help secure enterprise users, networks, clouds, endpoints, AI apps and agents, and identities by delivering comprehensive cybersecurity backed by AI and automation, and provide real-time visibility and monitoring across cloud infrastructure, applications and AI workloads.

Headquarters
Santa Clara, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
July 31
Last results
Sep 1, 2026
Incorporated in
DE

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Sources

The 10-K filed Sep 10, 2026 (open at SEC), compared with the 10-K filed Aug 29, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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