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PANWPalo Alto Networks

Technology · Computer Peripherals · Nasdaq

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

PANW quote by TradingView
Headquarters
Santa Clara, CA
CEO
Nikesh Arora
Next results
around Nov 18, 2026
Compare with peers → Embed

10-K 0001327567-26-000023 (2026-09-10) vs 10-K 0001327567-25-000027 (2025-08-29)

SectionCompared textWords nowChanged
Risk FactorsItem 1A17,892 38.6%
MD&AItem 78,477 25.7%
Legal ProceedingsItem 3, via Note 13 – Commitments and Contingencies991 5.2%
Accounting PoliciesItem 8, Note 1 – Description of Business and Summary of Significant Accounting Policies5,188 10.0%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 273 words changed in this paragraph; it is 40% similar to last year's version.
Increasingly, companies Like all companies, our systems, data, and products are subject to a an increasingly wide variety of attacks on an ongoing basis. In addition to basis from a variety of sources, including from traditional computer “hackers,” hackers, malicious code (such as viruses code, phishing and worms), phishing attempts, ransomware attacks, employee theft or misuse, and denial of service attacks, sophisticated nation-state and nation-state supported actors engage engaging in intrusions and attacks (including attacks, including advanced persistent threat intrusions and supply chain attacks), and add to the risks to our internal networks, cloud-deployed enterprise and customer-facing environments and the information they store and process. Incidences of cyberattacks and other cybersecurity breaches and incidents have increased and are likely to continue to increase. We and our third-party service providers face security threats and attacks from a variety of sources. attacks. Despite our efforts and processes to prevent breaches of our internal networks, systems, and websites, breaches, our data, products, corporate systems, and security measures, as well as those of our third-party service providers, remain vulnerable. Malicious actors are still vulnerable using AI to computer viruses, break-ins, phishing attacks, ransomware attacks, develop advanced cyberattacks and to exploit system vulnerabilities that are not known or other types of attacks from outside parties, or breaches due to employee error, malfeasance, or some combination of these. remediated. We cannot guarantee that the our security measures we have taken to protect our networks, systems, and websites will provide adequate security. Furthermore, as protection. As a well-known provider of security solutions, we may be a more and others in our industry are attractive target targets for such attacks. cyberattacks. The geopolitical environment, including the Russia-Ukraine war and associated activities other global events as described in Ukraine "Risks Related to Global Economic and Russia may Geopolitical Conditions" above, increase the risk of cyberattacks on various types of our infrastructure and operations. Because certain third-party service providers are critical to our business, such as cloud services that support various customer-facing operations, and the United States government has warned companies to be prepared for additional Russian cyberattacks in response to the Sanctions on Russia. that compromise third-party systems could materially impact us.

Source: Item 1A, 10-K 0001327567-26-000023 vs Item 1A, 10-K 0001327567-25-000027

MD&A 236 words changed in this paragraph; it is 40% similar to last year's version.
We continue to invest in innovation as we evolve and further extend the capabilities of our portfolio, as we believe that innovation and timely development of of, and investment in, new features and products are essential to meeting the needs of our end-customers and improving our competitive position. During fiscal 2025, 2026, we introduced several upgrades and new offerings, including: PAN-OS 12.1 Orion, Prisma Access Browser, new capabilities AIRS 2.0, NGTS, and Prisma AIRS 3.0. Additionally, we evaluate opportunities to acquire complementary businesses, technologies, services, and intellectual property to complement our organic innovation and research and development efforts, advance the development of our platforms, and enable further investment in our OT Security solution, Cortex Cloud, Prisma AIRS, and Cortex XSIAM 3.0. Additionally, in August 2024, key priority areas. For example, on January 29, 2026, we completed the acquisition of certain IBM QRadar assets, which we expect will help accelerate the growth of Chronosphere, forming our Cortex business. Additionally, in July 2025, observability platform; on February 11, 2026, we completed the acquisition of Protect AI, CyberArk, forming our next-generation identity security platform; on April 14, 2026, we completed the acquisition of Koi, adding agentic endpoint security capabilities to our security operations platform and enhancing Prisma AIRS; on May 29, 2026, we completed the acquisition of Portkey, enhancing our Prisma AIRS capabilities; on August 27, 2026, we completed the acquisition of Embrace, which we expect will enhance add RUM capabilities to our observability platform; and on September 1, 2026, we completed the acquisition of Console, which we expect will deepen our agentic capabilities in Cortex. On July 16, 2026, we announced the general availability of our Prisma AIRS Gateway, which incorporates AI security platform. In July 2025, we also entered gateway capabilities acquired through Portkey into a definitive agreement to acquire Software Ltd. (“CyberArk”), an identity security company, which acquisition is expected to close during the second half of our fiscal 2026. Prisma AIRS.

Source: Item 7, 10-K 0001327567-26-000023 vs Item 7, 10-K 0001327567-25-000027

Accounting Policies 73 words changed in this paragraph; it is 32% similar to last year's version.
In November 2023, July 2025, the Financial Accounting Standards Board (“FASB”) FASB issued authoritative guidance that expands annual provides a practical expedient for estimating expected credit losses on accounts receivable and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. contract assets. We adopted the plan to adopt this standard beginning in our fourth first quarter of fiscal 2025. Refer 2027 and do not expect the adoption of this standard to Note 19. Segment Information for more details. have a material impact on our consolidated financial statements.

Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001327567-26-000023 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001327567-25-000027

Legal Proceedings 53 words changed in this paragraph; it is 59% similar to last year's version.
On April 3, 2024, Eire OG Innovations filed a lawsuit against us in the United States District Court for the Eastern District of Texas asserting infringement of multiple patents, certain of which were subsequently dismissed. The complaint requests monetary damages and attorneys’ fees. Trial is set for February 17, 2026. We are unable, at this time, parties have resolved all pending matters between them as of December 2025. The amount paid by us to reasonably estimate a possible loss or potential range of loss, if any. resolve these matters was not material.

Source: Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001327567-26-000023 vs Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001327567-25-000027

Every change, by type

Sentences and paragraphs of PANW's Risk Factors and MD&A, 10-K 2026-09-10 against 10-K 2025-08-29. Each links to the text at sec.gov.

All 344 Added 64Removed 47Reworded 231Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
•The “identity security” market lacks a universally accepted definition, which could lead to mischaracterization of our offerings and adverse evaluations by industry stakeholders.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•Cloud infrastructure providers and advanced AI companies increasingly offer native security and observability capabilities that compete directly with our offerings.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•The success of our strategy depends on maintaining a broad ecosystem of integrations with third-party technologies, which requires significant ongoing investment.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•The emergence of AI agents as a new class of identity presents both opportunities and risks that could impact our identity security offerings.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•Our shared responsibility security model relies on customers to configure and use our products securely, and customer errors could harm our reputation even when we are not at fault.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•Our subscription agreements typically contain service-level commitments, and failure to meet these commitments could reduce our revenue and harm our business.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•We rely on data center facilities operated by third-party cloud service providers, and any limitations on capacity, or interference with our use could adversely affect our business, financial condition, and results of operations.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•Our products and subscriptions are subject to certification, testing, and regulatory approval requirements in foreign jurisdictions, and our failure to obtain or maintain such approvals could limit our ability to sell in those markets.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedRisk Factors
•We may not have the ability to raise the funds necessary to settle conversions of the 2030 Notes, repurchase the 2030 Notes upon a fundamental change, or repay the 2030 Notes in cash at their maturity, and our other debt may contain limitations on our ability to pay cash upon conversion or repurchase of the 2030 Notes.

Read it in 10-K 2026-09-10 at sec.gov ↗

RemovedRisk Factors
•We may not complete the acquisition of CyberArk within the timeframe we anticipate or at all, which could negatively impact our future business and financial results.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
•Managing the supply of our hardware products and product components is complex. Insufficient supply and inventory would result in lost sales opportunities or delayed revenue, while excess inventory would harm our gross margins.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
•Our hardware products contain key components from limited sources of supply, including outside the United States, and we are susceptible to supply shortages, supply changes, and international regulations, which, in certain cases, have disrupted or delayed our scheduled product deliveries to our end-customers, increased our costs and may result in the loss of sales and end-customers.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
•Our failure to raise additional capital or generate the significant capital necessary to expand our operations and invest in new products and subscriptions could reduce our ability to compete and could harm our business.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
We believe there are significant seasonal factors that may cause our second and fourth fiscal quarters to record greater revenue sequentially than our first and third fiscal quarters. We believe that this seasonality results from a number of factors, including:

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
•end-customers with a December 31 fiscal year-end choosing to spend remaining unused portions of their discretionary budgets before their fiscal year-end, which potentially results in a positive impact on our revenue in our second fiscal quarter;

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
•our sales compensation plans, which are typically structured around annual quotas and commission rate accelerators, which potentially results in a positive impact on our revenue in our fourth fiscal quarter; and

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
•the timing of end-customer budget planning at the beginning of the calendar year, which can result in a delay in spending at the beginning of the calendar year, potentially resulting in a negative impact on our revenue in our third fiscal quarter.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
As we continue to grow, seasonal or cyclical variations in our operations may become more pronounced, and our business, operating results, and financial position may be adversely affected.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
Our exposure to the credit risks relating to the financing activities described above may increase if our customers are adversely affected by a global economic downturn or periods of economic uncertainty. If we are unable to adequately control these risks, our business, operating results, and financial condition could be harmed. In addition, in the past, we have experienced non-material losses due to bankruptcies among customers. If these losses increase due to global economic conditions, they could harm our business and financial condition.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedRisk Factors
We may not complete the acquisition of CyberArk within the timeframe we anticipate or at all, which could negatively impact our future business and financial results.

Read it in 10-K 2025-08-29 at sec.gov ↗

RewordedRisk Factors
They Our competitors may also devote greater resources to the research and development, promotion and sale of products and services, offer lower pricing, and have larger broader product and service offerings and more mature intellectual property portfolios, and broader and more diverse product and service offerings, which allow them to leverage their relationships based on other products or incorporate functionality into existing products portfolios to gain business in a manner that discourages users from purchasing our products and subscriptions, including incorporating cybersecurity features into their existing products or services and services, product bundling, selling at zero or negative margins, and offering concessions or a closed technology offering. concessions.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
Governments routinely investigate Government entities may also have rights to terminate contracts for convenience or due to a default, and audit government contractors’ administrative processes, and any unfavorable audit audits of their contractors, suppliers, or vendors could result in the government refusing to continue buying purchasing our products, subscriptions, and support offerings, a reduction of revenue, revenue reductions, or fines or and civil or criminal liability if the audit uncovers improper or illegal activities, liability, all of which could may adversely impact our operating results in a material way. results.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
If Government certification and technical requirements may change, and if our products and subscriptions fail to achieve or are late in achieving or fail to achieve compliance with these certifications and standards or technical requirements, or our competitors achieve compliance with these certifications and standards or technical requirements, we may be disqualified or restricted from selling our products, subscriptions, and support offerings to such governmental entity, entities or be at a competitive disadvantage, which would harm our business, operating results, and financial condition. disadvantage.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
Any actual or perceived breach of security in our systems vulnerability, breach, or networks, or any other actual or perceived data security incident we or our third-party service providers suffer, suffer could result in significant damage to our reputation, negative publicity, reputational damage, loss of channel partners, partners and end-customers, and sales, loss of competitive advantages over our competitors, increased costs to remedy any problems and otherwise respond to any incident, regulatory investigations and or enforcement actions, demands, costly litigation, and other liability.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
The data centers, networks, and cloud infrastructure that we use to deliver our products products, subscriptions, and services support offerings may experience technical failures and or downtime that could expose end-customers’ networks to security threats or may fail to meet the increased requirements of a growing installed end-customer base, any of which could temporarily or permanently expose our end-customers’ networks, leaving their networks unprotected against the latest security threats. attacks.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
Any continued or further uncertainty, weakness uncertainty or deterioration in economic and market conditions or the geopolitical environment environment, or any expansion or imposition of government-mandated technology restrictions, could have a material and adverse impact on our business, financial condition, and results of operations, operating results, including reductions in sales of our products and subscriptions, sales, longer sales cycles, reductions in subscription or contract duration and value, slower adoption of new technologies, alterations changes in the spending patterns or priorities of current and prospective customers (including delaying purchasing decisions), customers, increased costs for the chips and components to manufacture our products, component, memory or compute costs, and increased price competition.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
Our competitors and potential competitors may be able to develop new or disruptive technologies, products, or services, and leverage new business models services that are equal or superior to ours, more successfully incorporate AI into their products and achieve greater higher market acceptance of their AI solutions, or deliver products and services, disrupt our markets, and increase sales by utilizing different distribution channels to market more quickly than we do. can.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
Despite our efforts and processes to prevent breaches of our internal networks, systems, and websites, breaches, our data, products, corporate systems, and security measures, as well as those of our third-party service providers, are still vulnerable to computer viruses, break-ins, phishing attacks, ransomware attacks, or other types of attacks from outside parties, or breaches due to employee error, malfeasance, or some combination of these. remain vulnerable.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
New Moreover, new legislation affecting the scope of personal data and personal information where we or our customers and partners have operations, information, especially relating to classification of Internet Protocol (“IP”) IP addresses, machine identification, AI and machine learning, location data, health information, and other information, may limit or inhibit our ability to operate or expand our business, including limiting strategic partnerships that may involve the sharing or uses of data, business and may require significant additional expenditures and efforts in order to comply.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
The instability Instability in the global credit markets, inflation, changes in public policies such as policies, changes in domestic and international legislation or regulations, changes in enforcement and administration policies, taxes, any increases in interest rates, fluctuations in foreign currency exchange rates, or rate fluctuations, trade regulations and tariffs, international trade disputes and agreements, international trade disputes, trade regulations, tariffs and changes in tariffs, tax laws, geopolitical turmoil, and other disruptions to global and regional economies and markets continue to add uncertainty to global economic conditions.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
Sales to large enterprise end-customers, which is part of our growth strategy, end-customers involve risks that may not be present, or that are typically present to a lesser extent, with sales to smaller entities, such as (a) including longer sales cycles and cycles, the associated risk that substantial time and resources may be spent on a potential end-customer that elects does not to ultimately purchase our products, subscriptions, and support, support offerings, and (b) increased purchasing power and leverage held by large end-customers in negotiating contractual arrangements.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedRisk Factors
In addition, we We may also incur significant costs and operational consequences of investigating, remediating, eliminating, expend significant resources to investigate, remediate, and putting in place additional tools, devices, and other measures designed to prevent actual or perceived security breaches and other security future incidents, as well as the costs to comply with any notification obligations resulting from any security incidents.

Read it in 10-K 2026-09-10 at sec.gov ↗

Quiet changesRisk Factors
Our business and operations have experienced growth in recent periods, and if we do not effectively manage any our future growth or are unable to improve our systems, processes, and controls, our business and operating results could be adversely affected.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•Prisma AIRS. Prisma AIRS™ is our comprehensive AI security platform designed to help organizations discover, assess, and protect AI agents, applications, models and data across the AI lifecycle. It supports key enterprise use cases, including securing AI-assisted software development, protecting custom AI applications from development through runtime, and governing autonomous AI agents. Prisma AIRS™ brings together AI Gateway, Agent Security, AI Red Teaming, AI Runtime Security™, AI Model Security, and AI Posture Management in a unified platform. These capabilities provide visibility into AI assets and activity, assess risks before deployment, and enforce security controls during live AI interactions and agent actions.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•Strata Cloud Manager. SCM, is our AI-powered unified network security management and operations solution. It enables customers to manage and monitor their NGFW and SASE environments through a single, streamlined interface. SCM helps customers centrally manage configurations and security policies, assess security posture and network health, and streamline troubleshooting and remediation. It includes Strata Copilot, which offers a natural language interface for actionable insights and guided remediation, and integrates ADEM to help customers monitor and improve end-user performance across the enterprise.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•Observability. Chronosphere, our next-generation observability platform, delivers real-time visibility and monitoring across cloud-native infrastructure, applications, and AI workloads. Purpose-built to handle the massive data volumes of the AI era, Chronosphere enables organizations to maintain system resilience and uptime with high cost-efficiency and reliability. Our observability platform provides comprehensive visibility into complex digital environments and automated troubleshooting of issues. It allows customers to transition from passive monitoring to proactive management of their entire digital estate. Our telemetry pipeline acts as an intelligent control layer that filters, transforms, and routes data. This helps reduce data volumes, enabling customers to cost-effectively scale their security and observability posture.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
Idira™, our next-generation identity security platform, is designed to secure human, agentic, and machine identities across the enterprise with intelligent privilege controls and continuous threat prevention. By unifying identity access management, privilege access management, and identity governance and administration, organizations can continuously discover and protect against identity risk throughout the end-to-end identity lifecycle. The platform includes:

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•Workforce Identity Security. Our solutions apply identity assurance and modern access controls for the entire workforce, including through adaptive MFA, SSO, secure browsing, web session protection, workforce password management, and automated identity lifecycle management. Our approach enforces least privilege by elevating access only when required.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•IT and Developer Identity Security (Modern Privilege Access Management). Our solutions secure high-risk access for IT administrators, third-party vendors, developers, and cloud operations teams across hybrid and multi-cloud environments, delivering just-in-time privileged access, session isolation, credential protection, and zero standing privileges, while providing native, secure access to cloud services, workloads, and development and operations pipelines. Organizations can eliminate excessive permissions, automate access to dynamic cloud resources, and maintain developer velocity while strengthening identity controls across infrastructure and application environments.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•Machine Identity Security. Our solutions secure the growing volume of non-human identities—such as workloads, applications, containers, service accounts, certificates, and keys, including through centralized discovery and management of secrets, certificate lifecycle automation, workload identity issuance, public key infrastructure-as-a-service, Kubernetes certificate management, and secure code signing.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•Identity Governance and Administration. IGA enables visibility into entitlements, automated joiner–mover–leaver processes, access certification, and ongoing identity compliance. AI-supported policy automation helps organizations govern access at scale and enforce a zero-trust model across all identities.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
•AI Agents Security. Our solution discovers AI agents, assigns identity attributes, and restricts their access to task-specific resources. It helps monitor and record agent activity for audit purposes, allows organizations to suspend or revoke access if behavior deviates from expected norms, and governs the lifecycle of the agent and the actions taken to support compliance.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
Our operating results were impacted by our acquisitions. In discussions of our results of operations, we may qualitatively or quantitatively disclose the impact of our acquisitions on revenue, costs, and expenses for the one year period subsequent to the acquisition date where such discussions would be meaningful.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
In March 2026, the Knesset Finance Committee approved the Law for the Encouragement and Incentivization of Research and Development (the “R&D Law”), which provides incentives for qualifying research and development expenditures incurred on or after January 1, 2026. The R&D Law introduces a qualified refundable tax credit, at varying rates based on specified thresholds, for qualifying research and development expenditures incurred in Israel, subject to meeting defined eligibility criteria. The R&D Law further provides that all or a portion of any unutilized tax credit will be refunded in cash upon the lapse of a period stipulated by the R&D Law. The amount of credit ultimately realized, if any, may differ from our current estimates due to, among other things, changes in the interpretive guidance, eligibility determination, or additional regulations that the Israeli government has indicated it intends to issue regarding the implementation of the R&D Law. For the year ended July 31, 2026, the impact of the R&D Law was not material to our consolidated financial statements. The benefit associated with the R&D Law may vary in future periods depending on the level and nature of qualifying expenditures, the evolving regulatory framework, and other factors.

Read it in 10-K 2026-09-10 at sec.gov ↗

AddedMD&A
Our effective tax rate increased for fiscal 2026 compared to fiscal 2025 primarily due to non-deductible changes in fair value of our 2030 Notes and Capped Calls and share based compensation, partially offset by intercompany legal entity restructuring in fiscal 2026 and the impact of adoption of One Big Beautiful Bill Act in fiscal 2025.

Read it in 10-K 2026-09-10 at sec.gov ↗

RemovedMD&A
•Prisma AIRS. Prisma AIRS is a comprehensive AI security platform that has been designed to protect customers’ entire AI ecosystem by providing AI model scanning, posture management, red teaming, run-time security, and AI agent security.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedMD&A
•Strata Cloud Manager (“SCM”). SCM, our network security management solution, centrally manages network security across all remote workers, branches, headquarters, campuses, and cloud. SCM leverages AI to simplify and strengthen network security by enabling customers to proactively pinpoint vulnerabilities, gain real-time remediation recommendations, and enhance overall digital experiences, thereby reducing operational burden. This comprehensive solution includes Strata Copilot, which offers a natural language interface for enhanced insights and guided remediation, and integrates Autonomous Digital Experience Monitoring (“ADEM”) to proactively maintain infrastructure health, facilitate AI-driven one-click troubleshooting, and ensure seamless end-user performance across the enterprise.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedMD&A
Interest expense primarily consists of interest expense related to our 0.75% Convertible Senior Notes due 2023 (the “2023 Notes”) and our 0.375% Convertible Senior Notes due 2025 (the “2025 Notes,” and together with “2023 Notes,” the “Notes”).

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedMD&A
During the year ended July 31, 2025, we recorded a deferred tax provision of $218.5 million arising from the remeasurement of our basis differences associated with the U.S. tax effects of foreign deferred tax assets. Our remeasurement is a result of the One Big Beautiful Bill Act ("OBBB") enacted on July 4, 2025 which provides for significant tax law changes and modifications including changes to the U.S. effective tax rates on certain foreign earnings. Refer to Note 16. Income Taxes in Part II, Item 8 of this Annual Report on Form 10-K for more information on OBBB.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedMD&A
As of July 31, 2025, our total cash, cash equivalents, and investments of $8.5 billion were held for general corporate purposes. As of July 31, 2025, we had no unremitted earnings when evaluating our outside basis difference relating to our U.S. investment in foreign subsidiaries. However, there could be local withholding taxes due to various foreign countries if certain lower tier earnings are distributed. Withholding taxes that would be payable upon remittance of these lower tier earnings are not material.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedMD&A
In June 2020, we issued the 2025 Notes with an aggregate principal amount of $2.0 billion. The 2025 Notes were converted prior to or settled on the maturity date of June 1, 2025. During fiscal 2025, we repaid in cash $965.6 million in aggregate principal amount of the 2025 Notes and issued 14.0 million shares of common stock to the holders for the conversion value in excess of the principal amount of the 2025 Notes converted, which were fully offset by shares we received from our exercise of the associated note hedges.

Read it in 10-K 2025-08-29 at sec.gov ↗

RemovedMD&A
On July 30, 2025, we entered into a definitive agreement to acquire CyberArk. The acquisition is expected to close during the second half of our fiscal 2026, subject to the satisfaction of customary closing conditions. Under the terms of the definitive agreement, CyberArk shareholders will receive $45.00 in cash and 2.2005 shares of our common stock for each CyberArk share. This represents an equity value for CyberArk of approximately $25 billion based on the unaffected 10-day average daily volume-weighted average trading prices of our common stock as of July 25, 2025. We expect to fund the cash portion of the consideration with our cash on hand. Refer to Part I, Item 1A “Risk Factors” in this Form 10-K and Note 8. Acquisitions in Part II, Item 8 of this Annual Report on Form 10-K for more information on the acquisition.

Read it in 10-K 2025-08-29 at sec.gov ↗

RewordedMD&A
Other income, income (expense), net includes interest income earned on our cash, cash equivalents, and investments, and interest expense related to our 0.375% Convertible Senior Notes due 2025 (the “2025 Notes”), gains and losses from foreign currency remeasurement and foreign currency transactions. transactions, and changes in fair value of our 0.0% Convertible Senior Notes due 2030 (the “2030 Notes”) and capped call transactions we assumed in connection with our acquisition of CyberArk (“Capped Calls”).

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Research General and development administrative expense increased for fiscal 2025 2026 compared to fiscal 2024 2025 primarily due to increased personnel costs, which grew $123.4 $253 million for fiscal 2025 2026 compared to fiscal 2024, largely 2025, primarily due to accelerated vesting of certain equity awards in connection with our acquisitions in fiscal year 2026, employee severance charges in connection with our CyberArk acquisition, and headcount growth. growth, including from our acquisitions.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Year Ended July 31, 2026 2025 2024 2023 (in millions) Net cash provided by operating activities $ 3,716.0 4,553 $ 3,257.6 3,716 $ 2,777.5 3,258 Net cash used in investing activities (2,204.7) (1,509.9) (2,033.8) (3,104) (2,205) (1,510) Net cash used in financing activities (778.9) (1,343.1) (1,726.3) (1,202) (779) (1,343) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (3) — — Net increase (decrease) in cash, cash equivalents, and restricted cash $ 732.4 244 $ 404.6 732 $ (982.6) 405

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Subscription and support gross margin decreased for fiscal 2025 2026 compared to fiscal 2024 2025 primarily due to higher amortization of intangible assets as a result of our acquisitions in our current fiscal year and an increase in costs related to our cloud-based offerings, partially offset by increased leverage of our global customer service organization. offerings.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Cost of subscription and support revenue increased for fiscal 2025 2026 compared to fiscal 2024 2025, primarily due to increased higher cloud hosting costs to support the growth of our subscription cloud-based offerings, amortization of intangible assets from acquisitions in fiscal 2026, and support offerings. personnel costs driven by headcount growth, including from our acquisitions.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Year Ended July 31, Year Ended July 31, 2026 2025 Change 2025 2024 Change 2024 2023 Change Amount Amount Amount % Amount Amount Amount % (dollars in millions) Cost of subscription and support revenue Other income (expense), net $ 2,038.4 (159) $ 1,711.0 353 $ 327.4 19.1% (512) (145)% $ 1,711.0 353 $ 1,491.4 304 $ 219.6 14.7% 49 16%

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Year Ended July 31, Year Ended July 31, 2026 2025 Change 2025 2024 Change 2024 2023 Change Amount Amount Amount % Amount Amount Amount % (dollars in millions) Cost of subscription Research and support revenue development $ 2,038.4 2,552 $ 1,711.0 1,984 $ 327.4 19.1% 568 29% $ 1,711.0 1,984 $ 1,491.4 1,810 $ 219.6 14.7% 174 10%

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Year Ended July 31, Year Ended July 31, 2026 2025 Change 2025 2024 Change 2024 2023 Change Amount Amount Amount % Amount Amount Amount % (dollars in millions) Cost of subscription Sales and support revenue marketing $ 2,038.4 3,931 $ 1,711.0 3,100 $ 327.4 19.1% 831 27% $ 1,711.0 3,100 $ 1,491.4 2,794 $ 219.6 14.7% 306 11%

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Year Ended July 31, Year Ended July 31, 2026 2025 Change 2025 2024 Change 2024 2023 Change Amount Amount Amount % Amount Amount Amount % (dollars in millions) Cost of subscription General and support revenue administrative $ 2,038.4 899 $ 1,711.0 443 $ 327.4 19.1% 456 103% $ 1,711.0 443 $ 1,491.4 680 $ 219.6 14.7% (237) (35)%

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
For discussion and analysis related to our financial results comparing fiscal 2025 to 2024, refer to Part II, Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal 2024, 2025, which was filed with the Securities and Exchange Commission on September 6, 2024. August 29, 2025.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Our cybersecurity platforms and services help secure enterprise users, networks, clouds, endpoints, AI apps and endpoints agents, and identities by delivering comprehensive cybersecurity backed by artificial intelligence (“AI”) AI and automation. automation, and provide real-time visibility and monitoring across cloud infrastructure, applications and AI workloads.

Read it in 10-K 2026-09-10 at sec.gov ↗

RewordedMD&A
Year Ended July 31, Year Ended July 31, 2026 2025 Change 2025 2024 Change 2024 2023 Change Amount Amount Amount % Amount Amount Amount % (dollars in millions) Cost of subscription and support product revenue $ 2,038.4 568 $ 1,711.0 413 $ 327.4 19.1% 155 38% $ 1,711.0 413 $ 1,491.4 348 $ 219.6 14.7% 65 19%

Read it in 10-K 2026-09-10 at sec.gov ↗

Work on PANW in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PANW/export.csv") into a cell.