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PANWPalo Alto Networks

Technology · Computer Peripherals · Nasdaq
PANW quote by TradingView
Compare with peers → Embed
FY2026 at a glance

Sales up 24.5%, free cash flow up to $4.1B

XBRL, from each 10-K
RevenueStatements ↓
$11.5B
from $9.2B in FY2025
FY2017FY2026
Net incomeStatements ↓
$307.0M
from $1.1B in FY2025
FY2017FY2026
Free cash flowStatements ↓
$4.1B
from $3.5B in FY2025
FY2017FY2026
EPS (diluted)Statements ↓
$0.40
from $1.60 in FY2025
FY2017FY2026
Operating marginStatements ↓
6.1%
from 13.5% in FY2025
FY2017FY2026
Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.40Sales (ttm)11.5BNet income (ttm)307.0MSales growth+24.5%EPS growth-75.0%Sales Q/Q-
Free cash flow4.1BGross margin70.4%Oper. margin6.1%Net margin2.7%FCF margin35.8%ROE1.1%
ROA0.6%R&D / sales22.2%Dividend-Debt/Eq-Curr. ratio0.87Cash2.5B
Op. cash flow (ttm)4.6BEBITDA1.6BEBITDA margin13.5%Quick ratio0.86ROIC1.4%Tax rate42.7%
Stock pay / sales15.5%Shares out.818.0MShares Y/Y+7.8%Book / share33.61Cash / share3.07Sales / share14.03
Asset turnover0.24Inventory turns29.09Days sales out.115Sales 3Y CAGR+18.5%Sales 5Y CAGR+22.0%EPS 3Y CAGR-14.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Revenue growth sped up to +24.5%+14.9% → +24.5% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 6.1%13.5% → 6.1% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

PANW against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
PANWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+24.5%18th of 75 · median +14.1%
Net margin
2.7%71st of 75 · median 19.1%
Return on equity
1.1%65th of 69 · median 23.9%
Free cash flow margin
35.8%13th of 71 · median 22.3%
PANW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
PANW Palo Alto Networks$11.5B +24.5%70.4%2.7%1.1%35.8%-
MSI Motorola Solutions$12.6B +8.0%52.2%16.5%67.9%20.1%3.29
ANET Arista Networks$11.9B +28.6%62.9%40.0%28.9%42.2%-
WDAY Workday, Inc.$10.2B +13.1%-12.3%19.4%28.0%0.46
MRVL Marvell Technology$9.5B +42.1%52.2%27.9%14.2%18.3%0.27
SNPS Synopsys$9.4B +15.1%72.4%11.4%3.5%29.2%0.32
Where each dollar goes

From $6.9B of sales to $439.7M of profit

FY2023, from the 10-K income statement and revenue by product
Subscription to Revenue: $3.3BSupport to Revenue: $2.0BCost of product revenue to Revenue: $1.6BRevenue to Gross profit: $5.0BRevenue to Cost of revenue: $1.9BGross profit to Operating profit: $387.3MGross profit to Operating expenses: $4.6BOperating profit to Net profit: $260.7MOperating profit to Tax: $126.6MOther income to Net profit: $179.0MOperating expenses to R&D: $1.6BOperating expenses to Sales, admin & other: $3.0B Subscription: $3.3B · 48% Subscription$3.3B48% Support: $2.0B · 29% Support$2.0B29% Cost of product revenue: $1.6B · 23% Cost of product revenue$1.6B23% Revenue: $6.9B Revenue$6.9B +25% Y/Y Gross profit: $5.0B · 72% margin Gross profit$5.0B72% margin +32% Y/Y Cost of revenue: $1.9B · 28% of revenue Cost of revenue$1.9B28% of revenue Operating profit: $387.3M · 6% margin Operating profit$387.3M6% margin Other income: $179.0M · 3% of revenue Other income$179.0M3% of revenue Operating expenses: $4.6B · 67% of revenue Operating expenses$4.6B67% of revenue Net profit: $439.7M · 6% margin Net profit$439.7M6% margin Tax: $126.6M · 2% of revenue Tax$126.6M2% of revenue R&D: $1.6B · 23% of revenue R&D$1.6B23% of revenue Sales, admin & other: $3.0B · 43% of revenue Sales, admin & other$3.0B43% of revenue

Swipe sideways for the whole flow →

From $8.0B of sales to $2.6B of profit

FY2024, from the 10-K income statement and revenue by product
Subscription to Revenue: $4.2BSupport to Revenue: $2.2BCost of product revenue to Revenue: $1.6BRevenue to Gross profit: $6.0BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $684.0MGross profit to Operating expenses: $5.3BOperating profit to Net profit: $684.0MOther income to Net profit: $1.9BOperating expenses to R&D: $1.8BOperating expenses to Sales, admin & other: $3.5B Subscription: $4.2B · 52% Subscription$4.2B52% Support: $2.2B · 28% Support$2.2B28% Cost of product revenue: $1.6B · 20% Cost of product revenue$1.6B20% Revenue: $8.0B Revenue$8.0B +16% Y/Y Gross profit: $6.0B · 74% margin Gross profit$6.0B74% margin +20% Y/Y Cost of revenue: $2.1B · 26% of revenue Cost of revenue$2.1B26% of revenue Operating profit: $684.0M · 9% margin Operating profit$684.0M9% margin +77% Y/Y Other income: $1.9B · 24% of revenue Other income$1.9B24% of revenue Operating expenses: $5.3B · 66% of revenue Operating expenses$5.3B66% of revenue Net profit: $2.6B · 32% margin Net profit$2.6B32% margin +486% Y/Y R&D: $1.8B · 23% of revenue R&D$1.8B23% of revenue Sales, admin & other: $3.5B · 43% of revenue Sales, admin & other$3.5B43% of revenue

Swipe sideways for the whole flow →

From $9.2B of sales to $1.1B of profit

FY2025, from the 10-K income statement and revenue by product
Subscription to Revenue: $5.0BSupport to Revenue: $2.4BCost of product revenue to Revenue: $1.8BRevenue to Gross profit: $6.8BRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $5.5BOperating profit to Net profit: $781.0MOperating profit to Tax: $462.0MOther income to Net profit: $353.0MOperating expenses to R&D: $2.0BOperating expenses to Sales, admin & other: $3.5B Subscription: $5.0B · 54% Subscription$5.0B54% Support: $2.4B · 27% Support$2.4B27% Cost of product revenue: $1.8B · 20% Cost of product revenue$1.8B20% Revenue: $9.2B Revenue$9.2B +15% Y/Y Gross profit: $6.8B · 73% margin Gross profit$6.8B73% margin +13% Y/Y Cost of revenue: $2.5B · 27% of revenue Cost of revenue$2.5B27% of revenue Operating profit: $1.2B · 13% margin Operating profit$1.2B13% margin +82% Y/Y Other income: $353.0M · 4% of revenue Other income$353.0M4% of revenue Operating expenses: $5.5B · 60% of revenue Operating expenses$5.5B60% of revenue Net profit: $1.1B · 12% margin Net profit$1.1B12% margin −56% Y/Y Tax: $462.0M · 5% of revenue Tax$462.0M5% of revenue R&D: $2.0B · 22% of revenue R&D$2.0B22% of revenue Sales, admin & other: $3.5B · 38% of revenue Sales, admin & other$3.5B38% of revenue

Swipe sideways for the whole flow →

From $11.5B of sales to $307.0M of profit

FY2026, from the 10-K income statement and revenue by product
Subscription to Revenue: $6.2BSupport to Revenue: $3.0BCost of product revenue to Revenue: $2.3BRevenue 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 Subscription: $6.2B · 54% Subscription$6.2B54% Support: $3.0B · 26% Support$3.0B26% Cost of product revenue: $2.3B · 20% Cost of product revenue$2.3B20% Revenue: $11.5B Revenue$11.5B +24% Y/Y Gross profit: $8.1B · 70% margin Gross profit$8.1B70% margin +19% Y/Y Cost of revenue: $3.4B · 30% of revenue Cost of revenue$3.4B30% of revenue Operating profit: $695.0M · 6% margin Operating profit$695.0M6% margin −44% Y/Y Operating expenses: $7.4B · 64% of revenue Operating expenses$7.4B64% of revenue Net profit: $307.0M · 3% margin Net profit$307.0M3% margin −73% Y/Y Tax & other: $388.0M · 3% of revenue Tax & other$388.0M3% of revenue R&D: $2.6B · 22% of revenue R&D$2.6B22% of revenue Sales, admin & other: $4.8B · 42% of revenue Sales, admin & other$4.8B42% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • R&D
  • Tax & other

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median2.7% vs 19.1%
  • ✓
    Gross margin up over 5 years70.0% → 70.4%
  • !
    Return on equity below 15%1.1%
  • !
    A profit in 4 of 10 years
Net margin, FY2017 to FY2026: -11.5% → 2.7%

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 10 years$4.1B last year
  • !
    Share count up over 5 years+32.1%
  • ✓
    Cash from operations above net income$4.6B vs $307.0M
Free cash flow, FY2017 to FY2026: 705.4M → 4.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2017 to FY2026

Revenue 11.5B Net income 307.0M
FY2017 revenue 1.8B · Revenues, 0001327567-18-000024 FY2017 net income -203.0M · NetIncomeLoss, 0001327567-19-000032 1.8B FY2017 FY2018 revenue 2.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-20-000032 FY2018 net income -122.2M · NetIncomeLoss, 0001327567-20-000032 2.3B FY2018 FY2019 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-21-000029 FY2019 net income -81.9M · NetIncomeLoss, 0001327567-21-000029 2.9B FY2019 FY2020 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-22-000028 FY2020 net income -267.0M · NetIncomeLoss, 0001327567-22-000028 3.4B FY2020 FY2021 revenue 4.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-23-000024 FY2021 net income -498.9M · NetIncomeLoss, 0001327567-23-000024 4.3B FY2021 FY2022 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-24-000029 FY2022 net income -267.0M · NetIncomeLoss, 0001327567-24-000029 5.5B FY2022 FY2023 revenue 6.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-25-000027 FY2023 net income 439.7M · NetIncomeLoss, 0001327567-25-000027 6.9B FY2023 FY2024 revenue 8.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-26-000023 FY2024 net income 2.6B · NetIncomeLoss, 0001327567-26-000023 8.0B FY2024 FY2025 revenue 9.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-26-000023 FY2025 net income 1.1B · NetIncomeLoss, 0001327567-26-000023 9.2B FY2025 FY2026 revenue 11.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001327567-26-000023 FY2026 net income 307.0M · NetIncomeLoss, 0001327567-26-000023 11.5B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PANW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue11.5B
FY2017: 1.8BFY2018: 2.3BFY2019: 2.9BFY2020: 3.4BFY2021: 4.3BFY2022: 5.5BFY2023: 6.9BFY2024: 8.0BFY2025: 9.2BFY2026: 11.5B FY2018FY2020FY2022FY2024FY2026
Net income307.0M
FY2017: -203.0MFY2018: -122.2MFY2019: -81.9MFY2020: -267.0MFY2021: -498.9MFY2022: -267.0MFY2023: 439.7MFY2024: 2.6BFY2025: 1.1BFY2026: 307.0M FY2018FY2020FY2022FY2024FY2026
Free cash flow4.1B
FY2017: 705.4MFY2018: 926.1MFY2019: 924.4MFY2020: 821.3MFY2021: 1.4BFY2022: 1.8BFY2023: 2.6BFY2024: 3.1BFY2025: 3.5BFY2026: 4.1B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)0.40
FY2017: -0.37FY2018: -0.22FY2019: -0.14FY2020: -0.46FY2021: -0.86FY2022: -0.45FY2023: 0.64FY2024: 3.64FY2025: 1.60FY2026: 0.40 FY2018FY2020FY2022FY2024FY2026
Diluted shares764.0M
FY2017: -FY2018: -FY2019: 567.0MFY2020: 581.4MFY2021: 578.2MFY2022: 591.2MFY2023: 684.5MFY2024: 708.0MFY2025: 709.0MFY2026: 764.0M FY2018FY2020FY2022FY2024FY2026

Revenue by product or service

year to Jul 31, 2026
RevenueSharevs year before
Subscription 6.2B54.3% +25.4%
Support 3.0B25.8% +21.1%
Cost of product revenue 2.3B19.9% +26.5%

10-K 0001327567-26-000023, segment and revenue notes (XBRL).

Revenue by region

year to Jul 31, 2026
RevenueSharevs year before
Total Americas 7.7B66.9% +23.8%
United States 7.1B61.9% +22.8%
Europe, the Middle East, and Africa (“EMEA”) 2.4B21.1% +26.7%
Asia Pacific and Japan (“APAC”) 1.4B12.0% +24.9%
Other Americas 571.0M5.0% +36.3%

10-K 0001327567-26-000023, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue1.8B2.3B2.9B3.4B4.3B5.5B6.9B8.0B9.2B11.5B
Cost of revenue476.4M645.1M808.4M999.5M1.3B1.7B1.9B2.1B2.5B3.4B
Gross profit1.3B1.6B2.1B2.4B3.0B3.8B5.0B6.0B6.8B8.1B
R&D347.4M400.7M539.5M768.1M1.1B1.4B1.6B1.8B2.0B2.6B
SG&A198.3M257.8M261.8M299.6M391.1M405.0M447.7M680.0M443.0M899.0M
Operating income-165.8M-104.2M-54.1M-179.0M-304.1M-188.8M387.3M684.0M1.2B695.0M
Interest expense24.5M29.6M83.9M88.7M163.3M27.4M27.2M8.3M3.0M0
Pretax income-180.1M-105.3M-74.6M-231.8M-465.0M-207.2M566.3M988.0M1.6B536.0M
Income tax22.9M16.9M7.3M35.2M33.9M59.8M126.6M-1.6B462.0M229.0M
Net income-203.0M-122.2M-81.9M-267.0M-498.9M-267.0M439.7M2.6B1.1B307.0M
EPS (diluted)-0.37-0.22-0.14-0.46-0.86-0.450.643.641.600.40
Diluted shares--567.0M581.4M578.2M591.2M684.5M708.0M709.0M764.0M
Depreciation & amortization59.8M96.4M153.8M206.1M260.4M282.6M282.2M284.0M343.0M855.0M
EBITDA-106.0M-7.8M99.7M27.1M-43.7M93.8M669.5M968.0M1.6B1.6B
Gross margin72.6%71.6%72.1%70.7%70.0%68.8%72.3%74.3%73.4%70.4%
Operating margin-9.4%-4.6%-1.9%-5.3%-7.1%-3.4%5.6%8.5%13.5%6.1%
Net margin-11.5%-5.4%-2.8%-7.8%-11.7%-4.9%6.4%32.1%12.3%2.7%
Revenue growth-+29.1%+27.5%+17.5%+24.9%+29.3%+25.3%+16.5%+14.9%+24.5%
EPS growth-------+469%-56.0%-75.0%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash744.3M2.5B961.4M3.0B1.9B2.1B1.1B1.5B2.3B2.5B
Short-term investments-896.5M1.8B789.8M1.0B1.5B1.3B1.0B635.0M557.0M
Receivables432.1M467.0M582.4M1.0B1.2B2.1B2.5B2.6B3.0B3.6B
Inventory-------115.9M113.0M117.0M
Current assets2.0B4.1B3.7B5.1B4.6B6.4B6.0B6.8B7.5B8.6B
Property & equipment211.1M273.1M296.0M348.1M318.4M357.8M354.5M361.1M387.0M523.0M
Goodwill238.8M522.8M1.4B1.8B2.7B2.7B2.9B3.4B4.6B22.0B
Total assets3.4B5.9B6.6B9.1B10.2B12.3B14.5B20.0B23.6B48.5B
Accounts payable35.5M49.4M73.3M63.6M56.9M128.0M132.3M116.3M232.0M290.0M
Current liabilities1.2B2.1B2.1B2.7B5.1B8.3B7.7B7.7B8.0B9.9B
Total debt524.7M1.9B1.4B3.1B3.2B3.7B2.0B---
Total liabilities----9.5B12.0B12.8B14.8B15.8B21.0B
Shareholders' equity759.6M1.2B1.6B1.1B634.5M210.0M1.7B5.2B7.8B27.5B
Retained earnings-836.7M-790.7M-900.9M-1.2B-1.7B-1.7B-1.2B1.4B2.5B2.8B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow868.8M1.0B1.1B1.0B1.5B2.0B2.8B3.3B3.7B4.6B
Capital spending163.4M112.0M131.2M214.4M116.0M192.8M146.3M157.0M247.0M440.0M
Free cash flow705.4M926.1M924.4M821.3M1.4B1.8B2.6B3.1B3.5B4.1B
Stock-based pay (added back)474.5M496.7M567.7M658.4M894.5M1.0B1.1B1.1B1.3B1.8B
Buybacks411.0M259.1M330.0M1.2B1.2B892.3M272.7M567.0M01.0B
Acquisitions90.7M374.1M773.7M583.5M777.3M37.0M204.5M611.0M1.1B4.7B
Investing cash flow-472.6M-520.0M-1.8B288.0M-1.5B-933.4M-2.0B-1.5B-2.2B-3.1B
Financing cash flow-386.0M1.2B-773.9M673.0M-1.1B-806.6M-1.7B-1.3B-779.0M-1.2B

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)474.5M496.7M567.7M658.4M894.5M1.0B1.1B1.1B1.3B1.8B
Stock-based pay / revenue26.9%21.8%19.6%19.3%21.0%18.4%15.6%13.4%14.0%15.5%
Operating lease cost---63.5M59.3M67.6M64.2M76.0M88.0M104.0M
Operating lease cash paid---78.3M81.7M81.5M82.7M87.0M91.0M114.0M
Right-of-use assets--0258.7M262.9M242.0M263.3M385.9M347.0M700.0M
Operating lease liabilities---394.5M379.2M338.4M339.4M446.4M417.4M793.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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