Palo Alto Networks PANW financials
Cybersecurity & Networking · Statements and segments from its SEC filings, 2011 to 2026.
Palo Alto Networks revenue, gross and operating margin, net income, free cash flow, cash and debt by quarter and by fiscal year, and revenue by segment, read from the company's own filings with the US Securities and Exchange Commission. Free to everyone; the Risk & Quality report that scores the company is the paid step.
- revenue by product: Subscription, Support, Product
- revenue by region: United States, Europe, the Middle East, and Africa (“EMEA”), Asia Pacific and Japan (“APAC”), Other Americas
The numbers
Annual figures
| Line | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.3B | $2.9B | $3.4B | $4.3B | $5.5B | $6.9B | $8B | $9.2B | $11.5B |
| Gross profit | $1.3B | $1.6B | $2.1B | $2.4B | $3B | $3.8B | $5B | $6B | $6.8B | $8.1B |
| Operating income | -$165.8M | -$104.2M | -$54.1M | -$179M | -$304.1M | -$188.8M | $387.3M | $684M | $1.2B | $695M |
| Net income | -$203M | -$122.2M | -$81.9M | -$267M | -$498.9M | -$267M | $439.7M | $2.6B | $1.1B | $307M |
| EPS (diluted) | -$2.24 | -$1.33 | -$0.87 | -$2.76 | -$1.73 | -$0.90 | $0.64 | $3.64 | $1.60 | $0.40 |
| Operating cash flow | $868.8M | $1B | $1.1B | $1B | $1.5B | $2B | $2.8B | $3.3B | $3.7B | $4.6B |
| Free cash flow | $705.4M* | $926.1M* | $924.4M* | $821.3M* | $1.4B* | $1.8B* | $2.6B* | $3.1B* | $3.5B* | $4.1B* |
| Cash & equivalents | $744.3M | $2.5B | $961.4M | $3B | $1.9B | $2.1B | $1.1B | $1.5B | $2.3B | $2.5B |
| Total debt | $524.7M | $1.9B | $1.4B | $3.1B | $3.2B | $3.7B | $2B | - | - | - |
| Gross margin | 72.6% | 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% |
Latest quarters
| Line | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2.3B | $2.3B | $2.5B* | $2.5B | $2.6B | $3B | $3.4B* |
| Gross profit | $1.6B | $1.7B | $1.7B | $1.9B* | $1.8B | $1.9B | $2B | $2.3B* |
| Operating income | $286M | $241M | $219M | $497M* | $309M | $397M | -$183M | $172M* |
| Net income | $351M | $267M | $262M | $254M* | $334M | $432M | -$177M | -$282M* |
| EPS (diluted) | $0.49 | $0.38 | $0.37 | $0.36* | $0.47 | $0.61 | -$0.22 | -$0.39* |
| Operating cash flow | $1.5B | $557M* | $628M* | $1B* | $1.8B | $554M* | $871M* | $1.4B* |
| Free cash flow | $1.5B* | $509M* | $560M* | $934M* | $1.7B* | $384M* | $788M* | $1.3B* |
| Cash & equivalents | $2.3B | $2.2B | $2.4B | $2.3B | $3.1B | $4.2B | $2.4B | $2.5B |
| Gross margin | 74.1% | 73.5% | 73.0% | 73.2% | 74.2% | 73.6% | 67.6% | 67.6% |
| Operating margin | 13.4% | 10.7% | 9.6% | 19.6% | 12.5% | 15.3% | -6.1% | 5.0% |
| Net margin | 16.4% | 11.8% | 11.4% | 10.0% | 13.5% | 16.7% | -5.9% | -8.3% |
Revenue by product
| Line | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|
| Subscription | $758.1M | $1B | $1.4B | $1.9B | $2.5B | $3.3B | $4.2B | $5B | $6.2B |
| Support | $635.7M | $770.7M | $938.9M | $1.2B | $1.6B | $2B | $2.2B | $2.4B | $3B |
| Product | $879.8M | $1.1B | $1.1B | $1.1B | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B |
Revenue by region
| Line | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|
| United States | $1.4B | $1.8B | $2.2B | $2.7B | $3.6B | $4.4B | $5.1B | $5.8B | $7.1B |
| Europe, the Middle East, and Africa (“EMEA”) | $439.6M | $564.8M | $664.8M | $817.3M | $1.1B | $1.4B | $1.6B | $1.9B | $2.4B |
| Asia Pacific and Japan (“APAC”) | $275.3M | $352.5M | $415.7M | $501.3M | $643.1M | $813.2M | $942M | $1.1B | $1.4B |
| Other Americas | $112M | $152M | $159.3M | $189.7M | $242.3M | $295.7M | $349M | $419M | $571M |
* derived: a fourth quarter as the year less the three filed quarters, or a remainder as the total less the parts. All other figures are as filed.
About this page
Every figure on this page is read from Palo Alto Networks's own SEC filings: the statement lines from the SEC's XBRL company-facts feed, the revenue splits from the segment and revenue notes of each 10-K and 10-Q. Nothing is typed in or estimated. The cache refreshes daily.
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