Palo Alto Networks, Inc. (PANW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.98	$1.02	+4.1%	—	$3.4B	—
Q3 26	$0.8	$0.85	+6.2%	—	$3B	—
Q2 26	$0.94	$1.03	+9.6%	—	$2.6B	—
Q1 26	$0.89	$0.93	+4.5%	—	$2.5B	—
Q4 25	$0.89	$0.95	+6.7%	—	$2.5B	—
Q3 25	$0.77	$0.8	+3.9%	—	$2.3B	—
Q2 25	$0.78	$0.81	+3.8%	—	$2.3B	—
Q1 25	$0.74	$0.78	+5.4%	—	$2.1B	—
Q4 24	$0.71	$0.76	+7.0%	—	$2.2B	—
Q3 24	$0.62	$0.66	+6.5%	—	$2B	—
Q2 24	$0.65	$0.73	+12.3%	—	$2B	—
Q1 24	$1.16	$1.38	+19.0%	—	$1.9B	—
Q4 23	$1.28	$1.44	+12.5%	—	$2B	—
Q3 23	$0.93	$1.1	+18.3%	—	$1.7B	—
Q2 23	$0.78	$1.05	+34.6%	—	$1.7B	—
Q1 23	$0.69	$0.83	+20.3%	—	$1.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$0.41	—	—	$11.5B	—
FY25	—	$1.71	—	—	$9.2B	—
FY24	—	$4.04	—	—	$8B	—
FY23	—	$1.45	—	—	$6.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$1.8B	$2.3B	$2.9B	$3.4B	$4.3B	$5.5B	$6.9B	$8B	$9.2B	$11.5B
YoY change	+27.3%	+29.5%	+27.5%	+17.5%	+24.9%	+29.3%	+25.3%	+16.5%	+14.9%	+24.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	1.8B	2.3B	2.9B	3.4B	4.3B	5.5B	6.9B	8B	9.2B	11.5B
Cost of revenue	476.4M	645.1M	808.4M	999.5M	1.3B	1.7B	1.9B	2.1B	2.5B	3.4B
Gross profit	1.3B	1.6B	2.1B	2.4B	3B	3.8B	5B	6B	6.8B	8.1B
Gross margin	72.9%	71.6%	72.1%	70.7%	70%	68.8%	72.3%	74.3%	73.4%	70.4%
Research & development	347.4M	400.7M	539.5M	768.1M	1.1B	1.4B	1.6B	1.8B	2B	2.6B
Selling, general & administrative	1.1B	1.3B	1.6B	1.8B	2.1B	2.6B	3B	3.5B	3.5B	4.8B
Operating expenses	1.4B	1.7B	2.1B	2.6B	3.3B	4B	4.6B	5.3B	5.5B	7.4B
Operating income	-165.8M	-104.2M	-54.1M	-179M	-304.1M	-188.8M	387.3M	683.9M	1.2B	695M
Operating margin	-9.45%	-4.58%	-1.87%	-5.25%	-7.15%	-3.43%	5.62%	8.52%	13.5%	6.05%
Non-operating income, net	-4.5M	1.4M	-6.4M	-5.5M	-6.1M	-6.6M	-18.2M	-5.2M	-7.7M	-533M
Pretax income	-180.1M	-105.3M	-74.6M	-231.8M	-465M	-207.2M	566.3M	988.3M	1.6B	536M
Income tax	22.9M	16.9M	7.3M	35.2M	33.9M	59.8M	126.6M	-1.6B	461.8M	229M
Net income	-203M	-122.2M	-81.9M	-267M	-498.9M	-267M	439.7M	2.6B	1.1B	307M
Net margin	-11.6%	-5.37%	-2.82%	-7.83%	-11.7%	-4.85%	6.38%	32.1%	12.3%	2.67%
EBITDA	-92.4M	19M	166.6M	66.2M	-41.2M	93.8M	876.9M	1.3B	2B	1.4B
EPS	-0.8	-0.54	-0.29	-0.92	-1.73	-0.9	1.45	4.04	1.71	0.41
Diluted EPS	-0.8	-0.54	-0.29	-0.92	-1.73	-0.9	1.28	3.64	1.6	0.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	1.9B	2B	2B	2.2B	2.1B	2.3B	2.3B	2.5B	2.5B	2.6B	3B	3.4B
Cost of revenue	472.8M	499.1M	513.6M	573.7M	554.1M	599.2M	619.3M	679M	638M	685M	974M	1.1B
Gross profit	1.4B	1.5B	1.5B	1.6B	1.6B	1.7B	1.7B	1.9B	1.8B	1.9B	2B	2.3B
Gross margin	74.8%	74.7%	74.1%	73.8%	74.1%	73.5%	72.9%	73.2%	74.2%	73.6%	67.6%	67.6%
Research & development	409.5M	447.9M	457.2M	494.8M	480.4M	505.7M	494.5M	503.5M	528M	511M	734M	779M
Selling, general & administrative	780.6M	974.5M	837.3M	882.6M	817.8M	912.1M	956.4M	856.6M	999M	1B	1.5B	1.4B
Operating expenses	1.2B	1.4B	1.3B	1.4B	1.3B	1.4B	1.5B	1.4B	1.5B	1.5B	2.2B	2.1B
Operating income	215.2M	53.6M	176.7M	238.4M	286.5M	240.4M	218.8M	497.2M	309M	397M	-183M	172M
Operating margin	11.5%	2.71%	8.9%	10.9%	13.4%	10.6%	9.56%	19.6%	12.5%	15.3%	-6.1%	5.04%
Non-operating income, net	-900K	-600K	-1.5M	-2.2M	-2.4M	-1.6M	-400K	-3.3M	-2M	43M	-44M	-530M
Pretax income	282.6M	135.5M	251.2M	319M	368.6M	324.8M	310.5M	591.8M	412M	549M	-156M	-269M
Income tax	88.4M	-1.6B	-27.6M	-38.7M	17.9M	57.5M	48.4M	338M	78M	117M	21M	13M
Net income	194.2M	1.7B	278.8M	357.7M	350.7M	267.3M	262.1M	253.8M	334M	432M	-177M	-282M
Net margin	10.3%	88.4%	14%	16.3%	16.4%	11.8%	11.5%	10%	13.5%	16.7%	-5.9%	-8.27%
EBITDA	343.7M	212.3M	323.5M	394.6M	460.7M	410.5M	407.8M	695.2M	512M	656M	193M	7M
EPS	0.63	5.47	0.43	0.55	0.54	0.41	0.39	0.38	0.49	0.61	-0.22	-0.35
Diluted EPS	0.56	4.89	0.4	0.51	0.49	0.38	0.37	0.36	0.47	0.61	-0.22	-0.35

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	6B	9.1B	10.7B	12.4B	19.2B	24.6B	37.9B	—	115B	—	320.7B
Enterprise value	5.1B	7.6B	9.3B	12.1B	19.9B	24.9B	37.8B	—	112.4B	—	306B
Shares outstanding	271.8M	275.1M	283.5M	290.7M	289.2M	295.5M	303.2M	638.4M	662.5M	749M	749M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	—	—	—	—	86.2	—	101.4	—	914
P/S	3.4	4	3.69	3.64	4.52	4.47	5.5	—	12.5	—	26.7
P/B	7.86	7.69	6.75	11.3	25.2	117.1	21.7	—	14.7	—	11.1
EV/EBITDA	-55.4	400.4	56	182.4	-482.3	265.4	43.1	—	57	—	196.2
EV/Sales	2.92	3.35	3.22	3.54	4.67	4.53	5.48	—	12.2	—	26.7
Earnings yield	—	—	—	—	—	—	1.16%	—	0.99%	—	0.11%
FCF yield	11.8%	10.2%	8.64%	6.62%	7.21%	7.29%	6.94%	—	3.02%	—	1.32%
PEG	—	—	—	—	—	—	—	—	—	—	-4.76

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	72.9%	71.6%	72.1%	70.7%	70%	68.8%	72.3%	74.3%	73.4%	70.4%	67.6%
Operating margin	-9.45%	-4.58%	-1.87%	-5.25%	-7.15%	-3.43%	5.62%	8.52%	13.5%	6.05%	5.4%
Net margin	-11.6%	-5.37%	-2.82%	-7.83%	-11.7%	-4.85%	6.38%	32.1%	12.3%	2.67%	2.67%
ROE	-26.7%	-10.3%	-5.16%	-24.2%	-65.3%	-127.1%	25.1%	49.9%	14.5%	1.12%	1.74%
ROA	-5.9%	-2.05%	-1.24%	-2.95%	-4.87%	-2.18%	3.03%	12.9%	4.81%	0.63%	1.4%
ROIC	182.8%	34.6%	-25.4%	-23.1%	-21.7%	-35.7%	18.5%	17.4%	16.8%	1.48%	1.48%
Return on tangible assets	-7.11%	-2.64%	-2.46%	-5.65%	-13%	-4.46%	5.48%	20.6%	8.78%	-3.2%	-3.2%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.65	1.97	1.78	1.91	0.91	0.77	0.78	0.89	0.94	0.87	0.87
Quick ratio	1.65	1.97	1.78	1.91	0.91	0.77	0.78	0.89	0.94	0.87	0.87
Debt / equity	0.69	1.62	0.9	3.1	4.64	18.8	1.3	0.26	0.04	0.09	0.09
Debt / assets	0.15	0.32	0.22	0.38	0.35	0.32	0.16	0.07	0.01	0.05	0.05
Net debt / EBITDA	9.2	-78.1	-8.24	-4.94	-15.5	3.39	-0.14	-0.97	-1.3	-0.42	-0.42
Interest coverage	-6.35	-2.56	0.11	-1.72	-1.94	-9.26	28.6	206.9	840.8	—	—
Effective tax rate	0%	0%	0%	0%	0%	0%	22.4%	0%	28.9%	42.7%	42.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	6.46	8.26	10.2	11.7	14.7	18.6	22.7	12.6	13.9	15.3	15.3
EPS (basic)	-0.8	-0.54	-0.29	-0.92	-1.73	-0.9	1.45	4.04	1.71	0.41	0.41
EPS (diluted)	-0.8	-0.54	-0.29	-0.92	-1.73	-0.9	1.28	3.64	1.6	0.4	0.41
Book value per share	2.79	4.3	5.6	3.79	2.64	0.71	5.77	8.1	11.8	36.7	33.7
FCF per share	2.6	3.37	3.26	2.83	4.8	6.06	8.68	4.86	5.24	5.49	5.03
Cash per share	5.06	12.4	9.89	12.9	10	12.3	7.88	4.04	4.38	4.1	3.75
Capex per share	0.6	0.41	0.46	0.74	0.4	0.65	0.48	0.25	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	9.31%	4.93%	4.52%	6.29%	2.73%	3.5%	2.12%	1.95%	—	—	—
Capex / operating cash flow	17.3%	9.01%	13.1%	22.3%	8.31%	9.44%	4.81%	5.21%	—	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$1.9B	$2B	$2B	$2.2B	$2.1B	$2.3B	$2.3B	$2.5B	$2.5B	$2.6B	$3B	$3.4B
YoY change	+20.1%	+19.3%	+15.3%	+12.1%	+13.9%	+14.3%	+15.3%	+15.8%	+15.7%	+14.9%	+31.1%	+34.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	1.4B	3.4B	2.8B	3.7B	2.9B	3.6B	2.4B	2.6B	2.9B	3.1B
Receivables	432.1M	467M	582.4M	1B	1.2B	2.1B	2.5B	2.6B	3B	3.6B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2B	4.1B	3.7B	5.1B	4.6B	6.4B	6B	6.8B	7.5B	8.6B
Property, plant & equipment	211.1M	273.1M	296M	606.8M	581.3M	599.8M	617.8M	747M	734.3M	1.2B
Goodwill & intangibles	585M	1.3B	3.3B	4.3B	6.4B	6.3B	6.5B	7.5B	10.7B	58.1B
Total assets	3.4B	5.9B	6.6B	9.1B	10.2B	12.3B	14.5B	20B	23.6B	48.5B
Accounts payable	35.5M	49.4M	73.3M	63.6M	56.9M	128M	132.3M	116.3M	232.2M	290M
Short-term debt	—	550.4M	—	—	1.6B	3.7B	2B	963.9M	—	—
Total current liabilities	1.2B	2.1B	2.1B	2.7B	5.1B	8.3B	7.7B	7.7B	8B	9.9B
Long-term debt	524.7M	1.4B	1.4B	3.4B	2B	276.1M	279.2M	380.5M	338.2M	2.5B
Total liabilities	2.7B	4.8B	5B	8B	9.5B	12B	12.8B	14.8B	15.8B	21B
Shareholders' equity	759.6M	1.2B	1.6B	1.1B	763.6M	210M	1.7B	5.2B	7.8B	27.5B
Total debt	524.7M	1.9B	1.4B	3.4B	3.5B	4B	2.3B	1.3B	338.2M	2.5B
Net debt	-219.6M	-586.8M	468.6M	462.7M	1.7B	1.8B	1.1B	-190.8M	-1.9B	-14M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	—	—	—	—	—	—	—	—	4.2B	4.5B	3.1B	3.1B
Receivables	—	—	—	—	—	—	—	—	1.3B	2.1B	2.9B	3.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	7.3B	8.4B	7.7B	8.6B
Property, plant & equipment	—	—	—	—	—	—	—	—	747M	853M	1.2B	1.2B
Goodwill & intangibles	290.5M	440.1M	407.6M	374.9M	809.6M	771.4M	730.2M	763M	10.6B	16.4B	58.4B	58.1B
Total assets	—	—	—	—	—	—	—	—	23.5B	25B	46.3B	48.5B
Accounts payable	—	—	—	—	—	—	—	—	223M	262M	293M	290M
Short-term debt	—	—	—	—	—	—	—	—	—	—	160M	—
Total current liabilities	—	—	—	—	—	—	—	—	7.4B	8B	9B	9.9B
Long-term debt	—	—	—	—	—	—	—	—	346M	372M	1.9B	2.5B
Total liabilities	—	—	—	—	—	—	—	—	14.9B	15.6B	18.6B	21B
Shareholders' equity	—	—	—	—	—	—	—	—	8.7B	9.4B	27.7B	27.5B
Total debt	—	—	—	—	—	—	—	—	346M	372M	2.1B	2.5B
Net debt	—	—	—	—	—	—	—	—	-2.7B	-3.8B	-293M	-14M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	-203M	-122.2M	-81.9M	-267M	-498.9M	-267M	439.7M	2.6B	1.1B	307M
Depreciation & amortization	59.8M	96.4M	153.8M	206.1M	260.4M	282.6M	282.2M	283.3M	343.4M	855M
Stock-based compensation	474.5M	496.7M	567.7M	658.4M	894.5M	1B	1.1B	1.1B	1.3B	1.8B
Change in working capital	460.4M	552.6M	152.7M	37.5M	298.5M	648.4M	811.8M	656.1M	635.7M	296M
Operating cash flow	944.5M	1.2B	998.3M	960.2M	1.4B	2B	3B	3B	3.7B	4.6B
Capital expenditure	-163.4M	-112M	-131.2M	-214.4M	-116M	-192.8M	-146.3M	-156.8M	—	—
Investing cash flow	-472.6M	-520M	-1.8B	288M	-1.5B	-933.4M	-2B	-1.5B	-2B	-2.7B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-411M	-259.1M	-330M	-1.2B	-1.2B	-892.3M	-272.7M	-566.7M	0	-1B
Financing cash flow	-432.4M	1B	-845.6M	386.2M	-1.2B	-943.8M	-3.7B	-2.7B	-2.1B	-1.6B
Net change in cash	39.5M	1.8B	-1.7B	1.6B	-1.3B	164.1M	-2.7B	-1.2B	-357.5M	262M
Free cash flow	705.4M	926.1M	924.4M	821.3M	1.4B	1.8B	2.6B	3.1B	3.5B	4.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	194.2M	1.7B	278.8M	357.7M	350.7M	267M	262.1M	253.8M	334M	432M	-177M	-282M
Depreciation & amortization	64.3M	68.6M	74.3M	76.1M	83.9M	87.5M	88.6M	83.8M	89M	91M	334M	341M
Stock-based compensation	271M	272M	263.5M	268.9M	294.3M	319.8M	325.7M	354.4M	370M	301M	643M	460M
Change in working capital	1.1B	-158.1M	-33M	-242.1M	1.1B	-394.5M	-80.9M	11.6M	1.1B	-612M	-48M	-185M
Operating cash flow	1.7B	348.4M	567.7M	367.1M	1.8B	225.8M	594.4M	1B	1.8B	554M	871M	1.4B
Capital expenditure	-36.8M	-35.2M	-37.4M	-47.4M	-44.1M	-47.6M	-67.9M	—	—	—	—	—
Investing cash flow	-129M	-1.3B	113.1M	-168.5M	-543.8M	-380.6M	-517.2M	-676.2M	-899M	821M	-1.7B	-903M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-66.7M	0	-500M	0	0	0	0	0	—	—	—	0
Financing cash flow	-174.2M	-256.4M	-1.8B	-403.1M	-659.4M	-380.6M	-305.7M	-767.3M	-122M	-122M	-25M	-368M
Net change in cash	1.4B	-1.2B	-1.1B	-204.5M	603.2M	-535.4M	-228.5M	-422.7M	750M	1.3B	-837M	86M
Free cash flow	1.5B	654.8M	491.5M	465.3M	1.5B	508.9M	560.3M	934.5M	1.7B	384M	788M	1.3B

Palo Alto Networks, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement