Palo Alto Networks, Inc financials
Source: EDGAR filings · Built 2026-09-24T01:13:09Z
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Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 4.11B | 3.47B | 3.10B | 2.63B | 1.79B | 1.39B |
| EBITDA | 1.55B | 1.59B | 968.00M | 669.50M | 93.80M | -43.70M |
| Working Capital | -1.28B | -465.00M | -833.00M | -1.69B | -1.89B | -469.40M |
| Net Debt | 53.00M | -1.85B | -124.70M | 1.20B | 1.90B | 1.73B |
| Gross Margin | 70.36% | 73.42% | 74.35% | 72.29% | 68.76% | 70.05% |
| Operating Margin | 6.05% | 13.48% | 8.52% | 5.62% | -3.43% | -7.14% |
| Net Margin | 2.67% | 12.30% | 32.12% | 6.38% | -4.85% | -11.72% |
| Return on Equity (ROE) | 1.12% | 14.49% | 49.87% | 25.15% | -127.14% | -78.63% |
| Return on Assets (ROA) | 0.63% | 4.81% | 12.90% | 3.03% | -2.18% | -4.87% |
| Current Ratio | 0.87× | 0.94× | 0.89× | 0.78× | 0.77× | 0.91× |
| Debt-to-Equity | 0.09× | 0.05× | 0.27× | 1.33× | 19.12× | 5.68× |
| Effective Tax Rate | 42.72% | 28.95% | -160.93% | 22.36% | -28.86% | -7.29% |
| Cash Conversion Ratio | 14.83× | 3.28× | 1.26× | 6.32× | -7.43× | -3.01× |
| Accruals Ratio | -0.09× | -0.11× | -0.03× | -0.16× | -0.18× | -0.20× |
| SBC % of Revenue | 15.45% | 14.04% | 13.40% | 15.59% | 18.38% | 21.02% |
| CapEx Coverage | 10.35× | 15.04× | 20.75× | 18.98× | 10.29× | 12.96× |
| Free Cash Flow Per Share | $5.38 | $4.89 | $4.38 | $3.84 | $6.06 | $4.80 |
Income Statement
| Concept | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 11.48B | 9.22B | 8.03B | 6.89B | 5.50B | 4.26B |
| Cost of Goods and Services Sold | 3.40B | 2.45B | 2.06B | 1.91B | 1.72B | 1.27B |
| Gross Profit | 8.08B | 6.77B | 5.97B | 4.98B | 3.78B | 2.98B |
| Research and Development Expense | 2.55B | 1.98B | 1.81B | 1.60B | 1.42B | 1.14B |
| Operating Expenses | 7.38B | 5.53B | 5.28B | 4.60B | 3.97B | 3.29B |
| Operating Income (Loss) | 695.00M | 1.24B | 684.00M | 387.30M | -188.80M | -304.10M |
| Income Tax Expense (Benefit) | 229.00M | 462.00M | -1.59B | 126.60M | 59.80M | 33.90M |
| Net Income (Loss) Attributable to Parent | 307.00M | 1.13B | 2.58B | 439.70M | -267.00M | -498.90M |
| Earnings Per Share, Basic | $0.41 | $1.71 | $4.04 | $0.73 | $-0.90 | $-1.73 |
| Weighted Average Number of Shares Outstanding, Basic | 749.00M | 663.00M | 638.00M | 606.40M | 295.60M | 289.10M |
| Earnings Per Share, Diluted | $0.40 | $1.60 | $3.64 | $0.64 | $-0.90 | $-1.73 |
| Weighted Average Number of Shares Outstanding, Diluted | 764.00M | 709.00M | 708.00M | 684.50M | 295.60M | 289.10M |
Balance Sheet
| Concept | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 2.51B | 2.27B | 1.53B | 1.14B | 2.12B | 1.87B |
| Assets, Current | 8.64B | 7.52B | 6.85B | 6.05B | 6.41B | 4.65B |
| Assets | 48.46B | 23.58B | 19.99B | 14.50B | 12.25B | 10.24B |
| Long-term Debt | — | — | — | 1.99B | 3.68B | 3.23B |
| Liabilities, Current | 9.92B | 7.99B | 7.68B | 7.74B | 8.31B | 5.12B |
| Liabilities | 20.97B | 15.75B | 14.82B | 12.75B | 12.04B | 9.48B |
| Stockholders' Equity Attributable to Parent | 27.49B | 7.82B | 5.17B | 1.75B | 210.00M | 634.50M |
| Common Stock, Shares, Outstanding | 815.00M | 668.00M | 650.20M | 308.30M | 298.80M | 97.30M |
Cash Flow Statement
| Concept | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 4.55B | 3.72B | 3.26B | 2.78B | 1.98B | 1.50B |
| Net Cash Provided by (Used in) Investing Activities | -3.10B | -2.21B | -1.51B | -2.03B | -933.40M | -1.48B |
| Payments for Repurchase of Common Stock | 1.00B | 0 | 567.00M | 272.70M | 892.30M | 1.18B |
| Net Cash Provided by (Used in) Financing Activities | -1.20B | -779.00M | -1.34B | -1.73B | -806.60M | -1.10B |
Derived Metrics
| Concept | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 1.25B | 2.86B | 2.07B | 1.69B | 934.00M | 2.54B |
| EBITDA | 513.00M | — | — | 398.00M | 581.00M | — |
| Working Capital | -1.28B | -1.29B | 360.00M | -108.00M | -465.00M | -806.60M |
| Net Debt | 53.00M | -293.00M | -3.79B | -2.72B | -1.85B | -1.65B |
| Gross Margin | 67.57% | 67.56% | 73.59% | 74.21% | 73.23% | 72.96% |
| Operating Margin | 5.04% | -6.10% | 15.30% | 12.49% | 19.60% | 9.57% |
| Net Margin | -8.27% | -5.90% | 16.65% | 13.50% | 10.02% | 11.45% |
| Return on Equity (ROE) | -1.03% | -0.64% | 4.60% | 3.85% | 3.25% | 3.62% |
| Return on Assets (ROA) | -0.58% | -0.38% | 1.73% | 1.42% | 1.08% | 1.19% |
| Current Ratio | 0.87× | 0.86× | 1.04× | 0.99× | 0.94× | 0.90× |
| Debt-to-Equity | 0.09× | 0.07× | 0.04× | 0.04× | 0.05× | 0.10× |
| Effective Tax Rate | -4.83% | -13.46% | 21.31% | 18.93% | 57.09% | 15.76% |
| Cash Conversion Ratio | -4.81× | -18.06× | 5.38× | 5.30× | 4.02× | 10.29× |
| Accruals Ratio | -0.03× | -0.07× | -0.08× | -0.06× | -0.03× | -0.11× |
| SBC % of Revenue | 13.49% | 43.77% | 25.87% | 14.96% | 13.96% | 41.11% |
| CapEx Coverage | 13.17× | 9.48× | 9.15× | 21.08× | 11.74× | 16.84× |
| Free Cash Flow Per Share | $1.64 | $3.57 | $2.91 | $2.38 | $1.32 | $3.59 |
Income Statement
| Concept | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 3.41B | 3.00B | 2.59B | 2.47B | 2.54B | 2.29B |
| Cost of Goods and Services Sold | 1.11B | 974.00M | 685.00M | 638.00M | 679.00M | 619.00M |
| Gross Profit | 2.30B | 2.03B | 1.91B | 1.84B | 1.86B | 1.67B |
| Research and Development Expense | 779.00M | 734.00M | 511.00M | 528.00M | 504.00M | 494.00M |
| Operating Expenses | 2.13B | 2.21B | 1.51B | 1.53B | 1.36B | 1.45B |
| Operating Income (Loss) | 172.00M | -183.00M | 397.00M | 309.00M | 497.00M | 219.00M |
| Income Tax Expense (Benefit) | 13.00M | 21.00M | 117.00M | 78.00M | 338.00M | 49.00M |
| Net Income (Loss) Attributable to Parent | -282.00M | -177.00M | 432.00M | 334.00M | 254.00M | 262.00M |
| Earnings Per Share, Basic | $-0.40 | $-0.22 | $0.61 | $0.49 | $0.38 | $0.39 |
| Weighted Average Number of Shares Outstanding, Basic | 749.00M | 801.00M | 704.00M | 679.00M | 663.00M | 665.00M |
| Earnings Per Share, Diluted | $-0.39 | $-0.22 | $0.61 | $0.47 | $0.36 | $0.37 |
| Weighted Average Number of Shares Outstanding, Diluted | 764.00M | 801.00M | 711.00M | 709.00M | 709.00M | 707.00M |
Balance Sheet
| Concept | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 2.51B | 2.36B | 4.16B | 3.07B | 2.27B | 2.38B |
| Assets, Current | 8.64B | 7.71B | 8.37B | 7.31B | 7.52B | 6.90B |
| Assets | 48.46B | 46.27B | 24.98B | 23.54B | 23.58B | 22.00B |
| Liabilities, Current | 9.92B | 9.01B | 8.01B | 7.42B | 7.99B | 7.71B |
| Liabilities | 20.97B | 18.60B | 15.59B | 14.87B | 15.75B | 14.77B |
| Stockholders' Equity Attributable to Parent | 27.49B | 27.67B | 9.39B | 8.66B | 7.82B | 7.23B |
| Common Stock, Shares, Outstanding | 815.00M | 813.00M | 703.00M | 692.00M | 668.00M | 665.90M |
Cash Flow Statement
| Concept | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 1.36B | 3.20B | 2.33B | 1.77B | 1.02B | 2.69B |
| Net Cash Provided by (Used in) Investing Activities | -1.01B | -2.10B | -332.00M | -983.00M | -763.00M | -1.44B |
| Payments for Repurchase of Common Stock | 0 | 1.00B | — | — | 0 | 0 |
| Net Cash Provided by (Used in) Financing Activities | -197.00M | -1.00B | -106.00M | 8.00M | -374.00M | -405.00M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (PANW CIK 0001327567),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.