For fiscal 2026 (ended Jul 31, 2026), Palo Alto Networks Inc. reported $11.48B of revenue and $307.00M of net income.
PANW revenue was $3.41B in fiscal Q4 2026 (ended Jul 31, 2026), up 34.5% from a year earlier and up 13.6% from the prior quarter. For the full fiscal 2026 it was $11.48B, up 24.5% from fiscal 2025. Compound annual growth was +22.0% over 5 years and +23.6% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2026 is the highest of the 15 fiscal years on file.
PANW net income was -$282.00M in fiscal Q4 2026 (ended Jul 31, 2026), compared with $254.00M a year earlier. For the full fiscal 2026 it was $307.00M, down 72.9% from fiscal 2025. It rose in 1 of the last 3 fiscal years.
PANW diluted EPS was -$0.46 in fiscal Q4 2026 (ended Jul 31, 2026), compared with $0.36 a year earlier. For the full fiscal 2026 it was $0.40, down 75.0% from fiscal 2025.
PANW free cash flow was $1.25B in fiscal Q4 2026 (ended Jul 31, 2026), up 34.3% from a year earlier and up 59.1% from the prior quarter. For the full fiscal 2026 it was $4.11B, up 18.6% from fiscal 2025. Compound annual growth was +24.3% over 5 years and +21.5% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2026 is the highest of the 15 fiscal years on file.
| Line item | Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.48B | $9.22B | $8.03B | $6.89B | $5.50B | $4.26B | $3.41B | $2.90B | $2.27B | $1.76B |
| Cost of revenue | $3.40B | $2.45B | $2.06B | $1.91B | $1.72B | $1.27B | $999.50M | $808.40M | $645.10M | $476.40M |
| Gross profit | $8.08B | $6.77B | $5.97B | $4.98B | $3.78B | $2.98B | $2.41B | $2.09B | $1.63B | $1.28B |
| Research and development | $2.55B | $1.98B | $1.81B | $1.60B | $1.42B | $1.14B | $768.10M | $539.50M | $400.70M | $347.40M |
| Selling, general and admin | $899.00M | $443.00M | $680.00M | $447.70M | $405.00M | $391.10M | $299.60M | $261.80M | $257.80M | $198.30M |
| Operating income | $695.00M | $1.24B | $684.00M | $387.30M | -$188.80M | -$304.10M | -$179.00M | -$54.10M | -$104.20M | -$165.80M |
| Interest expense | $0 | $3.00M | $8.00M | $27.20M | $27.40M | $163.30M | $88.70M | $83.90M | $29.60M | $24.50M |
| Pre-tax income | $536.00M | $1.60B | $988.00M | $566.30M | -$207.20M | -$465.00M | -$231.80M | -$74.60M | -$105.30M | -$180.10M |
| Income tax | $229.00M | $462.00M | -$1.59B | $126.60M | $59.80M | $33.90M | $35.20M | $7.30M | $16.90M | $22.90M |
| Net income | $307.00M | $1.13B | $2.58B | $439.70M | -$267.00M | -$498.90M | -$267.00M | -$81.90M | -$122.20M | -$203.00M |
| EPS, basic | $0.41 | $1.71 | $4.04 | $0.73 | -$0.45 | -$0.86 | -$0.46 | -$0.14 | -$0.22 | -$0.37 |
| EPS, diluted | $0.40 | $1.60 | $3.64 | $0.64 | -$0.45 | -$0.86 | -$0.46 | -$0.14 | -$0.22 | -$0.37 |
| Diluted shares | 764.0M | 709.0M | 708.0M | 684.5M | 591.2M | 578.2M | 581.4M | 567.0M | 550.2M | 543.6M |
| Line item | Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.51B | $2.27B | $1.53B | $1.14B | $2.12B | $1.88B | $2.96B | $965.00M | $2.51B | $745.50M |
| Short-term investments | $557.00M | $635.00M | $1.04B | $1.25B | $1.52B | $1.03B | $789.80M | $1.84B | $896.50M | - |
| Receivables | $3.63B | $2.96B | $2.62B | $2.46B | $2.14B | $1.24B | $1.04B | $582.40M | $467.00M | $432.10M |
| Inventory | $117.00M | $113.00M | $115.90M | - | - | - | - | - | - | - |
| Current assets | $8.64B | $7.52B | $6.85B | $6.05B | $6.41B | $4.65B | $5.13B | $3.66B | $4.14B | $1.98B |
| Goodwill | $22.01B | $4.57B | $3.35B | $2.93B | $2.75B | $2.71B | $1.81B | $1.35B | $522.80M | $238.80M |
| Total assets | $48.46B | $23.58B | $19.99B | $14.50B | $12.25B | $10.24B | $9.07B | $6.59B | $5.95B | $3.44B |
| Current liabilities | $9.92B | $7.99B | $7.68B | $7.74B | $8.31B | $5.12B | $2.69B | $2.05B | $2.10B | $1.20B |
| Total debt | - | - | - | $1.99B | $3.68B | $3.23B | $3.08B | $1.43B | $1.92B | $524.70M |
| Total liabilities | $20.97B | $15.75B | $14.82B | $12.75B | $12.04B | $9.48B | $7.96B | $5.01B | $4.79B | $2.51B |
| Shareholders' equity | $27.49B | $7.82B | $5.17B | $1.75B | $210.00M | $634.50M | $1.10B | $1.59B | $1.16B | $927.80M |
| Line item | Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.55B | $3.72B | $3.26B | $2.78B | $1.98B | $1.50B | $1.04B | $1.06B | $1.04B | $868.80M |
| Capital expenditures | $440.00M | $247.00M | $157.00M | $146.30M | $192.80M | $116.00M | $214.40M | $131.20M | $112.00M | $163.40M |
| Free cash flow | $4.11B | $3.47B | $3.10B | $2.63B | $1.79B | $1.39B | $821.30M | $924.40M | $926.10M | $705.40M |
| Investing cash flow | -$3.10B | -$2.21B | -$1.51B | -$2.03B | -$933.40M | -$1.48B | $288.00M | -$1.83B | -$520.00M | -$472.60M |
| Financing cash flow | -$1.20B | -$779.00M | -$1.34B | -$1.73B | -$806.60M | -$1.10B | $673.00M | -$773.90M | $1.25B | -$386.00M |
| Share repurchases | $1.00B | $0 | $567.00M | $272.70M | $892.30M | $1.18B | $1.20B | $330.00M | $259.10M | $411.00M |
| Stock-based compensation | $1.77B | $1.29B | $1.08B | $1.07B | $1.01B | $894.50M | $658.40M | $567.70M | $496.70M | $474.50M |
| Depreciation and amortization | $855.00M | $343.00M | $284.00M | $282.20M | $282.60M | $260.40M | $206.10M | $153.80M | $96.40M | $59.80M |
| Line item | Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 24.5% | 14.9% | 16.5% | 25.3% | 29.3% | 24.9% | 17.5% | 27.5% | 29.5% | 27.3% |
| Net income growth, YoY | -72.9% | -56.0% | 486.3% | - | - | - | - | - | - | - |
| EPS growth, YoY | -75.0% | -56.0% | 468.8% | - | - | - | - | - | - | - |
| Gross margin | 70.4% | 73.4% | 74.3% | 72.3% | 68.8% | 70.0% | 70.7% | 72.1% | 71.6% | 72.9% |
| Operating margin | 6.1% | 13.5% | 8.5% | 5.6% | -3.4% | -7.1% | -5.3% | -1.9% | -4.6% | -9.4% |
| Net margin | 2.7% | 12.3% | 32.1% | 6.4% | -4.9% | -11.7% | -7.8% | -2.8% | -5.4% | -11.6% |
| Free cash flow margin | 35.8% | 37.6% | 38.6% | 38.2% | 32.6% | 32.6% | 24.1% | 31.9% | 40.7% | 40.2% |
| Return on equity | 1.1% | 14.5% | 49.9% | 25.2% | -127.1% | -78.6% | -24.2% | -5.2% | -10.5% | -21.9% |
| Return on assets | 0.6% | 4.8% | 12.9% | 3.0% | -2.2% | -4.9% | -2.9% | -1.2% | -2.1% | -5.9% |
| Current ratio | 0.87 | 0.94 | 0.89 | 0.78 | 0.77 | 0.91 | 1.91 | 1.78 | 1.97 | 1.65 |
| Debt to equity | - | - | - | 1.14 | 17.51 | 5.08 | 2.80 | 0.90 | 1.65 | 0.57 |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.41B | $3.00B | $2.59B | $2.47B | $2.54B | $2.29B | $2.26B | $2.14B | $2.19B | $1.98B | $1.98B | $1.88B |
| Cost of revenue | $1.11B | $974.00M | $685.00M | $638.00M | $679.00M | $619.00M | $599.00M | $554.00M | $573.50M | $513.60M | $499.10M | $472.80M |
| Gross profit | $2.30B | $2.03B | $1.91B | $1.84B | $1.86B | $1.67B | $1.66B | $1.58B | $1.62B | $1.47B | $1.48B | $1.41B |
| Research and development | $779.00M | $734.00M | $511.00M | $528.00M | $504.00M | $494.00M | $505.00M | $481.00M | $495.40M | $457.20M | $447.90M | $409.50M |
| Selling, general and admin | $226.00M | $316.00M | $178.00M | $179.00M | $27.00M | $164.00M | $154.00M | $98.00M | $139.80M | $118.60M | $301.50M | $120.10M |
| Operating income | $172.00M | -$183.00M | $397.00M | $309.00M | $497.00M | $219.00M | $241.00M | $286.00M | $238.50M | $176.70M | $53.60M | $215.20M |
| Interest expense | $0 | $0 | $0 | $0 | $0 | $1.00M | $1.00M | $1.00M | $0 | $2.30M | $2.80M | $2.90M |
| Pre-tax income | -$269.00M | -$156.00M | $549.00M | $412.00M | $592.00M | $311.00M | $325.00M | $368.00M | $318.70M | $251.20M | $135.50M | $282.60M |
| Income tax | $13.00M | $21.00M | $117.00M | $78.00M | $338.00M | $49.00M | $58.00M | $17.00M | -$39.40M | -$27.60M | -$1.61B | $88.40M |
| Net income | -$282.00M | -$177.00M | $432.00M | $334.00M | $254.00M | $262.00M | $267.00M | $351.00M | $358.10M | $278.80M | $1.75B | $194.20M |
| EPS, basic | -$0.47 | -$0.22 | $0.61 | $0.49 | $0.37 | $0.39 | $0.41 | $0.54 | $0.56 | $0.43 | $2.73 | $0.32 |
| EPS, diluted | -$0.46 | -$0.22 | $0.61 | $0.47 | $0.36 | $0.37 | $0.38 | $0.49 | $0.53 | $0.39 | $2.44 | $0.28 |
| Diluted shares | - | 801.0M | 711.0M | 709.0M | - | 707.0M | 709.0M | 709.0M | - | 709.3M | 715.0M | 699.6M |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.51B | $2.36B | $4.16B | $3.07B | $2.27B | $2.38B | $2.23B | $2.28B | $1.53B | $1.37B | $1.78B | $2.49B |
| Short-term investments | $557.00M | $747.00M | $378.00M | $1.14B | $635.00M | $916.80M | $1.01B | $1.11B | $1.04B | $1.52B | $1.59B | $1.40B |
| Receivables | $3.63B | $2.85B | $2.12B | $1.34B | $2.96B | $1.95B | $1.50B | $1.13B | $2.62B | $1.72B | $1.90B | $1.41B |
| Inventory | $117.00M | - | - | - | $113.00M | - | - | - | $115.90M | - | - | - |
| Current assets | $8.64B | $7.71B | $8.37B | $7.31B | $7.52B | $6.90B | $6.34B | $6.24B | $6.85B | $5.92B | $6.45B | $6.48B |
| Goodwill | $22.01B | $21.90B | $6.93B | $4.57B | $4.57B | $4.05B | $4.05B | $4.05B | $3.35B | $3.37B | $3.37B | $2.93B |
| Total assets | $48.46B | $46.27B | $24.98B | $23.54B | $23.58B | $22.00B | $20.95B | $20.37B | $19.99B | $17.93B | $18.29B | $14.81B |
| Current liabilities | $9.92B | $9.01B | $8.01B | $7.42B | $7.99B | $7.71B | $7.55B | $7.40B | $7.68B | $7.08B | $7.77B | $7.51B |
| Total liabilities | $20.97B | $18.60B | $15.59B | $14.87B | $15.75B | $14.77B | $14.58B | $14.46B | $14.82B | $13.46B | $13.93B | $12.64B |
| Shareholders' equity | $27.49B | $27.67B | $9.39B | $8.66B | $7.82B | $7.23B | $6.38B | $5.91B | $5.17B | $4.47B | $4.36B | $2.17B |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.36B | $871.00M | $554.00M | $1.77B | $1.02B | $628.00M | $557.00M | $1.51B | $513.10M | $528.90M | $690.00M | $1.53B |
| Capital expenditures | $103.00M | $83.00M | $170.00M | $84.00M | $87.00M | $68.00M | $48.00M | $44.00M | $47.60M | $37.40M | $35.20M | $36.80M |
| Free cash flow | $1.25B | $788.00M | $384.00M | $1.69B | $934.00M | $560.00M | $509.00M | $1.47B | $465.50M | $491.50M | $654.80M | $1.49B |
| Investing cash flow | -$1.01B | -$1.77B | $651.00M | -$983.00M | -$763.00M | -$517.00M | -$381.00M | -$544.00M | -$168.60M | $113.10M | -$1.33B | -$129.00M |
| Financing cash flow | -$197.00M | -$899.00M | -$114.00M | $8.00M | -$374.00M | $47.00M | -$232.00M | -$220.00M | -$179.20M | -$1.05B | -$72.60M | -$41.80M |
| Share repurchases | $0 | - | - | - | $0 | $0 | $0 | $0 | $300.0K | $500.00M | $0 | $66.70M |
| Stock-based compensation | $460.00M | $643.00M | $301.00M | $370.00M | $354.00M | $326.00M | $320.00M | $295.00M | $269.50M | $263.50M | $272.00M | $271.00M |
| Depreciation and amortization | $341.00M | $334.00M | $91.00M | $89.00M | $84.00M | $88.00M | $87.00M | $84.00M | $76.80M | $74.30M | $68.60M | $64.30M |
| Line item | Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 34.5% | 31.1% | 14.9% | 15.7% | 15.9% | 15.3% | 14.3% | 13.9% | 12.1% | 15.3% | 19.3% | 20.1% |
| Net income growth, YoY | - | - | 61.8% | -4.8% | -29.1% | -6.0% | -84.7% | 80.7% | 57.3% | 158.6% | 1974.7% | 871.0% |
| EPS growth, YoY | - | - | 60.5% | -4.1% | -32.1% | -5.1% | -84.4% | 75.0% | 60.6% | 151.6% | 1852.0% | 833.3% |
| Gross margin | 67.6% | 67.6% | 73.6% | 74.2% | 73.2% | 73.0% | 73.5% | 74.1% | 73.8% | 74.1% | 74.7% | 74.8% |
| Operating margin | 5.0% | -6.1% | 15.3% | 12.5% | 19.6% | 9.6% | 10.7% | 13.4% | 10.9% | 8.9% | 2.7% | 11.5% |
| Net margin | -8.3% | -5.9% | 16.7% | 13.5% | 10.0% | 11.4% | 11.8% | 16.4% | 16.4% | 14.0% | 88.4% | 10.3% |
| Free cash flow margin | 36.8% | 26.2% | 14.8% | 68.2% | 36.8% | 24.5% | 22.6% | 68.5% | 21.3% | 24.8% | 33.2% | 79.3% |
| Current ratio | 0.87 | 0.86 | 1.04 | 0.99 | 0.94 | 0.90 | 0.84 | 0.84 | 0.89 | 0.84 | 0.83 | 0.86 |
Source: XBRL data Palo Alto Networks Inc. files with the SEC, latest filing dated Sep 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 3-for-1, first reported May 24, 2023; 2-for-1, first reported Feb 14, 2025.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| PANW | $11.48B | +24.5% | $307.00M | 2.7% | $256.86B |
| CRWD | $5.40B | +24.3% | $58.46M | 1.1% | $222.09B |
| FTNT | $7.88B | +20.2% | $2.28B | 29.0% | $87.31B |
| FFIV | $3.31B | +9.4% | $726.51M | 22.0% | $17.60B |
| CHKP | $2.73B | +6.3% | $1.06B | 38.8% | $14.72B |
| RPD | $850.37M | -1.0% | $13.84M | 1.6% | $1.01B |