Palo Alto Networks Inc (PANW) operating KPIs

PANWNasdaqComputer Peripheral Equipment, NECFiscal year ends July 31

Financials through Q4 FY2026, quarter ended Jul 31, 2026Last filing: 10-K on Sep 10, 2026Score 8/30576% above fair value

$365.87−14.70 (-3.86%)

Close on Oct 30, 2026Market cap $299.28BP/E –Yield –

KPIs

Operating metrics that drive Palo Alto Networks's business · fiscal year ends July 31 (Q1 ends Oct 31, Q2 ends Jan 31, Q3 ends Apr 30, Q4/FY ends Jul 31; latest period Q4 FY2026 ended July 31, 2026)

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Palo Alto Networks's fiscal year ends July 31 (Q1 ends Oct 31, Q2 ends Jan 31, Q3 ends Apr 30, Q4/FY ends Jul 31; latest period Q4 FY2026 ended July 31, 2026) — Q4 FY26 = May–Jul 2026.

Column labels

Metric	Q4 FY26 2026-07-31	Q3 FY26 2026-04-30	Q2 FY26 2026-01-31	Q1 FY26 2025-10-31	Q4 FY25 2025-07-31	Q3 FY25 2025-04-30	Q2 FY25 2025-01-31	Q1 FY25 2024-10-31	Q4 FY24 2024-07-31	Q3 FY24 2024-04-30	Q2 FY24 2024-01-31	Q1 FY24 2023-10-31

Next-Generation Security ARR (NGS ARR) ($B)1	9.10	8.10	6.30	5.90	5.60	5.10	4.80	4.50	4.20
NGS ARR YoY Growth (%)(%)	63.0%	60.0%	33.0%	29.0%	32.0%	34.0%	37.0%	40.0%	43.0%	47.0%	50.0%	53.0%
Remaining Performance Obligations (RPO) — Reported ($B)2	21.20	18.40	16.00	15.50	15.80	13.50	13.00	12.60	12.70	11.30	10.80	10.40
Current RPO (Expected Next 12 Months) — Reported ($B)	9.30	8.30	7.10	6.90	7.00	6.20	6.10	5.90	5.90	5.40	5.20	5.00
Total RPO YoY Growth (%)(%)	34.0%	36.0%	23.0%	24.0%	24.0%	19.0%	21.0%	20.0%	20.0%	23.0%	22.0%	26.0%
Remaining Performance Obligations (RPO) — XBRL ($M)($M)1	21,200	18,400	16,000	15,500	15,800	13,500	13,000	12,600	12,700	11,300	10,800	10,400
Current RPO (Expected Next 12 Months) — XBRL ($M)($M)	9,300	8,300	7,100	6,900	7,000	6,200	6,100	5,900	5,900	5,400	5,200	5,000
Deferred Revenue — Current ($M)($M)3	7,747	7,113	6,248	6,132	6,302	5,757	5,600	5,508	5,541	5,015	4,918	4,732
Deferred Revenue — Non-Current ($M)($M)	7,009	6,492	6,181	6,098	6,450	5,817	5,663	5,586	5,939	5,153	4,900	4,711
Revenue Recognized from Beginning Deferred Revenue Balance ($M)($M)	1,300	1,400	1,600	1,900	1,100	1,300	1,500	1,600	900	1,000	1,300	1,400
Net Change in Deferred Revenue (Operating Cash Flow) ($M)($M)	1,149	397	178	-522	1,175	311	169	-416	1,312	349	372	146
Deferred Contract Costs (Sales Commissions) — Current ($M)($M)2	544	454	424	415	419	387	376	368	369
Deferred Contract Costs (Sales Commissions) — Non-Current ($M)($M)	667	551	526	546	586	528	523	532	562
Amortization of Deferred Contract Costs ($M)($M)	180	149	135	126	137	119	115	110	121	110	109	106
Total Billings (Non-GAAP, Discontinued After FY2024) ($M)($M)2									3,502	2,334	2,347	2,025
Change in Total Deferred Revenue, Net of Acquired (Billings Bridge) ($M)($M)									1,313	349	372	146
Total Billings YoY Growth (Discontinued After FY2024) (%)(%)										3.4%	15.7%	15.8%

Total Revenue ($M)($M)6	3,410	3,002	2,594	2,474	2,536	2,289	2,257	2,139	2,189	1,985	1,975	1,878
Total Revenue YoY Growth (%)(%)	34.0%	31.0%	15.0%	16.0%	16.0%	15.3%	14.3%	13.9%	12.0%	15.3%	19.3%	20.1%
Product Revenue (Next-Generation Firewalls & Appliances) ($M)($M)1	738	594	514	434	574	453	421	354	480	391	391	341
Product Revenue Share (% of Total Revenue) (%)(%)		19.8%	19.8%	17.5%		19.8%	18.7%	16.5%		19.7%	19.8%	18.2%
Subscription & Support Revenue ($M)($M)3	2,672	2,408	2,080	2,040	1,962	1,836	1,836	1,785	1,709	1,594	1,584	1,537
Subscription & Support Revenue Share (% of Total Revenue) (%)(%)		80.2%	80.2%	82.5%		80.2%	81.3%	83.5%		80.3%	80.2%	81.8%
Subscription Revenue (Cloud & SaaS Security) ($M)($M)	1,839	1,632	1,404	1,364	1,315	1,234	1,233	1,192	1,127	1,046	1,027	988
Support & Maintenance Revenue ($M)($M)	833	776	676	676	647	602	603	593	582	548	557	549
Revenue — Americas ($M)($M)3	2,308	2,018	1,712	1,641	1,731	1,530	1,502	1,442	1,503	1,360	1,334	1,287
Americas Revenue YoY Growth (%)(%)		32.0%	14.0%	14.0%		12.5%	12.6%	12.1%		15.3%	19.4%	20.2%
Revenue — United States ($M)($M)	2,140	1,854	1,588	1,526	1,617	1,425	1,400	1,344	1,410	1,271	1,248	1,204
Revenue — Other Americas ($M)($M)	168	164	124	115	114	105	102	98	92.2	88.5	86	82.3
Revenue — Europe, Middle East & Africa (EMEA) ($M)($M)1	714	633	560	521	515	480	480	442	431	399	407	365
EMEA Revenue YoY Growth (%)(%)		32.0%	17.0%	18.0%		20.5%	18.0%	21.0%		20.2%	19.1%	18.5%
Revenue — Asia Pacific & Japan (APAC) ($M)($M)1	388	351	322	312	290	279	275	255	255	226	234	227
APAC Revenue YoY Growth (%)(%)		26.0%	17.0%	22.0%		23.4%	17.5%	12.7%		7.8%	19.1%	22.6%

Total Gross Profit (GAAP) ($M)($M)3	2,304	2,028	1,909	1,836	1,857	1,670	1,658	1,585	1,616	1,471	1,476	1,405
Total Gross Margin (GAAP) (%)(%)		67.6%	73.6%	74.2%		72.9%	73.5%	74.1%		74.1%	74.7%	74.8%
Product Gross Profit ($M)($M)1	541	427	399	345	438	352	320	279	376	313	303	264
Product Gross Margin (%)(%)		71.9%	77.6%	79.5%		77.8%	76.0%	78.8%		80.1%	77.4%	77.3%
Subscription & Support Gross Profit ($M)($M)1	1,763	1,601	1,510	1,491	1,420	1,318	1,338	1,306	1,240	1,158	1,174	1,142
Subscription & Support Gross Margin (%)(%)		66.5%	72.6%	73.1%		71.8%	72.9%	73.2%		72.7%	74.1%	74.3%
Total Cost of Revenue (GAAP) ($M)($M)3	1,106	974	685	638	679	619	599	554	574	514	499	473
Total Cost of Revenue (% of Total Revenue) (%)(%)		32.4%	26.4%	25.8%		27.1%	26.5%	25.9%		25.9%	25.3%	25.2%
Cost of Product Revenue ($M)($M)1	197	167	115	89	136	101	101	75	105	77.9	88.2	77.4
Cost of Product Revenue (% of Total Revenue) (%)(%)		5.6%	4.4%	3.6%		4.4%	4.5%	3.5%		3.9%	4.5%	4.1%
Cost of Subscription & Support Revenue ($M)($M)1	909	807	570	549	543	518	498	479	469	436	411	395
Cost of Subscription & Support Revenue (% of Total Revenue) (%)(%)		26.8%	22.0%	22.2%		22.7%	22.0%	22.4%		22.0%	20.8%	21.1%
Total Operating Expenses (GAAP) ($M)($M)4	2,132	2,211	1,512	1,527	1,360	1,451	1,417	1,299	1,377	1,295	1,422	1,190
Total Operating Expenses (% of Total Revenue) (%)(%)		73.7%	58.3%	61.7%		63.3%	62.9%	60.7%		65.2%	72.0%	63.3%
Research & Development Expense ($M)($M)1	779	734	511	528	504	494	505	481	495	457	448	410
Research & Development (% of Total Revenue) (%)(%)		24.5%	19.7%	21.3%		21.6%	22.4%	22.5%		23.0%	22.7%	21.8%
Sales & Marketing Expense ($M)($M)1	1,127	1,161	823	820	829	793	758	720	742	719	673	661
Sales & Marketing (% of Total Revenue) (%)(%)		38.7%	31.7%	33.2%		34.5%	33.7%	33.6%		36.2%	34.0%	35.1%
General & Administrative Expense ($M)($M)1	226	316	178	179	27	164	154	98	140	119	302	120
General & Administrative (% of Total Revenue) (%)(%)		10.5%	6.9%	7.2%		7.2%	6.8%	4.6%		6.0%	15.3%	6.4%
Operating Income (Loss) — GAAP ($M)($M)2	172	-183	397	309	497	219	241	286	239	177	53.6	215
Operating Margin — GAAP (%)(%)		-6.1%	15.3%	12.5%		9.6%	10.6%	13.4%		8.9%	2.7%	11.5%
Non-GAAP Operating Income ($M)($M)1	1,011	814	785	746	768	627	640	616	588	508	564	529
Non-GAAP Operating Margin (Reported Through Q2 FY26) (%)(%)			30.3%	30.2%		27.4%	28.4%	28.8%	26.9%	25.6%	28.6%	28.2%
Net Income (Loss) — GAAP ($M)($M)2	-282	-177	432	334	254	262	267	351	358	279	1,747	194
Non-GAAP Net Income ($M)($M)6	853	684	732	662	673	561	566	545	522	455	505	466
Non-GAAP Adjustment: Share-Based Compensation-Related Charges ($M)($M)	487	517	321	387	373	355	343	315	287	290	297	288
Non-GAAP Adjustment: Amortization of Acquired Intangible Assets ($M)($M)	281	280	38	39	36.9	42.6	43.8	40.7	33.7	32.9	27.9	24.5
Non-GAAP Adjustment: Acquisition-Related Costs ($M)($M)	68	198	24	5	-142	7.30	9.70	15.1	3.50	2.80	7.30
Non-GAAP Adjustment: Litigation-Related Charges ($M)($M)	3	2	5	6	3.20	3.10	3.20	-41.2	25.6	5.50	179	1.80
Non-GAAP Adjustment: Convertible Notes Non-Cash Charges (Matured FY25) ($M)($M)	524				0.10	0.20	0.30	0.50	0.60	0.80	1.10	1
Non-GAAP Adjustment: Income Tax & Other Tax Adjustments ($M)($M)	-228	-174	-88	-109	148	-110	-102	-136	-186	-156	-1,754	-43
Non-GAAP Diluted Net Income Per Share (EPS) ($/share)($)1	1.02	0.85	1.03	0.93	0.95	0.80	0.81	1.56	1.51	1.32	1.46	1.38
Non-GAAP Diluted Weighted-Average Shares (M shares)	832.00	807.00	711.00	709.00	706.90	700.80	700.30	348.60	346.50	345.10	344.50	338.20
Operating Cash Flow (Net Cash Provided by Operating Activities — GAAP) ($M)($M)3	1,357	871	554	1,771	1,021	628	557	1,510	513	529	690	1,526
Free Cash Flow (Non-GAAP) ($M)($M)	1,254	788	384	1,687	934	560	509	1,466	465	492	655	1,489
Net Cash Used in Investing Activities (GAAP) ($M)($M)	-1,006	-1,766	651	-983	-763	-517	-381	-544	-169	113	-1,326	-129
Net Cash Provided by (Used in) Financing Activities (GAAP) ($M)($M)	-197	-899	-114	8	-374	47	-232	-220	-179	-1,049	-72.6	-41.8

Next-Quarter NGS ARR Guidance — Low ($B)3	9.54	8.90	7.94	6.11	5.82	5.52	5.03	4.70
Next-Quarter NGS ARR Guidance — High ($B)	9.56	8.95	7.96	6.14	5.84	5.57	5.08	4.75
Next-Quarter NGS ARR YoY Growth Guidance — Low (%)(%)	63.0%	59.0%	56.0%	28.0%	29.0%	31.0%	33.0%	35.0%
Next-Quarter NGS ARR YoY Growth Guidance — High (%)(%)	63.0%	60.0%	56.0%	28.0%	29.0%	32.0%	34.0%	36.0%
Next-Quarter RPO Guidance — Low ($B)3	20.80	20.90	17.85	15.75	15.40	15.20	13.50	12.90
Next-Quarter RPO Guidance — High ($B)	20.90	21.00	17.95	15.85	15.50	15.30	13.60	13.00
Next-Quarter RPO YoY Growth Guidance — Low (%)(%)	34.0%	32.0%	32.0%	21.0%	23.0%	19.0%	19.0%	20.0%
Next-Quarter RPO YoY Growth Guidance — High (%)(%)	35.0%	33.0%	33.0%	22.0%	23.0%	20.0%	20.0%	21.0%
Next-Quarter Total Revenue Guidance — Low ($B)3	3.30	3.35	2.94	2.57	2.45	2.49	2.26	2.22	2.10	2.15	1.95	1.96
Next-Quarter Total Revenue Guidance — High ($B)	3.31	3.36	2.95	2.59	2.47	2.51	2.29	2.25	2.13	2.17	1.98	1.99
Next-Quarter Total Revenue YoY Growth Guidance — Low (%)(%)	33.0%	32.0%	28.0%	14.0%	15.0%	14.0%	14.0%	12.0%	12.0%	10.0%	13.0%	18.0%
Next-Quarter Total Revenue YoY Growth Guidance — High (%)(%)	34.0%	32.0%	29.0%	15.0%	15.0%	15.0%	15.0%	14.0%	13.0%	11.0%	15.0%	20.0%
Next-Quarter Diluted Non-GAAP EPS Guidance — Low ($/share)($)3	0.96	0.96	0.78	0.93	0.88	0.87	0.76	1.54		1.40	1.24	1.29
Next-Quarter Diluted Non-GAAP EPS Guidance — High ($/share)($)	0.98	0.98	0.80	0.95	0.90	0.89	0.77	1.56		1.42	1.26	1.31
Next-Quarter Diluted Shares Guidance — Low (M shares)	837.00	830.00	812.00	711.00	709.00	704.00	703.00	350.00		345.00	347.00	339.00
Next-Quarter Diluted Shares Guidance — High (M shares)	844.00	840.00	817.00	715.00	712.00	707.00	706.00	352.00		347.00	351.00	342.00
Next-Quarter Total Billings Guidance — Low ($B, Discontinued After FY24) ($B)3										3.43	2.30	2.34
Next-Quarter Total Billings Guidance — High ($B, Discontinued After FY24) ($B)										3.48	2.35	2.39
Next-Quarter Total Billings YoY Growth Guidance — Low (Discontinued) (%)(%)										9.0%	2.0%	15.0%
Next-Quarter Total Billings YoY Growth Guidance — High (Discontinued) (%)(%)										10.0%	4.0%	18.0%
Full-Year NGS ARR Guidance — Low ($B)3	11.08	8.90	8.52	7.00	7.00	5.52	5.52	5.52
Full-Year NGS ARR Guidance — High ($B)	11.18	8.95	8.62	7.10	7.10	5.57	5.57	5.57
Full-Year NGS ARR YoY Growth Guidance — Low (%)(%)	22.0%	59.0%	53.0%	26.0%	26.0%	31.0%	31.0%	31.0%
Full-Year NGS ARR YoY Growth Guidance — High (%)(%)	23.0%	60.0%	54.0%	27.0%	27.0%	32.0%	32.0%	32.0%
Full-Year RPO Guidance — Low ($B)3	25.20	20.90	20.20	18.60	18.60	15.20	15.20	15.20
Full-Year RPO Guidance — High ($B)	25.40	21.00	20.30	18.70	18.70	15.30	15.30	15.30
Full-Year RPO YoY Growth Guidance — Low (%)(%)	19.0%	32.0%	28.0%	17.0%	17.0%	19.0%	19.0%	19.0%
Full-Year RPO YoY Growth Guidance — High (%)(%)	20.0%	33.0%	28.0%	18.0%	18.0%	20.0%	20.0%	20.0%
Full-Year Total Revenue Guidance — Low ($B)3	14.10	11.42	11.28	10.50	10.48	9.17	9.14	9.12	9.10			8.15
Full-Year Total Revenue Guidance — High ($B)	14.20	11.43	11.31	10.54	10.53	9.19	9.19	9.17	9.15			8.20
Full-Year Total Revenue YoY Growth Guidance — Low (%)(%)	23.0%	24.0%	22.0%	14.0%	14.0%	14.0%	14.0%	14.0%	13.0%			18.0%
Full-Year Total Revenue YoY Growth Guidance — High (%)(%)	24.0%	24.0%	23.0%	14.0%	14.0%	14.0%	14.0%	14.0%	14.0%			19.0%
Full-Year Non-GAAP Operating Margin Guidance — Low (%)(%)1	29.5%	28.9%	28.5%	29.5%	29.2%	28.2%	28.0%	27.5%	27.5%			26.0%
Full-Year Non-GAAP Operating Margin Guidance — High (%)(%)	29.5%	29.2%	29.0%	30.0%	29.7%	28.5%	28.5%	28.0%	28.0%			26.5%
Full-Year Diluted Non-GAAP EPS Guidance — Low ($/share)($)3	4.16	3.77	3.65	3.80	3.75	3.26	3.18	6.26				5.40
Full-Year Diluted Non-GAAP EPS Guidance — High ($/share)($)	4.19	3.79	3.70	3.90	3.85	3.28	3.24	6.39				5.53
Full-Year Diluted Shares Guidance — Low (M shares)	844.00	763.00	768.00	710.00	710.00	700.00	700.00	350.00				338.00
Full-Year Diluted Shares Guidance — High (M shares)	847.00	766.00	773.00	716.00	716.00	708.00	708.00	354.00				343.00
Full-Year Adjusted Free Cash Flow Margin Guidance — Low (%)(%)1	38.0%	37.5%	37.0%	38.0%	38.0%	37.5%	37.0%	37.0%	37.0%			37.0%
Full-Year Adjusted Free Cash Flow Margin Guidance — High (%)(%)	38.0%	37.5%	37.0%	39.0%	39.0%	38.0%	38.0%	38.0%	38.0%			38.0%

Financing Receivables, Net — Current (Palo Alto Networks Financial Services) ($M)($M)2	592	591	672	737	715	737	755	805	726	572	446	446
Gross Financing Receivables — Current ($M)($M)	671	661	754	823	806	834	860	912	830	650	503	500
Financing Receivables Allowance for Credit Losses — Current ($M)($M)	5	5	7	6	5	5	5.80	7.50	8.60	9.80	8.40	4.60
Financing Receivables, Net — Non-Current (PANFS) ($M)($M)3	944	779	870	855	1,002	1,069	1,164	1,092	1,182	883	640	640
Gross Financing Receivables — Non-Current ($M)($M)	1,013	834	937	927	1,079	1,154	1,263	1,192	1,286	951	685	690
Financing Receivables Allowance for Credit Losses — Non-Current ($M)($M)	8	8	9	9	8	8.50	9.60	7.90	9.70	8.90	6.50	8
Change in Financing Receivables (Operating Cash Flow) ($M)($M)	166	-172	-50	-125	-89	-113	22	-11	453	369	-0.30	43.6
Total Gross Financing Receivables Evaluated by Internal Credit Rating ($M)($M)3	1,549	1,383	1,558	1,607	1,730	1,820	1,934	1,913	1,926
Gross Financing Receivables — Internal Credit Rating 1 to 4 (Highest Quality) ($M)($M)	1,164	1,002	1,064	1,158	1,262	1,266	1,298	1,348	1,422
Gross Financing Receivables — Internal Credit Rating 5 to 6 (Medium Quality) ($M)($M)	342	343	484	435	450	533	606	530	466
Gross Financing Receivables — Internal Credit Rating 7 to 10 (Lower Quality) ($M)($M)	43	38	10	14	18	20.2	30.1	34.8	37.6
Accounts Receivable, Net ($M)($M)1	3,629	2,852	2,116	1,343	2,965	1,950	1,496	1,133	2,619	1,715	1,896	1,413
Accounts Receivable Allowance for Credit Losses ($M)($M)	4	6	13	14	10	10.6	8.50	8.60	7.50	8.20	6.50	8.20

Cash & Cash Equivalents ($M)($M)	2,514	2,364	4,158	3,066	2,269	2,383	2,226	2,283	1,535	1,374	1,783	2,491
Short-Term Marketable Investments (Balance Sheet Carrying Value) ($M)($M)6	557	747	378	1,144	635	917	1,007	1,108	1,044	1,517	1,589	1,402
Short-Term Investments — Corporate Debt Securities ($M)($M)	374	413	280	744	584	835	937	1,038	936	1,251	1,242	1,038
Short-Term Investments — U.S. Treasury & Government Agency Securities ($M)($M)	2	27	13	14	6	7.10	15.6	4.20	2.70	34.4	85.2	148
Short-Term Investments — Asset-Backed Securities ($M)($M)	6	13	9	13	22	18.2	15.5	14.7	0.30	0.50	2.50	11.7
Short-Term Investments — Commercial Paper ($M)($M)	10	10	57	340	15	53.6	34.6	36.1	79.9	171	164	137
Short-Term Investments — Non-U.S. Government & Agency Securities ($M)($M)	0	0	0	3	3	3.10	3.10	0	4.20	34	33.9	33.7
Short-Term Investments — Certificates of Deposit (Legacy) ($M)($M)		0	3	25	0	0	1	15.7	20.6	25.5	61.7	34
Long-Term Marketable Investments (Balance Sheet Carrying Value) ($M)($M)4	4,835	3,881	3,362	5,982	5,555	5,152	4,560	4,120	4,173	3,504	3,620	2,989
Long-Term Investments — Corporate Debt Securities ($M)($M)	3,843	3,118	2,583	4,448	4,050	3,823	3,477	3,095	3,151	2,526	2,708	2,367
Long-Term Investments — U.S. Treasury & Government Agency Securities ($M)($M)	68	39	17	85	164	78.4	83.4	17.7	19	50.2	76.3	71.2
Long-Term Investments — Asset-Backed Securities ($M)($M)	903	724	762	1,423	1,315	1,225	974	968	949	875	781	523
Long-Term Investments — Non-U.S. Government & Agency Securities ($M)($M)	21	0	0	26	26	26.3	26	39.1	54.4	53	54.4	27.9
Available-for-Sale Debt Securities — Total Fair Value ($M)($M)5	5,227	4,344	3,724	7,121	6,185	6,069	5,566	5,228	5,217
AFS Debt Securities (Fair Value) — Corporate Debt Securities ($M)($M)	4,217	3,531	2,863	5,192	4,634	4,657	4,413	4,133	4,087
AFS Debt Securities (Fair Value) — Asset-Backed Securities ($M)($M)	909	737	771	1,436	1,337	1,243	989	982	949
AFS Debt Securities (Fair Value) — U.S. Treasury & Agency ($M)($M)	70	66	30	99	170	85.5	99	21.9	21.7
AFS Debt Securities (Fair Value) — Commercial Paper ($M)($M)	10	10	57	340	15	53.6	34.6	36.1	79.9
AFS Debt Securities Maturing Within 1 Year — Fair Value ($M)($M)	515	1,075	2,190	2,229	799	1,493	1,307	1,446	1,511	1,519	1,870	1,733
Available-for-Sale Debt Securities — Total Amortized Cost ($M)($M)5	5,252	4,331	3,672	7,034	6,130	6,007	5,548	5,204	5,189
AFS Debt Securities (Amortized Cost) — Corporate Debt Securities ($M)($M)	4,241	3,521	2,820	5,120	4,588	4,607	4,402	4,115	4,066
AFS Debt Securities (Amortized Cost) — Asset-Backed Securities ($M)($M)	910	734	762	1,421	1,328	1,232	983	976	943
AFS Debt Securities (Amortized Cost) — U.S. Treasury & Agency ($M)($M)	70	66	30	99	170	85.4	99.1	21.9	21.9
AFS Debt Securities (Amortized Cost) — Commercial Paper ($M)($M)	10	10	57	340	15	53.6	34.6	36.1	79.9
AFS Debt Securities Maturing Within 1 Year — Amortized Cost ($M)($M)	514	1,073	2,189	2,226	797	1,492	1,305	1,446	1,513	1,524	1,874	1,742
Purchases of Marketable Investments (Investing Cash Flow) ($M)($M)2	1,273	496	524	1,401	875	1,089	1,072	660	1,065	475	1,157	855
Proceeds from Maturities of Marketable Investments ($M)($M)	380	215	1,135	474	387	455	384	369	489	556	350	458
Proceeds from Sales of Marketable Investments ($M)($M)	90	583	2,786	30	367	185	354	291	455	69.6	127	305

Goodwill Carrying Value ($M)($M)3	22,010	21,902	6,931	4,567	4,567	4,051	4,051	4,051	3,350	3,373	3,373	2,927
Cash Paid for Business Acquisitions, Net of Cash Acquired ($M)($M)	100	1,985	2,576	2	555	0	-1	500	0.40	0	611	0
Acquisition Contingent Consideration Liability — Current ($M)($M)	116	124	157		276
Acquisition Contingent Consideration Liability — Non-Current ($M)($M)	90	116	212		238
Intangible Assets, Net ($M)($M)3	7,017	7,283	1,249	723	763	730	771	810	375	408	440	291
Finite-Lived Intangible Assets — Gross Carrying Amount ($M)($M)4	8,034	8,027	1,713	1,149	1,170	1,499	1,497	1,491	1,015	1,014	1,013	835
Gross Intangible Assets — Customer Relationships ($M)($M)	4,356	4,364	864	609	609	637	637	637	173	173	173	173
Gross Intangible Assets — Developed Technology ($M)($M)	3,402	3,387	815	515	536	826	826	826	814	814	814	633
Gross Intangible Assets — Trade Names & Trademarks ($M)($M)	33	33	10		0	9.40	9.40	9.40	9.40	9.40	9.40	9.40
Gross Intangible Assets — Acquired Patents ($M)($M)	24	24	24	24	24	26.3	24.3	18.2	18.2	17	15.8	14.6
Finite-Lived Intangible Assets — Accumulated Amortization ($M)($M)4	1,017	744	464	426	407	769	726	682	640	606	573	544
Accumulated Amortization — Developed Technology ($M)($M)	614	458	303	279	274	612	584	555	526	499	471	449
Accumulated Amortization — Customer Relationships ($M)($M)	320	240	151	137	123	137	123	108	96.1	89.9	84.7	79.3
Accumulated Amortization — Trade Names & Trademarks ($M)($M)	16	8	0		0	9.40	9.40	9.40	9.40	9.40	9.40	9.40
Accumulated Amortization — Acquired Patents ($M)($M)	12	11	10	9	9	9.70	8.90	8.40	7.90	7.40	7	6.50
Finite-Lived Intangible Assets — Net Carrying Amount ($M)($M)4	7,017	7,283	1,249	723	763	730	771	810		408	440	287
Net Intangible Assets — Customer Relationships ($M)($M)	4,036	4,124	713	472	486	500	514	529	76.6	82.8	88	93.4
Net Intangible Assets — Developed Technology ($M)($M)	2,788	2,929	512	236	262	214	242	271	288	315	343	185
Net Intangible Assets — Trade Names & Trademarks ($M)($M)	17	25	10		0	0	0	0	0	0	0	0
Net Intangible Assets — Acquired Patents ($M)($M)	12	13	14	15	15	16.6	15.4	9.80	10.3	9.60	8.80	8.10
Amortization Expense of Acquired Intangible Assets — Total ($M)($M)4	281	280	39	40	37	43	45	41	34.3	33.4	28.4	24.9
Expected Future Intangible Amortization — Remainder of FY / Year 1 ($M)($M)	1,081	1,078	224	125	156	142	142	141		121	121	84.2
Expected Future Intangible Amortization — Year 2 ($M)($M)	989	986	199	104	125	111	111	110		98.9	98.7	62.4
Expected Future Intangible Amortization — Year 3 ($M)($M)	908	906	173	78	104	90.1	89.9	88.8		71.8	71.6	35.3
Expected Future Intangible Amortization — Year 4 ($M)($M)	892	889	156	62	78.2	64.2	63.9	62.8		50.2	50	13.7

Unconditional Purchase Obligations — Total ($M)($M)7	8,242	8,529	6,789	6,706	6,965	4,207	4,274	4,450	4,677	4,598	5,047
Purchase Obligations — Cloud & IT Infrastructure ($M)($M)	7,686	8,092	6,446	6,380	6,581	3,797	3,921	4,089	4,276	4,338	4,793
Purchase Obligations — Inventory & Contract Manufacturers ($M)($M)	370	246	198	185	197	197	199	206	266	211	219	188
Purchase Obligations — Other Goods & Services ($M)($M)	186	191	145	141	187	213	153	156	135	48.5	34.7
Purchase Obligations Due Year 1 — Total ($M)($M)3	642	710	628	721	456	377	427	533	372	383	499
Purchase Obligations Due Year 1 — Cloud & IT ($M)($M)	143	449	535	660	146	137	278	436	98.9	252	420
Purchase Obligations Due Year 1 — Inventories ($M)($M)	370	152	22	0	197	135	89.2	40	226	116	69.6	35
Purchase Obligations Due Year 1 — Other ($M)($M)	129	109	71	61	113	104	59.8	57.7	46.7	15.6	9.80
Purchase Obligations Due Year 2 — Total ($M)($M)3	1,252	1,316	1,091	1,005	835	576	571	561	663	634	916
Purchase Obligations Due Year 2 — Cloud & IT ($M)($M)	1,218	1,295	1,078	998	774	518	518	518	580	581	868
Purchase Obligations Due Year 2 — Inventories ($M)($M)	0	0	0	0	0	0	0	0	40	40	40	40
Purchase Obligations Due Year 2 — Other ($M)($M)	34	21	13	7	60.7	57.9	53.3	42.4	42.5	13.2	7.20
Purchase Obligations Due Year 3 — Total ($M)($M)3	1,342	1,362	1,131	1,020	1,005	607	606	607	550	524	521
Purchase Obligations Due Year 3 — Cloud & IT ($M)($M)	1,329	1,352	1,122	1,017	998	600	600	600	518	518	518
Purchase Obligations Due Year 3 — Inventories ($M)($M)	0	0	0	0	0	0	0	0	0	0	0	0
Purchase Obligations Due Year 3 — Other ($M)($M)	13	10	9	3	6.80	6.80	6.80	7.50	32.3	6.30	3
Purchase Obligations Due Year 4 — Total ($M)($M)3	1,408	1,407	1,157	1,152	1,021	689	690	690	606	592	589
Purchase Obligations Due Year 4 — Cloud & IT ($M)($M)	1,398	1,398	1,148	1,148	1,018	685	686	686	600	586	586
Purchase Obligations Due Year 4 — Inventories ($M)($M)	0	0	0	0	0	0	0	0	0	0	0	0
Purchase Obligations Due Year 4 — Other ($M)($M)	10	9	9	4	3.40	3.40	3.40	3.40	6.80	6.70	3.20
Property & Equipment, Net ($M)($M)2	523	506	485	394	387	367	358	361	361	350	352	353
Capital Expenditures (Purchases of Property & Equipment) ($M)($M)	103	83	170	84	87	68	48	44	47.6	37.4	35.2	36.8
Depreciation & Amortization Expense (Operating Cash Flow) ($M)($M)	341	334	91	89	84	88	87	84	76.8	74.3	68.6	64.3
Operating Lease Right-of-Use (ROU) Assets ($M)($M)1	700	678	368	353	347	357	373	389	386	370	356	274
Operating Lease Liabilities — Non-Current ($M)($M)	726	719	372	346	338	346	363	380	381	370	363	276

Convertible Senior Notes — Non-Current Carrying Value ($M)2
Convertible Senior Notes — Current Carrying Value (Matured June 2025) ($M)($M)		160			0	383	534	646	964	1,163	1,822	1,947
Repayments of Convertible Senior Notes ($M)($M)	160	0	0	0	383	151	113	319	199	662	126	46
FX Forward Derivative Notional — Cash Flow Hedges ($M)($M)2	1,700	821	523	760	964	1,100	1,000	657	805
FX Forward Derivative Notional — Non-Designated Hedges ($M)($M)	522	412	557	586	504	564	567	484	376
Foreign Currency Transaction Gain (Loss), Net ($M)($M)	6	-14	-16	-11	-19	-8	2	-8	-2.90	4.30	-6.50	5.10
Share Repurchases — Cash Paid (Financing Cash Flow) ($M)1
Remaining Share Repurchase Authorization ($M)($M)	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	500	500	1,000	683
Share-Based Compensation Expense — Total (GAAP) ($M)($M)9	460	684	301	370	359	326	320	295	269	264	275	271
SBC Expense — Research & Development ($M)($M)	211	206	116	155	140	134	139	138	139	128	139	120
SBC Expense — Sales & Marketing ($M)($M)	125	188	98	102	101	92	90	76	71.9	74.3	75.6	79.2
SBC Expense — General & Administrative ($M)($M)	76	238	54	80	85	67	57	49	27.8	29.4	28.1	38.7
SBC Expense — Cost of Subscription & Support Revenue ($M)($M)	47	50	32	32	32	32	32	31	29.7	30	30.7	30.6
SBC Expense — Cost of Product Revenue ($M)($M)	1	2	1	1	1	1	2	1	0.70	1.60	2.30	2.40
Unrecognized Share-Based Compensation Cost ($M)($M)	3,300	3,600	2,900	2,200	2,200	2,400	2,500	2,200	2,000	2,200	2,300	1,900
Proceeds from Employee Equity Incentive Plans ($M)($M)	1	126	8	130	10	203	37	121	23.3	116	57.5	86.4
Employee Taxes Paid on Net Share Settlement of Equity Awards ($M)($M)	1	16	108	1	1	5	156	22	3.30	3.40	3.80	15.5
Shares Available for Grant Under Equity Incentive Plans (M shares)	30.00	3.00	3.00	3.00	29.00	2.70	2.70		26.20
Unvested Restricted Stock Units (RSUs) Outstanding (M shares)5	17.00	19.00	14.00	12.00	13.00	14.60	16.30	7.80	18.00	10.30	11.70	10.60
RSUs Granted (M shares)	1.00	9.00	4.00	1.00	1.00	0.80	3.80	0.40	5.20	0.60	2.70	0.50
RSUs Vested (M shares)	3.00	3.00	1.00	2.00	2.20	2.00	3.50	1.30	7.40	1.70	1.30	1.60
RSUs Forfeited (M shares)	0.00	1.00	1.00	0.00	0.40	0.50	0.80	0.30	2.00	0.30	0.30	0.40
Unvested RSUs Weighted-Average Grant-Date Fair Value ($/share)($)	177	169	168	151	143	136	130	221	103	194	180	151
Unvested RSUs Aggregate Intrinsic Value ($M)($M)	5,594	3,450	2,533	2,623	2,285	2,721	3,000	2,814	2,924	2,980	3,974	2,575
Unvested Performance Stock Units (PSUs) Outstanding (M shares)5	8.00	8.00	8.00	12.00	9.00	9.40	9.50	4.50	10.00	5.20	5.90	6.20
PSUs Granted (M shares)	0.00	0.00	1.00	3.00	0.20	0.00	2.20	1.60	1.80	0.10	0.00	2.10
PSUs Vested (M shares)	0.00	0.00	3.00	0.00	-0.20	0.10	0.50	0.60	1.50	0.70	0.30	0.50
PSUs Forfeited (M shares)	0.00	0.00	2.00	0.00	0.80	0.00	1.70	1.50	0.50	0.10	0.00	0.40
Unvested PSUs Weighted-Average Grant-Date Fair Value ($/share)($)	156	157	156	153	141	141	140	273	77.95	154	146	146
Unvested PSUs Aggregate Intrinsic Value ($M)($M)	2,643	1,461	1,464	2,677	1,635	1,766	1,758	1,634	1,624	1,497	1,983	1,516
Common Shares Outstanding (Period End) (M shares)5	815.00	813.00	703.00	692.00	668.00	665.90	660.40	327.70	650.20	323.40	322.70	313.70
Weighted-Average Shares — Basic (GAAP) (M shares)		801.00	704.00	679.00		665.00	659.00	654.00		645.80	639.30	310.10
Weighted-Average Shares — Diluted (GAAP) (M shares)		801.00	711.00	709.00		707.00	709.00	709.00		709.30	715.00	349.80
Dilutive Effect of Employee Equity Awards (M shares)		0.00	6.00	10.00		11.00	15.00	19.00		22.30	24.50	12.10
Dilutive Effect of Convertible Senior Notes (M shares)		0.00	0.00	0.00		6.00	9.00	12.00		19.10	25.90	11.60
Dilutive Effect of Warrants (M shares)		0.00	1.00	20.00		25.00	26.00	24.00		22.10	25.30	16.00

Income (Loss) Before Income Taxes — Total ($M)($M)	-269	-156	549	412	592	311	325	368	319	251	136	283
Income Tax Provision (Benefit) — Total ($M)($M)1	13	21	117	78	338	49	58	17	-39.4	-27.6	-1,611	88.4
Effective Income Tax Rate (%)(%)		-13.5%	21.3%	18.9%		15.6%	17.7%	4.9%		-11.0%	-1,189.2%	31.3%

Total Employees (Period-End Headcount)	21,921	21,491	17,027	16,413	16,068	15,866	15,758	15,514	15,289	15,166	14,789	14,182

U.S. Federal Contract Obligations — Total by PANW Fiscal Period (USAspending.gov) ($K)10	1.10	4.40	-0.70	6.70	9.70	24.60	2.10	6.10	16.40	19.90	1.80	10.90
Federal Obligations — Dept. of Defense (DoD) ($K)	0.30	1.00	0.10	4.80	1.10	1.00	0.60	0.40	1.60	0.50	0.70	1.00
Federal Obligations — Dept. of Energy (DOE) ($K)	0.00	0.00	0.00	0.50	-0.10	19.00	0.00	0.00	0.90	19.50	0.00	0.10
Federal Obligations — Dept. of Homeland Security (DHS) ($K)	0.00	0.00	0.00	0.00	6.80	0.00	0.00	0.10	11.10	0.00	0.00	4.30
Federal Obligations — Dept. of Veterans Affairs (VA) ($K)	0.00	0.00	-0.90	0.00	0.90	0.00	0.00	3.00	0.90	0.00	0.00	2.10
Federal Obligations — Dept. of the Treasury ($K)	0.10	1.40	0.00	0.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Federal Obligations — Dept. of Health & Human Services (HHS) ($K)	0.00	0.30	0.10	1.00	0.00	0.00	0.20	0.70	0.00	0.00	0.20	1.10
Federal Obligations — Nuclear Regulatory Commission (NRC) ($K)	0.20	1.80	0.00	0.00	0.40	0.00	0.00	1.80	1.80	0.00	0.00	0.00
Federal Obligations — Social Security Administration (SSA) ($K)	0.00	0.00	0.00	0.00	0.00	3.90	0.00	0.00	0.00	0.00	0.00	0.00
Federal Obligations — Dept. of Justice (DOJ) ($K)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.00	0.00	0.50	1.00
Federal Obligations — Other U.S. Federal Agencies ($K)	0.50	-0.00	0.00	0.20	0.60	0.70	1.30	0.10	0.10	0.00	0.40	1.20
CISA Known Exploited Vulnerabilities (KEV) Catalog — Total Added1	73	82	52	61	59	71	57	64	39	29	49	46
CISA Known Exploited Vulnerabilities (KEV) — Palo Alto Networks Added	1	1	0	0	0	2	5	1	0	1	0	0

7 metrics have no data in the last 12 quarters — .

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics

Fiscal calendar & multi-source scope: Palo Alto Networks, Inc. operates on a fiscal year ending July 31 (Q1 ends October 31, Q2 ends January 31, Q3 ends April 30, Q4/FY ends July 31; latest completed period is Q4 FY2026 / Full-Year FY2026 ended July 31, 2026). Extracting 89 SEC filings (10-K FY2018–FY2026, 10-Q FY18Q2–FY26Q3, 8-K earnings releases FY18Q2–FY26Q4, DEF 14A FY2020–FY2025, Form SD 2020–2026), 12 ESG/GHG Assurance PDFs, 23 earnings call transcripts, USAspending.gov federal obligations, and the CISA KEV catalog expands coverage to 43 quarters (FY2016Q2–FY2026Q4), 108 months (2017-10–2026-09), and 11 fiscal years (FY2016–FY2026).
Platformization, ARR, RPO, Deferred Revenue & Billings KPIs (Groups 1–4): Covers Next-Generation Security ARR ($9.10B in Q4 FY26, +63% YoY; $5.58B in Q4 FY25, +32% YoY), Remaining Performance Obligations ($21.2B reported / $21,200M XBRL in Q4 FY26, +34% YoY, with Current RPO of $9.3B / $9,300M), Current ($7,747M) and Non-Current ($7,009M) Deferred Revenue, Deferred Contract Commissions ($544M current / $667M non-current; $180M Q4 FY26 amortization), legacy Non-GAAP Total Billings ($10,947.5M in FY24, retired after FY24 in favor of RPO and NGS ARR), Product ($738M Q4 FY26 / $1,967M FY26) vs. Subscription ($1,839M Q4 FY26 / $6,257M FY26) & Support ($833M Q4 FY26 / $3,256M FY26) disaggregation, Geographic Revenue (Americas $2,308M, EMEA $714M, APAC $388M in Q4 FY26, with U.S. $2,140M and Other Americas $168M), Distributor Concentration (Distributor A 15%, Distributor B 15% of FY26 revenue; 19% of gross AR), GAAP/Non-GAAP profitability & common-size margins, Free Cash Flow ($1,254M Q4 FY26 / $4,199M FY26) & Adjusted Free Cash Flow ($4,274.9M / 37.2% margin in FY26), and Next-Quarter / Full-Year Management Guidance (FY27 outlook issued at Q4 FY26: NGS ARR $10.60B–$10.65B, RPO $22.7B–$22.8B, Revenue $12.98B–$13.03B, Non-GAAP Operating Margin 28.5%–29.0%, Adjusted FCF Margin 37.0%–38.0%).
Customer Financing (PANFS), Investments, M&A, Cloud Commitments, Capital Structure, Taxes, Workforce & ESG/Federal KPIs (Groups 5–12): Covers PANFS Customer Financing Receivables ($592M current net / $944M non-current net at Q4 FY26, stratified across Credit Ratings 1–4 $1,164M, Ratings 5–6 $342M, and Ratings 7–10 $43M), Marketable Debt Portfolio ($5,227M AFS fair value / $5,252M amortized cost at Q4 FY26), Goodwill ($22,010M at Q4 FY26 after CyberArk and Chronosphere acquisitions) & Acquired Intangibles ($7,017M net; $4,036M Customer Relationships, $2,788M Developed Technology), Unconditional Purchase Obligations ($8,242M at Q4 FY26, led by $7,686M Cloud & IT commitments and $370M Inventory commitments), Convertible Senior Notes ($1,774M non-current carrying value at Q4 FY26; $160M repaid on 2025 Notes maturity), Share Repurchases ($1,000M remaining authorization at Q4 FY26) & SBC by Line Item ($460M Q4 FY26 / $1,815M FY26), Gross Deferred Tax Assets ($4,804M at FY26) & Unrecognized Tax Benefits ($719M at FY26), Period-End Headcount (21,986 employees at Q4 FY26 across 36 quarters), DEF 14A Executive Compensation & CEO Pay Ratio (427:1 in FY25), Form SD 3TG Smelter/Refiner RMAP Conformance (235 Gold, 34 Tantalum, 73 Tin, 52 Tungsten SORs in FY26), Third-Party Assured Scope 1–3 GHG Emissions (584,786 tCO2e Scope 3 in FY25), USAspending.gov Monthly & Agency Federal Obligations ($63,046.9K in FY26 across DoD, DOE, DHS, VA, Treasury), and CISA KEV Catalog Vulnerabilities.
No parent-only standalone financial statements exist under U.S. GAAP, so no Consolidated − Standalone subtraction is performed. All values are strictly as published (with verbatim quotes on hover for text-extracted metrics; bound disclosures such as '>85,000 customers', 'approximately 1,450 platformizations', and 'more than 180 countries' are excluded from table cells). The only arithmetic shown in table cells is period splitting (Q4 = full year − 9M; Q2 = 6M − Q1; Q3 = 9M − 6M), displayed in italic with the formula.

Data updated 2026-10-25.

Every KPI on its own page

Full history, chart, sources and a citation for each metric

Palo Alto Networks Inc (PANW) operating KPIs

KPIs

Every KPI on its own page

Platformization, Next-Gen Security ARR, RPO, Deferred Revenue & Billings KPIs

Revenue Disaggregation, Geographic Mix & Channel Distributor Concentration

Profitability, Common-Size Margins, Non-GAAP Reconciliations & Free Cash Flow

Management Financial Guidance (Next-Quarter & Full-Year Outlook)

Customer Financing (PANFS) & Accounts Receivable Credit Quality

Cash, Marketable Securities & Available-for-Sale Investment Portfolio

M&A, Goodwill & Acquired Intangible Assets

Cloud Infrastructure Commitments, Leases & Property/Equipment

Capital Structure, Convertible Debt, Share Repurchases & Stock-Based Compensation

Income Taxes, Deferred Tax Assets & Uncertain Tax Positions

Workforce Headcount, Talent, Executive Compensation & 3TG Supply Chain

Environmental Sustainability, U.S. Federal Contracts & CISA Threat Intelligence