NASDAQ : PANW
Palo Alto Networks, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 380.57 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 311.60B
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Financial statements
Palo Alto Networks, Inc. (PANW) reported revenue of 11.48B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 11.48B | 11.48B | 9.22B | 8.03B | 6.89B | 5.50B |
| Cost of Revenue | 3.40B | 3.40B | 2.45B | 2.06B | 1.91B | 1.72B |
| Gross Profit | 8.08B | 8.08B | 6.77B | 5.97B | 4.98B | 3.78B |
| Selling, General & Admin | 4.72B | 4.72B | 3.72B | 3.47B | 2.99B | 2.55B |
| Research & Development | 2.55B | 2.55B | 1.98B | 1.81B | 1.60B | 1.42B |
| Operating Expenses | 7.27B | 7.27B | 5.70B | 5.28B | 4.60B | 3.97B |
| Operating Income | 809.00M | 809.00M | 1.07B | 684.00M | 387.30M | -188.80M |
| Interest Expense | -3.00M | -8.00M | -27.20M | -27.40M | ||
| Interest & Investment Income | 374.00M | 374.00M | 364.00M | 318.00M | 224.40M | 15.60M |
| Currency Exchange Gain (Loss) | -35.00M | -35.00M | -33.00M | -7.90M | 1.80M | |
| Other Non Operating Income (Expenses) | -498.00M | -498.00M | 25.00M | -6.00M | -10.30M | -8.40M |
| EBT Excluding Unusual Items | 650.00M | 650.00M | 1.42B | 988.00M | 566.30M | -207.20M |
| Merger & Restructuring Charges | -226.00M | -226.00M | ||||
| Legal Settlements | -5.00M | -5.00M | 39.00M | |||
| Other Unusual Items | 117.00M | 117.00M | 135.00M | |||
| Pretax Income | 536.00M | 536.00M | 1.60B | 988.00M | 566.30M | -207.20M |
| Income Tax Expense | 229.00M | 229.00M | 462.00M | -1.59B | 126.60M | 59.80M |
| Net Income | 307.00M | 307.00M | 1.13B | 2.58B | 439.70M | -267.00M |
| Net Income to Common | 307.00M | 307.00M | 1.13B | 2.58B | 439.70M | -267.00M |
| Shares Outstanding (Basic) | 749.00M | 749.00M | 663.00M | 638.00M | 606.40M | 591.20M |
| Shares Outstanding (Diluted) | 764.00M | 764.00M | 709.00M | 708.00M | 684.50M | 591.20M |
| EPS (Basic) | 0.41 | 0.41 | 1.71 | 4.04 | 0.73 | -0.45 |
| EPS (Diluted) | 0.40 | 0.40 | 1.60 | 3.64 | 0.64 | -0.45 |
| Free Cash Flow | 4.11B | 4.11B | 3.47B | 3.10B | 2.63B | 1.79B |
| Free Cash Flow Per Share | 5.38 | 5.38 | 4.89 | 4.38 | 3.84 | 3.03 |
| Gross Margin | 70.38% | 70.38% | 73.42% | 74.35% | 72.29% | 68.76% |
| Operating Margin | 7.05% | 7.05% | 11.59% | 8.52% | 5.62% | -3.43% |
| Profit Margin | 2.67% | 2.67% | 12.30% | 32.12% | 6.38% | -4.85% |
| Free Cash Flow Margin | 35.83% | 35.83% | 37.62% | 38.63% | 38.17% | 32.57% |
| EBITDA | 1.56B | 1.56B | 1.33B | 890.00M | 590.00M | 31.40M |
| EBITDA Margin | 13.59% | 13.59% | 14.41% | 11.09% | 8.56% | 0.57% |
| D&A For EBITDA | 751.00M | 751.00M | 260.00M | 206.00M | 202.70M | 220.20M |
| EBIT | 809.00M | 809.00M | 1.07B | 684.00M | 387.30M | -188.80M |
| EBIT Margin | 7.05% | 7.05% | 11.59% | 8.52% | 5.62% | -3.43% |
| Effective Tax Rate | 42.72% | 42.72% | 28.95% | 22.36% | ||
| Revenue as Reported | 11.48B | 11.48B | 9.22B | 8.03B | 6.89B | 5.50B |
Balance sheet
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.51B | 2.51B | 2.27B | 1.54B | 1.14B | 2.12B |
| Short-Term Investments | 557.00M | 557.00M | 635.00M | 1.04B | 1.25B | 1.52B |
| Cash & Short-Term Investments | 3.07B | 3.07B | 2.90B | 2.58B | 2.39B | 3.63B |
| Accounts Receivable | 4.22B | 4.22B | 3.68B | 3.34B | 2.85B | 2.14B |
| Other Receivables | 111.30M | |||||
| Receivables | 4.22B | 4.22B | 3.68B | 3.34B | 2.85B | 2.25B |
| Prepaid Expenses | 784.00M | 784.00M | 452.00M | 541.70M | 440.80M | 200.20M |
| Restricted Cash | 5.00M | 5.00M | 10.00M | 11.60M | 6.90M | 6.30M |
| Other Current Assets | 562.00M | 562.00M | 477.00M | 373.10M | 358.30M | 320.10M |
| Total Current Assets | 8.64B | 8.64B | 7.52B | 6.85B | 6.05B | 6.41B |
| Property, Plant & Equipment | 1.22B | 1.22B | 734.00M | 747.00M | 617.80M | 599.80M |
| Long-Term Investments | 4.83B | 4.83B | 5.55B | 4.17B | 3.05B | 1.05B |
| Goodwill | 22.01B | 22.01B | 4.57B | 3.35B | 2.93B | 2.75B |
| Other Intangible Assets | 7.28B | 7.28B | 930.00M | 504.10M | 447.50M | 515.40M |
| Long-Term Accounts Receivable | 944.00M | 944.00M | 1.00B | 1.18B | 653.30M | |
| Long-Term Deferred Tax Assets | 2.44B | 2.44B | 2.42B | 2.40B | 23.10M | |
| Long-Term Deferred Charges | 667.00M | 667.00M | 586.00M | 562.00M | 547.10M | 550.10M |
| Other Long-Term Assets | 412.00M | 412.00M | 255.00M | 223.70M | 189.60M | 373.80M |
| Total Assets | 48.46B | 48.46B | 23.58B | 19.99B | 14.50B | 12.25B |
| Accounts Payable | 290.00M | 290.00M | 232.00M | 116.30M | 132.30M | 128.00M |
| Accrued Expenses | 1.68B | 1.68B | 1.17B | 1.05B | 920.40M | 827.90M |
| Current Portion of Long-Term Debt | 963.90M | 1.99B | 3.68B | |||
| Current Portion of Leases | 67.00M | 67.00M | ||||
| Current Unearned Revenue | 7.75B | 7.75B | 6.30B | 5.54B | 4.67B | 3.64B |
| Other Current Liabilities | 140.00M | 140.00M | 280.00M | 15.30M | 18.70M | 32.40M |
| Total Current Liabilities | 9.92B | 9.92B | 7.99B | 7.68B | 7.74B | 8.31B |
| Long-Term Debt | 1.77B | 1.77B | ||||
| Long-Term Leases | 726.00M | 726.00M | 338.00M | 380.50M | 279.20M | 276.10M |
| Long-Term Unearned Revenue | 7.01B | 7.01B | 6.45B | 5.94B | 4.62B | 3.35B |
| Long-Term Deferred Tax Liabilities | 251.00M | 251.00M | 89.00M | 387.70M | 28.10M | |
| Other Long-Term Liabilities | 1.28B | 1.28B | 887.00M | 430.90M | 86.10M | 108.40M |
| Total Liabilities | 20.97B | 20.97B | 15.75B | 14.82B | 12.75B | 12.04B |
| Common Stock | 24.77B | 24.77B | 5.29B | 3.82B | 3.02B | 1.93B |
| Retained Earnings | 2.79B | 2.79B | 2.48B | 1.35B | -1.23B | -1.67B |
| Comprehensive Income & Other | -71.00M | -71.00M | 48.00M | -1.60M | -43.20M | -55.60M |
| Shareholders' Equity | 27.49B | 27.49B | 7.82B | 5.17B | 1.75B | 210.00M |
| Total Liabilities & Equity | 48.46B | 48.46B | 23.58B | 19.99B | 14.50B | 12.25B |
| Total Debt | 2.57B | 2.57B | 338.00M | 1.34B | 2.27B | 3.95B |
| Net Cash (Debt) | 504.00M | 504.00M | 2.57B | 1.23B | 119.30M | -318.40M |
| Net Cash Per Share | 0.66 | 0.66 | 3.62 | 1.74 | 0.17 | -0.54 |
| Filing Date Shares Outstanding | 818.00M | 818.00M | 668.90M | 651.20M | 617.19M | 598.43M |
| Total Common Shares Outstanding | 815.00M | 815.00M | 667.90M | 650.20M | 616.60M | 597.60M |
| Working Capital | -1.28B | -1.28B | -465.00M | -833.00M | -1.69B | -1.89B |
| Book Value Per Share | 33.73 | 33.73 | 11.71 | 7.95 | 2.84 | 0.35 |
| Tangible Book Value | -1.80B | -1.80B | 2.33B | 1.32B | -1.63B | -3.05B |
| Tangible Book Value Per Share | -2.21 | -2.21 | 3.48 | 2.02 | -2.64 | -5.11 |
| Land | 178.00M | 178.00M | 87.00M | 87.20M | 87.20M | 87.20M |
| Machinery | 677.00M | 677.00M | 567.00M | 514.70M | 479.80M | 449.40M |
| Leasehold Improvements | 366.00M | 366.00M | 325.00M | 274.00M | 268.90M | 249.30M |
Cash flow statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 307.00M | 307.00M | 1.13B | 2.58B | 439.70M | -267.00M |
| Depreciation & Amortization | 751.00M | 751.00M | 260.00M | 206.00M | 202.70M | 220.20M |
| Other Amortization | 694.00M | 694.00M | 565.00M | 527.00M | 499.60M | 431.70M |
| Loss (Gain) From Sale of Investments | -54.00M | -54.00M | -41.00M | -60.00M | -52.20M | 13.50M |
| Stock-Based Compensation | 1.77B | 1.77B | 1.29B | 1.08B | 1.07B | 1.01B |
| Other Operating Activities | 502.00M | 502.00M | -420.00M | -1.98B | 62.40M | 51.30M |
| Change in Accounts Receivable | -335.00M | -335.00M | -345.00M | -155.00M | -320.30M | -902.00M |
| Change in Accounts Payable | 43.00M | 43.00M | 107.00M | -15.00M | 1.00M | 69.30M |
| Change in Unearned Revenue | 1.20B | 1.20B | 1.24B | 2.18B | 2.30B | 1.97B |
| Change in Other Net Operating Assets | -331.00M | -331.00M | -78.00M | -1.10B | -1.43B | -613.40M |
| Operating Cash Flow | 4.55B | 4.55B | 3.72B | 3.26B | 2.78B | 1.98B |
| Capital Expenditures | -440.00M | -440.00M | -247.00M | -157.00M | -146.30M | -192.80M |
| Cash Acquisitions | -4.66B | -4.66B | -1.05B | -611.00M | -204.50M | -37.00M |
| Investment in Securities | 2.00B | 2.00B | -904.00M | -742.00M | -1.68B | -703.60M |
| Investing Cash Flow | -3.10B | -3.10B | -2.21B | -1.51B | -2.03B | -933.40M |
| Long-Term Debt Issued | 10.00M | 10.00M | ||||
| Long-Term Debt Repaid | -160.00M | -160.00M | -966.00M | -1.03B | -1.69B | -600.00K |
| Net Debt Issued (Repaid) | -150.00M | -150.00M | -966.00M | -1.03B | -1.69B | -600.00K |
| Issuance of Common Stock | 265.00M | 265.00M | 371.00M | 283.00M | 258.80M | 136.60M |
| Repurchase of Common Stock | -1.13B | -1.13B | -184.00M | -593.00M | -293.10M | -942.60M |
| Other Financing Activities | -191.00M | -191.00M | ||||
| Financing Cash Flow | -1.20B | -1.20B | -779.00M | -1.34B | -1.73B | -806.60M |
| Foreign Exchange Rate Adjustments | -3.00M | -3.00M | ||||
| Net Cash Flow | 244.00M | 244.00M | 732.00M | 405.00M | -982.60M | 244.70M |
| Free Cash Flow | 4.11B | 4.11B | 3.47B | 3.10B | 2.63B | 1.79B |
| Free Cash Flow Margin | 35.83% | 35.83% | 37.62% | 38.63% | 38.17% | 32.57% |
| Free Cash Flow Per Share | 5.38 | 5.38 | 4.89 | 4.38 | 3.84 | 3.03 |
| Levered Free Cash Flow | 4.24B | 4.24B | 3.47B | 2.44B | 2.11B | 1.37B |
| Unlevered Free Cash Flow | 4.24B | 4.24B | 3.47B | 2.44B | 2.12B | 1.38B |
| Cash Interest Paid | 2.00M | 6.00M | 20.20M | 20.20M | ||
| Cash Income Tax Paid | 199.00M | 199.00M | 505.00M | 342.00M | 147.10M | 34.60M |
| Change in Working Capital | 579.00M | 579.00M | 923.00M | 909.00M | 550.80M | 523.90M |
Ratios
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 297.78B | 270.44B | 115.95B | 105.15B | 76.45B | 49.73B |
| Enterprise Value | 297.28B | 269.46B | 113.46B | 103.79B | 76.44B | 49.80B |
| Last Close Price | 365.87 | 331.83 | 173.60 | 162.37 | 124.98 | 83.18 |
| PE Ratio | 909.23 | 880.92 | 102.25 | 40.79 | 173.87 | |
| Forward PE | 86.98 | 84.54 | 49.06 | 55.27 | 51.48 | 56.87 |
| PS Ratio | 26.09 | 23.56 | 12.57 | 13.10 | 11.09 | 9.04 |
| PB Ratio | 10.85 | 9.84 | 14.82 | 20.34 | 43.73 | 236.80 |
| P/TBV Ratio | 49.83 | 79.93 | ||||
| P/FCF Ratio | 72.83 | 65.75 | 33.43 | 33.91 | 29.06 | 27.75 |
| P/OCF Ratio | 65.79 | 59.40 | 31.20 | 32.27 | 27.52 | 25.06 |
| PEG Ratio | 4.67 | 5.57 | 2.52 | 2.52 | 1.58 | 2.12 |
| EV/Sales Ratio | 26.05 | 23.47 | 12.30 | 12.93 | 11.09 | 9.05 |
| EV/EBITDA Ratio | 191.71 | 172.73 | 85.37 | 116.62 | 129.56 | 1,586.14 |
| EV/EBIT Ratio | 369.67 | 333.08 | 106.14 | 151.74 | 197.37 | |
| EV/FCF Ratio | 72.71 | 65.51 | 32.71 | 33.47 | 29.05 | 27.79 |
| Debt / Equity Ratio | 0.09 | 0.09 | 0.04 | 0.26 | 1.30 | 18.82 |
| Debt / EBITDA Ratio | 1.50 | 1.50 | 0.23 | 1.35 | 3.33 | 32.64 |
| Debt / FCF Ratio | 0.62 | 0.62 | 0.10 | 0.43 | 0.86 | 2.21 |
| Net Debt / Equity Ratio | -0.02 | -0.02 | -0.33 | -0.24 | -0.07 | 1.52 |
| Net Debt / EBITDA Ratio | -0.32 | -0.32 | -1.93 | -1.39 | -0.20 | 10.14 |
| Net Debt / FCF Ratio | -0.12 | -0.12 | -0.74 | -0.40 | -0.04 | 0.18 |
| Asset Turnover | 0.32 | 0.32 | 0.42 | 0.47 | 0.52 | 0.49 |
| Quick Ratio | 0.73 | 0.73 | 0.82 | 0.77 | 0.68 | 0.71 |
| Current Ratio | 0.87 | 0.87 | 0.94 | 0.89 | 0.78 | 0.77 |
| Return on Equity (ROE) | 1.74% | 1.74% | 17.46% | 74.53% | 44.90% | -63.23% |
| Return on Assets (ROA) | 1.40% | 1.40% | 3.07% | 2.48% | 1.81% | -1.05% |
| Return on Invested Capital (ROIC) | 1.73% | 2.87% | 16.52% | 24.59% | 27.88% | -20.96% |
| Return on Capital Employed (ROCE) | 2.10% | 2.10% | 6.90% | 5.60% | 5.70% | -4.80% |
| Earnings Yield | 0.11% | 0.11% | 0.98% | 2.45% | 0.57% | -0.54% |
| FCF Yield | 1.37% | 1.52% | 2.99% | 2.95% | 3.44% | 3.60% |
| Buyback Yield / Dilution | -7.76% | -7.76% | -0.14% | -3.43% | -15.78% | -2.25% |