Palo Alto Networks Inc PANW

Technology SIC 3577 - Computer Peripheral Equipment, NEC NAICS Manufacturing › Computer and Electronic Product Manufacturing › Computer and Peripheral Equipment Manufacturing › Computer Terminal and Other Computer Peripheral Equipment Manufacturing derived Nasdaq

Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.

Our mission is to be the cybersecurity partner of choice for enterprises, organizations, service providers, and government entities to protect our digital way of life. Our cybersecurity platforms and services help secure enterprise users, networks, clouds, and endpoints by delivering comprehensive cybersecurity backed by artificial intelligence ("AI") and automation. A key element of our strategy is to help our customers simplify their security architectures through consolidating disparate point products. We execute on this strategy by developing our capabilities and packaging our offerings into platforms which are able to cover many of our customers' needs in the markets in which we operate. Our platformization strategy combines various products and services into a tightly integrated architecture for more secure, faster, and cost-effective outcomes.

Last close 380.55 2026-10-23
Market cap $310.15B 2026-04-30 share count
52-week range 139.57 - 432.32

Valuation FY2025 figures against the last close

P/S33.6x
P/E237.8x
P/FCF89.4x
EV/EBITDA195.5x
Dividend yield—
Diluted EPS1.60

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe, the Middle East, and Africa (“EMEA”)
  • Asia Pacific and Japan (“APAC”)
  • Other Americas
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 5.8B (62.7%) 63% United States Europe, the Middle East, and Africa (“EMEA”), FY2025: 1.9B (20.8%) 21% Asia Pacific and Japan (“APAC”), FY2025: 1.1B (11.9%) 12% Other Americas, FY2025: 418.9M (4.5%) 5% FY2024 United States, FY2024: 5.1B (64.0%) 64% Europe, the Middle East, and Africa (“EMEA”), FY2024: 1.6B (20.0%) 20% Asia Pacific and Japan (“APAC”), FY2024: 942.6M (11.7%) 12% Other Americas, FY2024: 348.9M (4.3%) 4% FY2023 United States, FY2023: 4.4B (64.2%) 64% Europe, the Middle East, and Africa (“EMEA”), FY2023: 1.4B (19.7%) 20% Asia Pacific and Japan (“APAC”), FY2023: 813.2M (11.8%) 12% Other Americas, FY2023: 295.7M (4.3%) 4%
Region FY2025FY2024FY2023
United States $5.79B $5.13B $4.42B
Europe, the Middle East, and Africa (“EMEA”) $1.92B $1.60B $1.36B
Asia Pacific and Japan (“APAC”) $1.10B $942.6M $813.2M
Other Americas $418.9M $348.9M $295.7M

As the company reported it, from the “Revenue (Disaggregation of Revenue - Geographic Theater) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $9.22B$8.03B$6.89B$5.50B$4.26B$3.41B$2.90B$2.27B$1.76B$1.38B
Cost of revenue $2.45B$2.06B$1.91B$1.72B$1.27B$999.5M$808.4M$645.1M$476.4M$370.0M
Gross profit $6.77B$5.97B$4.98B$3.78B$2.98B$2.41B$2.09B$1.63B$1.28B$1.01B
R&D $1.98B$1.81B$1.60B$1.42B$1.14B$768.1M$539.5M$400.7M$347.4M$284.2M
SG&A $442.7M$680.5M$447.7M$405.0M$391.1M$299.6M$261.8M$257.8M$198.3M$138.4M
Total operating expenses $5.53B$5.28B$4.60B$3.97B$3.29B$2.59B$2.15B$1.73B$1.44B$1.17B
Operating income $1.24B$683.9M$387.3M-$188.8M-$304.1M-$179.0M-$54.1M-$104.2M-$165.8M-$157.3M
Interest expense $3.0M$8.3M$27.2M$27.4M$163.3M$88.7M$83.9M$29.6M$24.5M$23.4M
Pre-tax income $1.60B$988.3M$566.3M-$207.2M-$465.0M-$231.8M-$74.6M-$105.3M-$180.1M-$172.3M
Income tax $461.8M$1.59B$126.6M$59.8M$33.9M$35.2M$7.3M$16.9M$22.9M$20.4M
Net income $1.13B$2.58B$439.7M-$267.0M-$498.9M-$267.0M-$81.9M-$122.2M-$203.0M-$192.7M
EPS, basic 1.714.040.73-0.90-1.73-2.76-0.87———
EPS, diluted 1.603.640.64-0.90-1.73-2.76-0.87-1.33-2.24-2.21
Shares, diluted (wtd. avg.) 709.3M707.9M684.5M295.6M289.1M96.9M94.5M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.27B$1.54B$1.14B$2.12B$1.88B$2.96B$965.0M$2.51B$745.5M$735.3M
Short-term investments $634.6M$1.04B$1.25B$1.52B$1.03B$789.8M$1.84B$896.5M——
Receivables $2.96B$2.62B$2.46B$2.14B$1.24B$1.04B$582.4M$467.0M$432.1M$348.7M
Inventory $113.4M$115.9M————————
Total current assets $7.52B$6.85B$6.05B$6.41B$4.65B$5.13B$3.66B$4.14B$1.98B$1.77B
Property, plant and equipment $387.3M$361.1M$354.5M$357.8M$318.4M$348.1M$296.0M$273.1M$211.1M$117.2M
Goodwill $4.57B$3.35B$2.93B$2.75B$2.71B$1.81B$1.35B$522.8M$238.8M$163.5M
Other intangibles $762.7M$374.9M$315.4M$384.5M$498.6M$358.2M$280.6M$140.8M$53.7M$44.0M
Total assets $23.58B$19.99B$14.50B$12.25B$10.24B$9.07B$6.59B$5.95B$3.44B$2.86B
Accounts payable $232.2M$116.3M$132.3M$128.0M$56.9M$63.6M$73.3M$49.4M$35.5M$30.2M
Total current liabilities $7.99B$7.68B$7.74B$8.31B$5.12B$2.69B$2.05B$2.10B$1.20B$846.8M
Long-term debt ——$1.99B$3.68B$3.23B$3.08B$1.43B$1.92B$524.7M$500.2M
Total liabilities $15.75B$14.82B$12.75B$12.04B$9.48B—————
Retained earnings $2.48B$1.35B-$1.23B-$1.67B-$1.67B-$1.17B-$900.9M-$790.7M-$836.7M-$621.6M
Total equity $7.82B$5.17B$1.75B$210.0M$634.5M$1.10B$1.59B$1.16B$927.8M$1.05B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $3.72B$3.26B$2.78B$1.98B$1.50B$1.04B$1.06B$1.04B$868.8M$658.6M
Depreciation and amortisation $343.4M$283.3M$282.2M$282.6M$260.4M$206.1M$153.8M$96.4M$59.8M$42.8M
Stock-based compensation $1.30B$1.08B$1.07B$1.01B$894.5M$658.4M$567.7M$496.7M$474.5M$392.8M
Capital expenditure $246.2M$156.8M$146.3M$192.8M$116.0M$214.4M$131.2M$112.0M$163.4M$72.5M
Investing cash flow -$2.20B-$1.51B-$2.03B-$933.4M-$1.48B$288.0M-$1.83B-$520.0M-$472.6M-$338.9M
Financing cash flow -$778.9M-$1.34B-$1.73B-$806.6M-$1.10B$673.0M-$773.9M$1.25B-$386.0M$38.9M
Buybacks $0$566.7M$272.7M$892.3M$1.18B$1.20B$330.0M$259.1M$411.0M$0

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001327567-25-000027.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2.5B 0 2.5B 5B 7.5B 10B Revenue, FY2016: 1.4B Gross profit, FY2016: 1B Net income, FY2016: -192.7M Revenue, FY2017: 1.8B Gross profit, FY2017: 1.3B Net income, FY2017: -203M Revenue, FY2018: 2.3B Gross profit, FY2018: 1.6B Net income, FY2018: -122.2M Revenue, FY2019: 2.9B Gross profit, FY2019: 2.1B Net income, FY2019: -81.9M Revenue, FY2020: 3.4B Gross profit, FY2020: 2.4B Net income, FY2020: -267M Revenue, FY2021: 4.3B Gross profit, FY2021: 3B Net income, FY2021: -498.9M Revenue, FY2022: 5.5B Gross profit, FY2022: 3.8B Net income, FY2022: -267M Revenue, FY2023: 6.9B Gross profit, FY2023: 5B Net income, FY2023: 439.7M Revenue, FY2024: 8B Gross profit, FY2024: 6B Net income, FY2024: 2.6B Revenue, FY2025: 9.2B Gross profit, FY2025: 6.8B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.38B $1.76B $2.27B $2.90B $3.41B $4.26B $5.50B $6.89B $8.03B $9.22B
Gross profit $1.01B $1.28B $1.63B $2.09B $2.41B $2.98B $3.78B $4.98B $5.97B $6.77B
Net income -$192.7M -$203.0M -$122.2M -$81.9M -$267.0M -$498.9M -$267.0M $439.7M $2.58B $1.13B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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