PANW · Palo Alto Networks Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.59B | $2.47B | $2.29B | $2.26B | $2.14B | $1.98B | $1.98B | $1.88B | $1.72B | $1.66B |
| Cost of Revenue | $685.00M | $638.00M | $619.30M | $599.20M | $554.10M | $513.60M | $499.10M | $472.80M | $474.80M | $466.20M |
| Gross Profit | $1.91B | $1.84B | $1.67B | $1.66B | $1.58B | $1.47B | $1.48B | $1.41B | $1.25B | $1.19B |
| R&D | $511.00M | $528.00M | $494.50M | $505.70M | $480.40M | $457.20M | $447.90M | $409.50M | $413.70M | $404.10M |
| SG&A | $178.00M | $179.00M | $163.90M | $153.80M | $97.70M | $118.60M | $301.50M | $120.10M | $114.20M | $119.40M |
| Total Operating Expenses | $1.51B | $1.53B | $1.45B | $1.42B | $1.30B | $1.29B | $1.42B | $1.19B | $1.17B | $1.15B |
| D&A | - | $89.00M | - | - | $83.90M | - | - | $64.30M | - | - |
| Operating Income | $397.00M | $309.00M | $218.80M | $240.40M | $286.50M | $176.70M | $53.60M | $215.20M | $78.70M | $39.90M |
| Interest Expense | $0 | $0 | $2.30M | $2.80M | $2.90M | $2.30M | $2.80M | $2.90M | $7.80M | $6.90M |
| Income Tax | $117.00M | $78.00M | $48.40M | $57.50M | $17.90M | ($27.60M) | ($1.61B) | $88.40M | $23.20M | $200.0K |
| Net Income | $432.00M | $334.00M | $262.10M | $267.30M | $350.70M | $278.80M | $1.75B | $194.20M | $107.80M | $84.20M |
| EPS - Basic | $0.61 | $0.49 | $0.39 | $0.41 | $0.54 | $0.43 | $2.73 | $0.32 | $0.17 | ($0.16) |
| EPS - Diluted | $0.61 | $0.47 | $0.37 | $0.38 | $0.49 | $0.40 | $2.44 | $0.28 | $0.15 | $0.13 |
Balance Sheet
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.16B | $3.07B | $2.27B | $2.23B | $2.28B | $1.54B | $1.78B | $2.49B | $1.14B | $1.35B |
| Accounts Receivable | $2.12B | $1.34B | $2.96B | $1.50B | $1.13B | $2.62B | $1.90B | $1.41B | $2.46B | $1.28B |
| Inventory | - | - | $113.40M | - | - | $115.90M | - | - | - | - |
| Accounts Payable | $262.00M | $223.00M | $232.20M | $149.30M | $211.60M | $116.30M | $178.80M | $131.80M | $132.30M | $128.30M |
| Current Assets | $8.37B | $7.31B | $7.52B | $6.34B | $6.24B | $6.85B | $6.45B | $6.48B | $6.05B | $5.41B |
| Total Assets | $24.98B | $23.54B | $23.58B | $20.95B | $20.37B | $19.99B | $18.29B | $14.81B | $14.50B | $13.16B |
| Current Liabilities | $8.01B | $7.42B | $7.99B | $7.55B | $7.40B | $7.68B | $7.77B | $7.51B | $7.74B | $8.48B |
| Long-term Debt | - | - | - | - | - | - | - | - | $1.99B | $3.68B |
| Total Liabilities | $15.59B | $14.87B | $15.75B | $14.58B | $14.46B | $14.82B | $13.93B | $12.64B | $12.75B | $12.43B |
| Stockholders' Equity | $9.39B | $8.66B | $7.82B | $6.38B | $5.91B | $5.17B | $4.36B | $2.17B | $1.75B | $729.00M |
| Retained Earnings | $3.25B | $2.82B | $2.48B | $1.97B | $1.70B | $1.35B | $713.70M | ($1.03B) | ($1.23B) | ($1.56B) |
Cash Flow
| Line item | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | $1.77B | - | - | $1.51B | - | - | $1.53B | - | - |
| Investing Cash Flow | - | ($983.00M) | - | - | ($543.80M) | - | - | ($129.00M) | - | - |
| Financing Cash Flow | - | $8.00M | - | - | ($219.70M) | - | - | ($41.80M) | - | - |
| CapEx | - | $84.00M | - | - | $44.10M | - | - | $36.80M | - | - |
| Free Cash Flow | - | $1.69B | - | - | $1.47B | - | - | $1.49B | - | - |
Ratios
| Metric | Q2 '26 | Q1 '26 | Q3 '25 | Q2 '25 | Q1 '25 | Q3 '24 | Q2 '24 | Q1 '24 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 73.6% | 74.2% | 72.9% | 73.5% | 74.1% | 74.1% | 74.7% | 74.8% | 72.4% | 71.8% |
| Operating margin | 15.3% | 12.5% | 9.6% | 10.6% | 13.4% | 8.9% | 2.7% | 11.5% | 4.6% | 2.4% |
| EBITDA margin | - | 16.1% | - | - | 17.3% | - | - | 14.9% | - | - |
| Net margin | 16.7% | 13.5% | 11.5% | 11.8% | 16.4% | 14.0% | 88.4% | 10.3% | 6.3% | 5.1% |
| Free cash flow margin | - | 68.2% | - | - | 68.5% | - | - | 79.3% | - | - |
| FCF / Net income | - | 5.05 | - | - | 4.18 | - | - | 7.67 | - | - |
| R&D / Revenue | 19.7% | 21.3% | 21.6% | 22.4% | 22.5% | 23.0% | 22.7% | 21.8% | 24.0% | 24.4% |
| SG&A / Revenue | 6.9% | 7.2% | 7.2% | 6.8% | 4.6% | 6.0% | 15.3% | 6.4% | 6.6% | 7.2% |
| Effective tax rate | 21.3% | 18.9% | 15.6% | 17.7% | 4.9% | -11.0% | -1189.2% | 31.3% | 17.7% | 0.2% |
| Return on assets | 1.7% | 1.4% | 1.1% | 1.3% | 1.7% | 1.4% | 9.6% | 1.3% | 0.7% | 0.6% |
| Return on equity | 4.6% | 3.9% | 3.3% | 4.2% | 5.9% | 5.4% | 40.1% | 8.9% | 6.2% | 11.6% |
| Return on invested capital | - | - | - | - | - | - | - | - | 1.7% | 0.9% |
| Liquidity | ||||||||||
| Current ratio | 1.04 | 0.99 | 0.94 | 0.84 | 0.84 | 0.89 | 0.83 | 0.86 | 0.78 | 0.64 |
| Quick ratio | 1.04 | 0.99 | 0.93 | 0.84 | 0.84 | 0.88 | 0.83 | 0.86 | 0.78 | 0.64 |
| Cash ratio | 0.52 | 0.41 | 0.28 | 0.29 | 0.31 | 0.20 | 0.23 | 0.33 | 0.15 | 0.16 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | 1.14 | 5.05 |
| Debt / Assets | - | - | - | - | - | - | - | - | 0.14 | 0.28 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | 95.1x | 85.9x | 98.8x | 76.8x | 19.1x | 74.2x | 10.1x | 5.8x |
| Equity multiplier | 2.66 | 2.72 | 3.01 | 3.29 | 3.45 | 3.87 | 4.20 | 6.82 | 8.29 | 18.06 |
| Liabilities / Assets | 0.62 | 0.63 | 0.67 | 0.70 | 0.71 | 0.74 | 0.76 | 0.85 | 0.88 | 0.94 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | 0.11 | 0.10 | 0.11 | 0.10 | 0.10 | 0.11 | 0.13 | 0.12 | 0.13 |
| Inventory turnover | - | - | 5.46 | - | - | 4.43 | - | - | - | - |
| Days sales outstanding | 298d | 198d | 473d | 242d | 193d | 482d | 350d | 275d | 522d | 282d |
| Days inventory outstanding | - | - | 67d | - | - | 82d | - | - | - | - |
| Days payable outstanding | 140d | 128d | 137d | 91d | 139d | 83d | 131d | 102d | 102d | 100d |
| Cash conversion cycle | - | - | 403d | - | - | 481d | - | - | - | - |
| Valuation | ||||||||||
| P / E | 290.1x | 468.6x | 469.2x | 485.3x | 364.0x | 411.1x | 69.2x | 434.0x | 806.3x | 634.6x |
| P / B | 13.4x | 18.0x | 15.7x | 20.5x | 10.8x | 11.1x | 13.9x | 19.6x | 24.6x | 32.0x |
| P / S | 48.5x | 63.1x | 53.6x | 57.9x | 29.9x | 29.0x | 30.6x | 22.6x | 25.0x | 14.1x |
| EV / EBITDA | - | 384.6x | - | - | 166.3x | - | - | 143.2x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 14.9% | 15.7% | 15.3% | 14.3% | 13.9% | 15.3% | 19.3% | 20.1% | 24.1% | 25.7% |
| Revenue CAGR (3y) | 16.2% | 16.5% | 18.2% | 19.7% | 19.7% | 22.7% | 24.8% | 25.7% | 25.6% | 26.5% |
| Revenue CAGR (5y) | 20.6% | 21.2% | 21.4% | 22.5% | 22.6% | 22.3% | 22.7% | 23.4% | 24.9% | 25.0% |
| Gross profit growth (YoY) | 15.1% | 15.9% | 13.5% | 12.3% | 12.8% | 18.1% | 24.1% | 27.6% | 31.7% | 30.4% |
| Operating income growth (YoY) | 65.1% | 7.9% | 23.8% | 348.5% | 33.1% | 124.5% | 34.3% | 1315.8% | - | - |
| Net income growth (YoY) | 61.6% | -4.8% | -6.0% | -84.7% | 80.6% | 158.6% | 1974.7% | 871.0% | - | - |
| EPS growth (YoY) | 60.5% | -5.1% | -6.3% | -84.5% | 76.8% | 154.8% | 1856.0% | - | - | - |
| EPS CAGR (3y) | 69.6% | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | 15.1% | - | - | -1.6% | - | - | 24.4% | - | - |
| FCF CAGR (5y) | - | 27.3% | - | - | 52.4% | - | - | 46.9% | - | - |
| Book value growth (YoY) | 47.3% | 46.6% | 51.4% | 46.3% | 172.4% | 195.7% | 497.7% | 327.3% | 732.6% | 518.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-07-31.
Product / service
$16.64B totalService$7.42B · 44.6%
Subscription$4.97B · 29.9%
Support$2.45B · 14.7%
Product$1.80B · 10.8%
Geographic
$15.43B totalAmericas$6.21B · 40.2%
US$5.79B · 37.5%
EMEA$1.92B · 12.4%
Asia Pacific$1.10B · 7.1%
Other Americas$418.90M · 2.7%
Peer comparison
Same SIC group: Computer Peripheral Equipment, NEC
Comparing Palo Alto Networks Inc against the 5 most active filers in the same SIC group.