P 
Palo Alto Networks PANW · USD
Information Technology · Software · US listing · 🇺🇸 United States
S&P 500Nasdaq-100
330.89
+5.43%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$11.48bn
FY2017FY2026
Net income
$307.0m
FY2017FY2026
Free cash flow
$4.55bn
FY2017FY2026
Shareholders' equity
$27.49bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.48bn | $9.22bn | $8.03bn | $6.89bn | $5.50bn | $4.26bn | $3.41bn | $2.90bn | $2.27bn | $1.76bn |
| Gross profit | $8.08bn | $6.77bn | $5.97bn | $4.98bn | $3.78bn | $2.98bn | $2.41bn | $2.09bn | $1.63bn | $1.28bn |
| Research and development | $2.55bn | $1.98bn | $1.81bn | $1.60bn | $1.42bn | $1.14bn | $768.1m | $539.5m | $400.7m | $347.4m |
| Operating income | $695.0m | $1.24bn | $683.9m | $414.5m | −$187.0m | −$307.0m | −$184.5m | −$60.5m | −$127.7m | −$184.3m |
| Net income | $307.0m | $1.13bn | $2.58bn | $439.7m | −$267.0m | −$498.9m | −$267.0m | −$81.9m | −$147.9m | −$216.6m |
| Diluted earnings per share | 0.40 | 1.60 | 3.64 | 0.63 | -0.39 | -0.85 | -0.47 | -0.14 | -0.26 | -0.40 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $48.46bn | $23.58bn | $19.99bn | $14.50bn | $12.25bn | $10.24bn | $9.07bn | $6.59bn | $5.82bn | $3.44bn |
| Cash and short-term investments | $3.07bn | $2.90bn | $2.58bn | $2.39bn | $3.63bn | $2.90bn | $3.75bn | $2.80bn | $3.40bn | $1.38bn |
| Total liabilities | $20.97bn | $15.75bn | $14.82bn | $12.75bn | $12.04bn | $9.48bn | $7.96bn | $5.01bn | $4.83bn | $2.68bn |
| Debt | — | — | $963.9m | $1.99bn | $3.68bn | $3.23bn | $3.08bn | $1.43bn | $1.92bn | $524.7m |
| Shareholders' equity | $27.49bn | $7.82bn | $5.17bn | $1.75bn | $210.0m | $763.6m | $1.10bn | $1.59bn | $988.3m | $759.6m |
| Shares outstanding | 764m | 709m | 709m | 700m | 677m | 586m | 573m | 580m | 563m | 545m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $4.55bn | $3.72bn | $3.26bn | $2.78bn | $1.98bn | $1.50bn | $1.04bn | $1.06bn | $1.04bn | $868.5m |
| Capital spending | — | −$246.2m | −$156.8m | −$146.3m | −$192.8m | −$116.0m | −$214.4m | −$131.2m | −$112.0m | −$163.4m |
| Free cash flow | $4.55bn | $3.47bn | $3.10bn | $2.63bn | $1.79bn | $1.39bn | $821.3m | $924.4m | $925.0m | $705.1m |
| Dividends paid | — | — | — | −$258.8m | −$136.6m | −$104.0m | −$2.27bn | −$71.7m | — | — |
Latest quarters
By quarter end
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.41bn | $3.00bn | $2.59bn | $2.47bn | $2.54bn | $2.29bn | $2.26bn | $2.14bn |
| Gross profit | $2.30bn | $2.03bn | $1.91bn | $1.84bn | $1.86bn | $1.67bn | $1.66bn | $1.58bn |
| Operating income | $169.0m | −$183.0m | $400.0m | $309.0m | $497.2m | $218.8m | $240.4m | $286.0m |
| Net income | −$282.0m | −$177.0m | $432.0m | $334.0m | $253.8m | $262.1m | $267.3m | $351.0m |
| Diluted earnings per share | -0.37 | -0.23 | 0.57 | 0.47 | 0.36 | 0.37 | 0.38 | 0.50 |
| Cash from operations | $1.36bn | $871.0m | $554.0m | $1.77bn | $1.02bn | $628.0m | $556.0m | $1.51bn |
| Capital spending | −$84.0m | −$83.0m | −$84.0m | −$84.0m | −$159.0m | −$68.0m | −$47.0m | −$44.0m |
| Free cash flow | $1.27bn | $788.0m | $470.0m | $1.69bn | $861.0m | $560.0m | $509.0m | $1.47bn |
| Total assets | $48.46bn | $46.27bn | $24.98bn | $23.54bn | $23.58bn | $22.00bn | $20.95bn | $20.37bn |
| Cash and short-term investments | $3.07bn | $3.11bn | $4.54bn | $4.22bn | $2.90bn | $3.30bn | $3.23bn | $3.39bn |
| Debt | — | $1.35bn | — | — | $79.2m | $460.3m | $533.8m | $645.8m |
| Shareholders' equity | $27.49bn | $27.67bn | $9.39bn | $8.66bn | $7.82bn | $7.23bn | $6.38bn | $5.91bn |
Financial ratios
Data as of 7 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 70.4% | 73.4% | 74.3% | 72.3% | 68.8% | 70.0% | — | — |
| Operating margin | — | 13.5% | 8.5% | 6.0% | -3.4% | -7.2% | -5.4% | — |
| Net margin | 2.7% | 12.3% | 32.1% | 6.4% | -4.9% | -11.7% | — | — |
| Return on equity | 1.1% | 14.5% | 49.9% | 25.1% | -127.1% | -65.3% | — | — |
| Return on assets | 0.6% | 4.8% | 12.9% | 3.0% | -2.2% | -4.9% | — | — |
| Free cash flow yield | — | 1.7% | 1.4% | 1.3% | 1.0% | 0.8% | 0.7% | — |
| Revenue growth | 24.5% | 14.9% | 16.5% | 25.3% | 29.3% | 24.9% | — | — |
| Earnings growth | -72.9% | -56.0% | 486.2% | -264.7% | -46.5% | 86.9% | — | — |
| Current ratio | 0.87x | 0.89x | 0.89x | 0.78x | 0.77x | 0.91x | — | — |
| Debt to equity | — | — | 0.21x | 1.14x | 17.51x | 4.22x | 2.85x | 0.90x |
| Equity ratio | 56.7% | 33.2% | 25.9% | 12.1% | 1.7% | 7.5% | — | — |
| Interest coverage | — | 414.30x | 82.40x | 15.24x | -6.82x | -1.88x | -2.08x | — |
| R&D as a share of sales | 22.2% | 21.5% | 22.5% | 23.3% | 25.8% | 26.8% | — | — |
| Buybacks as a share of market value | -7.8% | 0.0% | -1.3% | -3.4% | -15.5% | -2.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.5% | 22.0% | 23.6% |
| Operating income | 18.8% | — | — |
| Net income | -11.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 71.7% | 72.4% | 71.8% | 71.8% |
| Operating margin | 9.4% | 8.5% | 5.6% | 3.2% |
| Net margin | 7.0% | 12.5% | 8.1% | 4.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | 115.4 | 50.0 | 234.6 | -176.9 | -109.0 | -127.1 | -272.8 | -119.5 | -60.8 |
| Price to sales | 23.2 | 14.2 | 16.1 | 15.0 | 8.6 | 12.8 | 10.0 | 7.7 | 7.8 | 7.5 |
Market value over time
30 Sept 2016 to 4 Sept 2026, in USD
$13.86bn$254.61bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -2% | 22% | 105% | -15% | 49% | 55% | 28% | 22% | 17% | -26% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 16 Dec 2024
- 3-for-1 split · 14 Sept 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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