Palo Alto Networks PANW
Public, NASDAQ, reports in USD. Founded 2005.
Theme: Internet.
Firewalls.
2025-08-01 — Israel Cybersecurity market leader
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 11.5bn USD | 24.8 % | 70.4 % | 22.2 % | 695m USD | 6.1 % | 307m USD | 0.40 | 30.8 | |
| 2025 | 9.2bn USD | 14.6 % | 73.4 % | 21.6 % | 1.2bn USD | 13.5 % | 1.1bn USD | 1.60 | 28.1 | |
| 2024 | 8.0bn USD | 16.5 % | 74.3 % | 22.5 % | 684m USD | 8.5 % | 2.6bn USD | 3.64 | 25.0 | |
| 2023 | 6.9bn USD | 25.2 % | 72.3 % | 23.3 % | 387m USD | 5.6 % | 440m USD | 0.64 | 30.8 | |
| 2022 | 5.5bn USD | – | – | – | – | – | – | – | – | |
| 2026-Q4 | 3.4bn USD | 34.4 % | 67.6 % | 22.8 % | 172m USD | 5.0 % | -282m USD | -0.35 | 39.5 | |
| 2026-Q3 | 3.0bn USD | – | 67.6 % | 24.5 % | -183m USD | -6.1 % | -177m USD | -0.22 | – | |
| 2026-Q2 | 2.6bn USD | – | 73.6 % | 19.7 % | 397m USD | 15.3 % | 432m USD | 0.61 | – | |
| 2026-Q1 | 2.5bn USD | – | 74.2 % | 21.3 % | 309m USD | 12.5 % | 334m USD | 0.47 | – | |
| 2025-Q4 | 2.5bn USD | – | 73.2 % | 19.9 % | 497m USD | 19.6 % | 254m USD | 0.36 | – |
Sources
- 2026: yfinance
- 2025: https://www.paloaltonetworks.com/company/press/2025/palo-alto-networks-reports-fiscal-fourth-quarter-and-fiscal-year-2025-financial-results — Palo Alto Networks 9.2 USD 1 FY2025 ended 31 Jul 2025, revenue grew 15% to $9.2bn:
- 2024: yfinance
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q4: yfinance
- 2026-Q3: yfinance
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
Latest quarter 2026-Q4, ended 2026-07-31, vs 2025-Q4
| 2026-Q4 | 2025-Q4 | change | |
|---|---|---|---|
| Revenue | 3.4bn USD | 2.5bn USD | +874m (+34 %) |
| Op. margin | 5.0 % | 19.6 % | -14.6 pts |
| FCF | 1.3bn USD | 934m USD | +320m (+34 %) |
| Op. income | 172m USD | ||
| Net income | -282m USD | ||
| EPS (diluted) | -0.35 | -197.2 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.6bn USD | 440m USD | 4.1bn USD | 35.8 % | 1483.1 % | 398m USD | 1.4bn USD | 4.0bn USD | 247m USD |
| 2025 | 3.7bn USD | 247m USD | 3.5bn USD | 37.7 % | 327.7 % | 883m USD | 1.9bn USD | 2.5bn USD | 732m USD |
| 2024 | 3.3bn USD | 157m USD | 3.1bn USD | 38.6 % | 126.4 % | – | – | 2.1bn USD | 405m USD |
| 2023 | 2.8bn USD | 146m USD | 2.6bn USD | 38.2 % | 631.7 % | 300m USD | 987m USD | 939m USD | -983m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 378.25 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 309.4bn USD | 2026-09-15 | |
| 52w high | 398.88 USD | 2026-09-15 | |
| 52w low | 139.57 USD | 2026-09-15 | |
| Off 52w high % | -5.2 % | ||
| P/S | 27.0 | ||
| Lifetime CAGR | 11.9 % |
Notes
- 2025-08-01 opinion Israel Cybersecurity market leader