Wednesday 28 October 2026 Export PANW’s income statement to Excel — free account

Palo Alto Networks, Inc.

Palo Alto Networks, Inc.’s revenue for fiscal 2026 (year ended July 2026) was $11.5 billion, up 24.5% from fiscal 2025. In the quarter to July 2026, revenue grew 34.5%, EPS fell 192.1%, free cash flow grew 34.3% and total debt rose 174.7%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.

402.38 11.92 +3.05%

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Market cap: $328.6B
P/E: 759×
Fwd P/E: 241×
Dividend yield: —
F-score: 3/9
Altman Z: 7.45
Beneish M: −2.56
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Share dilution Sep 10, 2026

All filings →

Insider Decisions trades per month

Total buys 10.00

Total sells 133.06

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	1	—	—	—	—	—	—	—
Sell	2	5	3	—	2	3	2	7	2	1	5	2

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 328,590.00

Revenue 11,480.00

Net Income 307.00

Free Cash Flow 4,113.00

Net Debt (1,297.00)

Current Ratio 0.87

Debt/Equity 0.06

P/E ratio 759.21

Fwd P/E 241.00

P/S ratio 26.25

P/B ratio 10.96

Past 5Y EPS Growth —

This Y EPS Growth 8.97%

Next Y EPS Growth 16.07%

Next Y revenue growth 23.46%

Next 5Y EPS Growth 13.60%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 92.76%

10-year low 10-year high

P/S against its own 10 years 99.49%

10-year low 10-year high

P/B against its own 10 years 5.40%

10-year low 10-year high

EV/Sales against its own 10 years 99.52%

10-year low 10-year high

EV/FCF against its own 10 years 99.49%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2018	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	2026
Cash	2,390	2,579	2,904	3,071
Receivables	2,852	3,345	3,680	4,221
Inventory	—	—	—	—
Other	—	—	—	—
	6,048	6,850	7,523	8,643

	2023	2024	2025	2026
Payables	132	116	232	290
ST’ Debt	1,992	964	—	—
Other	—	—	—	—
	7,738	7,683	7,988	9,923

Compound Annual Growth %

	10y	5y	3y
Sales	23.61%	21.95%	18.54%
Cash Flow	21.33%	24.82%	17.91%
Earnings	0.00%	0.00%	(11.29%)
Book Value	40.85%	112.50%	150.53%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 0.98 Actual 1.02

0.78 0.85 0.92 0.99 1.06

Q1 FY26 Beat +0.04

Q2 FY26 Beat +0.10

Q3 FY26 Beat +0.04

Q4 FY26 Beat +0.04

Q1 FY27 — Nov 18

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q1 FY26	0.89	0.93	Beat by 0.04
Q2 FY26	0.93	1.03	Beat by 0.10
Q3 FY26	0.81	0.85	Beat by 0.04
Q4 FY26	0.98	1.02	Beat by 0.04
Q1 FY27	0.97	—	Reports 18 November 2026

EPS $

	Oct	Jan	Apr	Jul	Year
’26	—	—	—	—	—
’26	0.47	0.61	(0.22)	(0.35)	0.40
’25	0.50	0.38	0.37	0.36	1.60
’24	0.28	2.45	0.40	0.51	3.64
’23	0.03	0.13	0.16	0.32	0.64
’22	(0.18)	(0.16)	(0.12)	0.01	(0.45)
’21	(0.16)	(0.25)	(0.25)	(0.20)	(0.86)

Fiscal quarters ending in the months shown.

Revenue $m

	Oct	Jan	Apr	Jul	Year
’26	—	—	—	—	—
’26	2,474	2,594	3,002	3,410	11,480
’25	2,139	2,257	2,289	2,536	9,221
’24	1,878	1,975	1,985	2,189	8,027
’23	1,563	1,655	1,721	1,953	6,893
’22	1,247	1,317	1,387	1,551	5,502
’21	946	1,017	1,074	1,219	4,256

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Oct	Jan	Apr	Jul	Year
’26	—	—	—	—	—
’26	1,771	554	871	1,357	4,553
’25	1,510	557	628	1,021	3,716
’24	1,526	690	529	513	3,258
’23	1,237	695	432	414	2,778
’22	589	483	390	524	1,985
’21	535	365	278	326	1,503

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Oct	Jan	Apr	Jul	Year
’26	—	—	—	—	—
’26	1,687	384	788	1,254	4,113
’25	1,466	509	560	934	3,469
’24	1,489	655	492	466	3,101
’23	1,197	656	401	377	2,631
’22	554	402	351	485	1,792
’21	505	332	251	298	1,387

Fiscal quarters ending in the months shown.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	Trend	10 yrs	2027e	2028e	2029e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	17.89	24.18	29.80	20.91	51.93	68.37	66.11	130.05	144.15	139.57		+25.6%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	26.28	39.92	43.44	62.50	95.45	106.82	159.00	207.24	223.61	432.33		+36.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	4,562	5,348	7,014	8,014	10,473	12,561	13,948	15,289	16,068	21,921		+19.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.38	0.43	0.41	0.43	0.41	0.44	0.49	0.53	0.57	0.52		+3.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	1,755	2,274	2,900	3,408	4,256	5,502	6,893	8,027	9,221	11,480		+23.2%	14,173	16,228	18,533	+17.3%
	Gross margin, %	72.86	71.63	72.12	70.68	70.05	68.76	72.29	74.35	73.42	70.36		(2.5) pt	Powerpack Palo Alto Networks, Inc.’s next three years, line by line Analysts expect revenue to grow 17.3% a year to 2029 — slower than the 23.2% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(180)	(105)	(75)	(232)	(465)	(207)	566	988	1,596	536		n/m
	EBT margin, %	(10.26)	(4.63)	(2.57)	(6.80)	(10.93)	(3.77)	8.22	12.31	17.31	4.67		+14.9 pt
	Net income	(203)	(122)	(82)	(267)	(499)	(267)	440	2,578	1,134	307		n/m
	Depreciation	194	276	430	576	759	720	700	729	849	1,466		+25.2%
Per share, $
Per share, $	Revenue	3.23	4.13	5.11	5.86	7.36	9.31	11.37	12.58	13.91	15.33		+18.9%
	Earnings	(0.40)	(0.27)	(0.14)	(0.46)	(0.86)	(0.45)	0.73	4.04	1.71	0.41		n/m
	Cash flow	1.60	1.89	1.86	1.78	2.60	3.36	4.58	5.11	5.60	6.08		+16.0%
	Capex	(0.30)	(0.20)	(0.23)	(0.37)	(0.20)	(0.33)	(0.24)	(0.25)	(0.37)	(0.59)		+7.7%
	Free cash flow	1.30	1.68	1.63	1.41	2.40	3.03	4.34	4.86	5.23	5.49		+17.4%
	Book value	1.40	2.11	2.80	1.90	1.10	0.36	2.88	8.10	11.80	36.70		+43.8%
	Shares, m	544	550	567	581	578	591	606	638	663	749		+3.6%
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	173.58	40.29	101.22	626.09		94.1
	P/S	6.80	8.00	7.38	7.28	9.06	9.09	11.00	12.91	12.48	21.65		10.6
	P/B	15.72	15.67	13.50	22.51	60.80	238.20	43.35	20.04	14.71	9.04		45.4
	EV/Sales	6.61	7.34	6.96	7.10	9.14	9.15	10.98	12.74	12.24	21.55		10.4
	EV/FCF	16.44	18.03	21.85	29.45	28.05	28.09	28.76	32.97	32.53	60.15		29.6
Cash, $m
Cash, $m	Operating cash flow	869	1,038	1,056	1,036	1,503	1,985	2,778	3,258	3,716	4,553		+20.2%
	Capex	(163)	(112)	(131)	(214)	(116)	(193)	(146)	(157)	(247)	(440)		+11.6%
	Free cash flow	705	926	924	821	1,387	1,792	2,631	3,101	3,469	4,113		+21.6%
Balance, $m
Balance, $m	Working capital	775	2,037	1,612	2,438	(469)	(1,891)	(1,689)	(833)	(465)	(1,280)		n/m
	Total debt	525	1,920	1,430	3,142	3,226	3,953	2,271	964	—	1,774		+14.5%
	Net debt	(850)	(1,483)	(1,373)	(606)	325	318	(119)	(1,615)	(2,904)	(1,297)		+4.8%
	Shareholders’ equity	760	1,160	1,586	1,102	635	210	1,748	5,170	7,824	27,492		+49.0%
Returns, %
Returns, %	ROA	(6.45)	(2.60)	(1.31)	(3.41)	(5.17)	(2.37)	3.29	14.95	5.21	0.85		+7.3 pt
	ROIC	0.00	0.00	(15.86)	(22.55)	(19.81)	(22.34)	14.86	12.03	15.79	1.66		+1.7 pt
	ROE	(24.54)	(12.73)	(5.96)	(19.87)	(57.47)	(63.23)	44.90	74.53	17.45	1.74		+26.3 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Jul 2026 · latest quarter Jul 2026

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by products and services, and margins
Subscription	6,239	54.35%
Support	2,961	25.79%
Product	2,280	19.86%
Gross margin		70.36%
Operating margin		6.05%
Pre-tax margin		4.67%

Revenue by segment since 2011

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PLTR Palantir Technologies Inc.	$477.6B	158×	127×	+92.83% (above 0%: growing)	+214.29% (above 0%: growing)	+126.03% (above 0%: growing)	84.66%	47.12%	Compare
ORCL Oracle Corporation	$394.7B	20.1×	19.0×	+29.61% (above 0%: growing)	+51.92% (above 0%: growing)	−1,390.61% (below 0%: shrinking)	60.03%	34.78%	Compare
PANW Palo Alto Networks, Inc.	$328.6B	759×	241×	+34.46% (above 0%: growing)	n/m	+34.26% (above 0%: growing)	67.57%	5.04%
CRWD CrowdStrike	$274.4B	7,616×	2,576×	+25.83% (above 0%: growing)	n/m	+32.03% (above 0%: growing)	74.57%	(2.26%)	Compare
FTNT Fortinet, Inc.	$135.7B	64.8×	58.6×	+25.64% (above 0%: growing)	+45.61% (above 0%: growing)	+239.88% (above 0%: growing)	80.24%	33.66%	Compare
NET Cloudflare, Inc.	$116.7B	— (loss-making)	— (loss-making)	+35.87% (above 0%: growing)	n/m	+69.42% (above 0%: growing)	71.76%	(29.55%)	Compare
SNPS Synopsys, Inc.	$90.9B	83.2×	105×	+42.37% (above 0%: growing)	+88.74% (above 0%: growing)	+18.01% (above 0%: growing)	72.57%	14.43%	Compare
XYZ Block, Inc.	$45.0B	129×	45.1×	+9.30% (above 0%: growing)	−82.95% (below 0%: shrinking)	+181.80% (above 0%: growing)	47.84%	6.75%	Compare
NTAP NetApp, Inc.	$44.7B	31.7×	27.7×	+29.89% (above 0%: growing)	+64.66% (above 0%: growing)	−35.32% (below 0%: shrinking)	70.07%	23.90%	Compare
Median of peers	$126.2B	83.2×	58.6×	+29.75%	+58.29%	+50.73%	72.17%	19.17%

All 184 Software Infrastructure stocks →

Business profile

Updated 27 October 2026

Palo Alto Networks is a global AI cybersecurity provider founded in 2005 and headquartered in Santa Clara, California. Nikesh Arora is chief executive officer.

The company sells software, hardware, cloud services and advisory services that protect an organization’s users, networks, cloud systems, devices, applications, AI systems and identities. Its strategy is to replace separate security tools with integrated platforms that share data, security policies and automation.

Read the full business profile →

From the latest earnings call

Updated 24 October 2026

Nikesh Arora said AI-driven security needs are increasing customer discussions about consolidating tools onto unified platforms, while deployments typically take time to plan and execute.
Dipak Golechha said fiscal 2027 guidance reflects expected higher cloud-hosting and hardware-component costs, which the company expects operating leverage and acquisition synergies to offset.

Read the Earnings & Analysis →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Wells Fargo	Oct 19, 2026	Target raised	Buy	475.00 → 525.00
Citi	Oct 17, 2026	Target raised	Buy	410.00 → 440.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 81.34%

Held by the ten largest 42.75%

Holder	Shares	Stake	Change
Vanguard	81.00m	9.94%	+292.16k
BlackRock	75.75m	9.29%	+3.32m
State Street	36.98m	4.54%	+1.49m
Morgan Stanley	29.45m	3.61%	−2.87m
Invesco	25.65m	3.15%	+1.72m
Bank of America	22.68m	2.78%	+205.12k
JPMorgan Chase	21.72m	2.66%	+8.25m
Fidelity (FMR)	20.05m	2.46%	+11.95m
Geode Capital Management	19.62m	2.41%	+292.06k
UBS	15.54m	1.91%	−791.25k

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 November 2025

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	99.74m	267.47m	407.00
2024	58.04m	105.28m	380.66
2023	151.43m	266.37m	293.01
2022	10.41m	208.51m	195.02
2021	23.28m	219.73m	155.93

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement