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

Palo Alto Networks, Inc. (PANW) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Subscription	6,239 54.35%	4,974 53.94%	4,188 52.17%	3,335 48.39%	2,539 46.15%	1,899 44.61%	1,405 41.23%	1,033 35.62%	758 33.34%	549 31.27%
Support	2,961 25.79%	2,445 26.52%	2,236 27.86%	1,979 28.71%	1,599 29.07%	1,237 29.06%	939 27.55%	771 26.58%	636 27.96%	498 28.36%
Product	2,280 19.86%	1,802 19.54%	1,603 19.97%	1,578 22.90%	1,363 24.78%	1,120 26.32%	1,064 31.22%	1,096 37.81%	880 38.70%	709 40.37%
Subscription and support	9,200	7,419	6,424	5,314	4,138	3,136	2,344	1,803	1,394	1,047
Revenue	11,480	9,221	8,027	6,893	5,502	4,256	3,408	2,900	2,274	1,755

Gross profit by product or service $m, and margin

	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Subscription and support	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Product	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
United States	7,108 61.92%	5,786 62.75%	5,134 63.96%	4,424 64.19%	3,560 64.72%	2,748 64.56%	2,158 63.30%	1,824 62.91%	1,447 63.63%	1,150 65.51%	902 65.42%	594 63.98%	363 60.72%	229 57.71%	151 59.35%	70 58.77%
Europe, the Middle East, and Africa (“EMEA”)	2,428 21.15%	1,917 20.79%	1,602 19.96%	1,360 19.73%	1,056 19.19%	817 19.20%	672 19.71%	569 19.61%	440 19.33%	320 18.25%	247 17.93%	179 19.25%	127 21.21%	91 23.10%	62 24.30%	33 27.41%
Asia Pacific and Japan (“APAC”)	1,373 11.96%	1,099 11.92%	942 11.74%	813 11.80%	643 11.69%	501 11.78%	419 12.28%	354 12.21%	275 12.11%	204 11.63%	158 11.48%	110 11.85%	75 12.47%	57 14.39%	31 12.26%	13 10.92%
Other Americas	571 4.97%	419 4.54%	349 4.35%	296 4.29%	242 4.40%	190 4.46%	160 4.71%	153 5.27%	112 4.93%	81 4.61%	71 5.18%	46 4.91%	34 5.60%	19 4.80%	10 4.09%	3 2.91%
Total Americas	7,679	6,205	5,483	4,720	3,803	2,938	2,318	1,977	1,559	1,231	973	639	397	248	162	73
Revenue	11,480	9,221	8,027	6,893	5,502	4,256	3,408	2,900	2,274	1,755	1,379	928	598	396	255	119

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Next-Generation Security ARR	Q4 FY2026	$9.1B	$5.6B	+62.50%
Remaining performance obligations	Q4 FY2026	$21.2B	$15.8B	+34.18%

	Q4 FY2026	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019
Next-Generation Security ARR	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.