PANW · XBRL financial data
Palo Alto Networks financial statements, every fiscal year
The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (PANW's year ends in late July)
| In millions of dollars | Jul 31, 2021 | Jul 31, 2022 | Jul 31, 2023 | Jul 31, 2024 | Jul 31, 2025 | Jul 31, 2026 |
|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 4,256 | 5,502 | 6,893 | 8,028 | 9,222 | 11,480 |
| Cost of goods and services sold | 1,275 | 1,719 | 1,910 | 2,059 | 2,452 | 3,403 |
| Gross profit | 2,981 | 3,783 | 4,983 | 5,968 | 6,770 | 8,077 |
| Research and development | 1,140 | 1,418 | 1,604 | 1,809 | 1,984 | 2,552 |
| General and administrative | 391 | 405 | 448 | 681 | 443 | 899 |
| Total operating expenses | 3,285 | 3,972 | 4,596 | 5,284 | 5,527 | 7,382 |
| Operating income (loss) | (304) | (189) | 387 | 684 | 1,243 | 695 |
| Interest expense | 163 | 27 | 27 | 8 | 3 | 0 |
| Other income (expense) | (1) | (8) | (10) | (5) | 25 | 64 |
| Income tax expense (benefit) | 34 | 60 | 127 | (1,589) | 462 | 229 |
| Net income (loss) | (499) | (267) | 440 | 2,578 | 1,134 | 307 |
| Earnings per share, basic‡ USD per share | (0.86) | (0.45) | 0.73 | 4.04 | 1.71 | 0.41 |
| Earnings per share, diluted‡ USD per share | (0.86) | (0.45) | 0.64 | 3.64 | 1.60 | 0.40 |
| Weighted average shares, basic‡ millions of shares | 578 | 591 | 606 | 638 | 663 | 749 |
| Weighted average shares, diluted‡ millions of shares | 578 | 591 | 685 | 708 | 709 | 764 |
- ‡ Per-share figures and share counts are adjusted for the 3-for-1 stock split (September 2022); filings made before it reported them unadjusted.
- ‡ Per-share figures and share counts are adjusted for the 2-for-1 stock split (December 2024); filings made before it reported them unadjusted.
Balance sheet
CSVFiscal years (PANW's year ends in late July)
| In millions of dollars | Jul 31, 2021 | Jul 31, 2022 | Jul 31, 2023 | Jul 31, 2024 | Jul 31, 2025 | Jul 31, 2026 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1,874 | 2,119 | 1,135 | 1,535 | 2,269 | 2,514 |
| Short-term investments | 1,027 | 1,516 | 1,255 | 1,044 | 635 | 557 |
| Accounts receivable | 1,240 | 2,143 | 2,463 | 2,619 | 2,965 | 3,629 |
| Inventory | — | — | — | 116 | 113 | 117 |
| Prepaid and other current assets | 229 | 320 | 467 | 557 | 521 | 807 |
| Total current assets | 4,647 | 6,415 | 6,048 | 6,850 | 7,523 | 8,643 |
| Property and equipment, net | 318 | 358 | 355 | 361 | 387 | 523 |
| Right-of-use asset | 263 | 242 | 263 | 386 | 347 | 700 |
| Goodwill | 2,710 | 2,748 | 2,927 | 3,350 | 4,567 | 22,010 |
| Total assets | 10,242 | 12,254 | 14,501 | 19,991 | 23,576 | 48,460 |
| Accounts payable | 57 | 128 | 132 | 116 | 232 | 290 |
| Accrued liabilities | 329 | 399 | 391 | 507 | 846 | 838 |
| Total current liabilities | 5,117 | 8,306 | 7,738 | 7,683 | 7,988 | 9,923 |
| Lease liability, non-current | 313 | 276 | 279 | 381 | 338 | 726 |
| Total liabilities | 9,478 | 12,044 | 12,753 | 14,821 | 15,752 | 20,968 |
| Retained earnings (accumulated deficit) | (1,667) | (1,667) | (1,227) | 1,350 | 2,484 | 2,791 |
| Total stockholders' equity | 635 | 210 | 1,748 | 5,170 | 7,824 | 27,492 |
| Total liabilities and equity | 10,242 | 12,254 | 14,501 | 19,991 | 23,576 | 48,460 |
| Common shares outstanding (cover page)‡ millions of shares | 584 | 598 | 617 | 651 | 669 | ≈818 |
- ≈ Rounded on cover: the filing states this count rounded, and it sits more than 1% off the weighted shares for the period.
- ‡ Per-share figures and share counts are adjusted for the 3-for-1 stock split (September 2022); filings made before it reported them unadjusted.
- ‡ Per-share figures and share counts are adjusted for the 2-for-1 stock split (December 2024); filings made before it reported them unadjusted.
Cash flows
CSVFiscal years (PANW's year ends in late July)
| In millions of dollars | Jul 31, 2021 | Jul 31, 2022 | Jul 31, 2023 | Jul 31, 2024 | Jul 31, 2025 | Jul 31, 2026 |
|---|---|---|---|---|---|---|
| Net income (loss) | (499) | (267) | 440 | 2,578 | 1,134 | 307 |
| Stock-based compensation | 895 | 1,011 | 1,075 | 1,075 | 1,295 | 1,774 |
| Depreciation and amortization | 260 | 283 | 282 | 283 | 343 | 855 |
| Net cash from operating activities | 1,503 | 1,985 | 2,778 | 3,258 | 3,716 | 4,553 |
| Net cash from investing activities | (1,481) | (933) | (2,034) | (1,510) | (2,205) | (3,104) |
| Share repurchases | 1,178 | 892 | 273 | 567 | 0 | 1,000 |
| Net cash from financing activities | (1,104) | (807) | (1,726) | (1,343) | (779) | (1,202) |
| Net change in cash | (1,082) | 245 | (983) | 405 | 732 | 244 |
Compare with peers
SIC 3577 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 3577 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- * marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Quarter |
|---|---|---|---|---|---|
| Palo Alto Networks | 2,514 | 3,410* | 1,357* | 818.0M | 10-KJul 31, 2026 |
| Arista Networks | 2,288 | 3,658 | 1,201* | 1.3B | 10-QSep 30, 2026 |
| Seagate Technology Holdings | 1,258 | 4,233 | 1,690 | 229.6M | 10-QOct 2, 2026 |
| Fortinet | 3,751 | 2,078 | 946* | 734.7M | 10-QSep 30, 2026 |
| International Business Machines | 9,233 | 17,103 | 4,025* | 945.1M | 10-QSep 30, 2026 |
| Cisco Systems | 7,218 | 17,252* | 5,386* | 3.9B | 10-KJul 25, 2026 |
| Western Digital | 1,314 | 4,381 | 1,604 | 374.3M | 10-QOct 2, 2026 |
| Sandisk | 5,136 | 11,031 | 6,363 | 142.3M | 10-QOct 2, 2026 |
| Dell Technologies | 11,569 | 46,971 | 2,225* | not reported | 10-QJul 31, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.