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Palo Alto Networks IncPANW

Sector
Technology
Industry
Computer Peripheral Equipment, NEC
Exchange
Nasdaq

Stock Price $PANW

Latest filings

You are here#13 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q328-K110

PANW filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 110 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Sep ’19Sep ’19
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $9.22B
YoY changeLargest recent move+48.5%in FY16Latest +14.9%

1 older move runs past ±100% (largest +115.1%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All PANW Financial Metrics58 metrics

Income Statement17

Balance Sheet25

Cash Flow12

Per Share4

02—Overview

Palo Alto Networks Inc Financial Overview 2021–2025

Updated Jul 10, 2026

By generating 80.5%a of its top line from subscription and support services in FY2025, Palo Alto Networks has decisively shed its legacy hardware roots. This relentless shift toward a recurring-revenue model proves the company’s platformization strategy is working, transforming the business into a high-margin cash engine capable of aggressively consolidating a fragmented market.

The company's long-term financial arc highlights a highly successful operational pivot. Total revenue more than doubled, scaling from $4.3 billion in FY2021 to $9.2 billionb in FY2025. Underlying profitability metrics expanded alongside this top-line growth, with gross margins climbing to 74.3% in FY2024 and annual free cash flow surging to $3.5 billion by the end of FY2025. Palo Alto Networks has actively deployed this capital to absorb key technologies, executing a $1.1 billion purchase of IBM's QRadar assets and announcing a massive multi-billion dollar push into identity security.

This operational leverage and steady M&A execution commanded a significant premium. At the close of FY2025, the stock traded at $173.60c, giving the company a sprawling $116.0 billion market capitalization. Priced at 108.5x earnings for that period, the valuation reflects high investor confidence in the company's ability to utilize its $8.5 billion cash pile to maintain category leadership.

Recent Developments (Q2 and Q3 2026)

Palo Alto Networks rapidly expanded its platform through major acquisitions in early 2026, finalizing a $3.0 billiond buyout of Chronosphere and a $2.3 billion takeover of CyberArk. These integrations fueled a 31% year-over-year revenue surge to $3.0 billion in Q3 2026, alongside $18.4 billion in remaining performance obligations.

However, absorbing these assets spiked operating expenses by 52%, driving a $177 millione net loss for the quarter compared to a $262 million profit the prior year. To offset dilution, the board authorized a new $1.0 billion share buyback program in March 2026.

Bulls highlight the robust 31% growth in subscription revenue to $2.4 billion as proof the broader platformization strategy is accelerating. Bears counter that the stock appears extremely overvalued at 175.3x earnings as of June 3, 2026, given that heavy acquisition costs have temporarily eliminated bottom-line profitability.

What to watch: return to net income profitability; integration progress of the newly acquired Chronosphere and CyberArk platforms

03—Filings

Recent SEC Filings

  1. 8-KPalo Alto Networks Inc 8-K Report, Financial Results (Sep 1, 2026)Palo Alto Networks reported fiscal fourth quarter and full-year 2026 results (quarter ended July 31, 2026) alongside FY2027 guidance. Q4 revenue rose 34% year over year to $3.41 billion, and Next-Generation Security (NGS) ARR grew 63% to $9.10 billion, with management citing nearly $1 billion of net new NGS ARR in the quarter. Remaining performance obligations (RPO) grew 34% to $21.2 billion. Non-GAAP operating income reached $1.0 billion, up from $768 million, and adjusted free cash flow was $1.29 billion, up from $954 million. FY2026 revenue was $11.48 billion (about 24% growth) with an adjusted free cash flow margin of 38.4%. GAAP results were weak in the quarter. GAAP operating income fell to $172 million from $497 million, and GAAP net loss was $282 million, or $0.35 per diluted share, versus net income of $254 million a year earlier. The main driver below the operating line was a $524 million non-cash charge from the change in fair value of convertible senior notes and capped calls assumed in the CyberArk acquisition, which sits in other expense. Amortization of acquired intangibles rose to $281 million in the quarter. The balance sheet reflects the scale of recent M&A: goodwill increased to $22.0 billion from $4.6 billion, intangible assets to $7.0 billion from $0.8 billion, and common stock and APIC to $24.8 billion from $5.3 billion, while basic weighted shares rose to 817 million from 669 million. FY2027 guidance calls for revenue of $14.10 to $14.20 billion (23% to 24% growth), NGS ARR of $11.075 to $11.175 billion (22% to 23% growth), a 29.5% non-GAAP operating margin, and non-GAAP diluted EPS of $4.16 to $4.19, compared with $3.84 in FY2026. Management reiterated a 40% adjusted free cash flow margin target for FY2028. Guidance implies a sharp deceleration from Q4's 63% NGS ARR growth, which likely reflects the lapping of the CyberArk acquisition. Q1 FY2027 revenue guidance of $3.30 to $3.31 billion is also below Q4's $3.41 billion. Investors should weigh strong operating momentum against elevated GAAP volatility, acquisition-driven share dilution, and the deceleration embedded in the outlook. The press release states that the figures are preliminary and unaudited.
  2. 8-KPalo Alto Networks Inc 8-K Report, Executive Changes (Aug 21, 2026)Palo Alto Networks, Inc. (PANW) filed an 8-K on August 21, 2026, detailing two key events. The most significant for investors is the adoption of a new Executive Change in Control and Severance Policy (the "Policy"). This policy provides enhanced severance benefits to selected senior executives, including the CEO, CFO, President, and Chief Product and Technology Officer, in the event of an involuntary termination of employment, particularly during or following a change in control. The Policy aims to ensure executive retention and stability by offering substantial salary, incentive, health benefit severance, and equity vesting acceleration, with specific terms varying based on the circumstances of termination and proximity to a change in control. The second key event is the adoption of amended and restated bylaws. These updates align the company's governing documents with recent Delaware corporate law amendments and current best practices. Changes include clarifications on stockholder notices, meeting quorums, voting standards, proxy authorizations, special meeting calls, securities representation, and indemnification provisions. While these are primarily housekeeping items, they reflect the company's commitment to maintaining robust corporate governance.
  3. 8-KPalo Alto Networks Inc 8-K Report, Financial Results (Jun 2, 2026)Palo Alto Networks reported fiscal third quarter 2026 (ended April 30, 2026) results that were driven by its acquisitions of CyberArk and Chronosphere. Total revenue rose 31% year over year to $3.002 billion, but about $388 million of that came from the two acquisitions, which implies organic growth of roughly 14%. Next-Generation Security ARR grew 60% to $8.1 billion, including $1.6 billion from the acquisitions, and remaining performance obligation grew 36% to $18.4 billion. Management highlighted accelerating organic bookings growth. Profitability is mixed on a GAAP basis. The company posted a GAAP operating loss of $183 million and a GAAP net loss of $177 million, or $(0.22) per diluted share, compared with GAAP operating income of $219 million and net income of $262 million a year earlier. The GAAP results were weighed down by $280 million of acquired-intangible amortization, $198 million of acquisition-related costs, and $517 million of share-based compensation. On a non-GAAP basis, operating income rose to $814 million (about a 27% margin) from $627 million, non-GAAP EPS was $0.85 versus $0.80, and adjusted free cash flow was $910 million, with a trailing-twelve-month adjusted FCF margin of 38.5%. Guidance calls for fiscal Q4 revenue of $3.345 to $3.355 billion and full-year FY26 revenue of $11.415 to $11.425 billion, with non-GAAP EPS of $3.77 to $3.79 and a 37.5% adjusted FCF margin. Investors should weigh the strong ARR and cash flow trends against the sharp increase in share count (801 million basic shares versus 665 million a year earlier), the GAAP losses, and the step-up in goodwill and intangibles from acquisitions, which now total about $29 billion on the balance sheet. The company is targeting a 40% adjusted FCF margin in FY28.
  4. 8-KPalo Alto Networks Inc 8-K Report, Material Agreement (Apr 13, 2026)Palo Alto Networks, Inc. (PANW) has entered into material definitive agreements to amend existing lease agreements for significant office space in Santa Clara, California. These amendments extend the lease terms for approximately 930,000 rentable square feet across multiple buildings for a period of twelve years, commencing August 1, 2028, and expiring on July 31, 2040. This strategic move underscores the company's commitment to maintaining a substantial physical presence in its Santa Clara hub for the long term, indicating anticipated continued growth and operational needs in the region.
  5. 8-KPalo Alto Networks Inc 8-K Report, Corporate Update (Mar 23, 2026)Palo Alto Networks Inc. (PANW), through its subsidiary CyberArk Software Ltd., has issued a notification regarding the settlement method for its 0.00% Convertible Senior Notes due 2030. Effective March 23, 2026, any conversions of these Notes will be settled using a "Combination Settlement" method. This means that instead of receiving only stock or only cash, bondholders will receive a combination of cash and stock for their converted notes. The specified dollar amount for this Combination Settlement is $1,000 per $1,000 principal amount of Notes. This change impacts all conversions occurring on or after March 23, 2026, and will remain in effect until CyberArk formally modifies the settlement method as permitted by the governing Indenture. Investors holding these convertible notes should be aware of this change as it affects the form and potential value of the settlement they will receive upon conversion.
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04—See also

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