Palo Alto Networks Inc
NASDAQ: PANW · TECHNOLOGY · SOFTWARE - INFRASTRUCTURE
Updated 2026-10-29
Palo Alto Networks Inc (PANW) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.35M | $48.78M | $118.60M | $255.14M | $396.11M | $598.18M | $928.05M | $1.38B | $1.76B | $2.27B | $2.90B | $3.41B | $4.26B | $5.50B | $6.89B | $8.03B | $9.22B | $11.48B |
| Revenue growth (YoY) | — | +265.4% | +143.1% | +115.1% | +55.3% | +51.0% | +55.1% | +48.5% | +27.8% | +29.0% | +27.6% | +17.5% | +24.9% | +29.3% | +25.3% | +16.5% | +14.9% | +24.5% |
| Cost of revenue | $6.28M | $15.63M | $32.27M | $70.55M | $109.76M | $159.63M | $251.50M | $370.00M | $476.60M | $645.30M | $808.40M | $999.50M | $1.27B | $1.72B | $1.91B | $2.06B | $2.45B | $3.40B |
| Gross profit | $7.08M | $33.15M | $86.32M | $184.59M | $286.35M | $438.55M | $676.55M | $1.01B | $1.28B | $1.63B | $2.09B | $2.41B | $2.98B | $3.78B | $4.98B | $5.97B | $6.77B | $8.08B |
| Gross margin | 53.0% | 68.0% | 72.8% | 72.3% | 72.3% | 73.3% | 72.9% | 73.2% | 72.9% | 71.6% | 72.1% | 70.7% | 70.0% | 68.8% | 72.3% | 74.3% | 73.4% | 70.4% |
| R&D | $8.21M | $12.79M | $21.37M | $38.57M | $62.48M | $104.81M | $185.83M | $284.20M | $347.40M | $400.70M | $539.50M | $768.10M | $1.14B | $1.42B | $1.60B | $1.81B | $1.98B | $2.55B |
| SG&A | $2.54M | $11.29M | $13.11M | $26.21M | $42.72M | $73.10M | $101.60M | $138.40M | $198.30M | $257.80M | $261.80M | $299.60M | $391.10M | $405.00M | $447.70M | $680.50M | $442.70M | $899.00M |
| Operating income | $-19.04M | $-20.66M | $-10.40M | $3.89M | $-18.62M | $-215.30M | $-99.80M | $-157.30M | $-165.80M | $-104.20M | $-54.10M | $-179.00M | $-304.10M | $-188.80M | $387.30M | $683.90M | $1.24B | $695.00M |
| Operating margin | -142.6% | -42.3% | -8.8% | 1.5% | -4.7% | -36.0% | -10.8% | -11.4% | -9.4% | -4.6% | -1.9% | -5.3% | -7.1% | -3.4% | 5.6% | 8.5% | 13.5% | 6.1% |
| EBITDA | $-17.86M | $-19.53M | $-8.21M | $8.97M | $-8.69M | $-200.90M | $-70.70M | $-106.10M | $-95.80M | $20.70M | $163.10M | $59.50M | $-46.60M | $95.60M | $869.00M | $1.28B | $1.94B | $536.00M |
| EBITDA margin | -133.8% | -40.0% | -6.9% | 3.5% | -2.2% | -33.6% | -7.6% | -7.7% | -5.4% | 0.9% | 5.6% | 1.7% | -1.1% | 1.7% | 12.6% | 15.9% | 21.0% | 4.7% |
| EBIT | $-19.04M | $-20.66M | $-10.40M | $2.83M | $-18.58M | $-220.30M | $-99.60M | $-148.90M | $-155.60M | $-75.70M | $9.30M | $-146.60M | $-307.00M | $-187.00M | $586.80M | $993.10M | $1.60B | $536.00M |
| Interest expense | $47000.00 | $420000.00 | $1.65M | $2.20M | $35000.00 | $1.88M | $22.32M | $23.40M | $24.50M | $29.60M | $83.90M | $88.70M | $163.30M | $27.40M | $27.20M | $8.30M | $3.00M | $0.00 |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-19.00M | $-21.13M | $-12.53M | $737000.00 | $-29.25M | $-226.45M | $-164.98M | $-225.90M | $-216.60M | $-147.90M | $-81.90M | $-267.00M | $-498.90M | $-267.00M | $439.70M | $2.58B | $1.13B | $307.00M |
| Net income growth (YoY) | — | -11.2% | +40.7% | +105.9% | -4068.2% | -674.3% | +27.1% | -36.9% | +4.1% | +31.7% | +44.6% | -226.0% | -86.9% | +46.5% | +264.7% | +486.2% | -56.0% | -72.9% |
| Profit margin | -142.3% | -43.3% | -10.6% | 0.3% | -7.4% | -37.9% | -17.8% | -16.4% | -12.3% | -6.5% | -2.8% | -7.8% | -11.7% | -4.9% | 6.4% | 32.1% | 12.3% | 2.7% |
Frequently asked questions
What is Palo Alto Networks Inc's revenue?
Palo Alto Networks Inc's trailing twelve-month revenue is $11.48B, and consensus projects about $27.18B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is PANW?
In its most recent fiscal year, PANW ran a gross margin of 70.36%, an operating margin of 6.05%, and a net margin of 2.67%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does PANW generate?
PANW produced $4.11B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is PANW's balance sheet healthy?
PANW holds $2.51B in cash and equivalents against $1.77B in long-term debt, on $27.49B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.