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Stocks · Technology · Computer Peripheral Equipment, NEC

Palo Alto Networks

PANW Clue Score60
United States Fiscal year ends July CIK 0001327567
$418.78 +5.09% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $418.78 −16.21% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue1.76Operating income−0.17Net income−0.20Fiscal year 2018Revenue2.27 +29.5%Operating income−0.10Net income−0.12Fiscal year 2019Revenue2.90 +27.5%Operating income−0.05Net income−0.08EPS, diluted−0.87Fiscal year 2020Revenue3.41 +17.5%Operating income−0.18Net income−0.27EPS, diluted−2.76Fiscal year 2021Revenue4.26 +24.9%Operating income−0.30Net income−0.50EPS, diluted−1.73Fiscal year 2022Revenue5.50 +29.3%Operating income−0.19Net income−0.27EPS, diluted−0.90Fiscal year 2023Revenue6.89 +25.3%Operating income0.39Net income0.44EPS, diluted0.64Fiscal year 2024Revenue8.03 +16.5%Operating income0.68Net income2.58 +486.3%EPS, diluted3.64Fiscal year 2025Revenue9.22 +14.9%Operating income1.24Net income1.13 −56.0%EPS, diluted1.60Fiscal year 2026Revenue11.48 +24.5%Operating income0.70Net income0.31 −72.9%EPS, diluted0.40
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 1.76 2.27 2.90 3.41 4.26 5.50 6.89 8.03 9.22 11.48
Growth +29.5% +27.5% +17.5% +24.9% +29.3% +25.3% +16.5% +14.9% +24.5%
Operating income −0.17 −0.10 −0.05 −0.18 −0.30 −0.19 0.39 0.68 1.24 0.70
Net income −0.20 −0.12 −0.08 −0.27 −0.50 −0.27 0.44 2.58 1.13 0.31
Growth +486.3% −56.0% −72.9%
EPS, diluted n/a n/a −0.87 −2.76 −1.73 −0.90 0.64 3.64 1.60 0.40

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin72.9%Operating margin−9.4%Net margin−11.6%Free cash flow margin40.2%Fiscal year 2018Gross margin71.6%Operating margin−4.6%Net margin−5.4%Free cash flow margin40.7%Fiscal year 2019Gross margin72.1%Operating margin−1.9%Net margin−2.8%Free cash flow margin31.9%Fiscal year 2020Gross margin70.7%Operating margin−5.3%Net margin−7.8%Free cash flow margin24.1%Fiscal year 2021Gross margin70.0%Operating margin−7.1%Net margin−11.7%Free cash flow margin32.6%Fiscal year 2022Gross margin68.8%Operating margin−3.4%Net margin−4.9%Free cash flow margin32.6%Fiscal year 2023Gross margin72.3%Operating margin5.6%Net margin6.4%Free cash flow margin38.2%Fiscal year 2024Gross margin74.3%Operating margin8.5%Net margin32.1%Free cash flow margin38.6%Fiscal year 2025Gross margin73.4%Operating margin13.5%Net margin12.3%Free cash flow margin37.6%Fiscal year 2026Gross margin70.4%Operating margin6.1%Net margin2.7%Free cash flow margin35.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 72.9% 71.6% 72.1% 70.7% 70.0% 68.8% 72.3% 74.3% 73.4% 70.4%
Operating margin −9.4% −4.6% −1.9% −5.3% −7.1% −3.4% 5.6% 8.5% 13.5% 6.1%
Net margin −11.6% −5.4% −2.8% −7.8% −11.7% −4.9% 6.4% 32.1% 12.3% 2.7%
Free cash flow margin 40.2% 40.7% 31.9% 24.1% 32.6% 32.6% 38.2% 38.6% 37.6% 35.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow0.87Capital expenditure−0.16Free cash flow0.71Buybacks−0.41Fiscal year 2018Operating cash flow1.04Capital expenditure−0.11Free cash flow0.93 +31.3%Buybacks−0.26Fiscal year 2019Operating cash flow1.06Capital expenditure−0.13Free cash flow0.92 −0.2%Buybacks−0.33Fiscal year 2020Operating cash flow1.04Capital expenditure−0.21Free cash flow0.82 −11.2%Buybacks−1.20Fiscal year 2021Operating cash flow1.50Capital expenditure−0.12Free cash flow1.39 +68.9%Buybacks−1.18Fiscal year 2022Operating cash flow1.98Capital expenditure−0.19Free cash flow1.79 +29.2%Buybacks−0.89Fiscal year 2023Operating cash flow2.78Capital expenditure−0.15Free cash flow2.63 +46.8%Buybacks−0.27Fiscal year 2024Operating cash flow3.26Capital expenditure−0.16Free cash flow3.10 +17.9%Buybacks−0.57Fiscal year 2025Operating cash flow3.72Capital expenditure−0.25Free cash flow3.47 +11.9%Buybacks0.00Fiscal year 2026Operating cash flow4.55Capital expenditure−0.44Free cash flow4.11 +18.6%Buybacks−1.00
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 0.87 1.04 1.06 1.04 1.50 1.98 2.78 3.26 3.72 4.55
Capital expenditure −0.16 −0.11 −0.13 −0.21 −0.12 −0.19 −0.15 −0.16 −0.25 −0.44
Free cash flow 0.71 0.93 0.92 0.82 1.39 1.79 2.63 3.10 3.47 4.11
Growth +31.3% −0.2% −11.2% +68.9% +29.2% +46.8% +17.9% +11.9% +18.6%
Buybacks −0.41 −0.26 −0.33 −1.20 −1.18 −0.89 −0.27 −0.57 0.00 −1.00

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash0.74Total debt0.52Net cash (debt)0.22Shareholders’ equity0.76Debt to equity0.69Fiscal year 2018Cash2.51Total debt1.92Net cash (debt)0.59Shareholders’ equity1.16Debt to equity1.65Fiscal year 2019Cash0.96Total debt1.43Net cash (debt)−0.47Shareholders’ equity1.59Debt to equity0.90Fiscal year 2020Cash2.96Total debt3.08Net cash (debt)−0.13Shareholders’ equity1.10Debt to equity2.80Fiscal year 2021Cash1.87Total debt3.23Net cash (debt)−1.35Shareholders’ equity0.63Debt to equity5.08Fiscal year 2022Cash2.12Total debt3.68Net cash (debt)−1.56Shareholders’ equity0.21Debt to equity17.51Fiscal year 2023Cash1.14Total debt1.99Net cash (debt)−0.86Shareholders’ equity1.75Debt to equity1.14Fiscal year 2024Cash1.54Shareholders’ equity5.17Fiscal year 2025Cash2.27Shareholders’ equity7.82Fiscal year 2026Cash2.51Shareholders’ equity27.49
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 0.74 2.51 0.96 2.96 1.87 2.12 1.14 1.54 2.27 2.51
Total debt 0.52 1.92 1.43 3.08 3.23 3.68 1.99 n/a n/a n/a
Net cash (debt) 0.22 0.59 −0.47 −0.13 −1.35 −1.56 −0.86 n/a n/a n/a
Shareholders’ equity 0.76 1.16 1.59 1.10 0.63 0.21 1.75 5.17 7.82 27.49
Debt to equity 0.69 1.65 0.90 2.80 5.08 17.51 1.14 n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending July, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Jul 2017 FY2018 31 Jul 2018 FY2019 31 Jul 2019 FY2020 31 Jul 2020 FY2021† 31 Jul 2021 FY2022 31 Jul 2022 FY2023† 31 Jul 2023 FY2024 31 Jul 2024 FY2025 31 Jul 2025 FY2026 31 Jul 2026
Revenue and profit
1.76 2.27 2.90 3.41 4.26 5.50 6.89 8.03 9.22 11.48
Growth +29.5% +27.5% +17.5% +24.9% +29.3% +25.3% +16.5% +14.9% +24.5%
0.48 0.65 0.81 1.00 1.27 1.72 1.91 2.06 2.45 3.40
1.28 1.63 2.09 2.41 2.98 3.78 4.98 5.97 6.77 8.08
Growth +27.4% +28.4% +15.2% +23.8% +26.9% +31.7% +19.8% +13.4% +19.3%
0.35 0.40 0.54 0.77 1.14 1.42 1.60 1.81 1.98 2.55
0.20 0.26 0.26 0.30 0.39 0.41 0.45 0.68 0.44 0.90
−0.17 −0.10 −0.05 −0.18 −0.30 −0.19 0.39 0.68 1.24 0.70
Growth +76.6% +81.7% −44.1%
−0.18 −0.11 −0.07 −0.23 −0.47 −0.21 0.57 0.99 1.60 0.54
0.02 0.02 0.01 0.04 0.03 0.06 0.13 −1.59 0.46 0.23
−0.20 −0.12 −0.08 −0.27 −0.50 −0.27 0.44 2.58 1.13 0.31
Growth +486.3% −56.0% −72.9%
Per share
n/a n/a −0.87 −2.76 −1.73 −0.90 0.73 4.04 1.71 0.41
n/a n/a −0.87 −2.76 −1.73 −0.90 0.64 3.64 1.60 0.40
Growth +468.8% −56.0% −75.0%
n/a n/a 94.5 96.9 289.1 295.6 606.4 638.0 663.0 749.0
n/a n/a 94.5 96.9 289.1 295.6 684.5 708.0 709.0 764.0
Growth +2.5% +198.3% +2.2% +131.6% +3.4% +0.1% +7.8%

† The diluted share count jumps at 2021 and 2023, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 22.0% a year over five years.
  • Operating margin is up 13.2 points on five years ago, at 6.1%.
  • A net loss in 6 of 10 years on file.