PANW

MKT CAP:$122B

Palo Alto Networks, Inc.

Market Cap

$122B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$178.53-$0.84 (-0.47%)

Apr 24, 2026

Company Details

Palo Alto Networks, Inc. provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-custom...

CEO

Nikesh Arora

IPO Date

Jul 20, 2012

Website

www.paloaltonetworks.com

Key Metrics TTM

Revenue

$9.6B

+16.0% YoY

Net Income

$1.3B

EPS (Diluted)

$1.82

Free Cash Flow

$3.4B

Revenue / Share

$13.48

Gross Margin

73.6%

Operating Margin

12.2%

Net Margin

13.5%

FCF Margin

35.3%

P/S

12.7x

P/E

94.0x

Earnings Reports

Q2 2026

Feb 17, 2026

$2.6B+14.9%EPS $0.60

Q1 2026

Nov 19, 2025

$2.5B+15.7%EPS $0.47

FY 2025

Jul 31, 2025

$9.2B+14.9%EPS $1.60

Q3 2025

May 20, 2025

$2.3B+15.3%EPS $0.37

Q2 2025

Feb 14, 2025

$2.3B+14.3%EPS $0.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$1.3B	$912M	-$74M
Q3 22	$1.4B	$946M	-$48M
Q4 22	$1.6B	$1.1B	$15M
Q1 23	$1.6B	$1.1B	$15M
Q2 23	$1.7B	$1.2B	$40M
Q3 23	$1.7B	$1.2B	$79M
Q4 23	$2.0B	$1.4B	$254M
Q1 24	$1.9B	$1.4B	$215M
Q2 24	$2.0B	$1.5B	$54M
Q3 24	$2.0B	$1.5B	$177M
Q4 24	$2.2B	$1.6B	$238M
Q1 25	$2.1B	$1.6B	$286M
Q2 25	$2.3B	$1.7B	$240M
Q3 25	$2.3B	$1.7B	$219M
Q1 26	$2.5B	$1.8B	$309M
Q2 26	$2.6B	$1.9B	$400M

Valuation

Quarter	P/S	P/E
Q2 22	10.5x	—
Q3 22	12.4x	—
Q4 22	9.2x	—
Q1 23	8.9x	—
Q2 23	7.7x	1389.3x
Q3 23	8.7x	261.3x
Q4 23	11.2x	176.3x
Q1 24	10.3x	120.5x
Q2 24	14.7x	48.5x
Q3 24	12.2x	38.7x
Q4 24	14.2x	44.2x
Q1 25	14.3x	43.3x
Q2 25	14.2x	96.9x
Q3 25	13.6x	97.5x
Q1 26	16.3x	122.6x
Q2 26	12.4x	91.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$483M	$402M
Q3 22	$390M	$351M
Q4 22	$524M	$485M
Q1 23	$1.2B	$1.2B
Q2 23	$695M	$656M
Q3 23	$432M	$401M
Q4 23	$414M	$377M
Q1 24	$1.5B	$1.5B
Q2 24	$690M	$655M
Q3 24	$529M	$492M
Q4 24	$513M	$465M
Q1 25	$1.5B	$1.5B
Q2 25	$557M	$509M
Q3 25	$629M	$560M
Q1 26	$1.8B	$1.7B
Q2 26	$554M	$638M

Capital Expenditures

Quarter	CapEx
Q2 22	$81M
Q3 22	$38M
Q4 22	$39M
Q1 23	$40M
Q2 23	$38M
Q3 23	$31M
Q4 23	$37M
Q1 24	$37M
Q2 24	$35M
Q3 24	$37M
Q4 24	$47M
Q1 25	$44M
Q2 25	$48M
Q3 25	$68M
Q1 26	$84M
Q2 26	$84M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+29.5%	+25.8%
Q3 22	+29.1%	+21.1%
Q4 22	+27.2%	+20.0%
Q1 23	+25.3%	+16.4%
Q2 23	+25.7%	+16.1%
Q3 23	+24.1%	+14.5%
Q4 23	+26.0%	+10.7%
Q1 24	+20.1%	+7.4%
Q2 24	+19.3%	+19.0%
Q3 24	+15.3%	+10.1%
Q4 24	+12.1%	+14.8%
Q1 25	+13.9%	+11.4%
Q2 25	+14.3%	+5.0%
Q3 25	+15.3%	+14.5%
Q1 26	+13.0%	+11.0%
Q2 26	+21.3%	+18.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$265M	20.1%
Q3 22	$247M	17.8%
Q4 22	$240M	15.5%
Q1 23	$266M	17.0%
Q2 23	$283M	17.1%
Q3 23	$271M	15.7%
Q4 23	$254M	13.0%
Q1 24	$271M	14.4%
Q2 24	$272M	13.8%
Q3 24	$264M	13.3%
Q4 24	$269M	12.3%
Q1 25	$294M	13.8%
Q2 25	$321M	14.2%
Q3 25	$326M	14.2%
Q1 26	$0	0.0%
Q2 26	$671M	25.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$359M	$98M	$529M
Q3 22	$355M	$95M	$544M
Q4 22	$364M	$108M	$571M
Q1 23	$372M	$100M	$615M
Q2 23	$404M	$119M	$626M
Q3 23	$414M	$114M	$640M
Q4 23	$414M	$115M	$664M
Q1 24	$410M	$120M	$661M
Q2 24	$448M	$302M	$673M
Q3 24	$457M	$119M	$719M
Q4 24	$495M	$140M	$742M
Q1 25	$481M	$98M	$720M
Q2 25	$506M	$154M	$758M
Q3 25	$495M	$164M	$793M
Q1 26	$528M	$179M	$820M
Q2 26	$511M	$178M	$823M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	29.5%	-0.5%	29.0
Q3 22	29.1%	1.9%	31.0
Q4 22	27.2%	3.7%	30.9
Q1 23	25.3%	7.0%	32.4
Q2 23	25.7%	9.6%	35.3
Q3 23	24.1%	12.3%	36.4
Q4 23	26.0%	19.7%	45.7
Q1 24	20.1%	18.6%	38.7
Q2 24	19.3%	10.4%	29.8
Q3 24	15.3%	16.5%	31.8
Q4 24	12.1%	17.9%	30.0
Q1 25	13.9%	21.2%	35.1
Q2 25	14.3%	18.3%	32.6
Q3 25	15.3%	17.4%	32.8
Q1 26	13.0%	20.3%	33.2
Q2 26	21.3%	24.1%	45.4

Rule of 40

Revenue Segments

Quarter	Product	Subscription	Support
Q2 22	$308M	$618M	$391M
Q3 22	$352M	$640M	$395M
Q4 22	$408M	$702M	$440M
Q1 23	$330M	$764M	$469M
Q2 23	$353M	$815M	$487M
Q3 23	$388M	$838M	$495M
Q4 23	$507M	$918M	$528M
Q1 24	$341M	$988M	$549M
Q2 24	$391M	$1.0B	$557M
Q3 24	$391M	$1.0B	$548M
Q4 24	$481M	$1.1B	$582M
Q1 25	$354M	$1.2B	$593M
Q2 25	$422M	$1.2B	$603M
Q3 25	$453M	$1.2B	$602M
Q2 26	$514M	$1.4B	$676M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q2 22	$916M	$149M	$252M
Q3 22	$949M	$169M	$270M
Q4 22	$1.1B	$179M	$300M
Q1 23	$1.1B	$185M	$308M
Q2 23	$1.1B	$197M	$342M
Q3 23	$1.2B	$210M	$332M
Q4 23	$1.4B	$222M	$378M
Q1 24	$1.3B	$227M	$365M
Q2 24	$1.3B	$234M	$407M
Q3 24	$1.4B	$226M	$399M
Q4 24	$1.5B	$256M	$431M
Q1 25	$1.4B	$255M	$441M
Q2 25	$1.5B	$275M	$480M
Q3 25	$1.5B	$279M	$481M
Q2 26	$1.7B	$322M	$560M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$2.4B	$1.5B	$3.9B
Q4 22	$2.1B	$1.5B	$3.6B
Q1 23	$2.1B	$1.7B	$3.8B
Q2 23	$1.3B	$2.0B	$3.3B
Q3 23	$2.0B	$2.0B	$4.0B
Q4 23	$1.1B	$1.3B	$2.4B
Q1 24	$2.5B	$1.4B	$3.9B
Q2 24	$1.8B	$1.6B	$3.4B
Q3 24	$1.4B	$1.5B	$2.9B
Q4 24	$1.5B	$1.0B	$2.6B
Q1 25	$2.3B	$1.1B	$3.4B
Q2 25	$2.2B	$1.0B	$3.2B
Q3 25	$2.4B	$917M	$3.3B
Q4 25	$2.3B	$635M	$2.9B
Q1 26	$3.1B	$1.1B	$4.2B
Q2 26	$4.2B	$378M	$4.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	589M	+0.5%	+2.4%
Q3 22	593M	+0.7%	+2.1%
Q4 22	673M	+13.3%	+15.3%
Q1 23	677M	+0.6%	+15.5%
Q2 23	663M	-2.0%	+12.6%
Q3 23	689M	+4.0%	+16.2%
Q4 23	709M	+2.8%	+5.4%
Q1 24	700M	-1.3%	+3.4%
Q2 24	715M	+2.2%	+7.8%
Q3 24	709M	-0.8%	+2.9%
Q4 24	708M	-0.2%	-0.2%
Q1 25	709M	+0.2%	+1.3%
Q2 25	709M	0.0%	-0.8%
Q3 25	707M	-0.2%	-0.3%
Q1 26	709M	+0.2%	+0.2%
Q2 26	713M	+0.6%	+0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$125.7K	10K
Q3 22	$132.4K	10K
Q4 22	$123.4K	13K
Q1 23	$124.5K	13K
Q2 23	$131.8K	13K
Q3 23	$137.0K	13K
Q4 23	$140.0K	14K
Q1 24	$134.7K	14K
Q2 24	$141.6K	14K
Q3 24	$142.3K	14K
Q4 24	$143.2K	15K
Q1 25	$139.9K	15K
Q2 25	$147.6K	15K
Q3 25	$149.7K	15K
Q1 26	$154.0K	16K
Q2 26	$161.4K	16K

Revenue / Employee