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PANW (Palo Alto Networks, Inc.) Stock Financials & Earnings | Market Cap Arena
PANW
Palo Alto Networks, Inc.
Mkt Cap
$113B
Technology
·
Software - Infrastructure
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$9.9B
Net Income (TTM)
$1.3B
EPS (TTM)
$1.80
Free Cash Flow (TTM)
$4.1B
Gross Margin
73.5%
Op. Margin
14.4%
Net Margin
13.0%
FCF Margin
41.1%
P/S Ratio (TTM)
11.4x
P/E Ratio (TTM)
87.9x
YoY Rev Growth
+15.4%
Employees
—
Earnings Reports
▶
Q2 2026
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
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
Q4 25
$2.5B
$1.9B
$497M
Q1 26
$2.5B
$1.8B
$309M
Q2 26
$2.6B
$1.9B
$400M
marketcaparena.com
Revenue Breakdown
PANW
Palo Alto Networks, Inc.
Revenue Breakdown
Q2 2026
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q3 23
17.4x
523.4x
Q4 23
16.3x
256.3x
Q1 24
15.6x
183.6x
Q2 24
15.0x
49.5x
Q3 24
14.5x
46.0x
Q4 24
14.0x
43.7x
Q1 25
13.6x
41.2x
Q2 25
13.1x
89.8x
Q3 25
12.7x
91.0x
Q4 25
12.2x
99.4x
Q1 26
11.8x
100.9x
Q2 26
11.4x
87.9x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
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
Q4 25
$1.0B
$1.2B
Q1 26
$1.8B
$1.7B
Q2 26
$554M
$638M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
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
Q4 25
$160M
Q1 26
$84M
Q2 26
$84M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q3 23
+24.1%
+14.5%
Q4 23
+26.0%
+10.7%
Q1 24
+20.1%
+7.4%
Q2 24
+19.3%
+19.0%
Q3 24
+15.3%
+10.1%
Q4 24
+12.1%
+14.8%
Q1 25
+13.9%
+11.4%
Q2 25
+14.3%
+5.0%
Q3 25
+15.3%
+14.5%
Q4 25
+15.8%
+4.5%
Q1 26
+15.7%
+16.8%
Q2 26
+14.9%
+8.8%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
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%
Q4 25
$354M
14.0%
Q1 26
$0
0.0%
Q2 26
$671M
25.9%
marketcaparena.com
OpEx Breakdown
R&D
G&A
S&M
Quarter
R&D
G&A
S&M
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
Q4 25
$504M
$27M
$829M
Q1 26
$528M
$179M
$820M
Q2 26
$511M
$178M
$823M
marketcaparena.com
Rule of 40
Rule of 40
Quarter
Rev Growth %
EBITDA Margin %
Rule of 40
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
Q4 25
15.8%
26.6%
42.5
Q1 26
15.7%
20.3%
35.9
Q2 26
14.9%
24.1%
39.0
marketcaparena.com
Revenue Segments
Product
Subscription
Support
Quarter
Product
Subscription
Support
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
Q4 25
$574M
$1.3B
$647M
Q2 26
$514M
$1.4B
$676M
marketcaparena.com
Revenue by Geography
Americas
Asia Pacific
Emea
Quarter
Americas
Asia Pacific
Emea
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
Q4 25
$1.7B
$290M
$515M
Q2 26
$1.7B
$322M
$560M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
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
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q3 23
689M
+4.0%
Q4 23
709M
+2.8%
Q1 24
700M
-1.3%
Q2 24
715M
+2.2%
Q3 24
709M
-0.8%
Q4 24
708M
-0.2%
Q1 25
709M
+0.2%
Q2 25
709M
+0.0%
Q3 25
707M
-0.2%
Q4 25
709M
+0.2%
Q1 26
709M
+0.0%
Q2 26
713M
+0.6%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$347K
2K
FY 15
$352K
3K
FY 16
$363K
4K
FY 17
$386K
5K
FY 18
$425K
5K
FY 19
$413K
7K
FY 20
$425K
8K
FY 21
$406K
10K
FY 22
$438K
13K
FY 23
$494K
14K
FY 24
$525K
15K
FY 25
$574K
16K
marketcaparena.com