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Nasdaq · Technology

Palo Alto Networks Inc (PANW)

As-reported financials and SEC filings for Palo Alto Networks Inc. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Palo Alto Networks Inc

Palo Alto Networks Inc provides cybersecurity solutions to enterprises, organizations, service providers, and government entities. Its main products include network security platforms such as Secure Access Service Edge (SASE), next-generation firewalls, and cloud-delivered security services that protect users, networks, clouds, and endpoints. The company also offers AI-powered security operations and threat intelligence services to help customers detect, prevent, and respond to cyber threats.

Snapshot

Revenue
$9.22B
Revenue growth (YoY)
14.9%
Net income
$1.13B
Diluted EPS
$1.60
Gross margin
73.4%
Operating margin
13.5%
Net margin
12.3%
FCF margin
37.6%
ROE
14.5%
net income / fiscal-year-end equity
P/E
291.4×
trailing when available, otherwise FY EPS
Market cap
$273.11B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended July 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Palo Alto Networks

  • Revenue grew 14.9% to $9.2B in FY2025, in line with the 16.5% the year before.
  • Operating margin turned positive at 13.5% in FY2025, from a 7.1% operating loss in FY2021.
  • Most recent quarter Q3 FY2026: revenue $3.0B, up 31.1% from Q3 FY2025.
  • Free cash flow was $3.5B in FY2025, 37.6% of revenue.
  • Net income fell 56.0% to $1.1B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Palo Alto Networks’s fundamentals sit among the 625 Technology companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin73.4%
79th percentile of 509
Operating margin13.5%
75th percentile of 563
Net margin12.3%
73rd percentile of 577
FCF margin37.6%
96th percentile of 544
Revenue growth (YoY)+14.9%
63rd percentile of 616
ROE14.5%
72nd percentile of 540
P/E291.4×
98th percentile of 329
Short interest3.95d
60th percentile of 619

Palo Alto Networks’s P/E of 291.4 ranks in the 98th percentile of the 329 peers with a meaningful P/E. Palo Alto Networks’s FCF margin of 37.6% ranks in the 96th percentile of the 544 Technology companies reporting it.

No reported insider purchases (code P) in the last 90 days; 21 insider sales totaling $10.9M. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 of the superinvestors we track (plus 4 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
4
+4 quant / multi-strat
Initiated / added
5
2 new, 3 added
Reduced / exited
6
3 trimmed, 3 exited
Combined position
$1.06B
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$511.2M1.5MReduced
AQR Capital ManagementquantQ2 2026$265.7M780.8KReduced
Millennium ManagementquantQ2 2026$137.5M403.2KAdded
D. E. ShawquantQ2 2026$62.8M184.1KAdded
Duquesne Family OfficeQ2 2026$39.8M116.7KNew
Gotham Asset ManagementQ2 2026$29.3M86.0KAdded
Sands Capital ManagementQ2 2026$10.7M31.3KReduced
Maverick CapitalQ2 2026$1.2M3.7KNew

No longer held by: ARK Investment Management (as of Q2 2026), Bridgewater Associates (as of Q2 2026), Two Sigma Investments (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
21
$10.9M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-01
filed 2026-09-03
Paul Josh D.Chief Accounting OfficerSell900$373.68$336K
2026-08-25
filed 2026-08-27
Paul Josh D.Chief Accounting OfficerSell900$353.77$318K
2026-07-07
filed 2026-07-08
Thorning-Schmidt HelleDirectorSell700$346.85$243K
2026-07-01
Paul Josh D.Chief Accounting OfficerSell900$345.00$311K
2026-07-01
Bawa AparnaDirectorSell290$348.74$101K
2026-06-29
filed 2026-07-01
Bawa AparnaDirectorSell327$309.83$101K
2026-06-29
filed 2026-07-01
Bawa AparnaDirectorSell305$328.14$100K
2026-06-23
filed 2026-06-24
Golechha DipakEVP, Chief Financial OfficerSell2.1K$290.03$609K
2026-06-23
filed 2026-06-24
Golechha DipakEVP, Chief Financial OfficerSell1.3K$288.96$376K
2026-06-23
filed 2026-06-24
Golechha DipakEVP, Chief Financial OfficerSell886$291.07$258K
2026-06-23
filed 2026-06-24
Golechha DipakEVP, Chief Financial OfficerSell300$284.80$85K
2026-06-23
filed 2026-06-24
Golechha DipakEVP, Chief Financial OfficerSell214$291.84$62K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
22.4M
settled 2026-08-14
Change vs prior
+6.7%
vs previous settlement
Days to cover
3.95
at avg daily volume
Avg daily volume
5.7M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1422.4M+6.7%3.95
2026-07-3121.0M+2.8%3.48
2026-07-1520.4M-18.3%2.83
2026-06-3025.0M+11.0%3.31
2026-06-1522.5M-12.3%2.25
2026-05-2925.7M-8.3%3.03
2026-05-1528.0M+11.1%3.40
2026-04-3025.2M-2.4%4.12

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$9.22B$8.03B$6.89B$5.50B$4.26B
Gross profit$6.77B$5.97B$4.98B$3.78B$2.98B
Operating income$1.24B$683.9M$387.3M$-188.8M$-304.1M
Net income$1.13B$2.58B$439.7M$-267.0M$-498.9M
Diluted EPS$1.60$3.64$0.64$-0.90$-1.73

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$2.27B$1.54B$1.14B$2.12B$1.87B
Current assets$7.52B$6.85B$6.05B$6.41B$4.65B
Total assets$23.58B$19.99B$14.50B$12.25B$10.24B
Current liabilities$7.99B$7.68B$7.74B$8.31B$5.12B
Long-term debt$1.99B$3.68B$3.23B
Total liabilities$15.75B$14.82B$12.75B$12.04B$9.48B
Total equity$7.82B$5.17B$1.75B$210.0M$634.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$3.72B$3.26B$2.78B$1.98B$1.50B
Capital expenditure$246.2M$156.8M$146.3M$192.8M$116.0M
Free cash flow$3.47B$3.10B$2.63B$1.79B$1.39B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$3.00B31.1%$-177.0M$-0.22
Q2 FY2026$2.59B14.9%$432.0M$0.61
Q1 FY2026$2.47B15.7%$334.0M$0.47
Q4 FY2025$2.54B15.8%$253.9M$0.36
Q3 FY2025$2.29B15.3%$262.0M$0.37
Q2 FY2025$2.26B14.3%$267.0M$0.38
Q1 FY2025$2.14B13.9%$351.0M$0.49
Q4 FY2024$2.19B12.1%$357.7M$0.51

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryComputer Peripheral Equipment, NEC
Latest annual periodFY2025 (ended July 31, 2025)
Latest reported quarterQ3 FY2026 (ended April 30, 2026)
Oldest indexed filing2019
SEC CIK1327567

Selected SEC filings

10-K2025-08-29
View on EDGAR →
10-K2024-09-06
View on EDGAR →
10-Q2026-06-03
View on EDGAR →
10-Q2026-02-18
View on EDGAR →
10-Q2025-11-20
View on EDGAR →
10-Q2025-05-21
View on EDGAR →
8-K2026-09-01
View on EDGAR →
8-K2026-08-21
View on EDGAR →

Largest Technology peers

All Technology companies →

PANW head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.