Analyze Portfolio
Nasdaq · Technology

Palo Alto Networks Inc (PANW)

As-reported financials and recent SEC filings for Palo Alto Networks Inc, latest fiscal period FY2025. 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%
P/E (TTM)
271.2×
Market cap
$258.62B
Debt / equity

Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (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 507
Operating margin13.5%
75th percentile of 562
Net margin12.3%
73rd percentile of 576
FCF margin37.6%
96th percentile of 541
Revenue growth (YoY)+14.9%
63rd percentile of 616
ROE14.5%
72nd percentile of 536
P/E (TTM)271.2×
97th percentile of 332
Short interest2.83d
37th percentile of 623

Palo Alto Networks’s P/E of 271.2 ranks in the 97th percentile of the 332 peers with a meaningful P/E. Palo Alto Networks’s FCF margin of 37.6% ranks in the 96th percentile of the 541 Technology companies reporting it.

No open-market insider buys in the last 90 days; 35 insider sales totaling $27.2M. For context, about 16% of companies in the universe saw any open-market insider buying 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 5 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).

Conviction investors
4
+5 quant / multi-strat
Initiated / added
4
2 new, 2 added
Reduced / exited
7
5 trimmed, 2 exited
Combined position
$604.4M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ1 2026$292.4M1.8MReduced
AQR Capital ManagementquantQ1 2026$218.4M1.4MReduced
Millennium ManagementquantQ1 2026$33.8M210.9KAdded
Sands Capital ManagementQ1 2026$25.8M161.1KReduced
D. E. ShawquantQ1 2026$21.4M133.2KReduced
Gotham Asset ManagementQ1 2026$5.5M34.6KReduced
Two Sigma InvestmentsquantQ1 2026$3.2M20.2KAdded
Bridgewater AssociatesQ1 2026$2.1M13.2KNew
ARK Investment ManagementQ1 2026$1.7M10.9KNew

No longer held by: Harris Associates (Oakmark) (as of Q1 2026), Renaissance Technologies (as of Q1 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
open-market
Bought (90d)
open-market value
Sells (90d)
35
$27.2M
Signal
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
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
2026-06-23
filed 2026-06-24
Golechha DipakEVP, Chief Financial OfficerSell200$286.68$57K
2026-06-22
Bawa AparnaDirectorSell345$290.17$100K

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
20.4M
settled 2026-07-15
Change vs prior
-18.3%
vs previous settlement
Days to cover
2.83
at avg daily volume
Avg daily volume
7.2M
FINRA reported
SettlementShares shortChangeDays to cover
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
2026-04-1525.8M-3.5%2.99
2026-03-3126.7M+6.7%3.29

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 methodology.

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 methodology.

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 methodology.

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
Fiscal year endJuly 31
Latest fiscal periodFY2025
SEC filings since2019
SEC CIK1327567

Recent 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-K2026-06-02
View on EDGAR →
8-K2026-04-13
View on EDGAR →

Largest Technology peers

All Technology companies →

PANW head to head

Monitor PANW

Get an alert when Palo Alto Networks files something material, see which superinvestors own it, and ask its filings a question with cited answers.

Monitor PANW free

Includes one free filing-grounded research answer. Or check your whole portfolio, no account needed.

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