Palo Alto Networks (PANW) financial statements
Palo Alto Networks reported revenue of $11.5B in fiscal 2026, up 23.2% a year over 9 years.
Net income was $307M and the operating margin 6.1%, against -9.4% in 2017.
Free cash flow was $4.1B, and the company returned $1.0B in net buybacks.
The diluted share count rose 41% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Palo Alto Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.3B | $2.9B | $3.4B | $4.3B | $5.5B | $6.9B | $8.0B | $9.2B | $11.5B |
| Cost of revenue | $476M | $645M | $808M | $1000M | $1.3B | $1.7B | $1.9B | $2.1B | $2.5B | $3.4B |
| Gross profit | $1.3B | $1.6B | $2.1B | $2.4B | $3.0B | $3.8B | $5.0B | $6.0B | $6.8B | $8.1B |
| Research and development | $347M | $401M | $540M | $768M | $1.1B | $1.4B | $1.6B | $1.8B | $2.0B | $2.6B |
| Selling, general and admin | $1.1B | $1.3B | $1.6B | $1.8B | $2.1B | $2.6B | $3.0B | $3.5B | $3.5B | $4.8B |
| Operating income | -$166M | -$104M | -$54M | -$179M | -$304M | -$189M | $387M | $684M | $1.2B | $695M |
| Interest expense | $24M | $30M | $84M | $89M | $163M | $27M | $27M | $8M | $3M | $0 |
| Pre-tax income | -$180M | -$105M | -$75M | -$232M | -$465M | -$207M | $566M | $988M | $1.6B | $536M |
| Income tax | $23M | $17M | $7M | $35M | $34M | $60M | $127M | -$1.6B | $462M | $229M |
| Net income | -$203M | -$122M | -$82M | -$267M | -$499M | -$267M | $440M | $2.6B | $1.1B | $307M |
| EPS (diluted) | -$0.37 | -$0.22 | -$0.14 | -$0.46 | -$0.86 | -$0.45 | $0.64 | $3.64 | $1.60 | $0.40 |
| Diluted shares | 544M | 550M | 567M | 581M | 578M | 591M | 684M | 708M | 709M | 764M |
| 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% |
Balance sheet
Fiscal years, from Palo Alto Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $3.4B | $2.8B | $3.7B | $2.9B | $3.6B | $2.4B | $2.6B | $2.9B | $3.1B |
| Receivables | $432M | $467M | $582M | $1.0B | $1.2B | $2.1B | $2.5B | $2.6B | $3.0B | $3.6B |
| Inventory | — | — | — | — | — | — | — | $116M | $113M | $117M |
| Total current assets | $2.0B | $4.1B | $3.7B | $5.1B | $4.6B | $6.4B | $6.0B | $6.8B | $7.5B | $8.6B |
| Property, plant and equipment | $211M | $273M | $296M | $348M | $318M | $358M | $354M | $361M | $387M | $523M |
| Goodwill | $239M | $523M | $1.4B | $1.8B | $2.7B | $2.7B | $2.9B | $3.4B | $4.6B | $22.0B |
| Total assets | $3.4B | $5.9B | $6.6B | $9.1B | $10.2B | $12.3B | $14.5B | $20.0B | $23.6B | $48.5B |
| Total current liabilities | $1.2B | $2.1B | $2.1B | $2.7B | $5.1B | $8.3B | $7.7B | $7.7B | $8.0B | $9.9B |
| Total liabilities | $2.5B | $4.8B | $5.0B | $8.0B | $9.5B | $12.0B | $12.8B | $14.8B | $15.8B | $21.0B |
| Shareholders' equity | $760M | $1.2B | $1.6B | $1.1B | $634M | $210M | $1.7B | $5.2B | $7.8B | $27.5B |
| Net debt | -$744M | -$2.5B | -$961M | -$3.0B | -$1.9B | -$2.1B | -$1.1B | -$1.5B | -$2.3B | -$2.5B |
Cash flow
Fiscal years, from Palo Alto Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $869M | $1.0B | $1.1B | $1.0B | $1.5B | $2.0B | $2.8B | $3.3B | $3.7B | $4.6B |
| Capital spending | $163M | $112M | $131M | $214M | $116M | $193M | $146M | $157M | $247M | $440M |
| Free cash flow | $705M | $926M | $924M | $821M | $1.4B | $1.8B | $2.6B | $3.1B | $3.5B | $4.1B |
| Stock-based compensation | $474M | $497M | $568M | $658M | $894M | $1.0B | $1.1B | $1.1B | $1.3B | $1.8B |
| Share buybacks (net) | -$411M | -$259M | -$330M | -$1.2B | -$1.2B | -$892M | -$273M | -$567M | $0 | -$1.0B |
| Free cash flow margin | 40.2% | 40.7% | 31.9% | 24.1% | 32.6% | 32.6% | 38.2% | 38.6% | 37.6% | 35.8% |
Questions
What was Palo Alto Networks's revenue in 2026?
$11.5B in fiscal 2026, from its 10-K filing.
How much free cash flow does Palo Alto Networks generate?
$4.1B in fiscal 2026 (operating cash flow minus capital spending).
From Palo Alto Networks's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.