Palo Alto Networks, Inc.
Financial Performance
Palo Alto Networks Revenue & Financials
Revenue
$11.5B (FY2026)
Market Cap
$306.5B
Net Income
$307M
Employees
16,068
What is Palo Alto Networks's revenue?
Palo Alto Networks had $11.5B in revenue for fiscal year 2026, up 24.5% from 2025. Net income was $307M.
- Latest revenue
- $11.5B (FY2026)
- Year-over-year
- +24.5%
- Growth rate (CAGR)
- 23.2% over 9 years
- Peak revenue
- $11.5B (FY2026)
- Years of data
- 10
- Employees
- 16,068
- What is Palo Alto Networks's operating income?
- Palo Alto Networks reported operating income of $695M for fiscal year 2026. sec.gov
- How much profit does Palo Alto Networks make?
- Palo Alto Networks reported net income of $307M for fiscal year 2026. sec.gov
- How many employees does Palo Alto Networks have?
- Palo Alto Networks has about 16,068 employees.
Financial Analysis
Revenue grew from $1.76 billion in fiscal 2017 to $11.48 billion in fiscal 2026 as the company moved from firewall boxes to subscriptions. GAAP profit has been uneven. The company lost money through fiscal 2022, then earned $440 million in fiscal 2023 and $2.58 billion in fiscal 2024 (a figure lifted by a one-time tax benefit). It earned $1.13 billion in fiscal 2025 and $307 million in fiscal 2026, when CyberArk and Chronosphere acquisition costs produced GAAP net losses of $177 million in Q3 and $282 million in Q4. Cash generation is stronger: fiscal 2026 adjusted free cash flow margin was 38.4%, and management targets 40% by fiscal 2028. Palo Alto Networks, Inc. is the absolute largest multinational cybersecurity company in the world, maintaining a massive market valuation generally exceeding $90 billion.
Revenue Trend Analysis
YoY Change
+24.5%
9-Year CAGR
+23.2%
Peak Year
2026
Trend
Consistent Growth
Palo Alto Networks, Inc. has 10 full fiscal year figures on this page, compounding at +23.2% annually over 9 years. The most recent year saw a 24.5% increase versus the prior year. Annual revenue peaked in fiscal year 2026 at $11.5B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
Palo Alto Networks, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2026ended Jul 31, 2026 | $4.6B | $48.5B | $21B | $27.5B | Form 10-K |
| FY2025ended Jul 31, 2025 | $3.7B | $23.6B | $15.8B | $7.8B | Form 10-K |
| FY2024ended Jul 31, 2024 | $3.3B | $20B | $14.8B | $5.2B | Form 10-K |
| FY2023ended Jul 31, 2023 | $2.8B | $14.5B | $12.8B | $1.7B | Form 10-K |
| FY2022ended Jul 31, 2022 | $2B | $12.3B | $12B | $210M | Form 10-K |
| FY2021ended Jul 31, 2021 | $1.5B | $10.2B | $9.5B | $634.5M | Form 10-K |
| FY2020ended Jul 31, 2020 | $1B | $9.1B | — | $1.1B | Form 10-K |
| FY2019ended Jul 31, 2019 | $1.1B | $6.6B | — | $1.6B | Form 10-K |
| FY2018ended Jul 31, 2018 | $1B | $5.9B | — | $1.2B | Form 10-K |
| FY2017ended Jul 31, 2017 | $868.8M | $3.4B | — | $759.6M | Form 10-K |
Keep researching Palo Alto Networks
Palo Alto Networks Revenue and Financial FAQ
What was Palo Alto Networks' revenue in fiscal 2026?
$11.48 billion for the year ended July 31, 2026, up 24.5% from $9.22 billion in fiscal 2025. Q4 revenue was $3.41 billion, up 34%.
Is Palo Alto Networks profitable?
On a GAAP basis, fiscal 2026 net income was $307 million, down from $1.13 billion in fiscal 2025, because acquisition costs caused net losses of $177 million in Q3 and $282 million in Q4. Non-GAAP Q4 net income was $853 million.
What is NGS ARR?
Next-Generation Security ARR is the annualized value of Palo Alto's SASE, cloud, Cortex, AI security and identity subscriptions. It reached $9.10 billion at July 31, 2026, up 63%.
How much free cash flow does Palo Alto Networks generate?
Fiscal 2026 adjusted free cash flow margin was 38.4%. Q4 adjusted free cash flow was $1.3 billion. Management targets a 40% margin in fiscal 2028.
What is Palo Alto Networks' guidance for fiscal 2027?
Revenue of $14.10-$14.20 billion (up 23-24%), NGS ARR of $11.075-$11.175 billion and RPO of $25.2-$25.4 billion.
When was Palo Alto Networks added to the S&P 500?
Palo Alto Networks joined the S&P 500 in June 2023.
What is Palo Alto Networks' free cash flow margin profile?
Palo Alto Networks generates industry-leading free cash flow margins between 36% and 40%, powered by multi-year upfront software contract billings, efficient working capital management, and structural operating leverage across its consolidated platform.
How did Palo Alto Networks achieve sustained GAAP net profitability after years of stock-based compensation burn?
Under CEO Nikesh Arora and CFO Dipak Golechha, the company rationalized headcount, pruned duplicate tools, moderated stock-based compensation growth relative to revenues, and scaled multi-billion-dollar enterprise subscriptions, delivering GAAP profitability and earning inclusion into the S&P 500 in 2023.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Palo Alto Networks Revenue & Financials." CorpDigest, https://corpdigest.com/company/palo-alto/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Palo Alto Networks reported $11.5B in revenue (FY2026).</strong><br>Source: <a href="https://corpdigest.com/company/palo-alto/financials" target="_blank" rel="noopener">CorpDigest — Palo Alto Networks financials</a></div>Related Financial Audits
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