Palo Alto Networks vs Wiz: Revenue, Profit and Business Model
Palo Alto Networks reported $11.5B of revenue in FY2026 and $307M of net income. Wiz reported $1B of revenue in FY2026 and — of net income.
Latest financial snapshot
Palo Alto Networks
- Latest revenue
- $11.5B (FY2026)
- Net income
- $307M
- Net margin
- 2.7%
- Revenue growth
- +23.2% a year, FY2017–FY2026
Wiz
- Latest revenue
- $1B (FY2026)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +41.9% a year, FY2023–FY2026
Financial summary
Palo Alto Networks
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.
Wiz
As a private company Wiz never published audited financial statements, so its scale is known mainly from ARR figures it or people close to it disclosed. Wiz said it reached $100 million in ARR in about 18 months, announcing the milestone in August 2022. It reported about $350 million in ARR by early 2024, and co-founder Roy Reznik said in October 2024 that ARR had reached $500 million. TechCrunch reported, citing a person familiar with the matter, that Wiz crossed $1 billion in ARR in 2025. Wiz raised about $1.9 billion in venture funding, ending with a $1 billion round at a $12 billion valuation in May 2024, before Alphabet bought it for $32 billion in cash.
Revenue and profit by year
Palo Alto Networks
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $11.5B | $307M | 2.7% | +24.5% | Source |
| FY2025 | $9.2B | $1.1B | 12.3% | +14.9% | Source |
| FY2024 | $8B | $2.6B | 32.1% | +16.5% | Source |
| FY2023 | $6.9B | $439.7M | 6.4% | +25.3% | Source |
| FY2022 | $5.5B | -$267M | -4.9% | +29.3% | Source |
| FY2021 | $4.3B | -$498.9M | -11.7% | +24.9% | Source |
| FY2020 | $3.4B | -$267M | -7.8% | +17.5% | Source |
| FY2019 | $2.9B | -$81.9M | -2.8% | +27.6% | Source |
| FY2018 | $2.3B | -$122.2M | -5.4% | +29.0% | Source |
| FY2017 | $1.8B | -$203M | -11.5% | — | Source |
Wiz
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $1B | — | 0.0% | +0.0% | |
| FY2025 | $1B | — | 0.0% | +100.0% | Source |
| FY2024 | $500M | — | 0.0% | +42.9% | Source |
| FY2023 | $350M | — | 0.0% | — | Source |
Where the revenue comes from
Palo Alto Networks
- Subscriptions and SupportLargest
Recurring security subscriptions, support, SASE, cloud security, and Cortex products.
- Product RevenueMaterial
Physical and virtual firewall products and related hardware/software sales.
- ServicesEmbedded
Incident response, advisory, and other security services.
Wiz
- Platform subscriptions
Not disclosed
Annual subscriptions to the Wiz platform and add-on modules, priced on the cloud resources protected and sold directly or through cloud marketplaces.
Business model and strategy
Palo Alto Networks
How it makes money
Palo Alto Networks makes most of its money from recurring subscriptions and support, with the rest from firewall products. Customers buy hardware and virtual next-generation firewalls and then pay yearly for threat prevention, URL filtering, DNS security and SD-WAN services.
Growth strategy
Since early 2024, Palo Alto has pursued 'platformization'. It offers customers free or discounted periods so they can move off rival tools before their contracts expire, in exchange for long-term commitments to its platforms.
Competitive advantage
Palo Alto's edge is breadth combined with a large installed firewall base. Few vendors can sell network security, SASE, cloud security, SOC automation and identity security under one contract, and the PAN-OS policies that enterprises have built up over years make firewall replacement slow and risky. Telemetry from that base feeds Unit 42 threat research and the AI models in Cortex.
Wiz
How it makes money
Wiz sells its platform as annual software subscriptions to enterprises and public-sector organizations. Pricing is tied to the size of the cloud estate being protected, such as the number of workloads, and customers can add modules for code scanning (Wiz Code), cloud detection and response (Wiz Defend), and runtime protection.
Growth strategy
Wiz has grown by expanding from cloud posture management into adjacent products: code and pipeline scanning, runtime sensors, cloud detection and response, and AI security posture management. It bought companies to speed this up, including Raftt (2023), Gem Security (2024), and Dazz (2024).
Competitive advantage
Wiz's advantages are fast deployment through read-only cloud API connections instead of agents, a security graph that ranks risks by how they combine into a real attack path, broad coverage across AWS, Azure, Google Cloud, and Oracle Cloud, and a research team known for publicly disclosing cloud vulnerabilities such as ChaosDB in Azure Cosmos DB.
Questions about Palo Alto Networks vs Wiz
Which company has higher revenue — Palo Alto Networks, Inc. or Wiz, Inc.?
Palo Alto Networks, Inc. reported $11.5B (FY2026), while Wiz, Inc. reported $1.0B (FY2026). By last reported revenue, Palo Alto Networks, Inc. is the larger business, with Wiz, Inc. reporting a smaller revenue base.
What is the market cap of Palo Alto Networks, Inc. vs Wiz, Inc.?
Palo Alto Networks, Inc. has a market capitalisation of $306.5B. A public market cap figure for Wiz, Inc. was not available (it may be privately held).
Which is more financially efficient — Palo Alto Networks, Inc. or Wiz, Inc.?
Palo Alto Networks, Inc. generates $714k / employee in revenue per employee, while Wiz, Inc. generates $556k / employee. Palo Alto Networks, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Palo Alto Networks, Inc. and Wiz, Inc. make money?
Palo Alto Networks, Inc. and Wiz, Inc. generate revenue in fundamentally different ways. Palo Alto Networks, Inc.: Palo Alto Networks makes most of its money from recurring subscriptions and support, with the rest from firewall products. Wiz, Inc.: Wiz sells its platform as annual software subscriptions to enterprises and public-sector organizations.
Is Palo Alto Networks, Inc. bigger than Wiz, Inc.?
By last reported revenue, Palo Alto Networks, Inc. ($11.5B (FY2026)) is the larger company compared to Wiz, Inc. ($1.0B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Palo Alto Networks vs Wiz overview