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Palo Alto Networks (PANW) stock

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NASDAQ: PANW Nasdaq Systems Software Next results ~November 19, 2026

C+ Fundamentals grade

Palo Alto Networks is a US-listed company in the systems software industry. Its financial year ends in July.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$130–$230 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 50% below it.

Price used: $350.78, November 3, 2026

Palo Alto Networks valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Palo Alto Networks files

Where Palo Alto Networks stands after its latest 10-K

Revenue for the twelve months to July 2026 was $11.5bn, up 24.5% on a year earlier, faster than 19.5% a quarter earlier. That growth ranks 138 of 931 among all the companies we cover. Free-cash-flow margin fell to 35.8% from 37.6% a year earlier. Operating margin narrowed to 6.1% from 13.5%. The diluted share count is up 7.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $141 a share, against a share price of $341. At that price, our model says the market is pricing in about 37.1% a year of cash-flow growth for five years, faster than the 22.0% a year revenue growth it has delivered.

Source: 10-K filed September 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

Palo Alto Networks's trailing-twelve-month revenue grew 24.5% year on year, with a free-cash-flow margin of 35.8%. Where it stands out: free-cash-flow margin of 35.8% ranks 6 of 34 systems software companies we cover. Where it lags: days sales outstanding of 115 days ranks 25 of 29 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$130–$230 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 18.6% while net income fell 72.9%: a 91pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 24.5% over the last 12 months, against a median of 16.9% for systems software companies we cover.
  • Growth speeding up. The growth rate is 5.0 points higher than a quarter earlier.
  • Strong cash generation. 35.8% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Net cash. Cash exceeds long-term debt by $2.5bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $351.72 is 50% above our value per share of $180.
  • Margins narrowing. Operating margin is down 7.4 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 15.8% of revenue, against a median of 8.5% for systems software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 7.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 1.3 against the S&P 500.
  • Gross margin slipping. Gross margin is down 3.1 points on a year ago.

Latest results: FY2026 Q4

Filed September 10, 2026
Earnings per share
$1.02 against an average estimate of $0.98: beat by 4.3%
Revenue
$3.41bn, up 34.5% on a year earlier
Share reaction
-14.0% in the first session after the results on September 1, 2026, against -0.2% for the S&P 500
Guidance given
next-Generation Security ARR $9.54bn to $9.56bn (fiscal first quarter 2027); remaining performance obligations $20.8bn to $20.9bn (fiscal first quarter 2027)
Next report
November 19, 2026; average EPS estimate $0.97

Palo Alto Networks' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.3%
  • 1 week-12.7%
  • 1 month-13.0%
  • This year+90.9%
  • 1 year+60.0%
  • 5 years+326.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.5B
Operating margin
6.1%
Net margin
2.7%
EPS (TTM, diluted)
$0.40

Growth

Revenue growth
+24.5%
Change in growth rate
+5.0 pts
Share count change
+7.8%

Cash

Free cash flow (TTM)
$4.1B
FCF margin
35.8%
Stock pay % of revenue
15.8%

Earnings

Last results
September 1, 2026
Next results (est.)
November 18, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Announcement
  3. Insider trade
  4. Insider trade
  5. Results
  6. Guidance
  7. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Palo Alto Networks valuation models and calculator

What the price is pricing in

The share price implies about 37.1% a year of cash-flow growth for five years.That is faster than the 22.0% a year revenue growth Palo Alto Networks has delivered.

  • Priced in37.1%
  • Last 12 months24.5%
  • 3 years a year18.5%
  • 5 years a year22.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($350.70, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$180
Price used
$350.70close November 3, 2026
Implied change
▼ 50%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Palo Alto Networks's free cash flow after stock-based pay with after-tax interest added back ($2.6B, FY2026 Q4 TTM), growing 22.7% and 18% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$230 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Palo Alto Networks's free cash flow after stock-based pay ( $2.6B, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Palo Alto Networks as an operating company, with every model that fits that kind of business. Cost of equity 10.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.24 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$130–$230 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$37 ~$26–$75 Left out: out of range vs price (0.11x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$58 ~$41–$85 Left out: out of range vs price (0.17x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$54 ~$48–$63 Left out: out of range vs price (0.15x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$130–$230 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Palo Alto Networks with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −5%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $48$64$86$115$152$200
8.5% $37$49$64$85$112$146
10% $30$40$52$67$88$114

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$21.82$21.96$33.04$37.76$42.65$66.51$83.18$124.98$162.37$173.60$331.83
Market value$11.4bn$11.9bn$18.2bn$21.4bn$24.8bn$38.5bn$49.2bn$85.5bn$115.0bn$123.1bn$253.5bn
+ Net debt (− = net cash)−$159m−$169m−$239m$732m$735m$1.8bn$1.6bn$864m−$1.5bn−$2.3bn−$740m
Enterprise value$11.2bn$11.8bn$17.9bn$22.1bn$25.5bn$40.3bn$50.8bn$86.4bn$113.4bn$120.8bn$252.8bn
Multiples
Price / sales 8.3x6.8x8.0x7.4x7.3x9.0x8.9x12.4x14.3x13.3x22.1x
Price / earnings ———————194.6x44.6x108.5xn/m
Price / free cash flow 19.5x16.9x19.6x23.2x30.2x27.7x27.4x32.5x37.1x35.5x61.6x
EV / EBITDA ———n/mn/m—n/m129.1x117.2x76.2x163.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

65 /100

Moderate moat

How hard Palo Alto Networks's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 18.1% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 71.9%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -2.6%; its worst year was -10.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 36.7% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 38.9% over five years; stock-based pay has been a median 18.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (70 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, after the close. Analysts expect revenue of $3.3bn and EPS of $0.97 (range $0.95 to $1.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.19 +9% $14.2bn +24%
Next $2.21 +40% $16.2bn +15%

Next year's EPS estimate has moved −3.3% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.5% on 90 days ago. In the last 30 days, 37 analysts raised Palo Alto Networks's forecast and 10 cut it.

Consensus EPS forecast Palo Alto Networks, last 90 days
$2.00 $2.50 $3.00 $3.50 $4.00 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.13 Current fiscal year, 60 days ago: $4.11 Current fiscal year, 30 days ago: $4.19 Current fiscal year, 7 days ago: $4.19 Current fiscal year, Now: $4.19 $4.19 Next fiscal year, 90 days ago: $2.29 Next fiscal year, 60 days ago: $2.28 Next fiscal year, 30 days ago: $2.21 Next fiscal year, 7 days ago: $2.21 Next fiscal year, Now: $2.21 $2.21

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.13$2.29
60 days ago $4.11$2.28
30 days ago $4.19$2.21
7 days ago $4.19$2.21
Now $4.19$2.21

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.98 $1.02 +4.3%
Apr 2026 $0.80 $0.85 +6.6%
Jan 2026 $0.94 $1.03 +9.9%
Oct 2025 $0.89 $0.93 +4.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 1, 2026
  • Total revenue fiscal year 2027 $14.1bn to $14.2bn
    “Total revenue in the range of $14.10 billion to $14.20 billion, representing year-over-year growth of 23% to 24%.” source
  • Total revenue fiscal first quarter 2027 $3.3bn to $3.31bn
    “Total revenue in the range of $3.300 billion to $3.310 billion, representing year-over-year growth of 33% to 34%.” source
  • Diluted non-GAAP net income per share fiscal year 2027 $4.16 to $4.19 Non-GAAP
    “Diluted non-GAAP net income per share in the range of $4.16 to $4.19, using 844 million to 847 million shares outstanding.” source
  • Diluted non-GAAP net income per share fiscal first quarter 2027 $0.96 to $0.98 Non-GAAP
    “Diluted non-GAAP net income per share in the range of $0.96 to $0.98, using 837 million to 844 million shares outstanding.” source
  • Non-GAAP operating margin fiscal year 2027 about 29.5% Non-GAAP
    “Non-GAAP operating margin of 29.5%.” source
  • Next-Generation Security ARR fiscal year 2027 $11.075bn to $11.175bn
    “Next-Generation Security ARR of $11.075 billion to $11.175 billion, representing year-over-year growth of 22% to 23%.” source
Show 4 more items
  • Remaining performance obligations fiscal year 2027 $25.2bn to $25.4bn
    “Remaining performance obligations of $25.2 billion to $25.4 billion, representing year-over-year growth of 19% to 20%.” source
  • Adjusted free cash flow margin fiscal year 2027 about 38% Non-GAAP
    “Adjusted free cash flow margin to be 38.0%.” source
  • Next-Generation Security ARR fiscal first quarter 2027 $9.54bn to $9.56bn
    “Next-Generation Security ARR of $9.54 billion to $9.56 billion, representing year-over-year growth of 63%.” source
  • Remaining performance obligations fiscal first quarter 2027 $20.8bn to $20.9bn
    “Remaining performance obligations of $20.8 billion to $20.9 billion, representing year-over-year growth of 34% to 35%.” source

How earlier guidance turned out

  • Total revenue, fiscal year 2026 guided $11.415bn to $11.425bn Above range: $11.48bn
  • Total revenue, fiscal fourth quarter 2026 guided $3.345bn to $3.355bn Above range: $3.41bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Palo Alto Networks's revenue by +22.7% next year and +18.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+23.6%, weight 58%) , management guidance (+23.4%, weight 18%) and the company's own record (+20.0%, weight 24%) . How the weights are set.

Analyst recommendations

55 analysts, Oct 2026
Buy4276%
Hold1120%
Sell24%

Monthly trend

  1. Oct 202610321155
  2. Sep 202610321155
  3. Aug 20261133955
  4. Jul 20261134955

Counts of recommendations published by analysts covering Palo Alto Networks, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
3.73
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
0.8%
of shares
Employees
21,921
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +59.7%

$220.24 on October 31, 2025 to $351.72

ThenNowEffect
Revenue (last 12 months) $9.2bn $11.5bn +24.5%
Net margin 12.3% 2.7% −78.3%
P/E multiple 137.7x n/m +535.7%
Share count 709m 764m −7.2%

Biggest factor: p/e multiple.

Last 3 years +188.9%

$121.77 on November 3, 2023 to $351.72

ThenNowEffect
Revenue (last 12 months) $6.9bn $11.5bn +66.6%
Net margin 6.4% 2.7% −58.1%
P/E multiple 181.8x n/m +381.5%
Share count 657m 764m −14.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PANW+57%−25%+111%+23%+1%+91%
Industry peers (median)+21%−48%+29%+22%−1%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PANW83%42%58%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PANW−20%−35%−20%−31%−27%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 48% from February 27, 2019 to March 18, 2020. Getting back needed a 92% gain, reached on July 31, 2020, 135 days after the low.

Price behaviour

52-week range
$141.67 – $419.91
From 52-week high
−16.2%
vs 50-day average
−5.5%
vs 200-day average
+30.0%
Volatility (1 year)
50%
Beta vs S&P 500
1.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±8.2%
After a week
3 up, 9 down
typical move ±6.8%
After a month
6 up, 6 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
September 1, 2026 −14.0% −0.2% −12.3% +3.7%
June 2, 2026 −6.7% −0.6% −13.3% +15.8%
February 17, 2026 −8.7% +0.7% −15.1% +1.2%
November 19, 2025 −7.9% −1.1% −7.8% −7.0%
August 18, 2025 +2.5% −0.6% +4.2% +14.7%
May 20, 2025 −6.7% −2.0% −3.3% +2.5%
February 13, 2025 +1.7% +1.1% −2.9% −6.0%
November 20, 2024 +2.5% +0.6% −1.0% −3.7%
August 19, 2024 +10.1% +0.8% +3.9% −1.3%
May 20, 2024 −1.9% +0.4% −3.1% −2.1%
February 20, 2024 −28.5% −0.5% −14.1% −23.0%
November 15, 2023 −7.2% +0.3% +0.8% +17.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Palo Alto Networks’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.11× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PANW Palo Alto Networks Grade C+ $351.77

Own 100 shares, sell the $405 call expiring December 4, 2026 (31 days) for $9.15 a share — $915 per contract.

Bid $9.15, ask $12.10, quoted Tue 3 Nov, 14:43 New York time with PANW at $351.77. Option prices move with the shares: check the live chain at your broker before trading.

  • If PANW ends below $405: you keep your shares and the $915 — 2.6% extra on the position, 30.6% a year at that pace.
  • If it ends above $405: your shares are sold at $405, a total return of 17.7% including the premium — at or above our value of ~$180.
$6.2k $0 −$6.9k Break-even $342.62 Price $351.77 ← Our value ~$180
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$915
Annualised
30.6%
Break-even
$342.62
Max gain
$6,238
Chance of selling
~29%

Results are expected around November 18, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $310 put and sell the $420 call, both expiring December 18, 2026 (45 days).

  • Net cost of $5.85 a share ($585 per contract of 100 shares).
  • Worst case at expiry: -13.5%, if the shares fall below $310 (-11.9% from today).
  • Best case at expiry: +17.7%, if the shares rise above $420 (+19.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $180: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Palo Alto Networks in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Palo Alto Networks
$6B $8B $10B $12B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $7.2B Revenue (TTM), FY24 Q2: $7.5B Revenue (TTM), FY24 Q3: $7.8B Revenue (TTM), FY24 Q4: $8B Revenue (TTM), FY25 Q1: $8.3B Revenue (TTM), FY25 Q2: $8.6B Revenue (TTM), FY25 Q3: $8.9B Revenue (TTM), FY25 Q4: $9.2B Revenue (TTM), FY26 Q1: $9.6B Revenue (TTM), FY26 Q2: $9.9B Revenue (TTM), FY26 Q3: $10.6B Revenue (TTM), FY26 Q4: $11.5B $11.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $7.2B
FY24 Q2 $7.5B
FY24 Q3 $7.8B
FY24 Q4 $8B
FY25 Q1 $8.3B
FY25 Q2 $8.6B
FY25 Q3 $8.9B
FY25 Q4 $9.2B
FY26 Q1 $9.6B
FY26 Q2 $9.9B
FY26 Q3 $10.6B
FY26 Q4 $11.5B
Revenue growth, TTM YoY Palo Alto Networks
10% 15% 20% 25% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 23.9% Revenue growth, TTM YoY, FY24 Q2: 22.3% Revenue growth, TTM YoY, FY24 Q3: 20.1% Revenue growth, TTM YoY, FY24 Q4: 16.5% Revenue growth, TTM YoY, FY25 Q1: 15.0% Revenue growth, TTM YoY, FY25 Q2: 13.8% Revenue growth, TTM YoY, FY25 Q3: 13.9% Revenue growth, TTM YoY, FY25 Q4: 14.9% Revenue growth, TTM YoY, FY26 Q1: 15.3% Revenue growth, TTM YoY, FY26 Q2: 15.4% Revenue growth, TTM YoY, FY26 Q3: 19.5% Revenue growth, TTM YoY, FY26 Q4: 24.5% 24.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 23.9%
FY24 Q2 22.3%
FY24 Q3 20.1%
FY24 Q4 16.5%
FY25 Q1 15.0%
FY25 Q2 13.8%
FY25 Q3 13.9%
FY25 Q4 14.9%
FY26 Q1 15.3%
FY26 Q2 15.4%
FY26 Q3 19.5%
FY26 Q4 24.5%
Operating margin (TTM) Palo Alto Networks
5% 10% 15% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: 8.1% Operating margin (TTM), FY24 Q2: 8.0% Operating margin (TTM), FY24 Q3: 9.0% Operating margin (TTM), FY24 Q4: 8.5% Operating margin (TTM), FY25 Q1: 9.1% Operating margin (TTM), FY25 Q2: 11.0% Operating margin (TTM), FY25 Q3: 11.1% Operating margin (TTM), FY25 Q4: 13.5% Operating margin (TTM), FY26 Q1: 13.2% Operating margin (TTM), FY26 Q2: 14.4% Operating margin (TTM), FY26 Q3: 9.6% Operating margin (TTM), FY26 Q4: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 8.1%
FY24 Q2 8.0%
FY24 Q3 9.0%
FY24 Q4 8.5%
FY25 Q1 9.1%
FY25 Q2 11.0%
FY25 Q3 11.1%
FY25 Q4 13.5%
FY26 Q1 13.2%
FY26 Q2 14.4%
FY26 Q3 9.6%
FY26 Q4 6.1%
FCF margin (TTM) Palo Alto Networks
32% 34% 36% 38% 40% 42% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 40.6% FCF margin (TTM), FY24 Q2: 38.8% FCF margin (TTM), FY24 Q3: 38.7% FCF margin (TTM), FY24 Q4: 38.6% FCF margin (TTM), FY25 Q1: 37.1% FCF margin (TTM), FY25 Q2: 34.2% FCF margin (TTM), FY25 Q3: 33.8% FCF margin (TTM), FY25 Q4: 37.6% FCF margin (TTM), FY26 Q1: 38.6% FCF margin (TTM), FY26 Q2: 36.0% FCF margin (TTM), FY26 Q3: 35.8% FCF margin (TTM), FY26 Q4: 35.8% 35.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 40.6%
FY24 Q2 38.8%
FY24 Q3 38.7%
FY24 Q4 38.6%
FY25 Q1 37.1%
FY25 Q2 34.2%
FY25 Q3 33.8%
FY25 Q4 37.6%
FY26 Q1 38.6%
FY26 Q2 36.0%
FY26 Q3 35.8%
FY26 Q4 35.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Palo Alto Networks took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $11.5B
  2. Cost of revenue $3.4B · 29.6%
  3. Gross profit $8.1B · 70.4%
  4. Research and development $2.6B · 22.2%
  5. Selling, general and admin $4.8B · 42.1%
  6. Operating income $695M · 6.1%
  7. Income tax $229M · 2.0%
  8. Interest and other $159M · 1.4%
  9. Net income $307M · 2.7%

Shares of revenue. Source: Palo Alto Networks's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Jul 2011 2012 Jul 2012 2013 Jul 2013 2014 Jul 2014 2015 Jul 2015 2016 Jul 2016 2017 Jul 2017 2018 Jul 2018 2019 Jul 2019 2020 Jul 2020 2021 Jul 2021 2022 Jul 2022 2023 Jul 2023 2024 Jul 2024 2025 Jul 2025 2026 Jul 2026
Income
Revenue 0.1 0.3 0.4 0.6 0.9 1.4 1.8 2.3 2.9 3.4 4.3 5.5 6.9 8.0 9.2 11.5
Gross profit 0.1 0.2 0.3 0.4 0.7 1.0 1.3 1.6 2.1 2.4 3.0 3.8 5.0 6.0 6.8 8.1
EBITDA −0.0 0.0 −0.0 −0.2 −0.1 −0.1 −0.1 −0.0 0.1 0.0 −0.0 0.1 0.7 1.0 1.6 1.6
Operating income −0.0 0.0 −0.0 −0.2 −0.1 −0.2 −0.2 −0.1 −0.1 −0.2 −0.3 −0.2 0.4 0.7 1.2 0.7
Net income −0.0 0.0 −0.0 −0.2 −0.1 −0.2 −0.2 −0.1 −0.1 −0.3 −0.5 −0.3 0.4 2.6 1.1 0.3
Diluted EPS −$0.15 $0.00 −$0.07 −$0.51 −$0.27 −$0.37 −$0.37 −$0.22 −$0.14 −$0.46 −$0.86 −$0.45 $0.64 $3.64 $1.60 $0.40
Growth (year on year)
Revenue — +115.1% +55.3% +51.0% +55.1% +48.5% +27.8% +29.0% +27.6% +17.5% +24.9% +29.3% +25.3% +16.5% +14.9% +24.5%
EBITDA — — −187.1% — — — — — — −72.8% — — — +44.6% +63.8% −2.3%
Operating income — — — — — — — — — — — — — +76.6% +81.7% −44.1%
Net income — — — — — — — — — — — — — +486.3% −56.0% −72.9%
Diluted EPS — — — — — — — — — — — — — +468.8% −56.0% −75.0%
Margins
Gross margin 72.8% 72.3% 72.3% 73.3% 72.9% 73.2% 72.6% 71.6% 72.1% 70.7% 70.0% 68.8% 72.3% 74.3% 73.4% 70.4%
EBITDA margin −6.9% 3.9% −2.2% −32.7% −7.6% −8.3% −6.0% −0.3% 3.4% 0.8% −1.0% 1.7% 9.7% 12.1% 17.2% 13.5%
Operating margin −8.8% 1.5% −4.7% −36.0% −10.8% −11.4% −9.4% −4.6% −1.9% −5.3% −7.1% −3.4% 5.6% 8.5% 13.5% 6.1%
Net margin −10.6% 0.3% −7.4% −37.9% −14.1% −14.0% −11.5% −5.4% −2.8% −7.8% −11.7% −4.9% 6.4% 32.1% 12.3% 2.7%
Free-cash-flow margin 16.1% 24.6% 23.2% 8.7% 34.4% 42.5% 40.0% 40.7% 31.9% 24.1% 32.6% 32.6% 38.2% 38.6% 37.6% 35.8%
Cash flow
Cash from operations 0.0 0.1 0.1 0.1 0.4 0.7 0.9 1.0 1.1 1.0 1.5 2.0 2.8 3.3 3.7 4.6
Capital spending 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.1 0.1 0.2 0.1 0.2 0.1 0.2 0.2 0.4
Free cash flow 0.0 0.1 0.1 0.1 0.3 0.6 0.7 0.9 0.9 0.8 1.4 1.8 2.6 3.1 3.5 4.1
Stock-based pay 0.0 0.0 0.0 0.1 0.2 0.4 0.5 0.5 0.6 0.7 0.9 1.0 1.1 1.1 1.3 1.8
Free cash flow after stock pay 0.0 0.0 0.0 −0.0 0.1 0.2 0.2 0.4 0.4 0.2 0.5 0.8 1.6 2.0 2.2 2.3
Balance sheet
Cash 0.0 0.3 0.3 0.7 0.4 0.7 0.7 2.5 1.0 3.0 1.9 2.1 1.1 1.5 2.3 2.5
Total debt 0.0 0.0 0.0 0.6 0.6 0.6 0.6 2.3 1.7 3.7 3.7 3.7 2.0 — 0.0 1.8
Net debt (negative = net cash) −0.0 −0.3 −0.3 −0.1 0.2 −0.2 −0.2 −0.2 0.7 0.7 1.8 1.6 0.9 −1.5 −2.3 −0.7
Diluted shares 85m 117m 412m 446m 490m 523m 544m 550m 567m 581m 578m 591m 685m 708m 709m 764m
Returned to shareholders
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.3 0.3 1.2 1.2 0.9 0.3 0.6 0.0 1.0
Total returned 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.3 0.3 1.2 1.2 0.9 0.3 0.6 0.0 1.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 2 checks passed · July 31, 2026
What it owns · $48.5bn
Short-term assets $8.6bnLonger-term assets $39.8bn
What it owes, and who funded it · $48.5bn
Short-term liabilities $9.9bnLonger-term liabilities $11.0bnShareholders' equity $27.5bn
  • Short-term assets cover short-term liabilities $8.6bn of assets due within a year against $9.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.6bn short-term assets against $11.0bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Palo Alto Networks's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$1.6B
Diluted share count
+7.8%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
22.2%
of revenue
Days sales outstanding
115 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated PANW NOW FTNT GEN DOX PAGS Median
Revenue, last 12 months $11.5bn $15.4bn $7.9bn $5.2bn $4.5bn $3.7bn $1.1bn
Revenue growth, last 12 months 24.5% 21.8% 20.2% 16.9% −9.4% 4.3% 16.9%
Revenue growth, 3-year average 18.5% 22.1% 15.1% 11.7% −0.3% — 16.1%
Revenue growth, latest quarter 34.5% 20.5% 20.5% 12.2% −9.0% — 19.6%
Gross margin 70.4% 73.1% 79.7% 77.4% 38.0% 49.0% 69.6%
Operating margin 6.1% 9.7% 33.0% 41.8% 16.1% — 3.7%
Operating margin, 3-year average 9.4% 11.9% 30.8% 39.8% 14.0% — 4.0%
Net margin 2.7% 9.4% 29.0% 23.1% 12.5% 10.4% 2.4%
Cash from operations / revenue 39.7% 34.6% 46.8% 34.0% 16.5% 37.1% 16.6%
Free-cash-flow margin 35.8% 30.8% 43.5% 33.7% 14.2% 32.0% 15.0%
Free-cash-flow margin, 3-year average 37.4% 31.2% 34.5% 39.3% 16.3% 16.3% 18.8%
Stock pay / revenue 15.8% 15.1% 3.9% 4.3% 2.3% 0.5% 8.2%
Change in share count 7.8% 0.9% −3.7% −2.4% −3.8% −6.8% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 24.5% 16.9% 12 of 37
Change in growth rate Growth +5.0pp -0.3pp 12 of 37
Gross margin Profitability 70.4% 70.4% 16 of 32
Operating margin Profitability 6.1% 3.8% 16 of 34
Net margin Profitability 2.7% 2.4% 18 of 37
Free-cash-flow margin Cash generation 35.8% 17.3% 6 of 34
Stock pay as % of revenue Cash generation 15.8% 8.5% 24 of 36
Change in share count Balance sheet 7.8% 3.1% 25 of 34
Days sales outstanding Balance sheet 115 days 72 days 25 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to July 31, 2026
Products and services
Line of business Revenue Share YoY
Services $9.2B 80.1% ▲ 24.0%
Subscription $6.2B 67.8% ▲ 25.4%
Support $3B 32.2% ▲ 21.1%
Products $2.3B 19.9% ▲ 26.5%
Geography
Region Revenue Share YoY
Americas $7.7B 66.9% ▲ 23.8%
United States $7.1B 92.6% ▲ 22.8%
Other Americas $571M 7.4% ▲ 36.3%
EMEA $2.4B 21.1% ▲ 26.7%
Asia Pacific $1.4B 12.0% ▲ 24.9%

From Palo Alto Networks's 10-K filed September 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$227B
Institutions reporting
2,894
Shares held vs prior quarter
▲ 3.6%
Positions opened / closed
551 / 122

Top buyers and sellers, Q2 2026: 1,492 institutions bought and 1,247 sold ; the biggest buyer was FMR LLC (+11.9M shares) and the biggest seller Morgan Stanley (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $25.8B 75.8M 11.4% ▲ 4.6%
Vanguard Capital Management LLC $18.1B 53.1M 8.0% ▲ 0.7%
State Street Corp $12.6B 37.0M 5.5% ▲ 4.2%
Morgan Stanley $10B 29.5M 4.4% ▼ 8.9%
Invesco Ltd. $8.7B 25.6M 3.8% ▲ 7.2%
Bank Of America Corp $7.7B 22.7M 3.4% ▲ 0.9%
Jpmorgan Chase & Co $7.2B 21.7M 3.2% ▲ 61.2%
FMR LLC $6.8B 20.1M 3.0% ▲ 147.4%
Geode Capital Management, LLC $6.7B 19.6M 2.9% ▲ 1.5%
Vanguard Portfolio Management LLC $6.6B 19.3M 2.9% ▼ 1.3%
Norges Bank $3.3B 9.8M 1.5% —
Nuveen, LLC $3.1B 9.0M 1.4% ▲ 12.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Palo Alto Networks's complete shareholder register. Values are as reported by the filers ; 16 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $10M 2 trades by 1 insider, last 12 months Insider sales History → $133M 101 trades by 8 insiders · 80% under pre-set plans
Net ▼ $123M net selling
Insider Date Trade Shares Price Value
Bawa Aparna Director October 9, 2026 Sell 80 $417.13 $33,370
Bawa Aparna Director October 9, 2026 Sell 170 $410.00 $69,700
Paul Josh D. Chief Accounting Officer October 1, 2026 Sell pre-set plan 400 $395.70 $158,280
Bawa Aparna Director September 24, 2026 Sell 260 $392.69 $102,098
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 100 $396.21 $39,621
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 900 $394.98 $355,479
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 2,200 $393.58 $865,880
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 6,400 $392.71 $2.5M
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 5,301 $391.71 $2.1M
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 9,539 $390.65 $3.7M
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 2,160 $389.85 $842,074
Golechha Dipak EVP, Chief Financial Officer September 24, 2026 Sell pre-set plan 900 $388.69 $349,819

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 63 trades and filings

In the last 12 months, 6 members of Congress disclosed 8 purchases and 4 sales of Palo Alto Networks shares.

  • John J. McGuire III(R-VA 5):Sale (partial), $1,001 - $15,000, traded July 31, 2026, filed August 10, 2026
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded July 16, 2026, filed August 10, 2026
  • Dan Newhouse(R-WA 4):Sale (partial), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 18, 2026 estimated from the company's past filing pattern, not announced

  • September 1, 2026
  • June 2, 2026
  • February 17, 2026
  • November 19, 2025
  • August 18, 2025
  • May 20, 2025

Recent SEC filings

Data status

When each part of this page on Palo Alto Networks was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Palo Alto Networks in brief

What does Palo Alto Networks do?
Palo Alto Networks is a US-listed company in the systems software industry. Its financial year ends in July.
What is Palo Alto Networks's stock ticker?
Palo Alto Networks trades under the ticker PANW on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Palo Alto Networks's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Palo Alto Networks reported revenue of $11.5B, 24.5% higher than a year earlier, according to its SEC filings.
What is Palo Alto Networks's free cash flow?
Palo Alto Networks's free-cash-flow margin is 35.8% of revenue over the trailing twelve months, ranking 6 of the 34 systems software companies we cover.
What is Palo Alto Networks's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Palo Alto Networks's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$130–$230 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Palo Alto Networks's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Palo Alto Networks buying back stock, and does it pay a dividend?
Palo Alto Networks spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 7.8% over the year.
What is Palo Alto Networks's market cap?
On July 31, 2026, Palo Alto Networks's market capitalisation was about $254B, with a price-to-earnings ratio of 825.8 and net debt of -$740M. Market figures come from third-party market data and may be delayed.
Who are Palo Alto Networks's competitors?
In our Systems Software peer group, the companies closest to Palo Alto Networks are ServiceNow, Fortinet, Gen Digital Inc., Amdocs LTD and Pagseguro Digital Ltd. The side-by-side comparison below sets their revenue, margins and growth against Palo Alto Networks's.
Are insiders buying or selling Palo Alto Networks stock?
Over the last 12 months, Palo Alto Networks's directors and officers reported 2 open-market purchases and 101 sales on Form 4. The insider trading page charts every trade.
When is Palo Alto Networks's next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Palo Alto Networks announces its own schedule.