Companies / Palo Alto Networks COMPANY FILINGS
Palo Alto Networks PANW What does Palo Alto Networks do? Palo Alto Networks provides cybersecurity platforms and services for enterprise networks, cloud environments, endpoints, identities and AI applications. Its products combine security controls with monitoring, visibility and automation. The company seeks to consolidate separate security products into integrated platforms so customers can manage more of their security needs together. Its offerings cover network and AI security, cloud security and security operations.
View detail Hide detail Company overview · FY2026 Year ended 2026-07-31 · Read the full 10-K on SEC EDGAR (opens in a new tab)
Selected passages from the company’s business description, with headings added for readability. See the original filing for the full context.
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Business description: FY2026 CIK 0001327567 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 10
Report coverage 2017–2026
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2026 FY2025 FY2024 FY2023 FY2022 Fiscal 2026 revenue rose to $11,480 million from $9,221 million in fiscal 2025. The company attributes growth to increased adoption of its offerings and contributions from acquisitions completed during the year.
Source: 2026 The filing warns that integrating recent acquisitions could disrupt existing operations and that anticipated sales or growth benefits may not materialize as expected.
Source: 2026 View full 10-K summary 2026 Hide full 10-K summary 2026 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Revenue increased Fiscal 2026 revenue rose to $11,480 million from $9,221 million in fiscal 2025. The company attributes growth to increased adoption of its offerings and contributions from acquisitions completed during the year.
Source: 2026 Negative signals Integration may disrupt operations The filing warns that integrating recent acquisitions could disrupt existing operations and that anticipated sales or growth benefits may not materialize as expected.
Source: 2026 Fair-value losses recorded Fiscal 2026 results included approximately $562 million of net losses from fair-value changes in convertible senior notes and capped calls following the CyberArk acquisition.
Source: 2026 Business context Two acquisitions closed In fiscal 2026, Palo Alto Networks acquired Chronosphere on January 29 to form its observability platform and CyberArk on February 11 to form its next-generation identity security platform.
Source: 2026 Profit fell; operating cash flow rose Fiscal 2026 consolidated net income fell to $307 million from $1,134 million in fiscal 2025. Net cash provided by operating activities increased to $4,553 million from $3,716 million.
Source: 2026 Business in fiscal 2026 Palo Alto Networks provides cybersecurity platforms for enterprise networks, clouds, endpoints, AI applications and identities, with a strategy of consolidating separate security products.
Source: 2026
5-year changes FY2022–FY2026 AI comparison of the five fiscal years ending in this report year. Later filings are excluded.
Platform descriptions broadened The fiscal 2022 business description covered enterprise users, networks, clouds and endpoints. By fiscal 2024, Palo Alto Networks explicitly described combining products into integrated platforms; the fiscal 2026 description also named AI applications and identities. Changes in these descriptions do not establish when individual capabilities first became available.
Source: 2022 , 2024 , 2026 Subscription/support share dipped Subscription and support increased from 75.2% of revenue in fiscal 2022 to 77.1% in 2023, 80.0% in 2024 and 80.5% in 2025, before edging down to 80.1% in 2026. These offerings remained the majority of revenue throughout the period.
Source: 2022 , 2023 , 2024 , 2025 , 2026 Accounting affects profit comparison Net income was $2,577.6 million in fiscal 2024, $1,133.9 million in 2025 and $307 million in 2026. The 2024 result included a $1.7 billion net tax benefit from releasing deferred-tax valuation allowances. The 2026 result included approximately $562 million of net losses from fair-value changes in convertible senior notes and capped calls after the CyberArk acquisition. These accounting items matter to the comparison but do not fully explain the earnings changes.
Source: 2024 , 2025 , 2026 Request a correction Fiscal 2025 subscription and support revenue rose 15.5% to $7.4 billion, accounting for 80.5% of total revenue. The company attributed the increase to higher customer demand for these offerings.
Source: 2025 The filing identifies dependence on channel partners as a sales risk. Three distributors represented 44.2% of fiscal 2025 revenue, and partner underperformance could limit sales and distribution.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Weak partners may limit sales The filing identifies dependence on channel partners as a sales risk. Three distributors represented 44.2% of fiscal 2025 revenue, and partner underperformance could limit sales and distribution.
Source: 2025 Net income fell Net income fell to $1,133.9 million in fiscal 2025 from $2,577.6 million in fiscal 2024. The comparison includes a prior-year income tax benefit primarily from releasing deferred-tax asset valuation allowances.
Source: 2025 Business context Cash generated; debt repaid Palo Alto Networks generated $3.7 billion of operating cash flow in fiscal 2025 and repaid $965.6 million of convertible-note principal in cash.
Source: 2025 Acquisition deal pending In July 2025, Palo Alto Networks signed an agreement to acquire an identity security company. At filing, management expected the pending acquisition to close in the second half of fiscal 2026, subject to closing conditions.
Source: 2025 Business in fiscal 2025 Palo Alto Networks provides cybersecurity platforms and services for enterprise users, networks, clouds and endpoints by combining security offerings into an integrated architecture.
Source: 2025 Request a correction Fiscal 2024 subscription and support revenue grew 20.9% year over year to $6.4 billion, representing 80.0% of total revenue. The company attributed the increase to stronger customer demand for these offerings.
Source: 2024 The filing identifies reliance on channel partners as a risk to sales and operating results. Four distributors accounted for 59.0% of fiscal 2024 revenue.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Business context Tax benefit lifted profit Fiscal 2024 net income was $2,577.6 million. This included a $1.7 billion net tax benefit related to releasing valuation allowances against deferred tax assets.
Source: 2024 Cash generated; shares repurchased Operating cash flow was $3,257.6 million in fiscal 2024. The company repurchased shares for an aggregate $566.7 million, including transaction costs.
Source: 2024 Lawsuits raised expenses The company attributed the fiscal 2024 increase in general and administrative expenses primarily to $204.4 million of litigation-related charges.
Source: 2024 Business in fiscal 2024 Palo Alto Networks provides cybersecurity platforms and services for enterprise users, networks, clouds and endpoints, with a strategy of combining separate security products into an integrated architecture.
Source: 2024 Request a correction Fiscal 2023 revenue reached $6.9 billion, up 25.3% from $5.5 billion in fiscal 2022. The company attributed this growth to increased adoption of its products, subscriptions and support.
Source: 2023 The filing identifies dependence on channel partners as a sales risk. Three distributors accounted for 49.7% of fiscal 2023 revenue, and partner underperformance could limit sales and distribution.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Revenue grew 25.3% Fiscal 2023 revenue reached $6.9 billion, up 25.3% from $5.5 billion in fiscal 2022. The company attributed this growth to increased adoption of its products, subscriptions and support.
Source: 2023 GAAP profit emerged Palo Alto Networks reported GAAP net income of $439.7 million in fiscal 2023, compared with a $267.0 million net loss in fiscal 2022. Fiscal 2023 operating cash flow was $2.8 billion.
Source: 2023 Business context Cider Security acquired Palo Alto Networks completed its acquisition of Cider Security on December 20, 2022. The company expected the acquisition to support Prisma Cloud’s approach to securing applications throughout their lifecycle, from code to cloud.
Source: 2023 Note principal repaid During fiscal 2023, Palo Alto Networks repaid $1.7 billion of principal on its 2023 convertible notes in cash.
Source: 2023 Subscriptions and support led revenue Subscription and support offerings generated 77.1% of fiscal 2023 revenue.
Source: 2023 Business in fiscal 2023 Palo Alto Networks provides cybersecurity platforms and services that protect enterprise users, networks, clouds and endpoints.
Source: 2023 Request a correction Fiscal 2022 revenue reached $5.5 billion, up 29.3% from fiscal 2021. The company attributed growth to increased adoption of its products, subscriptions, and support offerings.
Source: 2022 The filing identifies dependence on limited component suppliers, including sole-source providers, as a risk. Insufficient component availability could delay or halt product sales.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Revenue grew 29.3% Fiscal 2022 revenue reached $5.5 billion, up 29.3% from fiscal 2021. The company attributed growth to increased adoption of its products, subscriptions, and support offerings.
Source: 2022 Business context Net loss; operating cash inflow In fiscal 2022, the company generated $2.0 billion in operating cash flow while reporting a GAAP net loss of $267.0 million.
Source: 2022 Shares repurchased During fiscal 2022, the company repurchased 1.8 million shares under its share repurchase program for an aggregate purchase price of $915.0 million, including transaction costs.
Source: 2022 Accounting cut interest costs In fiscal 2022, new convertible-debt accounting ended debt-discount amortization through interest expense. Management attributed the decline in interest expense primarily to this change; prior-period financial results were not adjusted.
Source: 2022 Subscriptions and support led revenue Subscription and support revenue accounted for 75.2% of total revenue in fiscal 2022.
Source: 2022 Business in fiscal 2022 Palo Alto Networks provides cybersecurity platforms and services that help protect enterprise users, networks, clouds and endpoints.
Source: 2022 Request a correction FINANCIAL STATEMENTS
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Source: 10-K · 2026-07-31 · SEC EDGAR ↗
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