Palo Alto Networks, Inc. cash flow statement PANW

Annual Quarterly

In fiscal 2026, which ended Jul 31, 2026, Palo Alto Networks, Inc. generated $4.6 billion of cash from operations, up 22.5% from the year before. It spent $440.0 million on capital expenditures. That left free cash flow of $4.1 billion. The company returned $1.0 billion in share buybacks to shareholders.

USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.

Line	FY 2026 Jul 31, 2026	FY 2025 Jul 31, 2025	FY 2024 Jul 31, 2024	FY 2023 Jul 31, 2023	FY 2022 Jul 31, 2022	FY 2021 Jul 31, 2021	FY 2020 Jul 31, 2020	FY 2019 Jul 31, 2019	FY 2018 Jul 31, 2018	FY 2017 Jul 31, 2017
Operating
Depreciation and amortization	855 +149.3%	343 +20.8%	284 +0.6%	282 -0.1%	283 +8.5%	260 +26.3%	206 +34.0%	154 +59.5%	96 +61.2%	60 +39.7%
Stock-based compensation	1,774 +37.0%	1,295 +20.4%	1,076 +0.1%	1,074 +6.3%	1,011 +13.0%	894 +35.9%	658 +16.0%	568 +14.3%	497 +4.7%	474 +20.8%
Operating cash flow	4,553 +22.5%	3,716 +14.1%	3,258 +17.3%	2,778 +39.9%	1,985 +32.0%	1,503 +45.1%	1,036 -1.9%	1,056 +1.7%	1,038 +19.5%	869 +31.9%
Investing
Capital expenditures	440 +78.1%	247 +57.3%	157 +7.3%	146 -24.1%	193 +66.2%	116 -45.9%	214 +63.4%	131 +17.1%	112 -31.5%	163 +125.4%
Investing cash flow	-3,104 -40.8%	-2,205 -46.0%	-1,510 +25.8%	-2,034 -117.9%	-933 +37.0%	-1,481 -614.1%	288 +115.8%	-1,826 -251.1%	-520 -10.0%	-473 -39.5%
Financing
Stock buybacks	1,000	0 -100.0%	567 +107.9%	273 -69.4%	892 -24.3%	1,178 -1.7%	1,198 +263.1%	330 +27.4%	259 -37.0%	411
Financing cash flow	-1,202 -54.3%	-779 +42.0%	-1,343 +22.2%	-1,726 -114.0%	-807 +26.9%	-1,104 -264.0%	673 +187.0%	-774 -162.1%	1,246 +422.7%	-386 -1092.3%
Change in cash
Effect of exchange rate	-3	—	—	—	—	—	—	—	—	—
Net change in cash	244 -66.7%	732 +80.7%	405 +141.2%	-983 -501.6%	245 +122.6%	-1,082 -154.2%	1,997 +229.3%	-1,544	—	—
Free cash flow	4,113 +18.6%	3,469 +11.9%	3,101 +17.9%	2,631 +46.8%	1,792 +29.2%	1,387 +68.9%	821 -11.2%	924 -0.2%	926 +31.3%	705 +20.4%
Per share
Free cash flow per share	5.38 +10.0%	4.89 +11.7%	4.38 +13.9%	3.84 -36.6%	6.06 +26.4%	4.80	—	—	—	—
Shareholder returns
Returned to shareholders	1,000	0	567	273	892	1,178	1,198	330	259	411
Share of free cash flow	24.31%	0.00%	18.28%	10.36%	49.80%	84.94%	145.88%	35.70%	27.98%	58.26%
Ratios
Free cash flow margin	35.83%	37.62%	38.63%	38.17%	32.57%	32.59%	24.10%	31.88%	40.74%	40.04%
Capital expenditures to revenue	3.83%	2.68%	1.96%	2.12%	3.50%	2.73%	6.29%	4.52%	4.93%	9.28%
Stock-based compensation to revenue	15.45%	14.04%	13.40%	15.59%	18.38%	21.02%	19.32%	19.58%	21.85%	26.94%
Cash conversion	14.83x	3.28x	1.26x	6.32x	—	—	—	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.

Company profile

Industry: Computer Peripheral Equipment, NEC (SIC 3577)
Listed as: PANW (Nasdaq)
Fiscal year ends: July 31
Incorporated in: DE
Headquarters: Santa Clara, CA
SEC filer status: Large accelerated filer
SEC CIK: 1327567
Former names: Palo Alto Networks Inc (until Nov 4, 2026)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.