Palo Alto Networks, Inc. cash flow statement PANW

Annual Quarterly

In Q4 of fiscal 2026, the quarter ended Jul 31, 2026, Palo Alto Networks, Inc. generated $1.4 billion of cash from operations, up 32.9% from the same quarter a year earlier. It spent $103.0 million on capital expenditures. That left free cash flow of $1.3 billion.

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

Q4 FY2026
Jul 31, 2026
Q3 FY2026
Apr 30, 2026
Q2 FY2026
Jan 31, 2026
Q1 FY2026
Oct 31, 2025
Q4 FY2025
Jul 31, 2025
Q3 FY2025
Apr 30, 2025
Q2 FY2025
Jan 31, 2025
Q1 FY2025
Oct 31, 2024
Operating
Depreciation and amortization
341
+306.0%
334
+279.5%
91
+4.6%
89
+6.0%
84
+9.4%
88
+18.4%
87
+26.8%
84
+30.6%
Stock-based compensation
460
+29.9%
643
+97.2%
301
-5.9%
370
+25.4%
354
+31.4%
326
+23.7%
320
+17.6%
295
+8.9%
Operating cash flow
1,357
+32.9%
871
+38.7%
554
-0.5%
1,771
+17.3%
1,021
+99.0%
628
+18.7%
557
-19.3%
1,510
-1.0%
Investing
Capital expenditures
103
+18.4%
83
+22.1%
170
+254.2%
84
+90.9%
87
+82.8%
68
+81.8%
48
+36.4%
44
+19.6%
Investing cash flow
-1,006
-31.8%
-1,766
-241.6%
651
+270.9%
-983
-80.7%
-763
-352.6%
-517
-557.1%
-381
+71.3%
-544
-321.7%
Financing
Stock buybacks
0
1,000
—
—
0
-100.0%
0
-100.0%
0
0
-100.0%
Financing cash flow
-197
+47.3%
-899
-2012.8%
-114
+50.9%
8
+103.6%
-374
-108.7%
47
+104.5%
-232
-219.6%
-220
-426.3%
Change in cash
Effect of exchange rate
-5
2
—
—
—
—
—
—
Net change in cash
149
+228.4%
-1,792
-1234.2%
1,091
+2048.2%
796
+6.7%
-116
-170.2%
158
+138.8%
-56
+92.1%
746
-45.0%
Free cash flow
1,254
+34.3%
788
+40.7%
384
-24.6%
1,687
+15.1%
934
+100.6%
560
+13.9%
509
-22.3%
1,466
-1.6%
Per share
Free cash flow per share
1.52
+16.1%
0.98
+24.2%
0.54
-24.8%
2.38
+15.1%
1.31
+99.5%
0.79
+14.3%
0.72
-21.6%
2.07
-51.4%
Shareholder returns
Returned to shareholders
0
1,000
—
—
0
0
0
0
Share of free cash flow
0.00%
126.90%
—
—
0.00%
0.00%
0.00%
0.00%
Ratios
Free cash flow margin
36.77%
26.25%
14.80%
68.19%
36.83%
24.46%
22.55%
68.54%
Capital expenditures to revenue
3.02%
2.76%
6.55%
3.40%
3.43%
2.97%
2.13%
2.06%
Stock-based compensation to revenue
13.49%
21.42%
11.60%
14.96%
13.96%
14.24%
14.18%
13.79%
Cash conversion
—
—
1.28x
5.30x
4.02x
2.40x
2.09x
4.30x
How these figures are calculated

Quarterly columns are single-quarter amounts. When a 10-Q reports only a year-to-date total, as cash flow statements do, the quarter is that total minus the previous quarter's year-to-date total. The fourth quarter is the annual report's full year minus the first nine months. A column marked YTD is a year-to-date total, shown when the earlier report needed for the single quarter is missing. 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.