In fiscal 2026, which ended Jul 31, 2026, Palo Alto Networks, Inc. reported revenue of $11.5 billion, up 24.5% from the year before. Net income was $307.0 million, a profit margin of 2.7%. Operating income came to $695.0 million, an operating margin of 6.1%. Diluted earnings per share were $0.40. Across the 10 fiscal years shown, revenue grew from $1.8 billion in fiscal 2017 to $11.5 billion in fiscal 2026, about 23.2% a year.
USD in millions, except per-share amounts and margins. 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
|
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue |
11,480
+24.5%
|
9,221
+14.9%
|
8,027
+16.5%
|
6,893
+25.3%
|
5,502
+29.3%
|
4,256
+24.9%
|
3,408
+17.5%
|
2,900
+27.6%
|
2,273
+29.0%
|
1,762
+27.8%
|
| Cost of revenue |
3,403
+38.8%
|
2,451
+19.0%
|
2,059
+7.8%
|
1,910
+11.1%
|
1,719
+34.8%
|
1,275
+27.6%
|
1,000
+23.6%
|
808
+25.3%
|
645
+35.4%
|
476
+28.8%
|
| Gross profit |
8,077
+19.3%
|
6,770
+13.4%
|
5,968
+19.8%
|
4,983
+31.7%
|
3,783
+26.9%
|
2,981
+23.8%
|
2,409
+15.2%
|
2,091
+28.4%
|
1,628
+27.4%
|
1,279
+26.8%
|
| Research and development |
2,552
+28.6%
|
1,984
+9.6%
|
1,810
+12.8%
|
1,604
+13.1%
|
1,418
+24.3%
|
1,140
+48.5%
|
768
+42.4%
|
540
+34.6%
|
401
+15.3%
|
347
+22.2%
|
| Selling, general and administrative |
4,830
+36.3%
|
3,543
+2.0%
|
3,474
+16.1%
|
2,992
+17.1%
|
2,554
+19.1%
|
2,145
+17.9%
|
1,820
+13.3%
|
1,606
+20.6%
|
1,332
+21.4%
|
1,097
+24.4%
|
| Operating expenses |
7,382
+33.6%
|
5,527
+4.6%
|
5,284
+15.0%
|
4,596
+15.7%
|
3,972
+20.9%
|
3,285
+26.9%
|
2,588
+20.6%
|
2,145
+23.8%
|
1,733
+20.0%
|
1,444
+23.9%
|
| Operating income |
695
-44.1%
|
1,243
+81.7%
|
684
+76.6%
|
387
+305.1%
|
-189
+37.9%
|
-304
-69.9%
|
-179
-230.9%
|
-54
+48.1%
|
-104
+37.2%
|
-166
-5.4%
|
| Pretax income |
536
-66.4%
|
1,596
+61.5%
|
988
+74.5%
|
566
+373.3%
|
-207
+55.4%
|
-465
-100.6%
|
-232
-210.7%
|
-75
+29.2%
|
-105
+45.7%
|
-194
-12.7%
|
| Income tax |
229
-50.4%
|
462
+129.1%
|
-1,590
-1355.9%
|
127
+111.7%
|
60
+76.4%
|
34
-3.7%
|
35
+382.2%
|
7
-56.8%
|
17
-26.2%
|
23
+12.3%
|
| Net income |
307
-72.9%
|
1,134
-56.0%
|
2,578
+486.3%
|
440
+264.7%
|
-267
+46.5%
|
-499
-86.9%
|
-267
-226.0%
|
-82
+33.0%
|
-122
+39.8%
|
-203
-5.3%
|
| Basic EPS |
0.41
-76.0%
|
1.71
-57.7%
|
4.04
+453.4%
|
0.73
+181.1%
|
-0.90
+48.0%
|
-1.73
|
—
|
—
|
—
|
—
|
| Diluted EPS |
0.40
-75.0%
|
1.60
-56.0%
|
3.64
+468.8%
|
0.64
+171.1%
|
-0.90
+48.0%
|
-1.73
|
—
|
—
|
—
|
—
|
| Weighted average shares, basic |
749
+13.0%
|
663
+3.9%
|
638
+5.2%
|
606
+105.1%
|
296
+2.2%
|
289
|
—
|
—
|
—
|
—
|
| Weighted average shares, diluted |
764
+7.8%
|
709
+0.1%
|
708
+3.4%
|
684
+131.6%
|
296
+2.2%
|
289
|
—
|
—
|
—
|
—
|
| Other measures | ||||||||||
| 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%
|
| EBITDA |
1,550
-2.3%
|
1,586
+63.8%
|
968
+44.6%
|
670
+613.8%
|
94
+314.6%
|
-44
-261.3%
|
27
-72.8%
|
100
+1378.2%
|
-8
+92.6%
|
-106
+7.4%
|
| Interest coverage |
—
|
414.33x
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Margins | ||||||||||
| Gross margin |
70.36%
|
73.42%
|
74.35%
|
72.29%
|
68.76%
|
70.05%
|
70.68%
|
72.12%
|
71.64%
|
72.59%
|
| Operating margin |
6.05%
|
13.48%
|
8.52%
|
5.62%
|
-3.43%
|
-7.15%
|
-5.25%
|
-1.87%
|
-4.58%
|
-9.41%
|
| Pretax margin |
4.67%
|
17.31%
|
12.31%
|
8.22%
|
-3.77%
|
-10.93%
|
-6.80%
|
-2.57%
|
-4.63%
|
-11.02%
|
| Profit margin |
2.67%
|
12.30%
|
32.12%
|
6.38%
|
-4.85%
|
-11.72%
|
-7.83%
|
-2.82%
|
-5.38%
|
-11.52%
|
| EBITDA margin |
13.50%
|
17.20%
|
12.06%
|
9.71%
|
1.70%
|
-1.03%
|
0.80%
|
3.44%
|
-0.34%
|
-6.02%
|
| Effective tax rate |
42.72%
|
28.95%
|
-160.93%
|
22.36%
|
—
|
—
|
—
|
—
|
—
|
—
|
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 margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.
New to this? Read How to Read an Income Statement, With a Real Example.
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)
Other Computer Peripheral Equipment, NEC companies
- Fortinet, Inc. FTNT
- Logitech International S.A. LOGI
- Corsair Gaming, Inc. CRSR
- Evolv Technologies Holdings, Inc. EVLV
- Mitek Systems Inc MITK
- Stratasys Ltd. SSYS
- Immersion Corp IMMR
- Radcom Ltd RDCM
Source: SEC EDGAR filings. This is company-reported data, not investment advice.