Palo Alto Networks (PANW): financials, SEC filings and peers

Palo Alto Networks (PANW) is a systems software company in the Information Technology sector of the S&P 500, headquartered in Santa Clara, California.

It was founded in 2005 and joined the S&P 500 on June 20, 2023.

Its fiscal year ends in July, and its shares trade on the Nasdaq.

In its SEC filings it is classified as “Computer Peripheral Equipment, NEC”.

Palo Alto Networks at a glance

Revenue (12 months): $11.5B
Revenue growth: +24.5%
Operating margin: 6.1%
Net income (12 months): $307M
Free cash flow (12 months): $4.1B
Cash: $2.5B
Debt: —
Diluted EPS (12 months): $0.47

Twelve months to July 31, 2026, from the 10-K filed September 10, 2026.

Latest twelve months

Over the twelve months to July 31, 2026, Palo Alto Networks reported revenue of $11.5 billion, up 24.5% from a year earlier.

Its operating margin was 6.1%, down 7.4 percentage points from a year earlier: for every $100 of sales, about $6 was left as operating profit.

Net income was $307 million (2.7% of revenue), 72.9% lower than a year earlier.

Profit fell while sales grew, which usually points to higher costs, heavier investment or one-time items. The filings explain which.

Operating cash flow was $4.6 billion and capital spending $440 million, leaving free cash flow of $4.1 billion (35.8% of revenue).

At the end of the period it held $2.5 billion in cash and not reported in debt, a net cash position of $2.5 billion.

The diluted share count rose 1900.0% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $4.3 billion in fiscal 2021 to $11.5 billion in fiscal 2026, about 22.0% a year.
Revenue has grown for 5 fiscal years in a row.
Operating margin widened from -7.1% to 6.1% over the same years.
Free cash flow was positive in each of the last 6 fiscal years.
Palo Alto Networks reported a net loss in 2 of the last 6 fiscal years.

Fiscal year	2022	2023	2024	2025	2026
Revenue	$5.5B	$6.9B	$8.0B	$9.2B	$11.5B
Revenue growth	29.3%	25.3%	16.5%	14.9%	24.5%
Operating margin	-3.4%	5.6%	8.5%	13.5%	6.1%
Net income	−$267M	$440M	$2.6B	$1.1B	$307M
Free cash flow	$1.8B	$2.6B	$3.1B	$3.5B	$4.1B
Diluted EPS	$-0.90	$0.64	$3.64	$1.60	$0.40

Fiscal years as reported in Palo Alto Networks’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

10-K filed September 10, 2026 — annual report
8-K filed September 1, 2026 — Earnings results
8-K filed August 21, 2026 — Executive or director change; Bylaw or fiscal-year change
10-Q filed June 3, 2026 — quarterly report
8-K filed June 2, 2026 — Earnings results
8-K filed April 13, 2026 — Material agreement; New debt obligation
8-K filed March 23, 2026 — Other event
8-K filed March 11, 2026 — Other event

All Palo Alto Networks filings on SEC EDGAR

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Questions about Palo Alto Networks

Is Palo Alto Networks's revenue growing?

Yes. Revenue for the twelve months to July 31, 2026 was $11.5 billion, up 24.5% from a year earlier, according to its SEC filings.

Is Palo Alto Networks profitable?

Yes. It earned $307 million in net income over the twelve months to July 31, 2026, a net margin of 2.7%.

When did Palo Alto Networks last file financial results?

Its latest annual report (10-K) was filed with the SEC on September 10, 2026.

Which companies are similar to Palo Alto Networks?

In the S&P 500, Palo Alto Networks is grouped in Systems Software within the Information Technology sector. CrowdStrike (CRWD), Fortinet (FTNT), Gen Digital (GEN), Microsoft (MSFT), ServiceNow (NOW) are in the same group.

Understand the numbers

Source: Palo Alto Networks’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.