FirmAtlas
Company handbook · PANW · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
PANW · CIK 1327567 · LATEST FILING: 10-K FY26 · FILED SEP 10, 2026
Palo Alto Networks, Inc
$342.00
−28.27 (−7.63%)
Close, Oct 16, 2026 · 52-week $140–432
Last fiscal year
Palo Alto Networks, Inc reported revenue of $11.5B for the year ended Jul 31, 2026 (FY26), up 24.5% from FY25. Net income was $307M, operating cash flow $4.6B and free cash flow $4.1B. Source: 10-K filed Sep 10, 2026.
Market cap
$278.7B
P/E
907.9
EV/EBITDA
177.8x
P/B
10.1
ROIC
2.7%
Revenue 1Y
24.5%/yr
EPS 1Y
−75.0%/yr
Shares 1Y
+22%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEONikesh Arora
HQSanta Clara, CA
AuditorErnst & Young LLP
Year endsJuly
Revenue by segment · FY26
Subscription54%
Support26%
Product20%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
29.9%
32.2%
37.8%
66.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY25–FY26
$7.4B deployed
Capex
$687M
9.3%
Acquisitions
$5.7B
77.2%
Buybacks
$1.0B
13.5%
Operating cash flow over the period: $8.3B. Total debt changed by $0M. R&D of $4.5B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY26 = year ended Jul 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY23).
Income
Revenue
9,221
11,480+24.5%
YoY
+24.5%
Gross profit
6,770
8,077+19.3%
Gross margin
73.4%
70.4%−3.1 pp
Operating income
1,243
695−44.1%
Operating margin
13.5%
6.1%−7.4 pp
EBITDA
1,586
1,550−2.3%
EBITDA margin
17.2%
13.5%−3.7 pp
Interest expense
3
0−100.0%
Interest coverage
528.67x
—
Net income
1,134
307−72.9%
YoY
−72.9%
Net margin
12.3%
2.7%−9.6 pp
EPS (diluted, $)
1.60
0.40−75.0%
YoY
−75.0%
Balance sheet
Total assets
23,576
48,460+105.5%
Cash & short-term investments
2,914
3,080+5.7%
Accounts receivable
2,965
3,629+22.4%
Inventory
113
117+3.5%
Net PP&E
387
523+35.1%
Other assets
17,197
41,111+139.1%
Total liabilities
15,752
20,968+33.1%
Accounts payable
232
290+25.0%
Other liabilities
15,520
20,678+33.2%
Shareholders’ equity
7,824
27,492+251.4%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,716
4,553+22.5%
Net income
1,134
307−72.9%
Depreciation & amortization
343
855+149.3%
Stock-based compensation
1,295
1,774+37.0%
Working capital & other
944
1,617+71.3%
Cash from investing
(2,205)
(3,104)n/m
Capex
(247)
(440)n/m
Acquisitions
(1,054)
(4,663)n/m
Investments bought
(3,696)
(3,694)n/m
Investments sold / matured
1,595
2,204+38.2%
Other investing
1,197
3,489+191.5%
Cash from financing
(779)
(1,202)n/m
Buybacks
0
(1,000)n/m
Other financing
(779)
(202)n/m
Net change in cash
732
244−66.7%
Free cash flow (OCF − capex)
3,469
4,113+18.6%
Where the cash went
Operating cash flow
3,716
4,553+22.5%
Reinvested in the business
1,301
5,103+292.2%
% of operating cash flow
35.0%
112.1%
Capex
247
440+78.1%
Acquisitions
1,054
4,663+342.4%
R&D (memo, already in costs)
1,984
2,552+28.6%
Free cash flow
3,469
4,113+18.6%
YoY
+18.6%
Returned to shareholders
0
1,000n/m
% of free cash flow
0.0%
24.3%
Buybacks
0
1,000n/m
FCF conversion (FCF ÷ net income)
305.9%
1339.7%+1033.8 pp
Owner earnings
—
112
Owner earnings margin
—
1.0%
Returns & ratios
ROIC (all capital)
18.0%
2.7%−15.3 pp
ROIC (operating)
27.3%
11.0%−16.3 pp
Cash conversion cycle (days)
100
97−3 d
ROE
14.5%
1.1%−13.4 pp
ROA
4.8%
0.6%−4.2 pp
ROCE
8.0%
1.8%−6.2 pp
NOPAT
883
398−54.9%
Invested capital (operating)
3,233
3,979+23.1%
Invested capital (all)
4,910
24,412+397.2%
Reinvestment rate
—
187.4%
Debtor days
117
115−2 d
Inventory days
17
13−4 d
Days payable
35
31−3 d
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
2,474
2,594
3,002
3,410
vs year-ago quarter
Gross profit
1,836
1,909
2,028
2,304
Gross margin
74.2%
73.6%
67.6%
67.6%
Operating income
309
397
(183)
172
Net income
334
432
(177)
(282)
vs year-ago quarter
Net margin
13.5%
16.7%
−5.9%
−8.3%
EPS (diluted, $)
0.47
0.61
−0.22
−0.35
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
23,536
24,979
46,266
48,460
Cash & equivalents
3,075
4,166
2,374
3,080
Shareholders’ equity
8,665
9,393
27,668
27,492
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
1,771
554
871
1,357
Capex
84
170
83
103
Free cash flow
1,687
384
788
1,254
vs year-ago quarter