Palo Alto Networks, Inc. (PANW) income statement
NASDAQ · Technology · Software - Infrastructure · 21,921 employees · CEO Nikesh Arora
- Price
- $365.87 -3.86%
- Market cap
- $299B
- Enterprise value
- $299B
- Last report
- Q4 '26 filed 2026-09-10
- Next report
- 2026-11-18 EPS est. $0.97
Palo Alto Networks, Inc. (PANW) reported revenue of $3.41B for Q4 '26 (+34.4% year on year), operating income of $169M (5.0% of revenue) and net income of -$282M. Over the last four quarters revenue was $11.5B.
Income statement
| Income statement | Trend | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.88B | $1.98B | $1.98B | $2.19B | $2.14B | $2.26B | $2.29B | $2.54B | $2.47B | $2.59B | $3B | $3.41B | |
| Cost of revenue | $473M | $499M | $514M | $574M | $554M | $599M | $619M | $679M | $638M | $685M | $974M | $1.11B | |
| Gross profit | $1.41B | $1.48B | $1.47B | $1.62B | $1.59B | $1.66B | $1.67B | $1.86B | $1.84B | $1.91B | $2.03B | $2.3B | |
| Research & development | $410M | $448M | $457M | $495M | $481M | $506M | $495M | $504M | $528M | $511M | $734M | $779M | |
| Sales & marketing | $661M | $673M | $719M | $742M | $720M | $758M | $793M | $829M | $820M | $823M | $1.16B | $1.13B | |
| General & administrative | $120M | $302M | $119M | $140M | $98M | $154M | $164M | $27.3M | $179M | $178M | $316M | $226M | |
| Operating expenses | $1.19B | $1.42B | $1.29B | $1.38B | $1.3B | $1.42B | $1.45B | $1.36B | $1.53B | $1.51B | $2.21B | $2.13B | |
| Operating income | $215M | $53.6M | $177M | $238M | $286M | $240M | $219M | $497M | $309M | $400M | -$183M | $169M | |
| Interest income | $71.2M | $85.3M | $78.3M | $83.1M | $86M | $86.9M | $92.8M | $98.1M | $105M | $109M | $71M | -$285M | |
| Interest expense | $2.9M | $2.8M | $2.3M | $300K | $1M | $900K | $700K | $400K | $0 | $0 | $0 | $0 | |
| Other non-operating income (gains on investments, FX ...) | -$69.3M | -$83.6M | -$76M | -$77.4M | -$83M | -$85M | -$92.2M | -$94.7M | -$103M | -$149M | -$27M | $438M | |
| Total non-operating income | $67.4M | $81.9M | $74.5M | $80.6M | $82M | $84.4M | $91.7M | $94.6M | $103M | $149M | $27M | -$438M | |
| Income before tax | $283M | $136M | $251M | $319M | $368M | $325M | $311M | $592M | $412M | $549M | -$156M | -$269M | |
| Income tax | $88.4M | -$1.61B | -$27.6M | -$38.7M | $17M | $57.5M | $48.4M | $338M | $78M | $117M | $21M | $13M | |
| Net income | $194M | $1.75B | $279M | $358M | $351M | $267M | $262M | $254M | $334M | $432M | -$177M | -$282M | |
| EPS (basic) | $0.31 | $2.74 | $0.43 | $0.51 | $0.54 | $0.41 | $0.39 | $0.38 | $0.49 | $0.61 | -$0.29 | -$0.35 | |
| EPS (diluted) | $0.28 | $2.44 | $0.39 | $0.51 | $0.49 | $0.38 | $0.37 | $0.36 | $0.47 | $0.60 | -$0.28 | -$0.35 | |
| Shares (basic, weighted) | 620M | 639M | 646M | 708M | 654M | 659M | 665M | 669M | 679M | 695M | 729M | 749M | |
| Shares (diluted, weighted) | 700M | 715M | 709M | 708M | 709M | 709M | 707M | 709M | 709M | 713M | 744M | 764M | |
| Depreciation & amortization | $64.3M | $68.6M | $74.3M | $76.1M | $196M | $87M | $88.1M | $83.8M | $89M | $91M | $483M | $341M | |
| EBITDA | $349M | $206M | $327M | $392M | $565M | $412M | $399M | $676M | $501M | $640M | $327M | $72M |
| Income statement | Trend | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.76B | $2.27B | $2.9B | $3.41B | $4.26B | $5.5B | $6.89B | $8.03B | $9.22B | $11.5B | |
| Cost of revenue | $477M | $645M | $808M | $1B | $1.27B | $1.72B | $1.91B | $2.06B | $2.45B | $3.4B | |
| Gross profit | $1.29B | $1.63B | $2.09B | $2.41B | $2.98B | $3.78B | $4.98B | $5.97B | $6.77B | $8.08B | |
| Research & development | $347M | $401M | $540M | $768M | $1.14B | $1.42B | $1.6B | $1.81B | $1.98B | $2.55B | |
| Sales & marketing | $919M | $1.1B | $1.34B | $1.52B | $1.75B | $2.15B | $2.54B | $2.79B | $3.1B | $3.93B | |
| General & administrative | $198M | $258M | $262M | $300M | $391M | $405M | $448M | $681M | $443M | $899M | |
| Operating expenses | $1.44B | $1.73B | $2.15B | $2.59B | $3.29B | $3.97B | $4.6B | $5.28B | $5.53B | $7.38B | |
| Operating income | -$166M | -$104M | -$54.1M | -$179M | -$304M | -$189M | $387M | $684M | $1.24B | $695M | |
| Interest income | $14.7M | $27.1M | $69.8M | $41.4M | $8.5M | $15.6M | $224M | $318M | $364M | $0 | |
| Interest expense | $24.5M | $29.6M | $83.9M | $88.7M | $163M | $27.4M | $27.2M | $8.3M | $3M | $0 | |
| Other non-operating income (gains on investments, FX ...) | -$10.2M | -$28.5M | -$63.4M | -$32.4M | $2.9M | -$1.8M | -$200M | -$309M | -$355M | $159M | |
| Total non-operating income | -$28.3M | -$1.1M | -$20.5M | -$52.8M | -$161M | -$18.4M | $179M | $304M | $353M | -$159M | |
| Income before tax | -$194M | -$130M | -$74.6M | -$232M | -$465M | -$207M | $566M | $988M | $1.6B | $536M | |
| Income tax | $22.5M | $17.7M | $7.3M | $35.2M | $33.9M | $59.8M | $127M | -$1.59B | $462M | $229M | |
| Net income | -$217M | -$148M | -$81.9M | -$267M | -$499M | -$267M | $440M | $2.58B | $1.13B | $307M | |
| EPS (basic) | -$0.40 | -$0.27 | -$0.15 | -$0.46 | -$0.86 | -$0.45 | $0.73 | $4.04 | $1.71 | $0.46 | |
| EPS (diluted) | -$0.40 | -$0.27 | -$0.15 | -$0.46 | -$0.86 | -$0.45 | $0.64 | $3.64 | $1.60 | $0.44 | |
| Shares (basic, weighted) | 544M | 550M | 567M | 581M | 578M | 591M | 606M | 638M | 663M | 749M | |
| Shares (diluted, weighted) | 544M | 550M | 567M | 581M | 578M | 591M | 685M | 708M | 709M | 764M | |
| Depreciation & amortization | $59.8M | $96.4M | $154M | $206M | $260M | $283M | $282M | $283M | $343M | $855M | |
| EBITDA | -$95.8M | $20.7M | $163M | $59.5M | -$46.6M | $95.6M | $869M | $1.28B | $1.94B | $1.39B |
Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-07-31, 10-Q 2026-04-30, 10-Q 2026-01-31, 10-Q 2025-10-31, 10-K 2025-07-31, 10-Q 2025-04-30, 10-Q 2025-01-31, 10-Q 2024-10-31, 10-K 2024-07-31
Data as of 2026-11-01