financial statements

The full income statement, balance sheet, and cash-flow statement for Palo Alto Networks Inc. (PANW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofJul 31 ’25	as ofJul 31 ’24	as ofJul 31 ’23	as ofJul 31 ’22	as ofJul 31 ’21
Revenue	9.22B YoY+14.9%	8.03B YoY+16.5%	6.89B YoY+25.3%	5.50B YoY+29.3%	4.26B YoY+24.9%
	6.77B YoY+13.4%	5.97B YoY+19.8%	4.98B YoY+31.7%	3.78B YoY+26.9%	2.98B YoY+23.8%
Cost of revenue	2.45B YoY+19.1%	2.06B YoY+7.8%	1.91B YoY+11.1%	1.72B YoY+34.8%	1.27B YoY+27.6%
	5.53B YoY+4.6%	5.28B YoY+15.0%	4.60B YoY+15.7%	3.97B YoY+20.9%	3.29B YoY+26.9%
Research & development	1.98B YoY+9.7%	1.81B YoY+12.8%	1.60B YoY+13.1%	1.42B YoY+24.3%	1.14B YoY+48.5%
Selling, general & administrative	443M YoY-34.9%	681M YoY+52.0%	448M YoY+10.5%	405M YoY+3.6%	391M YoY+30.5%
General & administrative	443M YoY-34.9%	681M YoY+52.0%	448M YoY+10.5%	405M YoY+3.6%	391M YoY+30.5%
Selling & marketing	3.10B YoY+10.9%	2.79B YoY+9.8%	2.54B YoY+18.4%	2.15B YoY+22.5%	1.75B YoY+15.4%
Amortization of intangibles	166M YoY+37.6%	121M YoY+15.3%	105M YoY-17.3%	127M YoY+7.7%	118M YoY+52.4%
Operating income	1.24B YoY+81.7%	684M YoY+76.6%	387M YoY+305.1%	-189M YoY+37.9%	-304M YoY-69.9%
Interest expense	3.00M YoY-63.9%	8.30M YoY-69.5%	27.2M YoY-0.7%	27.4M YoY-83.2%	163M YoY+84.1%
Other non-operating income	25.1M YoY+564.8%	-5.40M YoY+47.6%	-10.3M YoY-22.6%	-8.40M YoY-1100.0%	-700K YoY-158.3%
Pre-tax income	1.60B YoY+61.5%	988M YoY+74.5%	566M YoY+373.3%	-207M YoY+55.4%	-465M YoY-100.6%
Income tax	462M YoY+129.1%	-1.59B YoY-1355.4%	127M YoY+111.7%	59.8M YoY+76.4%	33.9M YoY-3.7%
Net income	1.13B YoY-56.0%	2.58B YoY+486.2%	440M YoY+264.7%	-267M YoY+46.5%	-499M YoY-86.9%
	$1.60 YoY-56.0%	$3.64 YoY+468.8%	$0.64 YoY+171.1%	-$0.90 YoY+48.0%	-$1.73 YoY+37.3%
EPS (basic)	$1.71 YoY-57.7%	$4.04 YoY+453.4%	$0.73 YoY+181.1%	-$0.90 YoY+48.0%	-$1.73 YoY+37.3%
Weighted-avg shares (basic)	663M YoY+3.8%	639M YoY+5.3%	606M YoY+105.1%	296M YoY+2.2%	289M YoY+198.3%
Weighted-avg shares (diluted)	709M YoY+0.2%	708M YoY+3.4%	685M YoY+131.6%	296M YoY+2.2%	289M YoY+198.3%
Balance Sheet	as ofJul 31 ’25	as ofJul 31 ’24	as ofJul 31 ’23	as ofJul 31 ’22	as ofJul 31 ’21
	7.52B YoY+9.8%	6.85B YoY+13.3%	6.05B YoY-5.7%	6.41B YoY+38.0%	4.65B YoY-9.4%
Cash & equivalents	2.27B YoY+47.8%	1.54B YoY+35.2%	1.14B YoY-46.4%	2.12B YoY+13.0%	1.87B YoY-36.6%
Short-term investments	635M YoY-39.2%	1.04B YoY-16.8%	1.25B YoY-17.2%	1.52B YoY+47.6%	1.03B YoY+30.0%
Accounts receivable	2.96B YoY+13.2%	2.62B YoY+6.3%	2.46B YoY+15.0%	2.14B YoY+72.7%	1.24B YoY+19.6%
Inventory	113M YoY-2.2%	116M	—	—	—
Prepaid expenses	520M YoY-6.7%	557M YoY+19.4%	467M YoY+123.5%	209M YoY-8.9%	229M YoY+65.8%
	23.6B YoY+17.9%	20.0B YoY+37.9%	14.5B YoY+18.3%	12.3B YoY+19.6%	10.2B YoY+13.0%
Property, plant & equipment	387M YoY+7.2%	361M YoY+1.9%	355M YoY-0.9%	358M YoY+12.4%	318M YoY-8.5%
Operating lease right-of-use	347M YoY-10.1%	386M YoY+46.6%	263M YoY+8.8%	242M YoY-7.9%	263M YoY+1.6%
Goodwill	4.57B YoY+36.3%	3.35B YoY+14.5%	2.93B YoY+6.5%	2.75B YoY+1.4%	2.71B YoY+49.5%
Intangible assets	763M YoY+103.5%	375M YoY+18.9%	315M YoY-18.0%	385M YoY-22.9%	499M YoY+39.2%
Long-term investments	5.55B YoY+33.1%	4.17B YoY+36.9%	3.05B YoY+189.8%	1.05B YoY+18.4%	888M YoY+60.2%
Deferred tax assets	2.42B YoY+1.0%	2.40B YoY+10285.3%	23.1M	—	—
Other non-current assets	422M YoY+19.6%	353M YoY+9.7%	322M YoY+2.9%	313M YoY-25.8%	421M YoY+132.0%
	7.99B YoY+4.0%	7.68B YoY-0.7%	7.74B YoY-6.8%	8.31B YoY+62.3%	5.12B YoY+90.1%
Accounts payable	232M YoY+99.5%	116M YoY-12.1%	132M YoY+3.4%	128M YoY+125.0%	56.9M YoY-10.5%
Accrued liabilities	846M YoY+67.0%	507M YoY+29.7%	391M YoY-2.1%	399M YoY+21.2%	329M YoY+28.3%
Deferred revenue	6.30B YoY+13.7%	5.54B YoY+18.5%	4.67B YoY+28.4%	3.64B YoY+32.8%	2.74B YoY+33.8%
Current lease liability	79.2M YoY+20.2%	65.9M YoY+9.5%	60.2M YoY-3.4%	62.3M YoY-5.3%	65.8M YoY+13.6%
Other current liabilities	12.8M YoY+0.0%	12.8M YoY+0.0%	12.8M YoY+0.0%	12.8M YoY+0.0%	12.8M YoY+0.0%
	15.8B YoY+6.3%	14.8B YoY+16.2%	12.8B YoY+5.9%	12.0B YoY+27.1%	9.48B
Long-term debt	1.99B YoY+0.0%	1.99B YoY+0.0%	1.99B YoY-45.8%	3.68B YoY+14.0%	3.23B YoY+4.6%
Deferred revenue (non-current)	6.45B YoY+8.6%	5.94B YoY+28.5%	4.62B YoY+37.8%	3.35B YoY+46.9%	2.28B YoY+29.6%
Non-current lease liability	338M YoY-11.2%	381M YoY+36.3%	279M YoY+1.1%	276M YoY-11.9%	313M YoY-6.9%
Deferred tax liabilities	89.0M YoY-77.0%	388M YoY+1279.7%	28.1M	—	—
Other non-current liabilities	887M YoY+105.8%	431M YoY+400.5%	86.1M YoY-20.6%	108M YoY+11.0%	97.7M YoY+8.4%
	7.82B YoY+51.4%	5.17B YoY+195.6%	1.75B YoY+732.6%	210M YoY-66.9%	635M YoY-42.4%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	8.00K YoY+0.0%	8.00K YoY+0.0%	8.00K YoY+0.0%	8.00K YoY+0.0%	8.00K YoY+0.0%
Additional paid-in capital	989M YoY+0.0%	989M YoY+0.0%	989M YoY+0.0%	989M YoY+0.0%	989M YoY+0.0%
Retained earnings	2.48B YoY+84.0%	1.35B YoY+210.0%	-1.23B YoY+26.4%	-1.67B YoY-0.0%	-1.67B YoY-42.7%
Accumulated other comprehensive income	48.0M YoY+3100.0%	-1.60M YoY+96.3%	-43.2M YoY+22.3%	-55.6M YoY-461.6%	-9.90M YoY-194.3%
Total equity incl. non-controlling	4.47B YoY+0.0%	4.47B YoY+155.5%	1.75B YoY+732.6%	210M YoY-66.9%	635M YoY-42.4%
Total liabilities & equity	23.6B YoY+17.9%	20.0B YoY+37.9%	14.5B YoY+18.3%	12.3B YoY+19.6%	10.2B YoY+13.0%
Common shares issued	668M YoY+2.7%	650M YoY+110.9%	308M YoY+3.2%	299M YoY+207.1%	97.3M YoY+1.0%
Common shares outstanding	668M YoY+2.7%	650M YoY+110.9%	308M YoY+3.2%	299M YoY+207.1%	97.3M YoY+1.0%
Shares outstanding (cover)	667M YoY+105.9%	324M YoY+5.9%	306M YoY+207.0%	99.6M YoY+2.3%	97.4M YoY+1.0%
Cash Flow	as ofJul 31 ’25	as ofJul 31 ’24	as ofJul 31 ’23	as ofJul 31 ’22	as ofJul 31 ’21
	3.72B YoY+14.1%	3.26B YoY+17.3%	2.78B YoY+39.9%	1.98B YoY+32.0%	1.50B YoY+45.1%
Depreciation & amortization	343M YoY+21.2%	283M YoY+0.4%	282M YoY-0.1%	283M YoY+8.5%	260M YoY+26.3%
Share-based compensation	1.30B YoY+20.4%	1.08B YoY+0.1%	1.07B YoY+6.3%	1.01B YoY+13.0%	895M YoY+35.9%
Deferred income taxes	219M YoY+112.9%	-1.70B	—	—	—
Change in receivables	345M YoY+123.8%	154M YoY-51.8%	320M YoY-64.5%	902M YoY+423.2%	172M YoY-60.4%
Change in payables	107M YoY+812.0%	-15.0M YoY-1600.0%	1.00M YoY-98.6%	69.3M YoY+687.3%	-11.8M YoY+7.8%
	-2.20B YoY-46.0%	-1.51B YoY+25.8%	-2.03B YoY-117.9%	-933M YoY+37.0%	-1.48B YoY-614.1%
Capital expenditure	246M YoY+57.0%	157M YoY+7.2%	146M YoY-24.1%	193M YoY+66.2%	116M YoY-45.9%
Acquisitions	1.05B YoY+72.7%	611M YoY+198.6%	205M YoY+452.7%	37.0M YoY-95.2%	777M YoY+33.2%
Purchases of investments	3.70B YoY+4.1%	3.55B YoY-35.0%	5.46B YoY+140.4%	2.27B YoY+16.0%	1.96B YoY+65.9%
Sales/maturities of investments	1.59B YoY-13.9%	1.85B YoY-34.1%	2.81B YoY+151.3%	1.12B YoY-9.8%	1.24B YoY-36.5%
	-779M YoY+42.0%	-1.34B YoY+22.2%	-1.73B YoY-114.0%	-807M YoY+26.9%	-1.10B YoY-264.0%
Common stock repurchased	0.00 YoY-100.0%	567M YoY+107.8%	273M YoY-69.4%	892M YoY-24.3%	1.18B YoY-1.7%
Net change in cash	732M YoY+81.0%	405M YoY+141.2%	-983M YoY-501.6%	245M YoY+122.6%	-1.08B YoY-154.2%
Income taxes paid	506M YoY+47.7%	342M YoY+132.7%	147M YoY+325.1%	34.6M YoY+39.0%	24.9M YoY+44.8%
Valuation Ratios	as ofJul 31 ’25	as ofJul 31 ’24	as ofJul 31 ’23	as ofJul 31 ’22	as ofJul 31 ’21
Market cap	116B YoY+120.2%	52.6B YoY+37.5%	38.2B YoY+361.2%	8.29B YoY+28.0%	6.48B YoY+57.4%
P/E	102.1× YoY+400.5%	20.4× YoY-76.5%	86.9×	—	—
P/S	12.6× YoY+91.7%	6.5× YoY+18.1%	5.5× YoY+250.0%	1.6× YoY-2.3%	1.6× YoY+34.4%
P/B	14.8× YoY+45.5%	10.2× YoY-53.5%	21.9× YoY-9.9%	24.3× YoY+274.2%	6.5× YoY+73.7%
P/FCF	33.4× YoY+96.8%	17.0× YoY+16.7%	14.5× YoY+205.0%	4.8× YoY+2.4%	4.7× YoY-7.2%
Earnings yield	1.0% YoY-80.0%	4.9% YoY+326.2%	1.2%	—	—
FCF yield	3.0% YoY-49.2%	5.9% YoY-14.3%	6.9% YoY-67.2%	21.0% YoY-2.4%	21.5% YoY+7.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PANW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PANW filings on SEC EDGAR → Not investment advice.

PANW▼ financial statements

About this data

financial statements