Palo Alto Networks, Inc. provides cybersecurity solutions in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. It offers Prisma Access, a secure access service edge solution; Strata Cloud Manager, a network security management solution; and Prisma AIRS to protect customers' entire AI ecosystem. It provides a comprehensive cloud native application protection platform; and Code to Cloud platform, as well as offers VM-Series and CN-Series virtual firewalls for inline network security on multi- and hybrid-cloud environments. It provides security operation solutions through the Cortex platform that includes Cortex XSIAM, an AI-driven security operations platform; Cortex XDR to prevent, detect, and respond to cybersecurity attacks; and Cortex XSOAR for security orchestration, automation, and response; and Cortex Xpanse for attack surface management, as well as offers threat intelligence and advisory services under the Unit 42 name. It provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline; and threat intelligence, data loss prevention, services to resolve network disruptions, and sensitive data protection. It offers professional services, including architecture design and planning, implementation, configuration, and firewall migration; education services, such as certifications, as well as online and in-classroom training; and support services. It sells its products and services through its channel partners, as well as directly to enterprises, service providers, and government entities operating in various industries, including education, energy, financial services, government entities, healthcare, Internet and media, manufacturing, public sector, and telecommunications. The company was incorporated in 2005 and is headquartered in Santa Clara, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.2B | $1.9B | $1.1B | $3.5B | 14.5% | 14.9% | -56.0% |
| 2024 | $8.0B | $1.3B | $2.6B | $3.1B | 49.9% | 16.5% | 486.2% |
| 2023 | $6.9B | $869M | $440M | $2.6B | 25.1% | 25.3% | -264.7% |
| 2022 | $5.5B | $96M | $-267M | $1.8B | -127.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,501.50 | 6,892.70 | 8,027.50 | 9,221.50 |
| Operating Revenue | - | 5,501.50 | 6,892.70 | 8,027.50 | 9,221.50 |
| Cost Of Revenue | - | 1,718.70 | 1,909.70 | 2,059.20 | 2,451.60 |
| Gross Profit | - | 3,782.80 | 4,983 | 5,968.30 | 6,769.90 |
| Operating Expense | - | 3,971.60 | 4,595.70 | 5,284.40 | 5,527 |
| Research And Development | - | 1,417.70 | 1,604 | 1,809.40 | 1,984.10 |
| Selling General And Administration | - | 2,553.90 | 2,991.70 | 3,475 | 3,542.90 |
| Total Expenses | - | 5,690.30 | 6,505.40 | 7,343.60 | 7,978.60 |
| Operating Income | - | -188.80 | 387.30 | 683.90 | 1,242.90 |
| Total Operating Income As Reported | - | -188.80 | 387.30 | 683.90 | 1,242.90 |
| EBITDA | - | 95.60 | 869 | 1,276.40 | 1,941 |
| Normalized EBITDA | - | 93.80 | 876.90 | 1,276.20 | 1,973.80 |
| EBIT | - | -187 | 586.80 | 993.10 | 1,597.60 |
| Interest Income | - | 15.60 | 224.40 | 317.90 | 363.50 |
| Interest Expense | - | 20.20 | 20.50 | 4.80 | 1.90 |
| Net Interest Income | - | -11.80 | 197.20 | 309.60 | 360.50 |
| Other Non Operating Income Expenses | - | -8.40 | -10.30 | -5.40 | 25.10 |
| Other Income Expense | - | -6.60 | -18.20 | -5.20 | -7.70 |
| Interest Income Non Operating | - | 15.60 | 224.40 | 317.90 | 363.50 |
| Interest Expense Non Operating | - | 20.20 | 20.50 | 4.80 | 1.90 |
| Net Non Operating Interest Income Expense | - | -11.80 | 197.20 | 309.60 | 360.50 |
| Pretax Income | - | -207.20 | 566.30 | 988.30 | 1,595.70 |
| Tax Provision | - | 59.80 | 126.60 | -1,589.30 | 461.80 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.38 | -1.77 | 0.04 | -9.48 |
| Net Income Continuous Operations | - | -267 | 439.70 | 2,577.60 | 1,133.90 |
| Net Income From Continuing And Discontinued Operation | - | -267 | 439.70 | 2,577.60 | 1,133.90 |
| Net Income From Continuing Operation Net Minority Interest | - | -267 | 439.70 | 2,577.60 | 1,133.90 |
| Net Income | - | -267 | 439.70 | 2,577.60 | 1,133.90 |
| Net Income Common Stockholders | - | -267 | 439.70 | 2,577.60 | 1,133.90 |
| Net Income Including Noncontrolling Interests | - | -267 | 439.70 | 2,577.60 | 1,133.90 |
| Normalized Income | - | -268.42 | 445.83 | 2,577.44 | 1,157.22 |
| Diluted NI Availto Com Stockholders | - | -267 | 439.70 | 2,577.60 | 1,133.90 |
| Basic Average Shares | - | 591 | 606.40 | 638.40 | 662.50 |
| Diluted Average Shares | - | 591 | 684.60 | 708 | 709.30 |
| Reconciled Depreciation | - | 282.60 | 282.20 | 283.30 | 343.40 |
| Reconciled Cost Of Revenue | - | 1,718.70 | 1,909.70 | 2,059.20 | 2,451.60 |
| Total Unusual Items | - | 1.80 | -7.90 | 0.20 | -32.80 |
| Total Unusual Items Excluding Goodwill | - | 1.80 | -7.90 | 0.20 | -32.80 |
| Gain On Sale Of Security | - | 1.80 | -7.90 | 0.20 | -32.80 |
| General And Administrative Expense | - | 405 | 447.70 | 680.50 | 442.70 |
| Other Gand A | - | 405 | 447.70 | 680.50 | 442.70 |
| Salaries And Wages | 398.80 | 422.80 | 465.70 | - | - |
| Total Other Finance Cost | - | 7.20 | 6.70 | 3.50 | 1.10 |
| Selling And Marketing Expense | - | 2,148.90 | 2,544 | 2,794.50 | 3,100.20 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Palo Alto Networks, Inc.this co. | PANW | $227.6B | 200.71β premium | 29.09 | 14.5% | 116.26 |
| Dell Technologies Inc. | DELL | $274.2B | 46.18 | -110.99 | -240.3% | 24.82 |
| Sandisk Corporation | SNDK | $260.6B | -158.80 | 28.28 | -17.8% | -208.42 |
| QUALCOMM Incorporated | QCOM | $255.7B | 46.14 | 12.06 | 26.1% | 17.75 |
| Seagate Technology Holdings plc | STX |
| - |
| - |
| - |
| - |
| - |
| - |
| $209.5B |
| 142.62 |
| -462.49 |
| -324.3% |
| 102.45 |
| Arista Networks, Inc. | ANET | $209.0B | 59.53 | 16.90 | 28.4% | 50.48 |
| Analog Devices, Inc. | ADI | $208.8B | 92.11 | 6.18 | 6.7% | 42.76 |
| Western Digital Corporation | WDC | $198.4B | 107.81 | 35.81 | 33.2% | 103.70 |
| CrowdStrike Holdings, Inc. | CRWD | $183.1B | -1126.48 | 41.34 | -3.7% | 978.97 |
| Peer Median | - | 52.86 | 14.48 | 1.5% | 46.62 | |