Palo Alto Networks: revenue, profit and cash flow

In fiscal 2026, Palo Alto Networks had revenue of $11.5B, up 23.6% a year on average since 2016, and net income of $307M (2.7% of revenue). It has 46% more shares than in 2016.

Revenue, fiscal 2026

$11.5B+23.6% a year

average annual revenue growth since 2016 · +24.5% vs 2025

Net income, 2026

$307M

2.7% of revenue

Diluted EPS, 2026

$0.40

Revenue growth, 5 years

22.0% a year

since 2021

Shares, 2026

764M

+46.2% since 2016

Free cash flow, 2026

$4.11B

$4.55B from operations − $440M capex

Ticker: PANW · Nasdaq
Sector: Information Technology
Sub-industry: Systems Software
Headquarters: Santa Clara, California
Founded: 2005
In the S&P 500 since: June 20, 2023
Latest fiscal year: 2026, ended July 31, 2026
SEC filer: Palo Alto Networks Inc · CIK 0001327567

Revenue and net income

Revenue went from $119M in 2011 to $11.5B in 2026. Net loss in 2011, 2013–2022.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from −$0.07 in 2013 to $0.40 in 2026.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

46.2% more shares in 2026 than in 2016 (523M → 764M): new shares outweighed buybacks.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was $4.11B in 2026, 35.8% of revenue.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Shares	Operating cash flow	Capex	Free cash flow
2026	$11.5B	$307M	2.7%	$0.40	764M	$4.55B	$440M	$4.11B
2025	$9.22B	$1.13B	12.3%	$1.60	709M	$3.72B	$247M	$3.47B
2024	$8.03B	$2.58B	32.1%	$3.64	708M	$3.26B	$157M	$3.1B
2023	$6.89B	$440M	6.4%	$0.64	684M	$2.78B	$146M	$2.63B
2022	$5.5B	−$267M	−4.9%	−$0.45	591M	$1.98B	$193M	$1.79B
2021	$4.26B	−$499M	−11.7%	−$0.86	578M	$1.5B	$116M	$1.39B
2020	$3.41B	−$267M	−7.8%	−$0.46	581M	$1.04B	$214M	$821M
2019	$2.9B	−$81.9M	−2.8%	−$0.14	567M	$1.06B	$131M	$924M
2018	$2.27B	−$122M	−5.4%	−$0.22	550M	$1.04B	$112M	$926M
2017	$1.76B	−$203M	−11.6%	−$0.37	544M	$869M	$163M	$705M
2016	$1.38B	−$193M	−14.0%	−$0.37	523M	$659M	$72.5M	$586M
2015	$928M	−$131M	−14.1%	−$0.27	490M	$353M	$33.8M	$319M
2014	$598M	−$226M	−37.9%	−$0.51	446M	$88.4M	$36.1M	$52.3M
2013	$396M	−$29.2M	−7.4%	−$0.07	412M	$115M	$22.4M	$92.1M
2012	$255M	$737K	0.3%	—	—	$77.4M	$14.6M	$62.8M
2011	$119M	−$12.5M	−10.6%	—	—	$32.1M	$13M	$19.1M

Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.

Stock splits

Found in the filings; per-share figures and share counts on this page are on today’s share basis.

2-for-1 split · first reflected in a filing of February 14, 2025
3-for-1 split · first reflected in a filing of November 18, 2022

About these figures

The share count goes from 117M in 2012 to 412M in 2013, far more than buybacks or new shares explain — usually an IPO, a reverse split or a reorganization that the data are not adjusted for. Per-share figures and share counts before 2013 are therefore left out.
No dividends per share in the filings data. Usually that means no dividend, but some companies report theirs in a form the data do not capture.
Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.