Palo Alto Networks

Information Technology Systems Software Santa Clara, California Last filing Aug 29, 2025 · FY2025

                    Revenue
                    FY2025
                
$9.2B
                    3y CAGR +18.8%
                    
                    P86
                    
                    +14.9%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +12.3%
                    
                    P33
                    
                    -56.0%
                    
                    Total assets
                    FY2025
                
$23.6B
                    ROA +4.8%
                    
                    P21
                    
                    +17.9%
                    
                    Operating cash flow
                    FY2025
                
$3.7B
                    
                    +14.1%

15 yrs · FY2011–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

33 accounts · 5 years

Total assets $23.6B

Total liabilities $15.8B

Shareholders equity $7.8B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	9.6%	7.7%	7.8%	17.3%	18.3%
Short Term Investments	2.7%	5.2%	8.7%	12.4%	10.0%
Accounts Receivable	12.6%	13.1%	17.0%	17.5%	12.1%
Prepaid Expenses	2.2%	2.8%	3.2%	1.7%	2.2%
Other Current Assets	1.8%	—	—	—	—
Total Current Assets	31.9%	34.3%	41.7%	52.4%	45.4%
Property,Plant and Equipment	1.6%	1.8%	2.4%	2.9%	3.1%
Operating Lease Assets	1.5%	1.9%	1.8%	2.0%	2.6%
Goodwill	19.4%	16.8%	20.2%	22.4%	26.5%
Intangible Assets	3.2%	1.9%	2.2%	3.1%	4.9%
Long Term Investments	23.6%	20.9%	21.0%	8.6%	8.7%
Deferred Tax Assets	10.3%	—	—	—	—
Other Noncurrent Assets	1.8%	1.8%	2.2%	2.6%	4.1%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.0%	0.6%	0.9%	1.0%	0.6%
Accrued Liabilities	3.6%	2.5%	2.7%	3.3%	3.2%
Deferred Revenue	26.7%	—	—	—	—
Current Portion of Long Term Debt	0.0%	4.8%	13.7%	30.0%	15.2%
Operating Lease Liabilities	1.4%	0.3%	0.4%	0.5%	0.6%
Total Current Liabilities	33.9%	38.4%	53.4%	67.8%	50.0%
Long Term Debt	0.0%	—	13.7%	0.0%	16.3%
Deferred Revenue Noncurrent	27.4%	—	—	—	—
Operating Lease Liabilities Noncurrent	1.4%	1.9%	1.9%	2.3%	3.1%
Deferred Tax Liabilities	0.4%	10.4%	2.2%	2.2%	1.9%
Other Noncurrent Liabilities	3.8%	2.2%	0.6%	0.9%	1.0%
Total Liabilities	66.8%	74.1%	87.9%	98.3%	92.5%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	22.4%	19.1%	20.8%	15.8%	22.6%
Retained Earnings	10.5%	6.8%	-8.5%	-13.6%	-16.3%
Treasury Stock	0.0%	2.8%	1.7%	7.5%	11.5%
Accumulated Other Comprehensive Income	0.2%	-0.0%	-0.3%	-0.5%	-0.1%
Total Stockholders Equity	33.2%	25.9%	12.1%	1.7%	6.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	98.7%

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $9.2B

Operating income $1.2B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	39.1%	40.2%	47.5%	44.9%	41.6%
Expenses Cost of Revenue	10.4%	10.3%	13.2%	14.0%	12.4%
Expenses Research and Development	8.4%	9.1%	11.1%	11.6%	11.1%
Expenses Selling,General and Administrative	1.9%	—	—	—	—
Expenses Depreciation and Amortization	1.5%	1.4%	1.9%	2.3%	2.5%
Expenses Share Based Compensation	5.5%	5.4%	7.4%	8.3%	8.7%
Expenses Operating Expenses	23.4%	—	—	—	—
Other Income Expense Gross Profit	28.7%	29.9%	34.4%	30.9%	29.1%
Other Income Expense Operating Income	5.3%	3.4%	2.7%	-1.5%	-3.0%
Other Income Expense Interest Income	1.5%	1.6%	1.5%	0.1%	0.1%
Other Income Expense Interest Expense	0.0%	0.0%	0.2%	0.2%	1.6%
Other Income Expense Other Income/expense	0.1%	-0.0%	-0.1%	-0.1%	-0.0%
Other Income Expense Income Before Tax	6.8%	4.9%	3.9%	-1.7%	-4.5%
Income Tax Income Tax Expense	2.0%	-8.0%	0.9%	0.5%	0.3%
net Income net Income	4.8%	12.9%	3.0%	-2.2%	-4.9%
net Income Comprehensive Income	5.0%	13.1%	3.1%	-2.6%	-5.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	2.8%	1.6%	2.1%	2.4%	2.8%
Earnings Per Share Weighted Average Shares Diluted	3.0%	1.8%	2.4%	2.4%	2.8%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $3.7B

Investing cash flow $-2.2B

Financing cash flow $-778.9M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	4.8%	12.9%	3.0%	-2.2%	-4.9%
Operating Activities Depreciation and Amortization	1.5%	1.4%	1.9%	2.3%	2.5%
Operating Activities Stock Based Compensation	5.5%	—	—	—	—
Operating Activities Deferred Income Taxes	0.9%	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	6.8%	14.2%	20.0%	24.8%	14.3%
Operating Activities net Cash From Operating Activities	15.8%	16.3%	19.2%	16.2%	14.7%
Investing Activities Business Acquisitions	4.5%	3.1%	1.4%	0.3%	7.6%
Investing Activities Purchases of Investments	15.7%	17.8%	37.7%	18.5%	19.1%
Investing Activities Proceeds From Sale of Investments	6.8%	9.3%	19.4%	9.1%	12.1%
Investing Activities net Cash From Investing Activities	-9.4%	-7.6%	-14.0%	-7.6%	-14.5%
Financing Activities Repayment of Debt	4.1%	—	—	—	—
Financing Activities Repurchase of Common Stock	0.0%	2.8%	1.9%	7.3%	11.5%
Financing Activities Proceeds From Stock Issuance	1.6%	1.4%	1.8%	1.1%	1.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.8%	0.1%	0.1%	0.4%	0.3%
Financing Activities net Cash From Financing Activities	-3.3%	-6.7%	-11.9%	-6.6%	-10.8%
Cash Reconciliation Effect of Exchange Rate On Cash	9.7%	—	—	—	—
Cash Reconciliation net Change In Cash	3.1%	2.0%	-6.8%	2.0%	-10.6%
Cash Reconciliation Cash At Beginning of Period	9.7%	7.7%	7.8%	17.3%	18.3%
Cash Reconciliation Cash At End of Period	9.7%	7.7%	7.8%	17.3%	18.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+73.4%	+74.3%	+72.3%	+68.8%	+70.0%
Operating margin	+13.5%	+8.5%	+5.6%	-3.4%	-7.1%
Net margin	+12.3%	+32.1%	+6.4%	-4.9%	-11.7%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+18.8%	+23.6%	+26.5%	+23.8%	+23.2%
Returns
ROE	+14.5%	+49.9%	+25.1%	-127.1%	-78.6%
ROA	+4.8%	+12.9%	+3.0%	-2.2%	-4.9%
ROIC	+15.9%	+14.9%	+6.5%	-10.7%	-15.3%
Liquidity
Current ratio	0.94x	0.89x	0.78x	0.77x	0.91x
Quick ratio	0.66x	0.54x	0.47x	0.51x	0.61x
Leverage
D/E	2.01x	2.87x	7.29x	57.35x	14.94x
Interest coverage	414.30x	82.40x	14.24x	-6.89x	-1.86x
Efficiency
Asset turnover	0.39x	0.40x	0.48x	0.45x	0.42x
Cash conversion cycle	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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Palo Alto Networks

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