Palo Alto Networks

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

                    Revenue
                    FY2025
                
$9.2B
                    3y CAGR +18.8%
                    
                    P85
                    
                    +14.9%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +12.3%
                    
                    P35
                    
                    -56.0%
                    
                    Total assets
                    FY2025
                
$23.6B
                    ROA +4.8%
                    
                    P23
                    
                    +17.9%
                    
                    Operating cash flow
                    FY2025
                
$3.7B
                    FCF margin +37.6%
                    
                    P89
                    
                    +14.1%

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $23.6B

Total liabilities $15.8B

Shareholders equity $7.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+13.4%	+9.7%	+6.4%	+19.3%	+20.6%	+41.7%	+9.4%	+84.8%	+1.3%	—
Short Term Investments	+1.6%	+8.3%	+12.5%	+18.4%	+13.3%	+9.4%	+49.5%	+27.5%	+14.4%	—
Accounts Receivable	+26.8%	+28.7%	+32.2%	+35.3%	+28.9%	+31.3%	+18.6%	+15.8%	+23.9%	—
Prepaid Expenses	+22.3%	+26.5%	+27.6%	+16.2%	+22.0%	+13.0%	+48.8%	+75.5%	+99.5%	—
Other Current Assets	—	—	—	—	—	—	—	—	—	—
Total Current Assets	+17.8%	+18.9%	+19.7%	+24.5%	+22.0%	+31.4%	+28.7%	+55.0%	+15.0%	—
Property,Plant and Equipment	+14.2%	+15.1%	+17.1%	+20.4%	+22.1%	+31.3%	+36.2%	+52.7%	+80.1%	—
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	+44.8%	+45.9%	+51.0%	+60.0%	+75.3%	+82.5%	+102.2%	+78.8%	+46.1%	—
Intangible Assets	+37.3%	+30.7%	+32.5%	+43.5%	+62.5%	+68.9%	+85.4%	+78.9%	+22.0%	—
Long Term Investments	+26.9%	+26.1%	+24.6%	+8.3%	+6.4%	-4.0%	-4.1%	-8.4%	+20.9%	—
Deferred Tax Assets	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	+46.5%	+54.5%	+57.0%	+59.3%	+70.0%	+74.9%	+87.1%	+78.9%	+161.8%	—
Total Assets	+26.9%	+28.1%	+26.7%	+28.2%	+30.0%	+34.6%	+33.7%	+45.2%	+24.5%	—
Liabilities
Accounts Payable	+25.4%	+18.4%	+23.5%	+27.2%	+13.5%	+20.5%	+34.4%	+27.9%	+17.5%	—
Accrued Liabilities	+32.9%	+32.4%	+35.4%	+40.3%	+46.5%	+50.6%	+52.3%	+55.0%	+75.2%	—
Deferred Revenue	+27.6%	+29.4%	+31.1%	+31.5%	+31.3%	+30.6%	+31.0%	+34.3%	+37.6%	—
Current Portion of Long Term Debt	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+28.3%	+31.7%	+37.2%	+46.3%	+43.3%	+33.5%	+34.3%	+58.9%	+41.9%	—
Deferred Revenue Noncurrent	+31.8%	+35.0%	+36.0%	+35.7%	+33.6%	+34.6%	+34.5%	+42.9%	+50.0%	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	+4.7%	-3.8%	-24.0%	-24.6%	+24.6%	+52.5%	+41.0%	+65.0%	+14.4%	—
Total Liabilities	—	—	—	—	—	—	—	—	—	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	+14.9%	+12.3%	+10.3%	+4.1%	+8.8%	+10.5%	+18.0%	+13.9%	+5.6%	—
Retained Earnings	—	—	—	—	—	—	—	—	—	—
Accumulated Other Comprehensive Income	+53.9%	—	—	—	—	+80.0%	—	—	—	—
Total Stockholders Equity	+29.0%	+26.5%	+12.0%	-19.8%	-4.3%	+8.7%	+26.2%	+10.6%	-3.8%	—
Total Liabilitiesand Equity	+26.9%	+28.1%	+26.7%	+28.2%	+30.0%	+34.6%	+33.7%	+45.2%	+24.5%	—

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $9.2B

Operating income $1.2B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+23.5%	+24.6%	+25.9%	+25.9%	+25.3%	+25.4%	+28.1%	+28.4%	+27.8%	—
Expenses Cost of Revenue	+23.4%	+23.9%	+26.4%	+29.2%	+28.1%	+28.2%	+29.8%	+32.1%	+28.8%	—
Other Income Expense Gross Profit	+23.6%	+24.9%	+25.6%	+24.6%	+24.2%	+24.3%	+27.5%	+27.0%	+27.4%	—
Expenses Research and Development	+24.1%	+26.0%	+28.0%	+30.7%	+32.0%	+28.2%	+23.8%	+18.7%	+22.2%	—
Expenses Selling,General and Administrative	+16.2%	+18.2%	+18.5%	+18.7%	+18.6%	+18.8%	+20.6%	+21.8%	+22.2%	—
Expenses Operating Expenses	+18.5%	+20.4%	+21.2%	+22.1%	+22.3%	+21.2%	+21.4%	+21.1%	+22.2%	—
Other Income Expense Operating Income	—	—	—	—	—	—	—	—	—	—
Other Income Expense Interest Expense	-20.4%	-12.2%	+2.2%	+2.7%	+47.5%	+39.5%	+53.1%	+12.5%	+4.7%	—
Other Income Expense Other Income/expense	+51.6%	+57.2%	+58.0%	+1.2%	-22.2%	+43.8%	+96.2%	+84.2%	+21.4%	—
Other Income Expense Income Before Tax	—	—	—	—	—	—	—	—	—	—
Income Tax Income Tax Expense	+41.1%	—	+29.4%	+19.2%	+10.3%	+14.1%	-29.5%	-7.8%	+8.2%	—
net Income net Income	—	—	—	—	—	—	—	—	—	—
net Income Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Diluted Eps	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Weighted Average Shares Diluted	—	—	—	—	—	—	—	—	—	—

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 10 years

Operating cash flow $3.7B

Investing cash flow $-2.2B

Financing cash flow $-778.9M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	—	—	—	—	—	—	—	—	—	—
Operating Activities Depreciation and Amortization	+40.1%	+43.8%	+50.4%	+59.3%	+69.7%	+85.6%	+106.6%	+139.8%	+290.7%	—
Operating Activities Stock Based Compensation	+14.2%	+13.4%	+15.5%	+17.1%	+17.9%	+13.8%	+13.1%	+12.5%	+20.8%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+10.1%	+11.2%	+5.1%	+5.0%	-2.2%	-34.5%	-16.4%	-5.6%	-1.9%	—
Operating Activities Other Non Cash Items	—	—	—	-4.0%	+42.6%	+25.1%	—	+63.3%	+82.2%	—
Operating Activities net Cash From Operating Activities	+21.2%	+22.1%	+22.8%	+20.2%	+17.9%	+12.0%	+17.0%	+25.5%	+31.9%	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Business Acquisitions	—	—	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	+15.4%	+17.5%	+25.5%	+12.6%	+12.2%	+31.0%	+38.9%	-5.3%	+0.9%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	+26.3%	+25.8%	+28.3%	+20.2%	+18.1%	+16.7%	+16.5%	+7.8%	+2.4%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	+103.9%	—	+465.9%	—	—
Cash Reconciliation net Change In Cash	+8.3%	+1.5%	—	-6.2%	—	+53.6%	—	+121.8%	-97.2%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+73.4%	+74.3%	+72.3%	+68.8%	+70.0%	+70.7%	+72.1%	+71.6%	+72.9%	+73.2%
Operating margin	+13.5%	+8.5%	+5.6%	-3.4%	-7.1%	-5.3%	-1.9%	-5.7%	-10.2%	-13.8%
Net margin	+12.3%	+32.1%	+6.4%	-4.9%	-11.7%	-7.8%	-2.8%	-6.5%	-12.3%	-16.4%
FCF margin	+37.6%	+38.6%	+38.2%	+32.6%	+32.6%	+24.1%	+31.9%	+40.7%	+40.0%	+42.5%
Growth
Revenue CAGR (3y)	+18.8%	+23.6%	+26.5%	+23.8%	+23.3%	+24.6%	+28.1%	+34.8%	+43.3%	+51.5%
Returns
ROE	+14.5%	+49.9%	+25.1%	-127.1%	-78.6%	-24.2%	-5.2%	-15.3%	-28.5%	-28.6%
ROA	+4.8%	+12.9%	+3.0%	-2.2%	-4.9%	-2.9%	-1.2%	-2.5%	-6.3%	-8.2%
ROIC	—	+14.9%	+11.5%	-10.7%	-95.6%	—	—	+13.0%	—	—
Liquidity
Current ratio	0.94x	0.89x	0.78x	0.77x	0.91x	1.91x	1.78x	1.93x	1.65x	2.03x
Quick ratio	0.66x	0.54x	0.47x	0.51x	0.61x	1.48x	0.75x	1.39x	0.98x	1.28x
Leverage
D/E	2.01x	2.87x	7.29x	57.35x	14.94x	7.23x	3.16x	5.03x	3.53x	2.50x
Interest coverage	414.30x	82.40x	14.24x	-6.89x	-1.86x	-2.02x	-0.64x	-4.36x	-7.34x	-8.12x
Efficiency
Asset turnover	0.39x	0.40x	0.48x	0.45x	0.42x	0.38x	0.44x	0.39x	0.51x	0.50x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Palo Alto Networks

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