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

Balance Sheet

Assets, liabilities, and equity

30 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	$2.3B 47.8%	$1.5B 35.2%	$1.1B -46.4%	$2.1B 13.0%	$1.9B
Short Term Investments	$634.6M -39.2%	$1.0B -16.8%	$1.3B -17.2%	$1.5B 47.6%	$1.0B
Accounts Receivable	$3.0B 13.2%	$2.6B 6.3%	$2.5B 15.0%	$2.1B 72.7%	$1.2B
Prepaid Expenses	$520.5M -6.6%	$557.4M 19.4%	$466.8M 123.5%	$208.9M -8.9%	$229.3M
Other Current Assets	$1.1B 3.6%	$1.1B 50.4%	$728.0M 69.7%	$429.0M 55.2%	$276.5M
Total Current Assets	$7.5B 9.8%	$6.8B 13.3%	$6.0B -5.7%	$6.4B 38.0%	$4.6B
Property,Plant and Equipment	$387.3M 7.3%	$361.1M 1.9%	$354.5M -0.9%	$357.8M 12.4%	$318.4M
Operating Lease Assets	$347.0M -10.1%	$385.9M 46.6%	$263.3M 8.8%	$242.0M -7.9%	$262.9M
Goodwill	$4.6B 36.3%	$3.4B 14.5%	$2.9B 6.5%	$2.7B 1.4%	$2.7B
Intangible Assets	$762.7M 103.4%	$374.9M 18.9%	$315.4M -18.0%	$384.5M -22.9%	$498.6M
Long Term Investments	$5.6B 33.1%	$4.2B 36.9%	$3.0B 189.8%	$1.1B 18.4%	$888.3M
Deferred Tax Assets	$2.4B 1.1%	$2.4B 10285.3%	$23.1M	—	—
Other Noncurrent Assets	$2.0B -4.1%	$2.1B 37.8%	$1.5B 44.3%	$1.1B 15.2%	$916.0M
Total Assets	$23.6B 17.9%	$20.0B 37.9%	$14.5B 18.3%	$12.3B 19.6%	$10.2B
Liabilities
Accounts Payable	$232.2M 99.7%	$116.3M -12.1%	$132.3M 3.4%	$128.0M 125.0%	$56.9M
Accrued Liabilities	$1.5B 37.0%	$1.1B 13.0%	$939.1M 9.2%	$860.3M 13.2%	$760.0M
Deferred Revenue	$6.3B 13.7%	$5.5B 18.5%	$4.7B 28.4%	$3.6B 32.8%	$2.7B
Current Portion of Long Term Debt	$0 -100.0%	$963.9M -51.6%	$2.0B -45.8%	$3.7B 136.0%	$1.6B
Total Current Liabilities	$8.0B 4.0%	$7.7B -0.7%	$7.7B -6.8%	$8.3B 62.3%	$5.1B
Deferred Revenue Noncurrent	$6.4B 8.6%	$5.9B 28.5%	$4.6B 37.8%	$3.4B 46.9%	$2.3B
Operating Lease Liabilities Noncurrent	$338.2M -11.1%	$380.5M 36.3%	$279.2M 1.1%	$276.1M -11.9%	$313.4M
Deferred Tax Liabilities	$89.1M -77.0%	$387.7M 1279.7%	$28.1M	—	—
Other Noncurrent Liabilities	$886.8M 105.8%	$430.9M 400.5%	$86.1M -20.6%	$108.4M -93.9%	$1.8B
Total Liabilities	$15.8B 6.3%	$14.8B 16.2%	$12.8B 5.9%	$12.0B 27.1%	$9.5B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$5.3B 38.5%	$3.8B 26.6%	$3.0B 56.2%	$1.9B -16.4%	$2.3B
Retained Earnings	$2.5B 84.0%	$1.4B 210.0%	$-1.2B 26.4%	$-1.7B 0.0%	$-1.7B
Accumulated Other Comprehensive Income	$48.4M 3125.0%	$-1.6M 96.3%	$-43.2M 22.3%	$-55.6M -461.6%	$-9.9M
Total Stockholders Equity	$7.8B 51.4%	$5.2B 195.7%	$1.7B 732.6%	$210.0M -66.9%	$634.5M
Total Liabilitiesand Equity	$23.6B 17.9%	$20.0B 37.9%	$14.5B 18.3%	$12.3B 19.6%	$10.2B

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $9.2B

Operating income $1.2B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$9.2B 14.9%	$8.0B 16.5%	$6.9B 25.3%	$5.5B 29.3%	$4.3B
Expenses Cost of Revenue	$2.5B 19.1%	$2.1B 7.8%	$1.9B 11.1%	$1.7B 34.8%	$1.3B
Other Income Expense Gross Profit	$6.8B 13.4%	$6.0B 19.8%	$5.0B 31.7%	$3.8B 26.9%	$3.0B
Expenses Research and Development	$2.0B 9.7%	$1.8B 12.8%	$1.6B 13.1%	$1.4B 24.3%	$1.1B
Expenses Selling,General and Administrative	$3.5B 2.0%	$3.5B 16.2%	$3.0B 17.1%	$2.6B 19.1%	$2.1B
Expenses Operating Expenses	$5.5B 4.6%	$5.3B 15.0%	$4.6B 15.7%	$4.0B 20.9%	$3.3B
Other Income Expense Operating Income	$1.2B 81.7%	$683.9M 76.6%	$387.3M 305.1%	$-188.8M 37.9%	$-304.1M
Other Income Expense Interest Expense	$3.0M -63.9%	$8.3M -69.5%	$27.2M -0.7%	$27.4M -83.2%	$163.3M
Other Income Expense Other Income/expense	$355.8M 13.8%	$312.7M 51.6%	$206.2M 2191.1%	$9.0M 275.0%	$2.4M
Other Income Expense Income Before Tax	$1.6B 61.5%	$988.3M 74.5%	$566.3M 373.3%	$-207.2M 55.4%	$-465.0M
Income Tax Income Tax Expense	$461.8M 129.1%	$-1.6B -1355.4%	$126.6M 111.7%	$59.8M 76.4%	$33.9M
net Income net Income	$1.1B -56.0%	$2.6B 486.2%	$439.7M 264.7%	$-267.0M 46.5%	$-498.9M
net Income Comprehensive Income	$1.2B -54.8%	$2.6B 479.3%	$452.1M 244.6%	$-312.7M 39.8%	$-519.3M
Earnings Per Share Basic Eps	$2 -57.7%	$4 453.4%	$1 181.1%	$-1 48.0%	$-2
Earnings Per Share Diluted Eps	$2 -56.0%	$4 468.8%	$1 171.1%	$-1 48.0%	$-2
Earnings Per Share Weighted Average Shares Diluted	$709.3M 0.2%	$707.9M 3.4%	$684.5M 131.6%	$295.6M 2.2%	$289.1M

Cash Flow Statement

Operating, investing, and financing flows

18 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	$1.1B -56.0%	$2.6B 486.2%	$439.7M 264.7%	$-267.0M 46.5%	$-498.9M
Operating Activities Depreciation and Amortization	$889.4M 13.4%	$784.6M 5.2%	$745.5M 6.6%	$699.1M 16.0%	$602.9M
Operating Activities Stock Based Compensation	$1.3B 20.4%	$1.1B 0.1%	$1.1B 6.3%	$1.0B 13.0%	$894.5M
Operating Activities Deferred Income Taxes	$-349.9M 82.8%	$-2.0B -16369.6%	$12.5M	—	—
Operating Activities Changes In Operating Assets and Liabilities	$922.8M 1.4%	$910.3M 65.3%	$550.8M 5.8%	$520.8M 49.4%	$348.6M
Operating Activities Other Non Cash Items	$-175.3M -209.7%	$-56.6M -24.4%	$-45.5M -319.8%	$20.7M -86.7%	$155.9M
Operating Activities net Cash From Operating Activities	$3.7B 14.1%	$3.3B 17.3%	$2.8B 39.9%	$2.0B 32.0%	$1.5B
Investing Activities Capital Expenditures	$-246.2M -57.0%	$-156.8M -7.2%	$-146.3M 24.1%	$-192.8M -66.2%	$-116.0M
Investing Activities Business Acquisitions	$-1.1B -72.7%	$-610.6M -198.6%	$-204.5M -452.7%	$-37.0M 95.2%	$-777.3M
Investing Activities Purchases of Investments	$-3.7B -4.1%	$-3.6B 35.0%	$-5.5B -140.4%	$-2.3B -16.0%	$-2.0B
Investing Activities Proceeds From Sale of Investments	$2.8B -0.6%	$2.8B -25.6%	$3.8B 140.9%	$1.6B 14.3%	$1.4B
Investing Activities net Cash From Investing Activities	$-2.2B -46.0%	$-1.5B 25.8%	$-2.0B -117.9%	$-933.4M 37.0%	$-1.5B
Financing Activities Repayment of Debt	$-965.6M 6.6%	$-1.0B 38.9%	$-1.7B -281900.0%	$-600.0K 33.3%	$-900.0K
Financing Activities Repurchase of Common Stock	$0 100.0%	$-566.7M -107.8%	$-272.7M 69.4%	$-892.3M 24.3%	$-1.2B
Financing Activities Proceeds From Stock Issuance	$370.5M 30.5%	$283.9M 9.7%	$258.8M 89.5%	$136.6M 31.3%	$104.0M
Financing Activities Tax Withholding On Stock Based Compensation	$-183.8M -591.0%	$-26.6M -30.4%	$-20.4M 59.4%	$-50.3M -74.7%	$-28.8M
Financing Activities net Cash From Financing Activities	$-778.9M 42.0%	$-1.3B 22.2%	$-1.7B -114.0%	$-806.6M 26.9%	$-1.1B
Cash Reconciliation net Change In Cash	$732.4M 81.0%	$404.6M 141.2%	$-982.6M -501.6%	$244.7M 122.6%	$-1.1B

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	+37.6%	+38.6%	+38.2%	+32.6%	+32.6%
Growth
Revenue CAGR (3y)	+18.8%	+23.6%	+26.5%	+23.8%	+23.3%
Returns
ROE	+14.5%	+49.9%	+25.1%	-127.1%	-78.6%
ROA	+4.8%	+12.9%	+3.0%	-2.2%	-4.9%
ROIC	—	+14.9%	+11.5%	-10.7%	-95.6%
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	—	—	—	—	—

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Palo Alto Networks

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