PANW
Palo Alto Networks, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Palo Alto Networks, Inc.
Palo Alto Networks, Inc. provides cybersecurity platforms spanning network security, cloud security, and security operations. Products include next-generation firewalls, Prisma cloud and SASE offerings, Cortex XSIAM and related SOC automation, and threat intelligence, sold as hardware, software, and subscriptions.
Coverage
PANW Q4 FY2026 reported earnings analysis
Palo Alto Networks added nearly $1B of net new security ARR; its fiscal 2027 guide targets $2B as operating income grows 24%.
PANW Q4 FY2026 earnings preview
Palo Alto Networks guides to 32% revenue growth, versus 14% organic growth last quarter after excluding two acquisitions.
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Palo Alto Networks crushed Q2 estimates with $2.6B revenue, 33% NGS ARR growth, and $25B in acquisitions. Wall Street punished weak Q3 EPS guidance — but the revenue acceleration tells a different story.
Where the revenue goes next
Latest: $3.41B (Q4 FY2026)
| Period | Value |
|---|---|
| Q1 FY2024 | $1.88B |
| Q2 FY2024 | $1.98B |
| Q3 FY2024 | $1.99B |
| Q4 FY2024 | $2.19B |
| Q1 FY2025 | $2.14B |
| Q2 FY2025 | $2.26B |
| Q3 FY2025 | $2.29B |
| Q4 FY2025 | $2.54B |
| Q1 FY2026 | $2.47B |
| Q2 FY2026 | $2.59B |
| Q3 FY2026 | $3.00B |
| Q4 FY2026 | $3.41B |
Latest: −$0.35 (Q4 FY2026)
| Period | Value |
|---|---|
| Q1 FY2024 | $0.28 |
| Q2 FY2024 | $2.44 |
| Q3 FY2024 | $0.39 |
| Q4 FY2024 | $0.50 |
| Q1 FY2025 | $0.49 |
| Q2 FY2025 | $0.38 |
| Q3 FY2025 | $0.37 |
| Q4 FY2025 | $0.36 |
| Q1 FY2026 | $0.47 |
| Q2 FY2026 | $0.61 |
| Q3 FY2026 | −$0.22 |
| Q4 FY2026 | −$0.35 |
Latest: 650.6 (Q4 FY2026)
| Period | Value |
|---|---|
| Q1 FY2024 | 123.0 |
| Q2 FY2024 | 46.9 |
| Q3 FY2024 | 38.4 |
| Q4 FY2024 | 40.8 |
| Q1 FY2025 | 43.1 |
| Q2 FY2025 | 96.4 |
| Q3 FY2025 | 100.0 |
| Q4 FY2025 | 102.2 |
| Q1 FY2026 | 133.4 |
| Q2 FY2026 | 97.8 |
| Q3 FY2026 | 147.0 |
| Q4 FY2026 | 650.6 |
Latest: $1.25B (Q4 FY2026)
| Period | Value |
|---|---|
| Q1 FY2024 | $1.49B |
| Q2 FY2024 | $655M |
| Q3 FY2024 | $492M |
| Q4 FY2024 | $465M |
| Q1 FY2025 | $1.47B |
| Q2 FY2025 | $509M |
| Q3 FY2025 | $560M |
| Q4 FY2025 | $934M |
| Q1 FY2026 | $1.69B |
| Q2 FY2026 | $384M |
| Q3 FY2026 | $788M |
| Q4 FY2026 | $1.25B |
Latest: 817M (Q4 FY2026)
| Period | Value |
|---|---|
| Q3 FY2019 | 96M |
| Q1 FY2020 | 98M |
| Q2 FY2020 | 100M |
| Q3 FY2020 | 96M |
| Q1 FY2021 | 95M |
| Q2 FY2021 | 97M |
| Q3 FY2021 | 97M |
| Q1 FY2022 | 99M |
| Q2 FY2022 | 98M |
| Q3 FY2022 | 100M |
| Q1 FY2023 | 302M |
| Q2 FY2023 | 303M |
| Q3 FY2023 | 306M |
| Q1 FY2024 | 350M |
| Q2 FY2024 | 715M |
| Q3 FY2024 | 709M |
| Q4 FY2024 | 324M |
| Q1 FY2025 | 709M |
| Q2 FY2025 | 709M |
| Q3 FY2025 | 707M |
| Q4 FY2025 | 709M |
| Q1 FY2026 | 709M |
| Q2 FY2026 | 697M |
| Q4 FY2026 | 817M |
Latest: $10.68B (Q4 FY2026)
| Period | Value |
|---|---|
| Q1 FY2024 | $1.49B |
| Q2 FY2024 | $2.14B |
| Q3 FY2024 | $2.64B |
| Q4 FY2024 | $3.10B |
| Q1 FY2025 | $4.57B |
| Q2 FY2025 | $5.08B |
| Q3 FY2025 | $5.64B |
| Q4 FY2025 | $6.57B |
| Q1 FY2026 | $8.26B |
| Q2 FY2026 | $8.64B |
| Q3 FY2026 | $9.43B |
| Q4 FY2026 | $10.68B |
Latest earnings
Company History
Founded by Nir Zuk (former Check Point/NetScreen engineer) in Santa Clara; focused on disrupting traditional firewalls with application-aware security.
Introduced pioneering NGFW; revolutionized network security by inspecting applications and content.
Debuted on NYSE raising ~$260M; marked transition to public company and positioned as high-growth cybersecurity player.
Acquired Cyvera (~$200M) for endpoint capabilities; co-founded Cyber Threat Alliance with peers to share intelligence.
Former Google/SoftBank executive joins as Chairman/CEO; accelerated platform strategy shifting to integrated security.
Introduced AI-based Cortex (security operations) and Prisma (cloud security); marked major expansion into broader platform ecosystem.
Key deals like Bridgecrew, Talon; built comprehensive offerings in SASE, XSIAM, and cloud; narrative evolved to 'platformization'.
Completed $3.35B Chronosphere deal for observability; overhauled NextWave program; pending CyberArk (~$25B) for identity; Q2 earnings February 17.
Key Players
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Funds we follow holding PANW
By latest reported 13F position value. Market value at quarter-end, not cost basis.
