Published
{
"ticker": "PANW",
"cik": "0001327567",
"company": "Palo Alto Networks, Inc.",
"business_type": "software",
"schema_template": "standard (subscription cybersecurity software): revenue split between product and subscription and support, gross profit, operating income, net income, diluted EPS; balance sheet with deferred revenue and total debt; operating cash flow, capital expenditures and free cash flow, alongside the recurring-revenue metrics the company itself reports (Next-Generation Security ARR and remaining performance obligations)",
"reporting_currency": "USD",
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"units": "actual dollars (not millions); share counts in actual shares; per-share amounts in dollars",
"units_notes_seen": {
"FY2025 10-K consolidated statements of operations": "(In millions, except per share data)",
"FY2025 10-K consolidated balance sheets": "(In millions, except per share data)",
"FY2025 10-K consolidated statements of cash flows": "(In millions)",
"FY2025 10-K key financial metrics table (ARR, remaining performance obligations)": "(in billions)",
"FY2025 10-K free cash flow reconciliation": "(in millions)",
"Q3 FY2026 10-Q condensed consolidated statements of operations": "(Unaudited, in millions, except per share data)",
"Q3 FY2026 10-Q condensed consolidated balance sheets": "(in millions, except per share data)",
"Q3 FY2026 10-Q condensed consolidated statements of cash flows": "(Unaudited, in millions)",
"Q3 FY2026 10-Q key financial metrics table (ARR, remaining performance obligations)": "(in billions)",
"Q3 FY2026 10-Q free cash flow reconciliation": "(in millions)",
"Q3 FY2026 results announcement, statements of operations": "(In millions, except per share data)",
"Q3 FY2026 results announcement, GAAP to non-GAAP reconciliation": "(In millions, except per share amounts)",
"Q3 FY2026 results announcement, cash flow reconciliation": "(In millions)"
},
"adjustments": {
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"splits_note": "Palo Alto Networks split its stock 3-for-1 in September 2022 and 2-for-1 in December 2024. Both filings used here were issued after both splits and already present every per-share amount and share count on a post-split basis, so no adjustment was applied.",
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"fx": "None. The company is a U.S. domestic filer and reports in U.S. dollars."
},
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"notes": [
"Palo Alto Networks' fiscal year ends July 31. Fiscal 2026 third quarter is the three months ended April 30, 2026.",
"Fiscal 2025, 2024 and 2023 come from the annual report on Form 10-K for the year ended July 31, 2025 (accession 0001327567-25-000027). The third quarter of fiscal 2026, the year-ago third quarter and the nine-month periods come from the quarterly report on Form 10-Q for the quarter ended April 30, 2026 (accession 0001327567-26-000015).",
"The 10-Q presents its cash flow statement for the nine months only, so it contains no three-month cash flow figures. Operating cash flow, capital expenditures and free cash flow for the third quarter of fiscal 2026 and for the year-ago third quarter, and the trailing-twelve-month cash flow figures, are taken from the fiscal third quarter 2026 results announcement furnished on Form 8-K (accession 0001327567-26-000012); each of those periods carries that accession in cash_flow_source_accession.",
"Fiscal 2023 carries no balance sheet: the 10-K's balance sheet presents July 31, 2025 and July 31, 2024 only. The year-ago third quarter carries no balance sheet: the 10-Q's balance sheet presents April 30, 2026 and July 31, 2025 only.",
"Capital expenditures are the line the company calls 'purchases of property, equipment, and other assets' and are shown here as cash outflows (negative). Free cash flow is the company's own definition: cash provided by operating activities less those purchases.",
"The company had no borrowings outstanding at July 31, 2025. The convertible senior notes on the April 30, 2026 balance sheet ($160 million current and $1,192 million long-term, $1,352 million in total, reported here as total debt) were assumed with the acquisition of CyberArk Software Ltd. and are carried at fair value. At July 31, 2024 the balance sheet carried $963.9 million of convertible senior notes, net.",
"Total deferred revenue is the sum of the current and long-term deferred revenue lines on the balance sheet: $13,605 million at April 30, 2026, $12,751.9 million at July 31, 2025 and $11,480.5 million at July 31, 2024.",
"Palo Alto Networks completed the acquisition of Chronosphere, Inc. in January 2026, of CyberArk Software Ltd. on February 11, 2026 and of Koi Security Ltd. on April 14, 2026. CyberArk was paid for largely in stock: 112 million shares valued at $18,488 million were issued in the third quarter, which is why goodwill rose from $4,567 million at July 31, 2025 to $21,902 million at April 30, 2026, intangible assets from $763 million to $7,283 million, shares outstanding from 668 million to 813 million and total stockholders' equity from $7,824 million to $27,668 million. The company states that $388 million of third-quarter revenue came from CyberArk and Chronosphere.",
"The GAAP operating loss of $183 million and net loss of $177 million in the third quarter of fiscal 2026 sit alongside 31% revenue growth because the quarter absorbed $280 million of amortization of acquired intangible assets, $198 million of acquisition-related costs and $517 million of share-based compensation-related charges, as set out in the company's own reconciliation. The same reconciliation gives the year-ago quarter, when GAAP operating income was $219 million, as $43 million of amortization of acquired intangible assets, $7 million of acquisition-related costs and $355 million of share-based compensation-related charges: amortization and acquisition-related costs are the lines the acquisitions added, while share-based compensation is a standing charge that was already the largest of the three a year earlier.",
"Non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share, adjusted free cash flow and adjusted free cash flow margin are the company's measures, taken from the reconciliation tables in the fiscal third quarter 2026 results announcement (accession 0001327567-26-000012). The company excludes share-based compensation-related charges, acquisition-related costs, amortization of acquired intangible assets, litigation-related charges, changes in the fair value of convertible notes and capped calls, and related income tax adjustments.",
"Next-Generation Security annualized recurring revenue and remaining performance obligations are the company's own operating metrics, reported in billions to one decimal place: $8.1 billion and $18.4 billion at April 30, 2026, $5.6 billion and $15.8 billion at July 31, 2025, and $4.2 billion and $12.7 billion at July 31, 2024.",
"For the third quarter of fiscal 2026 the company states that Next-Generation Security ARR grew 60% year over year, and that $1.6 billion of it came from CyberArk and Chronosphere, and that remaining performance obligations grew 36% year over year, with $1.8 billion from CyberArk and Chronosphere (accession 0001327567-26-000012). Those growth rates are the company's own; neither year-ago level is printed in the filings used here, so no year-ago balance is reported.",
"Fiscal 2024's income tax line is a benefit of $1,589.3 million rather than an expense, shown here as a negative provision. The company attributes it primarily to the release of its valuation allowance on U.S. federal, U.S. state (other than California) and U.K. deferred tax assets. That benefit is why fiscal 2024 net income of $2,577.6 million exceeds fiscal 2025 net income of $1,133.9 million even though revenue and operating income both grew.",
"The trailing-twelve-month income-statement lines are derived: fiscal 2025 plus the nine months ended April 30, 2026 less the nine months ended April 30, 2025. The trailing-twelve-month cash flow lines are printed as such in the results announcement and are not derived."
],
"uncertainties": [
"The trailing-twelve-month income-statement figures combine a fiscal year reported to the nearest $0.1 million with nine-month columns reported to the nearest $1 million, so they are reliable to roughly plus or minus $1 million rather than to the decimal shown.",
"Combining the same columns for capital expenditures gives $423.2 million against the $424 million printed in the results announcement; the printed figures ($424 million of capital expenditures and $3,793 million of free cash flow) are what is reported here, so the trailing-twelve-month cash flow ties exactly to the company's own table.",
"Third-quarter operating cash flow, capital expenditures and free cash flow, for both fiscal 2026 and fiscal 2025, come from a results announcement whose tables are labelled preliminary and unaudited and are rounded to whole millions. They are not restated in the 10-Q, which presents nine-month cash flows only.",
"No balance sheet is reported for fiscal 2023 or for the third quarter of fiscal 2025, because neither filing presents one for those dates.",
"Total deferred revenue and total debt are sums of lines printed on the balance sheet rather than subtotals the company itself strikes.",
"The 10-Q reports remaining performance obligations of $18.4 billion at April 30, 2026 against $15.8 billion at July 31, 2025; the results announcement separately describes 36% year-over-year growth, which implies a figure near $13.5 billion at April 30, 2025. That year-ago balance is not printed in either filing used here and is therefore not reported."
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"prior_period_start": "2025-02-01",
"prior_span_days": 88,
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}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": -0.22,
"text": "-$0.22",
"exact": "-$0.22",
"compact": "-$0.22",
"abs": "$0.22",
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"yoy": "swung from $0.37",
"source": {
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}
},
{
"label": "Operating income",
"format": "usd",
"value": -183000000,
"text": "-$183 million",
"exact": "-$183,000,000",
"compact": "-$183.00M",
"abs": "$183 million",
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"prior": "$219 million",
"priorabs": "$219 million",
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"source": {
"array": "quarterly",
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"period_label": "Q3 FY2026",
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"period_start": "2026-02-01",
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}
},
{
"label": "Non-GAAP operating income",
"format": "usd",
"value": 814000000,
"text": "$814 million",
"exact": "$814,000,000",
"compact": "$814.00M",
"abs": "$814 million",
"prior_value": 627000000,
"prior": "$627 million",
"priorabs": "$627 million",
"yoy": "up 29.8%",
"source": {
"array": "quarterly",
"field": "non_gaap.non_gaap_operating_income",
"index": 0,
"period_label": "Q3 FY2026",
"period_end": "2026-04-30",
"period_start": "2026-02-01",
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"source_accession": "0001327567-26-000012",
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"prior_span_days": 88,
"prior_source_accession": "0001327567-26-000012",
"gap_days": 365
}
},
{
"label": "Next-Generation Security ARR",
"format": "usd",
"value": 8100000000,
"text": "$8.1 billion",
"exact": "$8,100,000,000",
"compact": "$8.10B",
"abs": "$8.1 billion",
"prior_value": null,
"prior": null,
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"source": {
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"field": "key_metrics.next_generation_security_arr",
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"period_label": "Q3 FY2026",
"period_end": "2026-04-30",
"period_start": "2026-02-01",
"span_days": 88,
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}
}
],
"summary": "Palo Alto Networks reported $3.00 billion in revenue for Q3 FY2026, the quarter ended April 30, 2026, up 31.1% from a year earlier, with the acquired identity security and observability businesses accounting for more than half of the increase. But it posted a net loss of $177 million against net income of $262 million a year earlier, or a loss of $0.22 per diluted share against $0.37. The swing came from acquisition accounting rather than from any deterioration in the underlying business: completing the CyberArk acquisition during the quarter brought amortization of acquired intangible assets and acquisition-related costs onto the income statement, producing a GAAP operating loss of $183 million while non-GAAP operating income, which excludes those charges along with share-based compensation, was $814 million, up 29.8%. Next-Generation Security annualized recurring revenue, the recurring-revenue measure management reports alongside results, stood at $8.1 billion at April 30, 2026.",
"qa": [
{
"q": "How much revenue did Palo Alto Networks report in Q3 FY2026?",
"a": "Palo Alto Networks reported $3.00 billion in revenue for Q3 FY2026, the quarter ended April 30, 2026. That is up 31.1% from $2.29 billion in the same quarter a year earlier, with the acquired identity security and observability businesses accounting for more than half of the increase."
},
{
"q": "Why did Palo Alto Networks report a loss in Q3 FY2026?",
"a": "Palo Alto Networks posted a net loss of $177 million in Q3 FY2026 against net income of $262 million a year earlier, because the quarter absorbed amortization of acquired intangible assets and acquisition-related costs from the CyberArk acquisition it completed during the quarter. Excluding those charges and share-based compensation, non-GAAP operating income was $814 million, up 29.8%, against a GAAP operating loss of $183 million."
},
{
"q": "What was Palo Alto Networks' earnings per share in Q3 FY2026?",
"a": "Palo Alto Networks reported a loss of $0.22 per diluted share in Q3 FY2026, the quarter ended April 30, 2026, having swung from $0.37. The swing came from the amortization of acquired intangible assets and acquisition-related costs the company took on when it completed the CyberArk acquisition during the quarter, rather than from deterioration in the underlying business."
},
{
"q": "What is Palo Alto Networks' Next-Generation Security ARR?",
"a": "Next-Generation Security annualized recurring revenue stood at $8.1 billion at April 30, 2026, the end of Q3 FY2026. It is the company's own operating metric, covering the annualized allocated revenue of active product, subscription and support contracts excluding hardware and legacy attached subscriptions, and it now includes the offerings added with the CyberArk and Chronosphere acquisitions."
}
]
},
"company_details": {
"Name": "Palo Alto Networks Inc",
"Ticker": "PANW",
"CIK": "0001327567",
"Exchange": "Nasdaq",
"State": "California",
"Incorporation": "Delaware",
"SIC": "3577",
"Office": "Technology",
"Industry": "Computer Peripheral Equipment, NEC"
},
"next_filing": {
"predicted_date": "2026-09-04",
"predicted_type": "10-K"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q3",
"tag": "FY26Q3",
"period_end": "2026-04-30",
"form": "10-Q",
"accession": "0001327567-26-000015",
"fiscal_year_end": "0731",
"source": "facts"
}
}