Palo Alto NetworksPANWRevenue: is the business selling more than it used to?
$9.2B+15% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $9.2B in 2025, compounding +19% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $10.6B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWNet income: how much of that revenue becomes profit?
$1.1B−56% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $1.1B in 2025, against $2.6B the year before. Earnings per share moved -32% over the last twelve months. Trailing twelve-month profit stands at $843M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWHow fast is it growing, year by year?
+14.9%revenue growth, FY 2025
Off the axis: 2013 earnings -4068.2% · 2024 earnings +486.2% - rebounds off a collapsed prior year.
→Revenue grew +15% in 2025 against a five-year average of +22%. Earnings went the other way (-56%) even as sales grew, so margins compressed: costs rose faster than revenue. 2013's swing into loss (-4068%) and 2024's +486% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWRevenue per share: is your slice growing as fast as the company?
$13.00revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-04-30), not a full fiscal year
→Revenue per share reached $13.00 in 2025, compounding +12% a year against +19% for PANW as a whole. Dilution absorbed about 7.0 points of that growth. Free cash flow per share stands at $4.89.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWFree cash flow: what is left in real cash after everything?
$3.5B+12% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $3.5B in 2025, compounding +25% a year since 2022. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $3.8B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWWhere does each dollar of revenue actually go?
→Of $9.2B in 2025 sales, $1.1B reaches net profit - 12 cents on the dollar. The largest single deduction is running the company ($5.5B).
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→38 cents of every sales dollar became free cash in 2025, up 5 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-04-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 22% of revenue (stock compensation 14%, capital spending 3%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-04-30), not a full fiscal year
→Operating margin widened 17 points to 13% since 2022. After everything, 12 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-04-30), not a full fiscal year
→ROE of 3% and ROCE of 7% sit close together, so the returns come from the business itself rather than from borrowing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWWhat has the market paid for PANW over time?
280.4xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 280.4x earnings, the market is paying +143% more than PANW's own 3-year median of 115.4x. Expectations are elevated, so more has to go right to justify the price. Today's multiple is the highest in the charted history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWWhat cash return does the business throw off per dollar of market value?
1.4%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 1.4% of annual free cash flow, less than its 7-year median of 3.9% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWCould it handle its debt if things went wrong?
→Debt isn't clearly tagged in PANW's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWIs the company's own capital growing?
→The company's own capital grew from $4.4B in 2023 to $27.7B (+535%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWHow much goes back, and how much leaks out as stock comp?
→PANW returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWHow fast is your ownership being diluted - or concentrated?
→The share count grew 0.2% in 2025, averaging 6.5% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWDoes PANW earn more on its capital than that capital costs?
→PANW earns 7.3% on the capital it employs, below the 10% most investors treat as the cost of capital. That is the highest in PANW's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWPANW has issued or retired shares - did shareholders end up better off?
→PANW issued +25% more shares from 2019 to 2025, but revenue per share still rose +154%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30
Palo Alto NetworksPANWAre the people running it buying or selling?
→Insiders bought $10M and sold $59M on the open market, a net sale of $49M. A further 12 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-04-30