Palo Alto Networks (PANW) Financials

$194.48 +0.18 (+0.09%)

As of 05/20/2025 04:00 PM Eastern

Annual Income Statements for Palo Alto Networks

This table shows Palo Alto Networks' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Net Income / (Loss) Attributable to Common Shareholders	2,578	440	-267	-499	-267	-82	-122	-203	-193	-131
Consolidated Net Income / (Loss)	2,578	440	-267	-499	-267	-82	-122	-203	-193	-131
Net Income / (Loss) Continuing Operations	2,578	440	-267	-499	-267	-82	-122	-203	-193	-131
Total Pre-Tax Income	988	566	-207	-465	-232	-75	-105	-180	-172	-122
Total Operating Income	684	387	-189	-304	-179	-54	-104	-166	-157	-100
Total Gross Profit	5,968	4,983	3,783	2,981	2,409	2,091	2,274	1,279	1,009	677
Total Revenue	8,028	6,893	5,502	4,256	3,408	2,900	2,274	1,755	1,379	928
Operating Revenue	8,028	6,893	5,502	4,256	3,408	2,900	2,274	1,755	1,379	928
Total Cost of Revenue	2,059	1,910	1,719	1,275	1,000	808	0.00	476	370	252
Operating Cost of Revenue	2,059	1,910	1,719	1,275	1,000	808	-	-476	370	252
Total Operating Expenses	5,284	4,596	3,972	3,285	2,588	2,145	2,378	1,445	1,166	776
Selling, General & Admin Expense	681	448	405	391	300	262	258	198	138	102
Marketing Expense	2,795	2,544	2,149	1,754	1,520	1,344	1,074	899	743	489
Research & Development Expense	1,809	1,604	1,418	1,140	768	540	401	347	284	186
Total Other Income / (Expense), net	304	179	-18	-161	-53	-21	-1.10	-14	-15	-22
Interest Expense	8.30	27	27	163	89	84	30	25	23	22
Other Income / (Expense), net	313	206	9.00	2.40	36	63	29	10	8.40	0.20
Income Tax Expense	-1,589	127	60	34	35	7.30	17	23	20	9.40
Basic Earnings per Share	$8.07	$1.45	($0.90)	($1.73)	($2.76)	($0.87)	($1.33)	($2.24)	($2.21)	($1.61)
Weighted Average Basic Shares Outstanding	319.20M	303.20M	295.60M	289.10M	96.90M	94.50M	91.70M	90.60M	87.10M	81.60M
Diluted Earnings per Share	$7.28	$1.28	($0.90)	($1.73)	($2.76)	($0.87)	($1.33)	($2.24)	($2.21)	($1.61)
Weighted Average Diluted Shares Outstanding	354M	342.30M	295.60M	289.10M	96.90M	94.50M	91.70M	90.60M	87.10M	81.60M
Weighted Average Basic & Diluted Shares Outstanding	325.60M	308.59M	99.74M	97.41M	96.90M	94.50M	91.70M	90.60M	87.10M	81.60M

This table shows Palo Alto Networks' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Income / (Loss) Attributable to Common Shareholders	267	351	358	279	1,747	194	228	108	84	20	3.30
Consolidated Net Income / (Loss)	267	351	358	279	1,747	194	228	108	84	20	3.30
Net Income / (Loss) Continuing Operations	267	351	358	279	1,747	194	228	108	84	20	3.30
Total Pre-Tax Income	325	369	319	251	136	283	317	131	84	34	17
Total Operating Income	240	287	238	177	54	215	254	79	40	15	15
Total Gross Profit	1,658	1,585	1,616	1,471	1,476	1,405	1,447	1,246	1,189	1,102	1,058
Total Revenue	2,257	2,139	2,190	1,985	1,975	1,878	1,953	1,721	1,655	1,563	1,551
Operating Revenue	2,257	2,139	2,190	1,985	1,975	1,878	1,953	1,721	1,655	1,563	1,551
Total Cost of Revenue	599	554	574	514	499	473	507	475	466	462	492
Operating Cost of Revenue	599	554	574	514	499	473	507	475	466	462	492
Total Operating Expenses	1,418	1,298	1,377	1,295	1,422	1,190	1,193	1,167	1,149	1,086	1,043
Selling, General & Admin Expense	154	98	140	119	302	120	115	114	119	100	108
Marketing Expense	758	720	742	719	673	661	664	640	626	615	571
Research & Development Expense	506	480	495	457	448	410	414	414	404	372	364
Total Other Income / (Expense), net	84	82	81	75	82	67	63	52	45	19	1.90
Interest Expense	0.90	1.20	0.30	2.30	2.80	2.90	5.70	7.80	6.90	6.80	6.90
Other Income / (Expense), net	85	83	81	77	85	70	69	60	51	26	8.80
Income Tax Expense	58	18	-39	-28	-1,611	88	89	23	0.20	14	14
Basic Earnings per Share	$0.41	$1.07	$1.12	$0.86	$2.73	$0.63	$0.75	$0.35	$0.28	$0.07	$0.01
Weighted Average Basic Shares Outstanding	659.30M	326.80M	319.20M	322.90M	639.30M	310.10M	303.20M	303.90M	302.30M	299.80M	295.60M
Diluted Earnings per Share	$0.38	$0.99	$1.12	$0.79	$2.44	$0.56	$0.75	$0.31	$0.25	$0.06	$0.01
Weighted Average Diluted Shares Outstanding	709M	354.50M	354M	354.60M	715M	349.80M	342.30M	344.70M	331.60M	338.40M	295.60M
Weighted Average Basic & Diluted Shares Outstanding	662.10M	328.10M	325.60M	323.80M	323.10M	315.30M	308.59M	305.85M	302.61M	302.36M	99.74M

This table details how cash moves in and out of Palo Alto Networks' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Net Change in Cash & Equivalents	405	-983	245	-1,082	1,997	-1,698	1,764	10	359	-278
Net Cash From Operating Activities	3,258	2,778	1,985	1,503	1,036	1,056	1,038	869	659	353
Net Cash From Continuing Operating Activities	3,258	2,778	1,985	1,503	1,036	902	1,038	869	659	353
Net Income / (Loss) Continuing Operations	2,578	440	-267	-499	-267	-82	-122	-203	-193	-131
Consolidated Net Income / (Loss)	2,578	440	-267	-499	-267	-82	-122	-203	-193	-131
Depreciation Expense	283	282	283	260	206	-	96	60	43	29
Amortization Expense	389	368	383	454	322	312	179	135	26	26
Non-Cash Adjustments To Reconcile Net Income	1,131	1,124	1,066	939	703	656	538	495	393	221
Changes in Operating Assets and Liabilities, net	-1,123	563	521	349	72	170	347	382	389	208
Net Cash From Investing Activities	-1,510	-2,034	-933	-1,481	288	-1,826	-520	-473	-339	-679
Net Cash From Continuing Investing Activities	-1,510	-2,034	-933	-1,481	288	-1,826	-520	-473	-339	-679
Purchase of Property, Plant & Equipment	-157	-146	-193	-116	-214	-131	-112	-163	-73	-34
Acquisitions	-611	-205	-37	-777	-584	-774	-374	-91	0.00	-15
Purchase of Investments	-3,551	-5,460	-2,272	-1,959	-1,181	-2,985	-726	-996	-1,037	-988
Sale and/or Maturity of Investments	2,809	3,777	1,568	1,372	2,267	2,064	692	777	771	358
Net Cash From Financing Activities	-1,343	-1,726	-807	-1,104	673	-774	1,246	-386	39	48
Net Cash From Continuing Financing Activities	-1,343	-1,726	-807	-1,104	673	-774	1,246	-386	39	48
Repayment of Debt	-1,034	-1,692	-0.60	-1.10	0.00	-481	0.00	0.00	-	-
Repurchase of Common Equity	-567	-273	-892	-1,178	-1,198	-330	-259	-411	0.00	0.00
Issuance of Common Equity	284	259	137	104	287	72	198	46	45	48
Other Financing Activities, net	-27	-20	-50	-29	-395	-35	-376	-21	0.00	0.00
Cash Interest Paid	5.60	20	20	20	14	14	0.80	0.00	-	-
Cash Income Taxes Paid	342	147	35	25	17	22	11	9.00	7.10	18

This table details how cash moves in and out of Palo Alto Networks' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Change in Cash & Equivalents	-56	746	165	-407	-708	1,355	-858	648	-721	-52	-302
Net Cash From Operating Activities	557	1,510	513	529	690	1,526	414	432	695	1,237	524
Net Cash From Continuing Operating Activities	557	1,510	513	529	690	1,526	414	432	695	1,237	524
Net Income / (Loss) Continuing Operations	267	351	358	279	1,747	194	228	108	84	20	3.30
Consolidated Net Income / (Loss)	267	351	358	279	1,747	194	228	108	84	20	3.30
Depreciation Expense	88	84	76	74	69	64	69	72	70	71	73
Amortization Expense	104	96	108	96	94	92	100	83	85	101	106
Non-Cash Adjustments To Reconcile Net Income	337	310	284	278	286	283	267	283	296	278	257
Changes in Operating Assets and Liabilities, net	-239	669	-313	-198	-1,505	892	-250	-114	160	767	86
Net Cash From Investing Activities	-381	-544	-169	113	-1,326	-129	363	88	-1,165	-1,320	-472
Net Cash From Continuing Investing Activities	-381	-544	-169	113	-1,326	-129	363	88	-1,165	-1,320	-472
Purchase of Property, Plant & Equipment	-48	-44	-47	-37	-35	-37	-37	-31	-38	-40	-39
Acquisitions	0.50	-500	-	-	-611	0.00	-	-19	-	-	-20
Purchase of Investments	-1,072	-660	-1,065	-475	-1,157	-855	-999	-742	-1,607	-2,113	-975
Sale and/or Maturity of Investments	738	660	944	626	477	763	1,399	880	666	833	562
Net Cash From Financing Activities	-232	-220	-179	-1,049	-73	-42	-1,635	128	-251	31	-353
Net Cash From Continuing Financing Activities	-232	-220	-179	-1,049	-73	-42	-1,635	128	-251	31	-353
Repayment of Debt	-112	-319	-200	-662	-126	-46	-1,692	-	-	0.00	-
Issuance of Common Equity	37	121	24	116	58	86	60	130	0.70	68	0.30
Other Financing Activities, net	-156	-21	-3.90	-3.40	-3.80	-16	-2.90	-2.10	-1.50	-14	-11

This table presents Palo Alto Networks' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Total Assets	19,991	14,501	12,254	10,242	9,065	6,592	5,949	3,438	2,858	1,965
Total Current Assets	6,850	6,048	6,415	4,647	5,129	3,665	4,139	1,976	1,774	1,074
Cash & Equivalents	1,535	1,135	2,119	1,874	2,958	961	2,507	744	734	376
Short-Term Investments	1,044	1,255	1,516	1,027	790	1,842	897	631	551	413
Note & Lease Receivable	726	389	111	-	-	-	-	-	-	-
Accounts Receivable	2,619	2,463	2,143	1,240	1,037	582	467	432	349	212
Prepaid Expenses	557	467	209	229	138	279	268	169	140	73
Other Current Assets	369	339	318	277	206	-	-	-	-	-
Plant, Property, & Equipment, net	361	355	358	318	348	296	273	211	117	63
Total Noncurrent Assets	12,780	8,099	5,481	5,276	3,588	2,631	1,537	1,251	967	828
Long-Term Investments	4,173	3,048	1,052	888	554	575	548	789	653	539
Noncurrent Note & Lease Receivables	1,182	653	192	-	-	-	-	-	-	-
Goodwill	3,350	2,927	2,748	2,710	1,813	1,352	523	239	164	164
Intangible Assets	375	315	385	499	358	281	141	54	44	53
Noncurrent Deferred & Refundable Income Taxes	2,399	23	-	-	-	-	-	-	-	-
Other Noncurrent Operating Assets	739	585	555	684	440	423	326	169	107	73
Other Noncurrent Nonoperating Assets	562	547	550	495	422	-	-	-	-	-
Total Liabilities & Shareholders' Equity	19,991	14,501	12,254	10,242	9,065	6,592	5,949	3,438	2,858	1,965
Total Liabilities	14,821	12,753	12,044	9,478	7,964	5,006	4,767	2,679	1,963	1,389
Total Current Liabilities	7,683	7,738	8,306	5,117	2,692	2,053	2,102	1,201	847	1,032
Short-Term Debt	964	1,992	3,677	1,558	0.00	-	550	0.00	-	487
Accounts Payable	116	132	128	57	64	73	49	36	30	13
Accrued Expenses	507	391	399	329	257	162	125	80	39	28
Current Deferred Revenue	5,541	4,675	3,641	2,742	2,049	1,582	1,214	968	704	424
Current Employee Benefit Liabilities	555	548	461	431	322	236	164	118	74	80
Total Noncurrent Liabilities	7,139	5,015	3,737	4,361	5,272	2,953	2,665	1,477	1,117	357
Noncurrent Deferred Revenue	5,939	4,622	3,353	2,282	1,761	1,307	1,066	805	537	290
Noncurrent Deferred & Payable Income Tax Liabilities	388	28	-	-	-	-	-	-	-	-
Other Noncurrent Operating Liabilities	811	365	385	411	427	216	230	148	79	67
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,170	1,748	210	635	1,102	1,586	1,160	760	895	488
Total Preferred & Common Equity	5,170	1,748	210	635	1,102	1,586	1,160	760	895	488
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,170	1,748	210	635	1,102	1,586	1,160	760	895	488
Common Stock	3,821	3,019	1,933	2,311	2,259	2,491	1,967	1,600	1,516	989
Retained Earnings	1,350	-1,227	-1,667	-1,667	-1,168	-901	-791	-837	-622	-501
Accumulated Other Comprehensive Income / (Loss)	-1.60	-43	-56	-9.90	11	-3.70	-16	-3.40	1.00	-0.10

This table presents Palo Alto Networks' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Total Assets	20,952	20,375	19,991	17,931	18,292	14,809	14,501	14,171	13,163	12,544	12,254
Total Current Assets	6,340	6,243	6,850	5,919	6,447	6,478	6,048	6,414	5,406	5,734	6,415
Cash & Equivalents	2,226	2,283	1,535	1,374	1,783	2,491	1,135	1,993	1,346	2,067	2,119
Short-Term Investments	1,007	1,108	1,044	1,517	1,589	1,402	1,255	1,965	2,001	1,737	1,516
Note & Lease Receivable	755	805	726	572	446	446	389	-	-	-	111
Accounts Receivable	1,496	1,133	2,619	1,715	1,896	1,413	2,463	1,444	1,278	1,238	2,143
Prepaid Expenses	480	546	557	404	406	396	467	695	467	381	209
Other Current Assets	376	368	369	337	328	329	339	317	313	311	318
Plant, Property, & Equipment, net	358	361	361	350	352	353	355	342	345	354	358
Total Noncurrent Assets	14,254	13,771	12,780	11,662	11,493	7,978	8,099	7,415	7,413	6,457	5,481
Long-Term Investments	4,560	4,120	4,173	3,504	3,620	2,989	3,048	2,710	2,821	2,095	1,052
Noncurrent Note & Lease Receivables	1,164	1,092	1,182	883	640	640	653	-	-	-	192
Goodwill	4,051	4,051	3,350	3,373	3,373	2,927	2,927	2,927	2,912	2,748	2,748
Intangible Assets	771	810	375	408	440	291	315	341	362	355	385
Noncurrent Deferred & Refundable Income Taxes	2,447	2,398	2,399	2,292	2,234	-	23	-	-	-	-
Other Noncurrent Operating Assets	738	769	739	1,202	1,186	1,132	585	1,438	1,318	1,259	555
Other Noncurrent Nonoperating Assets	523	532	562	-	-	-	547	-	-	-	550
Total Liabilities & Shareholders' Equity	20,952	20,375	19,991	17,931	18,292	14,809	14,501	14,171	13,163	12,544	12,254
Total Liabilities	14,576	14,463	14,821	13,463	13,935	12,638	12,753	12,938	12,434	12,036	12,044
Total Current Liabilities	7,552	7,403	7,683	7,085	7,766	7,513	7,738	8,641	8,475	8,195	8,306
Short-Term Debt	534	646	964	1,163	1,822	1,947	1,992	3,682	3,680	3,679	3,677
Accounts Payable	149	212	116	109	179	132	132	92	128	126	128
Accrued Expenses	778	683	507	413	394	372	391	376	329	380	399
Current Deferred Revenue	5,600	5,508	5,541	5,015	4,918	4,732	4,675	4,147	3,943	3,741	3,641
Current Employee Benefit Liabilities	492	355	555	386	453	331	548	345	395	269	461
Total Noncurrent Liabilities	7,024	7,060	7,139	6,378	6,169	5,125	5,015	4,297	3,959	3,841	3,737
Noncurrent Deferred Revenue	5,663	5,586	5,939	5,153	4,900	4,711	4,622	3,943	3,612	3,438	3,353
Noncurrent Deferred & Payable Income Tax Liabilities	116	251	388	503	589	-	28	-	-	-	-
Other Noncurrent Operating Liabilities	1,246	1,223	811	723	681	414	365	354	348	402	385
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,375	5,912	5,170	4,468	4,357	2,171	1,748	1,232	729	508	210
Total Preferred & Common Equity	6,375	5,912	5,170	4,468	4,357	2,171	1,748	1,232	729	508	210
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,375	5,912	5,170	4,468	4,357	2,171	1,748	1,232	729	508	210
Common Stock	4,421	4,215	3,821	3,531	3,650	3,297	3,019	2,708	2,303	2,266	1,933
Retained Earnings	1,968	1,701	1,350	993	714	-1,033	-1,227	-1,455	-1,563	-1,647	-1,667
Accumulated Other Comprehensive Income / (Loss)	-14	-4.00	-1.60	-55	-6.50	-93	-43	-21	-11	-111	-56

This table displays calculated financial ratios and metrics derived from Palo Alto Networks' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.46%	25.29%	29.26%	24.87%	17.55%	27.53%	29.54%	27.32%	48.53%	55.15%
EBITDA Growth	34.23%	156.10%	17.66%	7.17%	20.04%	60.56%	414.95%	148.68%	-76.33%	77.13%
EBIT Growth	67.92%	430.09%	40.40%	-110.83%	-1,638.71%	112.29%	51.35%	-4.50%	-49.50%	54.79%
NOPAT Growth	493.15%	327.54%	37.92%	-69.89%	-230.87%	48.08%	37.15%	-5.40%	-57.62%	53.65%
Net Income Growth	486.22%	264.68%	46.48%	-86.85%	-226.01%	32.98%	39.80%	-5.35%	-46.76%	42.03%
EPS Growth	468.75%	242.22%	46.48%	-86.85%	-217.24%	34.59%	40.63%	-1.36%	-37.27%	47.21%
Operating Cash Flow Growth	17.29%	39.95%	32.05%	45.12%	-1.89%	1.69%	19.49%	31.92%	86.68%	299.10%
Free Cash Flow Firm Growth	-39.89%	29.57%	301.97%	-994.46%	109.75%	-402.46%	-147.29%	31.11%	7.80%	156.50%
Invested Capital Growth	47.42%	-66.34%	-358.46%	45.34%	-48.70%	57.32%	3.57%	-61.97%	-105.10%	-580.56%
Revenue Q/Q Growth	3.03%	6.21%	6.41%	6.74%	4.43%	5.35%	7.36%	6.16%	9.27%	12.85%
EBITDA Q/Q Growth	0.76%	30.22%	25.03%	-3.26%	54.10%	-22.87%	-3.57%	146.75%	-23.57%	43.70%
EBIT Q/Q Growth	-0.29%	100.85%	32.13%	-17.03%	-19.45%	-69.31%	33.25%	5.81%	-14.36%	23.01%
NOPAT Q/Q Growth	2.78%	150.05%	28.65%	-16.29%	-4.62%	-99.63%	22.59%	5.37%	-16.17%	19.78%
Net Income Q/Q Growth	5.31%	104.23%	31.47%	-13.77%	-16.64%	-51.39%	20.55%	3.24%	-11.00%	13.11%
EPS Q/Q Growth	-3.96%	80.28%	31.47%	-13.77%	-16.46%	-55.36%	21.30%	3.45%	-10.50%	15.26%
Operating Cash Flow Q/Q Growth	3.12%	-3.80%	11.08%	-0.52%	10.95%	-4.18%	3.78%	6.43%	12.56%	65.76%
Free Cash Flow Firm Q/Q Growth	-3.69%	-7.83%	23.45%	10.09%	106.07%	-110.66%	-256.48%	119.41%	-29.72%	283.45%
Invested Capital Q/Q Growth	-54.40%	-28.04%	-134.32%	-182.47%	-1,799.05%	47.55%	7.81%	-15.85%	-1.29%	-31.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.35%	72.29%	68.76%	70.05%	70.68%	72.12%	100.00%	72.86%	73.16%	72.90%
EBITDA Margin	20.79%	18.04%	8.83%	9.70%	11.30%	11.06%	8.79%	2.21%	-5.78%	-4.87%
Operating Margin	8.52%	5.62%	-3.43%	-7.15%	-5.25%	-1.87%	-4.58%	-9.45%	-11.41%	-10.75%
EBIT Margin	12.41%	8.61%	-3.27%	-7.09%	-4.20%	0.32%	-3.33%	-8.87%	-10.80%	-10.73%
Profit (Net Income) Margin	32.11%	6.38%	-4.85%	-11.72%	-7.83%	-2.82%	-5.37%	-11.57%	-13.98%	-14.15%
Tax Burden Percent	260.81%	77.64%	128.86%	107.29%	115.19%	109.79%	116.05%	112.72%	111.84%	107.71%
Interest Burden Percent	99.17%	95.42%	115.24%	154.13%	161.98%	-802.15%	139.10%	115.75%	115.72%	122.39%
Effective Tax Rate	-160.81%	22.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	74.52%	44.90%	-54.85%	-53.49%	-19.87%	-5.92%	-12.59%	-24.54%	-26.21%	-25.14%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	5.78%	4.44%	-1.60%	-3.13%	-1.83%	0.15%	-1.61%	-4.94%	-6.17%	-5.78%
Return on Assets (ROA)	14.95%	3.29%	-2.37%	-5.17%	-3.41%	-1.31%	-2.60%	-6.45%	-7.99%	-7.63%
Return on Common Equity (ROCE)	74.52%	44.90%	-47.58%	-49.79%	-19.87%	-5.87%	-12.44%	-24.54%	-24.64%	-23.03%
Return on Equity Simple (ROE_SIMPLE)	49.86%	25.15%	-127.14%	-78.63%	-24.23%	-5.16%	-10.53%	-26.72%	-21.53%	-26.91%
Net Operating Profit after Tax (NOPAT)	1,784	301	-132	-213	-125	-38	-73	-116	-110	-70
NOPAT Margin	22.22%	4.36%	-2.40%	-5.00%	-3.68%	-1.31%	-3.21%	-6.61%	-7.99%	-7.53%
Net Nonoperating Expense Percent (NNEP)	15.35%	5.01%	-10.30%	-21.20%	-7.90%	-2.21%	-2.68%	-5.65%	-7.25%	-9.11%
Cost of Revenue to Revenue	25.65%	27.71%	31.24%	29.95%	29.32%	27.88%	0.00%	27.14%	26.84%	27.10%
SG&A Expenses to Revenue	8.48%	6.50%	7.36%	9.19%	8.79%	9.03%	11.34%	11.30%	10.04%	10.95%
R&D to Revenue	22.54%	23.27%	25.77%	26.79%	22.54%	18.61%	17.62%	19.79%	20.62%	20.02%
Operating Expenses to Revenue	65.83%	66.67%	72.19%	77.19%	75.93%	73.99%	104.58%	82.30%	84.57%	83.65%
Earnings before Interest and Taxes (EBIT)	997	594	-180	-302	-143	9.30	-76	-156	-149	-100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,669	1,244	486	413	385	321	200	39	-80	-45
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	20.34	43.73	236.80	61.25	22.41	13.71	15.87	15.93	13.11	31.86
Price to Tangible Book Value (P/TBV)	72.78	0.00	0.00	0.00	0.00	0.00	37.07	25.91	17.06	57.22
Price to Revenue (P/Rev)	13.10	11.09	9.04	9.13	7.24	7.50	8.10	6.89	8.51	16.75
Price to Earnings (P/E)	40.79	173.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.45%	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	12.38	10.59	8.86	9.03	6.89	6.83	7.22	5.96	7.46	15.94
Enterprise Value to EBITDA (EV/EBITDA)	59.52	58.70	100.33	93.12	60.94	61.70	82.11	269.61	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	99.70	123.01	0.00	0.00	0.00	2,128.35	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	55.70	242.77	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	30.50	26.28	24.55	25.57	22.66	18.75	15.80	12.04	15.62	41.93
Enterprise Value to Free Cash Flow (EV/FCFF)	138.19	61.04	52.77	0.00	459.28	0.00	0.00	47.41	61.14	94.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.19	1.14	17.51	4.22	2.80	0.90	1.62	0.69	0.56	0.85
Long-Term Debt to Equity	0.00	0.00	0.00	2.18	2.80	0.90	1.16	0.69	0.56	0.00
Financial Leverage	-1.50	-2.84	-2.69	-1.45	-1.34	-1.44	-1.89	-1.86	-1.55	-1.29
Leverage Ratio	4.99	13.66	23.11	10.35	5.82	4.53	4.83	3.81	3.28	3.30
Compound Leverage Factor	4.94	13.04	26.63	15.95	9.44	-36.34	6.72	4.40	3.80	4.04
Debt to Total Capital	15.72%	53.25%	94.60%	80.86%	73.68%	47.41%	61.89%	40.85%	35.85%	45.83%
Short-Term Debt to Total Capital	15.72%	53.25%	94.60%	39.05%	0.00%	0.00%	17.74%	0.00%	0.00%	45.83%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	41.81%	73.68%	47.41%	44.15%	40.85%	35.85%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	3.24%	0.00%	0.00%	0.71%	0.00%	0.00%	8.27%
Common Equity to Total Capital	84.28%	46.75%	5.40%	15.90%	26.32%	52.59%	37.40%	59.15%	64.15%	45.90%
Debt to EBITDA	0.58	1.60	7.57	7.82	8.01	4.46	9.61	13.52	-6.28	-10.78
Net Debt to EBITDA	-3.47	-2.77	-2.08	-1.37	-3.16	-6.07	-10.16	-42.26	18.05	18.60
Long-Term Debt to EBITDA	0.00	0.00	0.00	4.04	8.01	4.46	6.86	13.52	-6.28	0.00
Debt to NOPAT	0.54	6.62	-27.82	-15.15	-24.61	-37.76	-26.32	-4.52	-4.54	-6.97
Net Debt to NOPAT	-3.25	-11.46	7.64	2.65	9.72	51.45	27.84	14.13	13.06	12.03
Long-Term Debt to NOPAT	0.00	0.00	0.00	-7.84	-24.61	-37.76	-18.78	-4.52	-4.54	0.00
Altman Z-Score	4.87	3.95	2.50	2.50	2.33	3.15	2.88	3.00	3.98	6.69
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	13.26%	6.92%	0.00%	0.79%	1.13%	0.00%	5.98%	8.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.89	0.78	0.77	0.91	1.91	1.78	1.97	1.65	2.09	1.04
Quick Ratio	0.77	0.68	0.71	0.81	1.78	1.65	1.84	1.50	1.93	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	719	1,196	923	-457	51	-524	-104	221	168	156
Operating Cash Flow to CapEx	2,077.55%	1,898.50%	1,029.41%	1,295.69%	483.07%	804.57%	926.88%	531.70%	908.41%	1,043.79%
Free Cash Flow to Firm to Interest Expense	86.63	43.97	33.69	-2.80	0.58	-6.25	-3.53	9.01	7.19	7.00
Operating Cash Flow to Interest Expense	392.48	102.11	72.43	9.20	11.68	12.58	35.07	35.46	28.15	15.82
Operating Cash Flow Less CapEx to Interest Expense	373.59	96.74	65.40	8.49	9.26	11.02	31.29	28.79	25.05	14.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.52	0.49	0.44	0.44	0.46	0.48	0.56	0.57	0.54
Accounts Receivable Turnover	3.16	2.99	3.25	3.74	4.21	5.53	5.06	4.50	4.91	5.34
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	22.44	19.35	16.27	12.77	10.58	10.19	9.39	10.69	15.31	16.63
Accounts Payable Turnover	16.57	14.67	18.59	21.16	14.60	13.18	0.00	14.50	17.05	18.14
Days Sales Outstanding (DSO)	115.53	121.95	112.22	97.66	86.71	66.05	72.17	81.19	74.28	68.41
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	22.03	24.88	19.63	17.25	25.00	27.70	0.00	25.17	21.41	20.12
Cash Conversion Cycle (CCC)	93.50	97.07	92.59	80.41	61.72	38.35	72.17	56.02	52.88	48.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,180	-2,245	-1,350	-294	-539	-362	-849	-880	-543	-265
Invested Capital Turnover	-4.69	-3.83	-6.69	-10.22	-7.57	-4.79	-2.63	-2.47	-3.41	-6.11
Increase / (Decrease) in Invested Capital	1,065	-895	-1,055	244	-176	486	31	-337	-278	-226
Enterprise Value (EV)	99,359	73,005	48,718	38,430	23,469	19,794	16,406	10,461	10,290	14,794
Market Capitalization	105,148	76,451	49,728	38,864	24,688	21,742	18,414	12,101	11,728	15,547
Book Value per Share	$15.97	$5.72	$2.11	$6.52	$11.42	$16.53	$12.49	$8.27	$9.99	$5.83
Tangible Book Value per Share	$4.46	($4.88)	($29.33)	($26.43)	($11.08)	($0.49)	$5.35	$5.09	$7.67	$3.25
Total Capital	6,134	3,740	3,887	3,990	4,186	3,016	3,102	1,284	1,395	1,063
Total Debt	964	1,992	3,677	3,226	3,084	1,430	1,920	525	500	487
Total Long-Term Debt	0.00	0.00	0.00	1,668	3,084	1,430	1,370	525	500	0.00
Net Debt	-5,788	-3,446	-1,010	-563	-1,218	-1,949	-2,031	-1,640	-1,438	-841
Capital Expenditures (CapEx)	157	146	193	116	214	131	112	163	73	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,448	-2,088	-1,849	-1,813	-1,310	-1,192	-816	-600	-358	-260
Debt-free Net Working Capital (DFNWC)	131	302	1,785	1,089	2,438	1,612	2,587	775	927	529
Net Working Capital (NWC)	-833	-1,690	-1,891	-469	2,438	1,612	2,037	775	927	42
Net Nonoperating Expense (NNE)	-794	-139	135	286	142	44	49	87	83	61
Net Nonoperating Obligations (NNO)	-6,350	-3,994	-1,560	-1,058	-1,640	-1,949	-2,031	-1,640	-1,438	-841
Total Depreciation and Amortization (D&A)	673	650	665	714	528	312	276	194	69	54
Debt-free, Cash-free Net Working Capital to Revenue	-30.49%	-30.29%	-33.61%	-42.59%	-38.44%	-41.10%	-35.90%	-34.19%	-26.00%	-28.03%
Debt-free Net Working Capital to Revenue	1.63%	4.38%	32.45%	25.58%	71.51%	55.58%	113.79%	44.16%	67.26%	56.99%
Net Working Capital to Revenue	-10.38%	-24.51%	-34.38%	-11.03%	71.51%	55.58%	89.58%	44.16%	67.26%	4.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$8.07	$1.45	($0.90)	($1.73)	($0.92)	($0.29)	($0.54)	($0.80)	($0.86)	($0.67)
Adjusted Weighted Average Basic Shares Outstanding	319.20M	303.20M	295.50M	289.20M	289.12M	290.97M	281.47M	275.53M	272.55M	255.03M
Adjusted Diluted Earnings per Share	$7.28	$1.28	($0.90)	($1.73)	($0.92)	($0.29)	($0.54)	($0.80)	($0.86)	($0.67)
Adjusted Weighted Average Diluted Shares Outstanding	354M	342.30M	295.50M	289.20M	289.12M	290.97M	281.47M	275.53M	272.55M	255.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.92)	($0.29)	($0.54)	($0.80)	($0.86)	($0.67)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	325.60M	308.59M	299.21M	292.22M	290.70M	283.50M	275.10M	271.80M	261.30M	244.86M
Normalized Net Operating Profit after Tax (NOPAT)	479	301	-132	-213	-125	-38	-73	-116	-110	-70
Normalized NOPAT Margin	5.96%	4.36%	-2.40%	-5.00%	-3.68%	-1.31%	-3.21%	-6.61%	-7.99%	-7.53%
Pre Tax Income Margin	12.31%	8.22%	-3.77%	-10.93%	-6.80%	-2.57%	-4.63%	-10.26%	-12.50%	-13.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	120.07	21.82	-6.56	-1.85	-1.61	0.11	-2.56	-6.35	-6.36	-4.47
NOPAT to Interest Expense	214.90	11.06	-4.82	-1.30	-1.41	-0.45	-2.46	-4.74	-4.71	-3.13
EBIT Less CapEx to Interest Expense	101.18	16.44	-13.60	-2.56	-4.03	-1.45	-6.34	-13.02	-9.46	-5.98
NOPAT Less CapEx to Interest Expense	196.01	5.68	-11.86	-2.01	-3.83	-2.02	-6.25	-11.41	-7.80	-4.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.32%	0.00%
Augmented Payout Ratio	21.99%	62.02%	-334.19%	-236.14%	-448.73%	-402.93%	-212.03%	-202.46%	-3.32%	0.00%

This table displays calculated financial ratios and metrics derived from Palo Alto Networks' official financial filings.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.29%	13.88%	12.09%	15.34%	19.33%	20.13%	25.98%	24.10%	25.68%	25.33%	27.16%
EBITDA Growth	72.07%	24.46%	2.57%	43.88%	22.29%	107.91%	142.52%	145.58%	181.67%	179.47%	92.31%
EBIT Growth	135.50%	29.53%	-0.90%	82.64%	51.48%	592.96%	1,231.41%	403.72%	223.38%	148.87%	139.74%
NOPAT Growth	-71.37%	84.33%	46.58%	202.82%	1,636.01%	1,573.42%	6,108.39%	294.36%	176.95%	115.27%	106.95%
Net Income Growth	-84.70%	80.59%	57.09%	158.63%	1,974.70%	871.00%	6,800.00%	247.27%	190.05%	119.31%	102.77%
EPS Growth	-84.43%	76.79%	49.33%	154.84%	1,974.70%	833.33%	7,400.00%	224.00%	178.13%	117.14%	102.77%
Operating Cash Flow Growth	-19.29%	-1.07%	23.81%	22.40%	-0.66%	23.39%	-20.93%	10.94%	43.93%	110.00%	60.74%
Free Cash Flow Firm Growth	410.37%	-183.88%	-173.98%	-163.83%	-118.28%	-22.55%	1.85%	38.08%	107.86%	1,469.44%	469.39%
Invested Capital Growth	-73.36%	46.30%	47.42%	56.40%	53.84%	-61.56%	-66.34%	-204.43%	-339.99%	-911.70%	-358.46%
Revenue Q/Q Growth	5.55%	-2.32%	10.31%	0.49%	5.16%	-3.85%	13.50%	3.98%	5.87%	0.83%	11.81%
EBITDA Q/Q Growth	-5.86%	9.11%	18.99%	40.77%	-31.91%	-10.08%	66.93%	19.64%	15.77%	4.89%	69.03%
EBIT Q/Q Growth	-11.93%	15.82%	25.96%	83.30%	-51.56%	-11.39%	132.13%	52.03%	121.60%	70.25%	152.95%
NOPAT Q/Q Growth	-27.42%	1.97%	36.31%	-71.62%	367.28%	-18.91%	181.61%	62.70%	350.43%	200.83%	108.82%
Net Income Q/Q Growth	-23.78%	-1.96%	28.30%	-84.04%	799.54%	-14.71%	111.22%	28.03%	321.00%	506.06%	104.51%
EPS Q/Q Growth	-61.62%	-11.61%	41.77%	-83.84%	799.54%	-25.33%	141.94%	24.00%	316.67%	500.00%	104.51%
Operating Cash Flow Q/Q Growth	-63.11%	194.44%	-3.06%	-23.35%	-54.78%	268.51%	-4.17%	-37.79%	-43.83%	136.15%	34.45%
Free Cash Flow Firm Q/Q Growth	178.70%	-26.40%	-0.57%	-210.24%	-121.27%	11.49%	-13.24%	-11.17%	-9.86%	46.61%	17.62%
Invested Capital Q/Q Growth	5.25%	-25.80%	-54.40%	5.80%	70.65%	-23.18%	-28.04%	0.27%	-2.71%	-26.83%	-134.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.46%	74.09%	73.80%	74.12%	74.73%	74.83%	74.05%	72.41%	71.83%	70.46%	68.25%
EBITDA Margin	22.92%	25.70%	23.01%	21.33%	15.22%	23.51%	25.14%	17.10%	14.86%	13.59%	13.06%
Operating Margin	10.65%	13.40%	10.89%	8.90%	2.71%	11.46%	12.98%	4.57%	2.41%	0.97%	0.99%
EBIT Margin	14.43%	17.29%	14.58%	12.77%	7.00%	15.20%	16.50%	8.07%	5.52%	2.64%	1.56%
Profit (Net Income) Margin	11.84%	16.40%	16.34%	14.05%	88.45%	10.34%	11.66%	6.26%	5.09%	1.28%	0.21%
Tax Burden Percent	82.30%	95.14%	112.13%	110.99%	1,289.23%	68.72%	71.94%	82.29%	99.76%	58.14%	19.08%
Interest Burden Percent	99.72%	99.68%	99.91%	99.09%	97.98%	98.98%	98.23%	94.38%	92.44%	83.50%	71.49%
Effective Tax Rate	17.70%	4.86%	-12.13%	-10.99%	-1,189.23%	31.28%	28.06%	17.71%	0.24%	41.86%	80.92%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	23.38%	67.66%	74.52%	85.88%	89.52%	45.84%	44.90%	27.43%	8.10%	-27.93%	-54.85%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	6.30%	8.15%	6.79%	6.20%	3.35%	8.01%	8.50%	4.14%	2.88%	1.33%	0.76%
Return on Assets (ROA)	5.17%	7.73%	7.60%	6.82%	42.33%	5.45%	6.01%	3.22%	2.66%	0.65%	0.10%
Return on Common Equity (ROCE)	23.38%	67.66%	74.52%	85.88%	89.52%	45.84%	44.90%	27.43%	8.10%	-27.93%	-47.58%
Return on Equity Simple (ROE_SIMPLE)	19.68%	46.25%	0.00%	54.78%	52.25%	28.28%	0.00%	17.47%	4.71%	-28.23%	0.00%
Net Operating Profit after Tax (NOPAT)	198	273	267	196	691	148	182	65	40	8.84	2.94
NOPAT Margin	8.76%	12.74%	12.21%	9.88%	34.99%	7.87%	9.34%	3.76%	2.41%	0.57%	0.19%
Net Nonoperating Expense Percent (NNEP)	1.07%	1.27%	1.75%	2.01%	27.58%	1.29%	1.63%	2.21%	2.96%	0.77%	0.03%
Return On Investment Capital (ROIC_SIMPLE)	2.86%	-	-	-	11.18%	-	-	-	-	-	-
Cost of Revenue to Revenue	26.54%	25.91%	26.20%	25.88%	25.27%	25.17%	25.95%	27.59%	28.17%	29.54%	31.75%
SG&A Expenses to Revenue	6.81%	4.57%	6.41%	5.98%	15.27%	6.39%	5.87%	6.64%	7.21%	6.36%	6.99%
R&D to Revenue	22.40%	22.46%	22.60%	23.04%	22.68%	21.80%	21.22%	24.04%	24.42%	23.78%	23.46%
Operating Expenses to Revenue	62.81%	60.70%	62.91%	65.22%	72.02%	63.37%	61.08%	67.84%	69.42%	69.48%	67.26%
Earnings before Interest and Taxes (EBIT)	326	370	319	254	138	286	322	139	91	41	24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	517	550	504	423	301	442	491	294	246	212	203
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	18.98	19.85	20.34	21.04	24.50	34.55	43.73	44.80	65.80	101.07	236.80
Price to Tangible Book Value (P/TBV)	77.92	111.59	72.78	136.77	196.05	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	14.12	14.16	13.10	12.06	14.18	10.41	11.09	8.51	7.79	8.83	9.04
Price to Earnings (P/E)	96.47	42.91	40.79	38.40	46.88	122.16	173.87	256.45	1,398.42	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.04%	2.33%	2.45%	2.60%	2.13%	0.82%	0.58%	0.39%	0.07%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	13.27	13.33	12.38	11.39	13.49	9.72	10.59	8.05	7.39	8.44	8.86
Enterprise Value to EBITDA (EV/EBITDA)	57.05	62.15	59.52	53.57	66.49	47.57	58.70	54.69	58.26	78.97	100.33
Enterprise Value to EBIT (EV/EBIT)	89.69	102.19	99.70	88.80	114.79	83.62	123.01	176.74	409.72	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	121.64	57.47	55.70	51.14	64.25	158.27	242.77	434.27	4,840.44	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	36.60	34.08	30.50	28.10	33.17	22.84	26.28	18.09	15.99	18.66	24.55
Enterprise Value to Free Cash Flow (EV/FCFF)	74.32	172.19	138.19	118.89	160.17	46.82	61.04	40.24	33.24	33.21	52.77
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.11	0.19	0.26	0.42	0.90	1.14	2.99	5.05	7.24	17.51
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.21	-1.53	-1.50	-1.44	-1.51	-2.67	-2.84	-2.48	-3.55	-2.83	-2.69
Leverage Ratio	3.66	4.35	4.99	5.63	6.18	10.21	13.66	16.10	27.83	22.37	23.11
Compound Leverage Factor	3.65	4.34	4.98	5.58	6.06	10.11	13.42	15.19	25.72	18.68	16.52
Debt to Total Capital	7.73%	9.85%	15.72%	20.65%	29.48%	47.28%	53.25%	74.92%	83.47%	87.87%	94.60%
Short-Term Debt to Total Capital	7.73%	9.85%	15.72%	20.65%	29.48%	47.28%	53.25%	74.92%	83.47%	87.87%	94.60%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.27%	90.15%	84.28%	79.35%	70.52%	52.72%	46.75%	25.08%	16.53%	12.13%	5.40%
Debt to EBITDA	0.27	0.36	0.58	0.70	1.19	1.32	1.60	3.86	4.71	5.91	7.57
Net Debt to EBITDA	-3.64	-3.86	-3.47	-3.16	-3.38	-3.35	-2.77	-3.13	-3.19	-3.57	-2.08
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.57	0.34	0.54	0.67	1.15	4.40	6.62	30.62	391.71	-57.81	-27.82
Net Debt to NOPAT	-7.76	-3.57	-3.25	-3.01	-3.27	-11.15	-11.46	-24.83	-264.72	34.89	7.64
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	5.50	5.38	4.76	4.67	5.00	3.93	3.89	2.72	2.36	2.61	2.56
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	0.84	0.89	0.84	0.83	0.86	0.78	0.74	0.64	0.70	0.77
Quick Ratio	0.73	0.72	0.77	0.73	0.74	0.77	0.68	0.63	0.55	0.62	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	793	-1,008	-797	-793	-256	1,202	1,078	1,242	1,398	1,551	1,058
Operating Cash Flow to CapEx	1,172.42%	3,423.13%	1,081.65%	1,414.17%	1,960.23%	4,146.74%	1,113.17%	1,384.94%	1,813.58%	3,122.98%	1,335.97%
Free Cash Flow to Firm to Interest Expense	881.38	-839.93	-2,657.93	-344.73	-91.28	414.34	189.08	159.26	202.67	228.15	153.37
Operating Cash Flow to Interest Expense	618.78	1,258.00	1,709.00	229.96	246.43	526.21	72.65	55.40	100.67	181.87	75.90
Operating Cash Flow Less CapEx to Interest Expense	566.00	1,221.25	1,551.00	213.70	233.86	513.52	66.12	51.40	95.12	176.04	70.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.47	0.47	0.49	0.48	0.53	0.52	0.51	0.52	0.51	0.49
Accounts Receivable Turnover	5.05	6.51	3.16	4.93	4.74	5.44	2.99	4.84	5.52	5.68	3.25
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	24.13	23.23	22.44	22.52	21.60	20.41	19.35	18.61	17.40	17.16	16.27
Accounts Payable Turnover	13.66	12.47	16.57	19.87	12.72	14.91	14.67	18.99	14.97	16.27	18.59
Days Sales Outstanding (DSO)	72.22	56.06	115.53	74.00	76.96	67.13	121.95	75.48	66.12	64.32	112.22
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.72	29.28	22.03	18.37	28.69	24.49	24.88	19.22	24.39	22.43	19.63
Cash Conversion Cycle (CCC)	45.50	26.78	93.50	55.63	48.27	42.64	97.07	56.26	41.73	41.89	92.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,407	-1,485	-1,180	-765	-812	-2,766	-2,245	-1,754	-1,758	-1,712	-1,350
Invested Capital Turnover	-7.73	-3.90	-4.69	-6.19	-5.86	-3.22	-3.83	-5.57	-5.71	-6.19	-6.69
Increase / (Decrease) in Invested Capital	-595	1,281	1,065	989	947	-1,054	-895	-1,178	-1,359	-1,543	-1,055
Enterprise Value (EV)	113,758	110,459	99,359	88,754	101,563	70,059	73,005	52,228	45,479	49,122	48,718
Market Capitalization	121,016	117,323	105,148	93,987	106,732	74,995	76,451	55,214	47,966	51,342	49,728
Book Value per Share	$19.43	$18.16	$15.97	$13.83	$13.82	$7.03	$5.72	$4.07	$2.41	$5.09	$2.11
Tangible Book Value per Share	$4.73	$3.23	$4.46	$2.13	$1.73	($3.39)	($4.88)	($6.72)	($8.42)	($26.02)	($29.33)
Total Capital	6,909	6,558	6,134	5,630	6,179	4,117	3,740	4,915	4,409	4,187	3,887
Total Debt	534	646	964	1,163	1,822	1,947	1,992	3,682	3,680	3,679	3,677
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-7,259	-6,865	-5,788	-5,232	-5,169	-4,936	-3,446	-2,986	-2,487	-2,220	-1,010
Capital Expenditures (CapEx)	48	44	47	37	35	37	37	31	38	40	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,912	-3,905	-2,448	-2,894	-2,868	-2,983	-2,088	-2,504	-2,736	-2,587	-1,849
Debt-free Net Working Capital (DFNWC)	-679	-514	131	-3.50	503	911	302	1,455	611	1,217	1,785
Net Working Capital (NWC)	-1,212	-1,160	-833	-1,166	-1,319	-1,036	-1,690	-2,228	-3,069	-2,462	-1,891
Net Nonoperating Expense (NNE)	-69	-78	-90	-83	-1,056	-46	-45	-43	-44	-11	-0.36
Net Nonoperating Obligations (NNO)	-7,782	-7,397	-6,350	-5,232	-5,169	-4,936	-3,994	-2,986	-2,487	-2,220	-1,560
Total Depreciation and Amortization (D&A)	192	180	184	170	162	156	169	155	155	171	178
Debt-free, Cash-free Net Working Capital to Revenue	-45.64%	-47.12%	-30.49%	-37.14%	-38.10%	-41.39%	-30.29%	-38.58%	-44.45%	-44.46%	-33.61%
Debt-free Net Working Capital to Revenue	-7.92%	-6.20%	1.63%	-0.04%	6.68%	12.64%	4.38%	22.41%	9.93%	20.92%	32.45%
Net Working Capital to Revenue	-14.15%	-14.00%	-10.38%	-14.97%	-17.52%	-14.37%	-24.51%	-34.32%	-49.86%	-42.31%	-34.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.41	$1.07	$1.12	$0.86	$2.74	$0.63	$0.75	$0.35	$0.28	$0.07	$0.00
Adjusted Weighted Average Basic Shares Outstanding	659.30M	326.80M	319.20M	322.90M	639.20M	310.10M	303.20M	303.90M	302.30M	299.80M	886.80M
Adjusted Diluted Earnings per Share	$0.38	$0.99	$1.12	$0.79	$2.45	$0.56	$0.75	$0.31	$0.25	$0.06	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	709M	354.50M	354M	354.60M	715M	349.80M	342.30M	344.70M	331.60M	338.40M	886.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$1.12	$0.00	$0.00	$0.00	$0.75	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	662.10M	328.10M	325.60M	323.80M	646.20M	315.30M	308.59M	305.85M	302.61M	302.36M	299.21M
Normalized Net Operating Profit after Tax (NOPAT)	198	273	167	124	38	148	182	65	40	8.84	11
Normalized NOPAT Margin	8.76%	12.74%	7.62%	6.23%	1.90%	7.87%	9.34%	3.76%	2.41%	0.57%	0.70%
Pre Tax Income Margin	14.39%	17.23%	14.57%	12.66%	6.86%	15.05%	16.20%	7.61%	5.10%	2.20%	1.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	361.89	308.17	1,064.33	110.22	49.39	98.45	56.53	17.79	13.23	6.06	3.51
NOPAT to Interest Expense	219.82	227.16	891.07	85.27	246.79	50.99	32.00	8.30	5.77	1.30	0.43
EBIT Less CapEx to Interest Expense	309.11	271.42	906.33	93.96	36.82	85.76	50.00	13.79	7.68	0.24	-2.17
NOPAT Less CapEx to Interest Expense	167.05	190.41	733.07	69.01	234.22	38.30	25.47	4.30	0.22	-4.52	-5.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	39.86%	18.29%	21.99%	23.15%	2.93%	51.59%	62.02%	285.65%	1,793.00%	-638.08%	-334.19%

Frequently Asked Questions About Palo Alto Networks' Financials

When does Palo Alto Networks's financial year end?

According to the most recent income statement we have on file, Palo Alto Networks' fiscal year ends in July. Their fiscal year 2024 ended on July 31, 2024.

How has Palo Alto Networks' net income changed over the last 9 years?

Palo Alto Networks' net income appears to be on an upward trend, with a most recent value of $2.58 billion in 2024, falling from -$131.30 million in 2015. The previous period was $439.70 million in 2023. Find out what analysts predict for Palo Alto Networks in the coming months.

What is Palo Alto Networks's operating income?

Palo Alto Networks's total operating income in 2024 was $683.90 million, based on the following breakdown:

Total Gross Profit: $5.97 billion
Total Operating Expenses: $5.28 billion

How has Palo Alto Networks revenue changed over the last 9 years?

Over the last 9 years, Palo Alto Networks' total revenue changed from $928.10 million in 2015 to $8.03 billion in 2024, a change of 764.9%.

How much debt does Palo Alto Networks have?

Palo Alto Networks' total liabilities were at $14.82 billion at the end of 2024, a 16.2% increase from 2023, and a 966.7% increase since 2015.

How much cash does Palo Alto Networks have?

In the past 9 years, Palo Alto Networks' cash and equivalents has ranged from $375.80 million in 2015 to $2.96 billion in 2020, and is currently $1.54 billion as of their latest financial filing in 2024.

How has Palo Alto Networks' book value per share changed over the last 9 years?

Over the last 9 years, Palo Alto Networks' book value per share changed from 5.83 in 2015 to 15.97 in 2024, a change of 173.8%.

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This page (NASDAQ:PANW) was last updated on 5/21/2025 by MarketBeat.com Staff

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Palo Alto Networks (PANW) Financials

Frequently Asked Questions About Palo Alto Networks' Financials

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Palo Alto Networks (PANW) Financials

Annual Income Statements for Palo Alto Networks

Quarterly Income Statements for Palo Alto Networks

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Quarterly Cash Flow Statements for Palo Alto Networks

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Quarterly Balance Sheets for Palo Alto Networks

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Quarterly Metrics And Ratios for Palo Alto Networks

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