Palo Alto Networks Inc

For the period ended Jul 31, 2025. Filed Aug 29, 2025.

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FY2025 · Filed Aug 29, 2025

PANW$330.89+5.4%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations

CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share data)
	Year Ended July 31,
	2025	2024	2023
Revenue:
Product	$1,801.9	$1,603.3	$1,578.4
Subscription and support	7,419.6	6,424.2	5,314.3
Total revenue	9,221.5	8,027.5	6,892.7
Cost of revenue:
Product	413.2	348.2	418.3
Subscription and support	2,038.4	1,711.0	1,491.4
Total cost of revenue	2,451.6	2,059.2	1,909.7
Total gross profit	6,769.9	5,968.3	4,983.0
Operating expenses:
Research and development	1,984.1	1,809.4	1,604.0
Sales and marketing	3,100.2	2,794.5	2,544.0
General and administrative	442.7	680.5	447.7
Total operating expenses	5,527.0	5,284.4	4,595.7
Operating income	1,242.9	683.9	387.3
Interest expense	(3.0)	(8.3)	(27.2)
Other income, net	355.8	312.7	206.2
Income before income taxes	1,595.7	988.3	566.3
Provision for (benefit from) income taxes	461.8	(1,589.3)	126.6
Net income	$1,133.9	$2,577.6	$439.7
Net income per share, basic	$1.71	$4.04	$0.73
Net income per share, diluted	$1.60	$3.64	$0.64
Weighted-average shares used to compute net income per share, basic	662.5	638.5	606.4
Weighted-average shares used to compute net income per share, diluted	709.3	707.9	684.5

ContentsView on SEC.gov

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