Palo Alto Networks, Inc. (PANW) — Financial statements
Income statement, balance sheet, and cash flow for Palo Alto Networks, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 9,222↑14.9% | 8,028↑16.5% | 6,893↑25.3% | 5,502↑29.3% | 4,256 | |
| Cost of Revenue | 2,452↑19.1% | 2,059↑7.8% | 1,910↑11.1% | 1,719↑34.8% | 1,275 | |
| Gross Profit | 6,770↑13.4% | 5,968↑19.8% | 4,983↑31.7% | 3,783↑26.9% | 2,981 | |
| Operating Expenses | ||||||
| R&D Expenses | 1,984↑9.7% | 1,809↑12.8% | 1,604↑13.1% | 1,418↑24.3% | 1,140 | |
| General & Administrative Expenses | 443↓34.9% | 681↑52.0% | 448↑10.5% | 405↑3.6% | 391 | |
| Selling & Marketing Expenses | 3,100↑10.9% | 2,795↑9.8% | 2,544↑18.4% | 2,149↑22.5% | 1,754 | |
| SG&A Expenses | 3,543↑2.0% | 3,475↑16.2% | 2,992↑17.1% | 2,554↑19.1% | 2,145 | |
| Other Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Operating Expenses | 5,527↑4.6% | 5,284↑15.0% | 4,596↑15.7% | 3,972↑20.9% | 3,285 | |
| Total Costs & Expenses | 7,979↑8.6% | 7,344↑12.9% | 6,505↑14.3% | 5,690↑24.8% | 4,560 | |
| Operating Results | ||||||
| Operating Income | 1,243↑81.7% | 684↑76.6% | 387↑305.1% | -189↑37.9% | -304 | |
| Depreciation & Amortization | 343↑21.2% | 283↑0.4% | 282↓0.1% | 283↑8.5% | 260 | |
| EBITDA | 1,941↑52.1% | 1,276↑46.9% | 869↑809.0% | 96↑305.2% | -47 | |
| EBIT | 1,598↑60.9% | 993↑69.2% | 587↑413.8% | -187↑39.1% | -307 | |
| Interest & Other Income | ||||||
| Net Interest Income | 361↑16.5% | 310↑57.0% | 197↑1771.2% | -12↑92.4% | -155 | |
| Interest Income | 364↑14.3% | 318↑41.7% | 224↑1338.5% | 16↑83.5% | 9 | |
| Interest Expense | 3↓63.9% | 8↓69.5% | 27↓0.7% | 27↓83.2% | 163 | |
| Non-Operating Income | -355↓14.7% | -309↓55.0% | -200↓10983.3% | -2↓162.1% | 3 | |
| Other Income / Expenses | 353↑15.9% | 304↑70.1% | 179↑1072.8% | -18↑88.6% | -161 | |
| Income Before Tax | 1,596↑61.5% | 988↑74.5% | 566↑373.3% | -207↑55.4% | -465 | |
| Income Tax Expense | 462↑129.1% | -1,589↓1355.4% | 127↑111.7% | 60↑76.4% | 34 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 1,134↓56.0% | 2,578↑486.2% | 440↑264.7% | -267↑46.5% | -499 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 1,134↓56.0% | 2,578↑486.2% | 440↑264.7% | -267↑46.5% | -499 | |
| Bottom-Line Net Income | 1,134↓56.0% | 2,578↑486.2% | 440↑264.7% | -267↑46.5% | -499 | |
| EPS (Basic) | 1.71↓57.7% | 4.04↑453.4% | 0.73↑262.2% | -0.45↑47.7% | -0.86 | |
| EPS (Diluted) | 1.60↓56.0% | 3.64↑468.8% | 0.64↑242.2% | -0.45↑47.7% | -0.86 | |
| Weighted Average Shares | 663↑3.8% | 638↑5.3% | 606↑2.6% | 591↑2.2% | 578 | |
| Weighted Average Diluted Shares | 709↑0.2% | 708↑3.4% | 685↑15.8% | 591↑2.2% | 578 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.