OpenNashEarnings

Software · Nasdaq: PANW

Palo Alto Networks earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends July · next results expected around 18 Nov 2026

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q4 FY2026

Palo Alto Networks reported fiscal fourth quarter 2026 total revenue that grew 34% year over year to $3.41 billion, Next-Generation Security ARR that grew 63% year over year to $9.10 billion, and non-GAAP net income of $853 million, or $1.02 per diluted share.

Palo Alto Networks closed fiscal 2026 with revenue up 34% to $3.41 billion in the fourth quarter. Next-Generation Security (NGS) ARR rose 63% to $9.10 billion, and management said it added nearly $1 billion of net new NGS ARR in the quarter. Non-GAAP net income was $853 million, or $1.02 per diluted share. On a GAAP basis the company posted a $282 million net loss, driven by a $524 million non-cash charge tied to convertible notes and capped calls, plus acquisition costs and amortization.

Read the Q4 FY2026 summary →

Quarters

KPI history

Revenue$3.4B+34.5% y/yQ4 FY26
Q1 FY25: $2.1BQ1 25$2.1BQ2 FY25: $2.3BQ2 25$2.3BQ3 FY25: $2.3BQ3 25$2.3BQ4 FY25: $2.5B (worked out from the annual figure)Q4 25$2.5BQ1 FY26: $2.5BQ1 26$2.5BQ2 FY26: $2.6BQ2 26$2.6BQ3 FY26: $3.0BQ3 26$3.0BQ4 FY26: $3.4B (worked out from the annual figure)Q4 26$3.4B

Fourth quarter worked out from the annual figure.

Data
Q1 FY25$2.1B
Q2 FY25$2.3B
Q3 FY25$2.3B
Q4 FY25$2.5B *
Q1 FY26$2.5B
Q2 FY26$2.6B
Q3 FY26$3.0B
Q4 FY26$3.4B *
Diluted EPS (GAAP)-$0.22Q3 FY26
Q1 FY25: $0.49Q1 25$0.49Q2 FY25: $0.38Q2 25$0.38Q3 FY25: $0.37Q3 25$0.37Q1 FY26: $0.47Q1 26$0.47Q2 FY26: $0.61Q2 26$0.61Q3 FY26: -$0.22Q3 26-$0.22
Data
Q1 FY25$0.49
Q2 FY25$0.38
Q3 FY25$0.37
Q1 FY26$0.47
Q2 FY26$0.61
Q3 FY26-$0.22

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin5.0%−14.6 pts y/yQ4 FY26
Q1 FY25: 13.4%Q1 2513.4%Q2 FY25: 10.7%Q2 2510.7%Q3 FY25: 9.6%Q3 259.6%Q4 FY25: 19.6%Q4 2519.6%Q1 FY26: 12.5%Q1 2612.5%Q2 FY26: 15.3%Q2 2615.3%Q3 FY26: -6.1%Q3 26-6.1%Q4 FY26: 5.0%Q4 265.0%
Data
Q1 FY2513.4%
Q2 FY2510.7%
Q3 FY259.6%
Q4 FY2519.6%
Q1 FY2612.5%
Q2 FY2615.3%
Q3 FY26-6.1%
Q4 FY265.0%
Free cash flow$1.3B+34.3% y/yQ4 FY26
Q1 FY25: $1.5BQ1 25$1.5BQ2 FY25: $509.0MQ2 25$509.0MQ3 FY25: $560.0MQ3 25$560.0MQ4 FY25: $934.0MQ4 25$934.0MQ1 FY26: $1.7BQ1 26$1.7BQ2 FY26: $384.0MQ2 26$384.0MQ3 FY26: $788.0MQ3 26$788.0MQ4 FY26: $1.3BQ4 26$1.3B
Data
Q1 FY25$1.5B
Q2 FY25$509.0M
Q3 FY25$560.0M
Q4 FY25$934.0M
Q1 FY26$1.7B
Q2 FY26$384.0M
Q3 FY26$788.0M
Q4 FY26$1.3B

Operating cash flow minus capital expenditure, from cash flow statements.

Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue$2.1B$2.3B$2.3B$2.5Bd$2.5B$2.6B$3.0B$3.4Bd
Gross margin74.1%73.5%73.0%73.2%74.2%73.6%67.6%67.6%
Operating income$286.0M$241.0M$219.0M$497.0Md$309.0M$397.0M-$183.0M$172.0Md
Operating margin13.4%10.7%9.6%19.6%12.5%15.3%-6.1%5.0%
Net income$351.0M$267.0M$262.0M$254.0Md$334.0M$432.0M-$177.0M-$282.0Md
Diluted EPS$0.49$0.38$0.37—$0.47$0.61-$0.22—
Operating cash flow$1.5B$557.0Md$628.0Md$1.0Bd$1.8B$554.0Md$871.0Md$1.4Bd
Capital expenditure$44.0M$48.0Md$68.0Md$87.0Md$84.0M$170.0Md$83.0Md$103.0Md
Free cash flow$1.5B$509.0M$560.0M$934.0M$1.7B$384.0M$788.0M$1.3B
R&D expense$481.0M$505.0M$494.0M$504.0Md$528.0M$511.0M$734.0M$779.0Md

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings