Palo Alto Networks, Inc. (PANW) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Sales/Revenue | 3B | 2.59B | 2.47B | 2.54B | 2.29B | 2.26B | 2.14B | 2.19B | 1.98B | 1.98B | 1.88B | 1.95B | 1.72B | 1.66B | 1.56B | 1.55B | 1.39B | 1.32B | 1.25B | 1.22B |
| Revenue Growth % | 31.15% | 14.91% | 15.66% | 15.84% | 15.33% | 14.29% | 13.89% | 12.09% | 15.33% | 19.33% | 20.13% | 25.98% | 24.1% | 25.68% | 25.33% | 27.16% | 29.13% | 29.5% | 31.86% | 28.29% |
| Cost of Goods Sold | 974M | 685M | 638M | 679M | 619.3M | 599.2M | 554M | 573.7M | 513.6M | 499.1M | 472.8M | 506.8M | 474.8M | 466.2M | 461.9M | 492.3M | 440.5M | 405.3M | 380.6M | 358.9M |
| COGS % of Revenue | 32.45% | 26.41% | 25.79% | 26.77% | 27.06% | 26.54% | 25.9% | 26.2% | 25.88% | 25.27% | 25.17% | 25.95% | 27.59% | 28.17% | 29.54% | 31.75% | 31.77% | 30.78% | 30.51% | 29.43% |
| Gross Profit | 2.03B | 1.91B | 1.84B | 1.86B | 1.67B | 1.66B | 1.58B | 1.62B | 1.47B | 1.48B | 1.41B | 1.45B | 1.25B | 1.19B | 1.1B | 1.06B | 946.2M | 911.6M | 866.8M | 860.4M |
| Gross Margin % | 67.55% | 73.59% | 74.21% | 73.23% | 72.94% | 73.46% | 74.1% | 73.8% | 74.12% | 74.73% | 74.83% | 74.05% | 72.41% | 71.83% | 70.46% | 68.25% | 68.23% | 69.22% | 69.49% | 70.57% |
| Gross Profit Growth % | 21.46% | 15.12% | 15.84% | 14.95% | 13.49% | 12.34% | 12.79% | 11.7% | 18.06% | 24.15% | 27.58% | 36.69% | 31.7% | 30.42% | 27.08% | 22.99% | 27.3% | 28.52% | 29.72% | 30.36% |
| Operating Expenses | 2.21B | 1.51B | 1.53B | 1.36B | 1.45B | 1.42B | 1.3B | 1.38B | 1.29B | 1.42B | 1.19B | 1.19B | 1.17B | 1.15B | 1.09B | 1.04B | 993.8M | 985.5M | 949.5M | 920.8M |
| OpEx % of Revenue | 73.65% | 58.29% | 61.72% | 53.63% | 63.39% | 62.81% | 60.73% | 62.91% | 65.22% | 72.02% | 63.37% | 61.08% | 67.84% | 69.42% | 69.48% | 67.26% | 71.67% | 74.83% | 76.12% | 75.52% |
| Selling, General & Admin | 1.48B | 1B | 999M | 856.6M | 956.4M | 912.1M | 818M | 882.6M | 837.3M | 974.5M | 780.6M | 778.6M | 753.7M | 744.9M | 714.5M | 679M | 638.4M | 626.5M | 610M | 595.5M |
| SG&A % of Revenue | 49.2% | 38.59% | 40.38% | 33.77% | 41.78% | 40.4% | 38.24% | 40.31% | 42.19% | 49.34% | 41.56% | 39.86% | 43.8% | 45.01% | 45.7% | 43.79% | 46.04% | 47.57% | 48.9% | 48.84% |
| Research & Development | 734M | 511M | 528M | 503.5M | 494.5M | 505.7M | 481M | 494.8M | 457.2M | 447.9M | 409.5M | 414.4M | 413.7M | 404.1M | 371.8M | 363.8M | 355.4M | 359M | 339.5M | 325.3M |
| R&D % of Revenue | 24.45% | 19.7% | 21.34% | 19.85% | 21.6% | 22.4% | 22.49% | 22.6% | 23.04% | 22.68% | 21.8% | 21.22% | 24.04% | 24.42% | 23.78% | 23.46% | 25.63% | 27.26% | 27.22% | 26.68% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -183M | 400M | 309M | 497.2M | 218.8M | 240.4M | 286M | 238.4M | 176.7M | 53.6M | 215.2M | 253.5M | 78.7M | 39.9M | 15.2M | 15.4M | -47.6M | -73.9M | -82.7M | -60.4M |
| Operating Margin % | -6.1% | 15.42% | 12.49% | 19.6% | 9.56% | 10.65% | 13.37% | 10.89% | 8.9% | 2.71% | 11.46% | 12.98% | 4.57% | 2.41% | 0.97% | 0.99% | -3.43% | -5.61% | -6.63% | -4.95% |
| Operating Income Growth % | -183.64% | 66.39% | 8.04% | 108.56% | 23.83% | 348.51% | 32.9% | -5.96% | 124.52% | 34.34% | 1315.79% | 1546.1% | 265.34% | 153.99% | 118.38% | 125.5% | 56.88% | 16.78% | -85.84% | -239.33% |
| EBITDA | -210M | 626M | 398M | 581M | 306.9M | 327.9M | 370M | 314.5M | 251M | 122.2M | 279.5M | 322.8M | 151M | 109.8M | 85.9M | 50.4M | 23.8M | -4.2M | -13.7M | 20.3M |
| EBITDA Margin % | -7% | 24.13% | 16.09% | 22.91% | 13.41% | 14.53% | 17.3% | 14.36% | 12.65% | 6.19% | 14.88% | 16.53% | 8.77% | 6.63% | 5.49% | 3.25% | 1.72% | -0.32% | -1.1% | 1.66% |
| EBITDA Growth % | -168.43% | 90.91% | 7.57% | 84.74% | 22.27% | 168.33% | 32.38% | -2.57% | 66.23% | 11.29% | 225.38% | 540.48% | 534.45% | 2714.29% | 727.01% | 148.28% | 179.87% | 68.18% | -158.3% | -63.69% |
| D&A (Non-Cash Add-back) | -27M | 226M | 89M | 83.8M | 88.1M | 87.5M | 84M | 76.1M | 74.3M | 68.6M | 64.3M | 69.3M | 72.3M | 69.9M | 70.7M | 35M | 71.4M | 69.7M | 69M | 80.7M |
| EBIT | -156M | 549M | 412M | 591.9M | 311M | 325.4M | 369M | 315.8M | 252.7M | 137.2M | 284.5M | 315.5M | 138.8M | 89.6M | 39.4M | 22.4M | -45.7M | -75.8M | -86.1M | -60.9M |
| Net Interest Income | 71M | 109M | 105M | 97.7M | 92.1M | 86M | 85M | 82.8M | 76M | 82.5M | 68.3M | 66.8M | 58.1M | 49.7M | 22.6M | -6.9M | -6.8M | -6.8M | -6.9M | -39.9M |
| Interest Income | 71M | 109M | 105M | 98.1M | 92.8M | 86.9M | 86M | 83.1M | 78.3M | 85.3M | 71.2M | 72.5M | 65.9M | 56.6M | 29.4M | 0 | 0 | 0 | 0 | 1.5M |
| Interest Expense | 0 | 0 | 0 | 400K | 700K | 900K | 1M | 300K | 2.3M | 2.8M | 2.9M | 5.7M | 7.8M | 6.9M | 6.8M | 6.9M | 6.8M | 6.8M | 6.9M | 41.4M |
| Other Income/Expense | 27M | 149M | 103M | 94.6M | 91.7M | 84.4M | 82M | 80.6M | 74.5M | 81.9M | 67.4M | 63M | 52.3M | 44.5M | 19.2M | 1.9M | -4.9M | -6.9M | -8.5M | -41.9M |
| Pretax Income | -156M | 549M | 412M | 591.8M | 310.5M | 324.8M | 368M | 319M | 251.2M | 135.5M | 282.6M | 316.5M | 131M | 84.4M | 34.4M | 17.3M | -52.5M | -80.8M | -91.2M | -102.3M |
| Pretax Margin % | -5.2% | 21.16% | 16.65% | 23.33% | 13.56% | 14.39% | 17.2% | 14.57% | 12.66% | 6.86% | 15.05% | 16.2% | 7.61% | 5.1% | 2.2% | 1.12% | -3.79% | -6.14% | -7.31% | -8.39% |
| Income Tax | 21M | 117M | 78M | 338M | 48.4M | 57.5M | 17M | -38.7M | -27.6M | -1.61B | 88.4M | 88.8M | 23.2M | 200K | 14.4M | 14M | 20.7M | 12.7M | 12.4M | 17M |
| Effective Tax Rate % | -13.46% | 21.31% | 18.93% | 57.11% | 15.59% | 17.7% | 4.62% | -12.13% | -10.99% | -1189.23% | 31.28% | 28.06% | 17.71% | 0.24% | 41.86% | 80.92% | -39.43% | -15.72% | -13.6% | -16.62% |
| Net Income | -177M | 432M | 334M | 253.8M | 262.1M | 267.3M | 351M | 357.7M | 278.8M | 1.75B | 194.2M | 227.7M | 107.8M | 84.2M | 20M | 3.3M | -73.2M | -93.5M | -103.6M | -119.3M |
| Net Margin % | -5.9% | 16.65% | 13.5% | 10.01% | 11.45% | 11.84% | 16.41% | 16.34% | 14.05% | 88.45% | 10.34% | 11.66% | 6.26% | 5.09% | 1.28% | 0.21% | -5.28% | -7.1% | -8.31% | -9.78% |
| Net Income Growth % | -167.53% | 61.62% | -4.84% | -29.05% | -5.99% | -84.7% | 80.74% | 57.09% | 158.63% | 1974.7% | 871% | 6800% | 247.27% | 190.05% | 119.3% | 102.77% | 49.55% | 34.29% | -12.36% | -102.55% |
| Net Income (Continuing) | -177M | 432M | 334M | 253.8M | 262.1M | 267.3M | 351M | 357.7M | 278.8M | 1.75B | 194.2M | 227.7M | 107.8M | 84.2M | 20M | 3.3M | -73.2M | -93.5M | -103.6M | -119.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | 0.60 | 0.47 | 0.36 | 0.37 | 0.38 | 0.49 | 0.51 | 0.39 | 2.44 | 0.28 | 0.32 | 0.16 | 0.13 | 0.03 | 0.00 | -0.13 | -0.16 | -0.18 | -0.21 |
| EPS Growth % | -175.68% | 57.89% | -4.08% | -29.41% | -5.13% | -84.43% | 75% | 59.38% | 151.61% | 1852% | 833.33% | - | 224% | 178.13% | 117.14% | 102.39% | 50% | 34.69% | -9.38% | -105% |
| EPS (Basic) | -0.29 | 0.61 | 0.49 | 0.38 | 0.39 | 0.41 | 0.54 | 0.51 | 0.43 | 2.74 | 0.31 | 0.37 | 0.18 | 0.14 | 0.04 | 0.00 | -0.13 | -0.16 | -0.18 | -0.21 |
| Diluted Shares Outstanding | 744M | 713M | 709M | 709M | 707.4M | 709M | 709M | 707.8M | 709.2M | 715M | 699.6M | 709M | 689.4M | 663.2M | 676.8M | 672.6M | 593.4M | 589M | 585.8M | 583.2M |
| Basic Shares Outstanding | 729M | 695M | 679M | 669.4M | 665.1M | 659.3M | 653.6M | 707.8M | 645.8M | 639.2M | 620.2M | 613.8M | 607.8M | 604.6M | 599.6M | 672.6M | 593.4M | 584.38M | 585.6M | 583.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |