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How Palo Alto Networks (PANW) makes money: Q4 FY2026 revenue breakdown
US GAAP · $M · vs Q4 FY2025 · quarter ended 07/31/2026 (fiscal year is shifted) · reported 09/01/2026
Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California. · Wikipedia
More about the company
The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference. It is a partner organization of the World Economic Forum.
Key growth driver: Next-Generation Security ARR +63% to $9.1B — Network & AI Security, Cortex and the acquired CyberArk platforms; FY27 guide: revenue +23–24%. · by the Q4 FY2026 report
How does Palo Alto Networks make money?
Palo Alto Networks brought in $3.41 billion of revenue in Q4 FY2026, up 34.5% year over year. The largest source was Subscription & Support: $2.67 billion, or 78% of the total, followed by Product ($738M, 22%).
Revenue by source, Q4 FY2026
- Subscription & Support$2.67B · 78% · +36.2%
- Product$738M · 22% · +28.6%
Shares of $3.41B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is PANW’s next earnings date?
Wednesday, November 18, 2026estimated
Palo Alto Networks (PANW) has not confirmed the date yet; Nov 18, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $0.52 (14 analysts), vs $0.53 in the same quarter last year.
What time does PANW report? Usually after market close: the last 4 results releases reached the SEC at 4:32 pm, 4:08 pm, 4:14 pm, 4:16 pm ET.
Last report: Sep 1, 2026 (Q4 FY2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Verdict: a record quarter on every operating metric — revenue +34% to $3.41B, NGS ARR +63% to $9.1B, non-GAAP operating income $1.0B (+32%), adjusted FCF $1.3B — and still a $282M GAAP loss: acquired-intangible amortization, stock comp and a $524M non-cash fair-value hit on CyberArk's convertible notes sit below the line; the business underneath is fine.
Loss quarter (mirror layout): left side shows where the money came from — revenue and the net loss itself; right side shows what it covered. FY2026: revenue $11.48B (+24%), GAAP net income $307M, non-GAAP EPS $3.84, adjusted FCF margin 38.4%. FY2027 guidance: revenue $14.10–14.20B (+23–24%), NGS ARR $11.1–11.2B, non-GAAP operating margin 29.5%, adjusted FCF margin 38%. Console (agentic-AI platform) acquired after quarter-end.
Source and notation
* marks non-cash / ≈ estimated. Source: Palo Alto Networks press release 8-K EX-99.1 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- a net loss in Q4 FY2026 ($282 · vs +$254)
Most likely because operating income is still positive ($172M, vs $497M): the loss is made below the operating line — other expense of $441M (vs +$95M income); G&A of $226M against $27M a year ago: last year's figure was flattened by a $142M acquisition-related credit (contingent consideration). Based on the Q4 FY2026 report.
Company filings on SEC EDGAR ↗Company reports
PANW earnings history: past report dates
| Sep 1, 2026 Tue | 4:32 pmafter market close | Jul 31, 2026 | ≈$3.4B+34% y/y | ≈−$0.46 |
| Jun 2, 2026 Tue | 4:08 pmafter market close | Apr 30, 2026 | $3.0B+31% y/y | −$0.22 |
| Feb 17, 2026 Tue | 4:14 pmafter market close | Jan 31, 2026 | $2.6B+15% y/y | $0.61+61% y/y |
| Nov 19, 2025 Wed | 4:16 pmafter market close | Oct 31, 2025 | $2.5B+16% y/y | $0.47−4% y/y |
| Aug 18, 2025 Mon | 4:13 pmafter market close | Jul 31, 2025 | ≈$2.5B+16% y/y | ≈$0.36−32% y/y |
| May 20, 2025 Tue | 4:06 pmafter market close | Apr 30, 2025 | $2.3B+15% y/y | $0.37−5% y/y |
| Feb 13, 2025 Thu | 4:09 pmafter market close | Jan 31, 2025 | $2.3B+14% y/y | $0.38−84% y/y |
| Nov 20, 2024 Wed | 4:13 pmafter market close | Oct 31, 2024 | $2.1B+14% y/y | $0.49+75% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Palo Alto Networks: 5-year financials
| FY2026 | 11,480 | 695 | 307 |
| FY2025 | 9,221 | 1,243 | 1,134 |
| FY2024 | 8,027 | 684 | 2,578 |
| FY2023 | 6,893 | 387 | 440 |
| FY2022 | 5,502 | −189 | −267 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP); the company’s fiscal year doesn’t match the calendar year so years follow the company’s own labels.
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1/2mixed
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Sep 202610-K FY2026: a single class of common stock; 112M shares issued for CyberArk (February 2026), 815M shares as of July 31, 2026; Legal Proceedings lists only patent cases. sec.gov ↗
- Aug 2026Shares outstanding: 97.4M (August 23, 2021, before the 3-for-1 and 2-for-1 splits, i.e. 584M) → 818M (August 31, 2026) (XBRL). data.sec.gov ↗
- Jul 2026SBC was $1.774B on revenue of $11.48B (15.5%) in FY2026 (XBRL). data.sec.gov ↗
Scoring: 2.0 −1.0 (criterion 1, cap: −0.5 for SBC at 15.5% of FY2026 revenue and −0.5 for +20% share growth over 5 years excluding CyberArk; the 112M shares issued for CyberArk fall within the cap) = 1.0
- Share classes
- Single class of common stock (10-K FY2026 cover).
- Dilution
- Shares outstanding 584M (August 2021, adjusted for the 3-for-1 and 2-for-1 splits) → 815M (July 2026), of which 112M paid for CyberArk (February 2026); excluding it, +20% (options, settlement of convertible notes and warrants in stock). SBC of $1.77B equals 15.5% of revenue.
- Disclosure
- Full reporting, filed on time.
- Dividends
- Does not pay or promise dividends; $1.0B of buybacks in FY2026.
- Lawsuits & regulators
- The 10-K FY2026 lists only patent disputes among legal cases; the 2024 "platformization" class action was dismissed with no payout. No SEC cases.
- Related parties
- No material related-party transactions disclosed.
How the score works · checked as of Sep 2026
Palo Alto Networks (PANW) earnings: FAQ
How does Palo Alto Networks make money?
Palo Alto Networks brought in $3.41 billion of revenue in Q4 FY2026, up 34.5% year over year. The largest source was Subscription & Support: $2.67 billion, or 78% of the total, followed by Product ($738M, 22%).
When is PANW's next earnings date?
Palo Alto Networks (PANW) has not confirmed the date yet; Nov 18, 2026 is an estimate based on its past reporting schedule.
What time does PANW report earnings?
Palo Alto Networks usually reports after market close: its latest results release was filed with the SEC at 4:32 pm ET on Sep 1, 2026.
When did PANW last report earnings?
Palo Alto Networks reported Q4 FY2026 results on Sep 1, 2026.
What is the EPS estimate for PANW's next earnings?
The consensus EPS forecast is $0.52 (14 analysts), vs $0.53 in the same quarter last year.
Where can I find Palo Alto Networks's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to PANW's filings; this page breaks the latest report down in a Sankey chart.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 09/09/2026. How we make the breakdowns · Report an error
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