Palo Alto Networks (PANW) Financials

$168.34 +0.07 (+0.04%)

Closing price 04/11/2025 04:00 PM Eastern

Extended Trading

$170.50 +2.16 (+1.28%)

As of 06:55 AM Eastern

Annual Income Statements for Palo Alto Networks

This table shows Palo Alto Networks' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
Consolidated Net Income / (Loss)	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
Net Income / (Loss) Continuing Operations	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
Total Pre-Tax Income	-122	-172	-180	-105	-75	-232	-465	-207	566	988
Total Operating Income	-100	-157	-166	-104	-54	-179	-304	-189	387	684
Total Gross Profit	677	1,009	1,279	2,274	2,091	2,409	2,981	3,783	4,983	5,968
Total Revenue	928	1,379	1,755	2,274	2,900	3,408	4,256	5,502	6,893	8,028
Operating Revenue	928	1,379	1,755	2,274	2,900	3,408	4,256	5,502	6,893	8,028
Total Cost of Revenue	252	370	476	0.00	808	1,000	1,275	1,719	1,910	2,059
Operating Cost of Revenue	252	370	-476	-	808	1,000	1,275	1,719	1,910	2,059
Total Operating Expenses	776	1,166	1,445	2,378	2,145	2,588	3,285	3,972	4,596	5,284
Selling, General & Admin Expense	102	138	198	258	262	300	391	405	448	681
Marketing Expense	489	743	899	1,074	1,344	1,520	1,754	2,149	2,544	2,795
Research & Development Expense	186	284	347	401	540	768	1,140	1,418	1,604	1,809
Total Other Income / (Expense), net	-22	-15	-14	-1.10	-21	-53	-161	-18	179	304
Interest Expense	22	23	25	30	84	89	163	27	27	8.30
Other Income / (Expense), net	0.20	8.40	10	29	63	36	2.40	9.00	206	313
Income Tax Expense	9.40	20	23	17	7.30	35	34	60	127	-1,589
Basic Earnings per Share	($1.61)	($2.21)	($2.24)	($1.33)	($0.87)	($2.76)	($1.73)	($0.90)	$1.45	$8.07
Weighted Average Basic Shares Outstanding	81.60M	87.10M	90.60M	91.70M	94.50M	96.90M	289.10M	295.60M	303.20M	319.20M
Diluted Earnings per Share	($1.61)	($2.21)	($2.24)	($1.33)	($0.87)	($2.76)	($1.73)	($0.90)	$1.28	$7.28
Weighted Average Diluted Shares Outstanding	81.60M	87.10M	90.60M	91.70M	94.50M	96.90M	289.10M	295.60M	342.30M	354M
Weighted Average Basic & Diluted Shares Outstanding	81.60M	87.10M	90.60M	91.70M	94.50M	96.90M	97.41M	99.74M	308.59M	325.60M

This table shows Palo Alto Networks' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Income / (Loss) Attributable to Common Shareholders	3.30	20	84	108	228	194	1,747	279	358	351	267
Consolidated Net Income / (Loss)	3.30	20	84	108	228	194	1,747	279	358	351	267
Net Income / (Loss) Continuing Operations	3.30	20	84	108	228	194	1,747	279	358	351	267
Total Pre-Tax Income	17	34	84	131	317	283	136	251	319	369	325
Total Operating Income	15	15	40	79	254	215	54	177	238	287	240
Total Gross Profit	1,058	1,102	1,189	1,246	1,447	1,405	1,476	1,471	1,616	1,585	1,658
Total Revenue	1,551	1,563	1,655	1,721	1,953	1,878	1,975	1,985	2,190	2,139	2,257
Operating Revenue	1,551	1,563	1,655	1,721	1,953	1,878	1,975	1,985	2,190	2,139	2,257
Total Cost of Revenue	492	462	466	475	507	473	499	514	574	554	599
Operating Cost of Revenue	492	462	466	475	507	473	499	514	574	554	599
Total Operating Expenses	1,043	1,086	1,149	1,167	1,193	1,190	1,422	1,295	1,377	1,298	1,418
Selling, General & Admin Expense	108	100	119	114	115	120	302	119	140	98	154
Marketing Expense	571	615	626	640	664	661	673	719	742	720	758
Research & Development Expense	364	372	404	414	414	410	448	457	495	480	506
Total Other Income / (Expense), net	1.90	19	45	52	63	67	82	75	81	82	84
Interest Expense	6.90	6.80	6.90	7.80	5.70	2.90	2.80	2.30	0.30	1.20	0.90
Other Income / (Expense), net	8.80	26	51	60	69	70	85	77	81	83	85
Income Tax Expense	14	14	0.20	23	89	88	-1,611	-28	-39	18	58
Basic Earnings per Share	$0.01	$0.07	$0.28	$0.35	$0.75	$0.63	$2.73	$0.86	$1.12	$1.07	$0.41
Weighted Average Basic Shares Outstanding	295.60M	299.80M	302.30M	303.90M	303.20M	310.10M	639.30M	322.90M	319.20M	326.80M	659.30M
Diluted Earnings per Share	$0.01	$0.06	$0.25	$0.31	$0.75	$0.56	$2.44	$0.79	$1.12	$0.99	$0.38
Weighted Average Diluted Shares Outstanding	295.60M	338.40M	331.60M	344.70M	342.30M	349.80M	715M	354.60M	354M	354.50M	709M
Weighted Average Basic & Diluted Shares Outstanding	99.74M	302.36M	302.61M	305.85M	308.59M	315.30M	323.10M	323.80M	325.60M	328.10M	662.10M

This table details how cash moves in and out of Palo Alto Networks' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-278	359	10	1,764	-1,698	1,997	-1,082	245	-983	405
Net Cash From Operating Activities	353	659	869	1,038	1,056	1,036	1,503	1,985	2,778	3,258
Net Cash From Continuing Operating Activities	353	659	869	1,038	902	1,036	1,503	1,985	2,778	3,258
Net Income / (Loss) Continuing Operations	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
Consolidated Net Income / (Loss)	-131	-193	-203	-122	-82	-267	-499	-267	440	2,578
Depreciation Expense	29	43	60	96	-	206	260	283	282	283
Amortization Expense	26	26	135	179	312	322	454	383	368	389
Non-Cash Adjustments To Reconcile Net Income	221	393	495	538	656	703	939	1,066	1,124	1,131
Changes in Operating Assets and Liabilities, net	208	389	382	347	170	72	349	521	563	-1,123
Net Cash From Investing Activities	-679	-339	-473	-520	-1,826	288	-1,481	-933	-2,034	-1,510
Net Cash From Continuing Investing Activities	-679	-339	-473	-520	-1,826	288	-1,481	-933	-2,034	-1,510
Purchase of Property, Plant & Equipment	-34	-73	-163	-112	-131	-214	-116	-193	-146	-157
Acquisitions	-15	0.00	-91	-374	-774	-584	-777	-37	-205	-611
Purchase of Investments	-988	-1,037	-996	-726	-2,985	-1,181	-1,959	-2,272	-5,460	-3,551
Sale and/or Maturity of Investments	358	771	777	692	2,064	2,267	1,372	1,568	3,777	2,809
Net Cash From Financing Activities	48	39	-386	1,246	-774	673	-1,104	-807	-1,726	-1,343
Net Cash From Continuing Financing Activities	48	39	-386	1,246	-774	673	-1,104	-807	-1,726	-1,343
Repayment of Debt	-	-	0.00	0.00	-481	0.00	-1.10	-0.60	-1,692	-1,034
Repurchase of Common Equity	0.00	0.00	-411	-259	-330	-1,198	-1,178	-892	-273	-567
Issuance of Common Equity	48	45	46	198	72	287	104	137	259	284
Other Financing Activities, net	0.00	0.00	-21	-376	-35	-395	-29	-50	-20	-27
Cash Interest Paid	-	-	0.00	0.80	14	14	20	20	20	5.60
Cash Income Taxes Paid	18	7.10	9.00	11	22	17	25	35	147	342

This table details how cash moves in and out of Palo Alto Networks' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Change in Cash & Equivalents	-302	-52	-721	648	-858	1,355	-708	-407	165	746	-56
Net Cash From Operating Activities	524	1,237	695	432	414	1,526	690	529	513	1,510	557
Net Cash From Continuing Operating Activities	524	1,237	695	432	414	1,526	690	529	513	1,510	557
Net Income / (Loss) Continuing Operations	3.30	20	84	108	228	194	1,747	279	358	351	267
Consolidated Net Income / (Loss)	3.30	20	84	108	228	194	1,747	279	358	351	267
Depreciation Expense	73	71	70	72	69	64	69	74	76	84	88
Amortization Expense	106	101	85	83	100	92	94	96	108	96	104
Non-Cash Adjustments To Reconcile Net Income	257	278	296	283	267	283	286	278	284	310	337
Changes in Operating Assets and Liabilities, net	86	767	160	-114	-250	892	-1,505	-198	-313	669	-239
Net Cash From Investing Activities	-472	-1,320	-1,165	88	363	-129	-1,326	113	-169	-544	-381
Net Cash From Continuing Investing Activities	-472	-1,320	-1,165	88	363	-129	-1,326	113	-169	-544	-381
Purchase of Property, Plant & Equipment	-39	-40	-38	-31	-37	-37	-35	-37	-47	-44	-48
Acquisitions	-20	-	-	-19	-	0.00	-611	-	-	-500	0.50
Purchase of Investments	-975	-2,113	-1,607	-742	-999	-855	-1,157	-475	-1,065	-660	-1,072
Sale and/or Maturity of Investments	562	833	666	880	1,399	763	477	626	944	660	738
Net Cash From Financing Activities	-353	31	-251	128	-1,635	-42	-73	-1,049	-179	-220	-232
Net Cash From Continuing Financing Activities	-353	31	-251	128	-1,635	-42	-73	-1,049	-179	-220	-232
Repayment of Debt	-	0.00	-	-	-1,692	-46	-126	-662	-200	-319	-112
Issuance of Common Equity	0.30	68	0.70	130	60	86	58	116	24	121	37
Other Financing Activities, net	-11	-14	-1.50	-2.10	-2.90	-16	-3.80	-3.40	-3.90	-21	-156

This table presents Palo Alto Networks' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	1,965	2,858	3,438	5,949	6,592	9,065	10,242	12,254	14,501	19,991
Total Current Assets	1,074	1,774	1,976	4,139	3,665	5,129	4,647	6,415	6,048	6,850
Cash & Equivalents	376	734	744	2,507	961	2,958	1,874	2,119	1,135	1,535
Short-Term Investments	413	551	631	897	1,842	790	1,027	1,516	1,255	1,044
Note & Lease Receivable	-	-	-	-	-	-	-	111	389	726
Accounts Receivable	212	349	432	467	582	1,037	1,240	2,143	2,463	2,619
Prepaid Expenses	73	140	169	268	279	138	229	209	467	557
Other Current Assets	-	-	-	-	-	206	277	318	339	369
Plant, Property, & Equipment, net	63	117	211	273	296	348	318	358	355	361
Total Noncurrent Assets	828	967	1,251	1,537	2,631	3,588	5,276	5,481	8,099	12,780
Long-Term Investments	539	653	789	548	575	554	888	1,052	3,048	4,173
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	192	653	1,182
Goodwill	164	164	239	523	1,352	1,813	2,710	2,748	2,927	3,350
Intangible Assets	53	44	54	141	281	358	499	385	315	375
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	23	2,399
Other Noncurrent Operating Assets	73	107	169	326	423	440	684	555	585	739
Other Noncurrent Nonoperating Assets	-	-	-	-	-	422	495	550	547	562
Total Liabilities & Shareholders' Equity	1,965	2,858	3,438	5,949	6,592	9,065	10,242	12,254	14,501	19,991
Total Liabilities	1,389	1,963	2,679	4,767	5,006	7,964	9,478	12,044	12,753	14,821
Total Current Liabilities	1,032	847	1,201	2,102	2,053	2,692	5,117	8,306	7,738	7,683
Short-Term Debt	487	-	0.00	550	-	0.00	1,558	3,677	1,992	964
Accounts Payable	13	30	36	49	73	64	57	128	132	116
Accrued Expenses	28	39	80	125	162	257	329	399	391	507
Current Deferred Revenue	424	704	968	1,214	1,582	2,049	2,742	3,641	4,675	5,541
Current Employee Benefit Liabilities	80	74	118	164	236	322	431	461	548	555
Total Noncurrent Liabilities	357	1,117	1,477	2,665	2,953	5,272	4,361	3,737	5,015	7,139
Noncurrent Deferred Revenue	290	537	805	1,066	1,307	1,761	2,282	3,353	4,622	5,939
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	28	388
Other Noncurrent Operating Liabilities	67	79	148	230	216	427	411	385	365	811
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	488	895	760	1,160	1,586	1,102	635	210	1,748	5,170
Total Preferred & Common Equity	488	895	760	1,160	1,586	1,102	635	210	1,748	5,170
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	488	895	760	1,160	1,586	1,102	635	210	1,748	5,170
Common Stock	989	1,516	1,600	1,967	2,491	2,259	2,311	1,933	3,019	3,821
Retained Earnings	-501	-622	-837	-791	-901	-1,168	-1,667	-1,667	-1,227	1,350
Accumulated Other Comprehensive Income / (Loss)	-0.10	1.00	-3.40	-16	-3.70	11	-9.90	-56	-43	-1.60

This table presents Palo Alto Networks' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Total Assets	12,254	12,544	13,163	14,171	14,501	14,809	18,292	17,931	19,991	20,375	20,952
Total Current Assets	6,415	5,734	5,406	6,414	6,048	6,478	6,447	5,919	6,850	6,243	6,340
Cash & Equivalents	2,119	2,067	1,346	1,993	1,135	2,491	1,783	1,374	1,535	2,283	2,226
Short-Term Investments	1,516	1,737	2,001	1,965	1,255	1,402	1,589	1,517	1,044	1,108	1,007
Note & Lease Receivable	111	-	-	-	389	446	446	572	726	805	755
Accounts Receivable	2,143	1,238	1,278	1,444	2,463	1,413	1,896	1,715	2,619	1,133	1,496
Prepaid Expenses	209	381	467	695	467	396	406	404	557	546	480
Other Current Assets	318	311	313	317	339	329	328	337	369	368	376
Plant, Property, & Equipment, net	358	354	345	342	355	353	352	350	361	361	358
Total Noncurrent Assets	5,481	6,457	7,413	7,415	8,099	7,978	11,493	11,662	12,780	13,771	14,254
Long-Term Investments	1,052	2,095	2,821	2,710	3,048	2,989	3,620	3,504	4,173	4,120	4,560
Noncurrent Note & Lease Receivables	192	-	-	-	653	640	640	883	1,182	1,092	1,164
Goodwill	2,748	2,748	2,912	2,927	2,927	2,927	3,373	3,373	3,350	4,051	4,051
Intangible Assets	385	355	362	341	315	291	440	408	375	810	771
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	23	-	2,234	2,292	2,399	2,398	2,447
Other Noncurrent Operating Assets	555	1,259	1,318	1,438	585	1,132	1,186	1,202	739	769	738
Other Noncurrent Nonoperating Assets	550	-	-	-	547	-	-	-	562	532	523
Total Liabilities & Shareholders' Equity	12,254	12,544	13,163	14,171	14,501	14,809	18,292	17,931	19,991	20,375	20,952
Total Liabilities	12,044	12,036	12,434	12,938	12,753	12,638	13,935	13,463	14,821	14,463	14,576
Total Current Liabilities	8,306	8,195	8,475	8,641	7,738	7,513	7,766	7,085	7,683	7,403	7,552
Short-Term Debt	3,677	3,679	3,680	3,682	1,992	1,947	1,822	1,163	964	646	534
Accounts Payable	128	126	128	92	132	132	179	109	116	212	149
Accrued Expenses	399	380	329	376	391	372	394	413	507	683	778
Current Deferred Revenue	3,641	3,741	3,943	4,147	4,675	4,732	4,918	5,015	5,541	5,508	5,600
Current Employee Benefit Liabilities	461	269	395	345	548	331	453	386	555	355	492
Total Noncurrent Liabilities	3,737	3,841	3,959	4,297	5,015	5,125	6,169	6,378	7,139	7,060	7,024
Noncurrent Deferred Revenue	3,353	3,438	3,612	3,943	4,622	4,711	4,900	5,153	5,939	5,586	5,663
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	28	-	589	503	388	251	116
Other Noncurrent Operating Liabilities	385	402	348	354	365	414	681	723	811	1,223	1,246
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	210	508	729	1,232	1,748	2,171	4,357	4,468	5,170	5,912	6,375
Total Preferred & Common Equity	210	508	729	1,232	1,748	2,171	4,357	4,468	5,170	5,912	6,375
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	210	508	729	1,232	1,748	2,171	4,357	4,468	5,170	5,912	6,375
Common Stock	1,933	2,266	2,303	2,708	3,019	3,297	3,650	3,531	3,821	4,215	4,421
Retained Earnings	-1,667	-1,647	-1,563	-1,455	-1,227	-1,033	714	993	1,350	1,701	1,968
Accumulated Other Comprehensive Income / (Loss)	-56	-111	-11	-21	-43	-93	-6.50	-55	-1.60	-4.00	-14

This table displays calculated financial ratios and metrics derived from Palo Alto Networks' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	55.15%	48.53%	27.32%	29.54%	27.53%	17.55%	24.87%	29.26%	25.29%	16.46%
EBITDA Growth	77.13%	-76.33%	148.68%	414.95%	60.56%	20.04%	7.17%	17.66%	156.10%	34.23%
EBIT Growth	54.79%	-49.50%	-4.50%	51.35%	112.29%	-1,638.71%	-110.83%	40.40%	430.09%	67.92%
NOPAT Growth	53.65%	-57.62%	-5.40%	37.15%	48.08%	-230.87%	-69.89%	37.92%	327.54%	493.15%
Net Income Growth	42.03%	-46.76%	-5.35%	39.80%	32.98%	-226.01%	-86.85%	46.48%	264.68%	486.22%
EPS Growth	47.21%	-37.27%	-1.36%	40.63%	34.59%	-217.24%	-86.85%	46.48%	242.22%	468.75%
Operating Cash Flow Growth	299.10%	86.68%	31.92%	19.49%	1.69%	-1.89%	45.12%	32.05%	39.95%	17.29%
Free Cash Flow Firm Growth	156.50%	7.80%	31.11%	-147.29%	-402.46%	109.75%	-994.46%	301.97%	29.57%	-39.89%
Invested Capital Growth	-580.56%	-105.10%	-61.97%	3.57%	57.32%	-48.70%	45.34%	-358.46%	-66.34%	47.42%
Revenue Q/Q Growth	12.85%	9.27%	6.16%	7.36%	5.35%	4.43%	6.74%	6.41%	6.21%	3.03%
EBITDA Q/Q Growth	43.70%	-23.57%	146.75%	-3.57%	-22.87%	54.10%	-3.26%	25.03%	30.22%	0.76%
EBIT Q/Q Growth	23.01%	-14.36%	5.81%	33.25%	-69.31%	-19.45%	-17.03%	32.13%	100.85%	-0.29%
NOPAT Q/Q Growth	19.78%	-16.17%	5.37%	22.59%	-99.63%	-4.62%	-16.29%	28.65%	150.05%	2.78%
Net Income Q/Q Growth	13.11%	-11.00%	3.24%	20.55%	-51.39%	-16.64%	-13.77%	31.47%	104.23%	5.31%
EPS Q/Q Growth	15.26%	-10.50%	3.45%	21.30%	-55.36%	-16.46%	-13.77%	31.47%	80.28%	-3.96%
Operating Cash Flow Q/Q Growth	65.76%	12.56%	6.43%	3.78%	-4.18%	10.95%	-0.52%	11.08%	-3.80%	3.12%
Free Cash Flow Firm Q/Q Growth	283.45%	-29.72%	119.41%	-256.48%	-110.66%	106.07%	10.09%	23.45%	-7.83%	-3.69%
Invested Capital Q/Q Growth	-31.03%	-1.29%	-15.85%	7.81%	47.55%	-1,799.05%	-182.47%	-134.32%	-28.04%	-54.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.90%	73.16%	72.86%	100.00%	72.12%	70.68%	70.05%	68.76%	72.29%	74.35%
EBITDA Margin	-4.87%	-5.78%	2.21%	8.79%	11.06%	11.30%	9.70%	8.83%	18.04%	20.79%
Operating Margin	-10.75%	-11.41%	-9.45%	-4.58%	-1.87%	-5.25%	-7.15%	-3.43%	5.62%	8.52%
EBIT Margin	-10.73%	-10.80%	-8.87%	-3.33%	0.32%	-4.20%	-7.09%	-3.27%	8.61%	12.41%
Profit (Net Income) Margin	-14.15%	-13.98%	-11.57%	-5.37%	-2.82%	-7.83%	-11.72%	-4.85%	6.38%	32.11%
Tax Burden Percent	107.71%	111.84%	112.72%	116.05%	109.79%	115.19%	107.29%	128.86%	77.64%	260.81%
Interest Burden Percent	122.39%	115.72%	115.75%	139.10%	-802.15%	161.98%	154.13%	115.24%	95.42%	99.17%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.36%	-160.81%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-25.14%	-26.21%	-24.54%	-12.59%	-5.92%	-19.87%	-53.49%	-54.85%	44.90%	74.52%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-5.78%	-6.17%	-4.94%	-1.61%	0.15%	-1.83%	-3.13%	-1.60%	4.44%	5.78%
Return on Assets (ROA)	-7.63%	-7.99%	-6.45%	-2.60%	-1.31%	-3.41%	-5.17%	-2.37%	3.29%	14.95%
Return on Common Equity (ROCE)	-23.03%	-24.64%	-24.54%	-12.44%	-5.87%	-19.87%	-49.79%	-47.58%	44.90%	74.52%
Return on Equity Simple (ROE_SIMPLE)	-26.91%	-21.53%	-26.72%	-10.53%	-5.16%	-24.23%	-78.63%	-127.14%	25.15%	49.86%
Net Operating Profit after Tax (NOPAT)	-70	-110	-116	-73	-38	-125	-213	-132	301	1,784
NOPAT Margin	-7.53%	-7.99%	-6.61%	-3.21%	-1.31%	-3.68%	-5.00%	-2.40%	4.36%	22.22%
Net Nonoperating Expense Percent (NNEP)	-9.11%	-7.25%	-5.65%	-2.68%	-2.21%	-7.90%	-21.20%	-10.30%	5.01%	15.35%
Cost of Revenue to Revenue	27.10%	26.84%	27.14%	0.00%	27.88%	29.32%	29.95%	31.24%	27.71%	25.65%
SG&A Expenses to Revenue	10.95%	10.04%	11.30%	11.34%	9.03%	8.79%	9.19%	7.36%	6.50%	8.48%
R&D to Revenue	20.02%	20.62%	19.79%	17.62%	18.61%	22.54%	26.79%	25.77%	23.27%	22.54%
Operating Expenses to Revenue	83.65%	84.57%	82.30%	104.58%	73.99%	75.93%	77.19%	72.19%	66.67%	65.83%
Earnings before Interest and Taxes (EBIT)	-100	-149	-156	-76	9.30	-143	-302	-180	594	997
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-45	-80	39	200	321	385	413	486	1,244	1,669
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	31.86	13.11	15.93	15.87	13.71	22.41	61.25	236.80	43.73	20.34
Price to Tangible Book Value (P/TBV)	57.22	17.06	25.91	37.07	0.00	0.00	0.00	0.00	0.00	72.78
Price to Revenue (P/Rev)	16.75	8.51	6.89	8.10	7.50	7.24	9.13	9.04	11.09	13.10
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	173.87	40.79
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.58%	2.45%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	15.94	7.46	5.96	7.22	6.83	6.89	9.03	8.86	10.59	12.38
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	269.61	82.11	61.70	60.94	93.12	100.33	58.70	59.52
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	2,128.35	0.00	0.00	0.00	123.01	99.70
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	242.77	55.70
Enterprise Value to Operating Cash Flow (EV/OCF)	41.93	15.62	12.04	15.80	18.75	22.66	25.57	24.55	26.28	30.50
Enterprise Value to Free Cash Flow (EV/FCFF)	94.76	61.14	47.41	0.00	0.00	459.28	0.00	52.77	61.04	138.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.85	0.56	0.69	1.62	0.90	2.80	4.22	17.51	1.14	0.19
Long-Term Debt to Equity	0.00	0.56	0.69	1.16	0.90	2.80	2.18	0.00	0.00	0.00
Financial Leverage	-1.29	-1.55	-1.86	-1.89	-1.44	-1.34	-1.45	-2.69	-2.84	-1.50
Leverage Ratio	3.30	3.28	3.81	4.83	4.53	5.82	10.35	23.11	13.66	4.99
Compound Leverage Factor	4.04	3.80	4.40	6.72	-36.34	9.44	15.95	26.63	13.04	4.94
Debt to Total Capital	45.83%	35.85%	40.85%	61.89%	47.41%	73.68%	80.86%	94.60%	53.25%	15.72%
Short-Term Debt to Total Capital	45.83%	0.00%	0.00%	17.74%	0.00%	0.00%	39.05%	94.60%	53.25%	15.72%
Long-Term Debt to Total Capital	0.00%	35.85%	40.85%	44.15%	47.41%	73.68%	41.81%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.27%	0.00%	0.00%	0.71%	0.00%	0.00%	3.24%	0.00%	0.00%	0.00%
Common Equity to Total Capital	45.90%	64.15%	59.15%	37.40%	52.59%	26.32%	15.90%	5.40%	46.75%	84.28%
Debt to EBITDA	-10.78	-6.28	13.52	9.61	4.46	8.01	7.82	7.57	1.60	0.58
Net Debt to EBITDA	18.60	18.05	-42.26	-10.16	-6.07	-3.16	-1.37	-2.08	-2.77	-3.47
Long-Term Debt to EBITDA	0.00	-6.28	13.52	6.86	4.46	8.01	4.04	0.00	0.00	0.00
Debt to NOPAT	-6.97	-4.54	-4.52	-26.32	-37.76	-24.61	-15.15	-27.82	6.62	0.54
Net Debt to NOPAT	12.03	13.06	14.13	27.84	51.45	9.72	2.65	7.64	-11.46	-3.25
Long-Term Debt to NOPAT	0.00	-4.54	-4.52	-18.78	-37.76	-24.61	-7.84	0.00	0.00	0.00
Altman Z-Score	6.69	3.98	3.00	2.88	3.15	2.33	2.50	2.50	3.95	4.87
Noncontrolling Interest Sharing Ratio	8.42%	5.98%	0.00%	1.13%	0.79%	0.00%	6.92%	13.26%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.04	2.09	1.65	1.97	1.78	1.91	0.91	0.77	0.78	0.89
Quick Ratio	0.97	1.93	1.50	1.84	1.65	1.78	0.81	0.71	0.68	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	156	168	221	-104	-524	51	-457	923	1,196	719
Operating Cash Flow to CapEx	1,043.79%	908.41%	531.70%	926.88%	804.57%	483.07%	1,295.69%	1,029.41%	1,898.50%	2,077.55%
Free Cash Flow to Firm to Interest Expense	7.00	7.19	9.01	-3.53	-6.25	0.58	-2.80	33.69	43.97	86.63
Operating Cash Flow to Interest Expense	15.82	28.15	35.46	35.07	12.58	11.68	9.20	72.43	102.11	392.48
Operating Cash Flow Less CapEx to Interest Expense	14.30	25.05	28.79	31.29	11.02	9.26	8.49	65.40	96.74	373.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.57	0.56	0.48	0.46	0.44	0.44	0.49	0.52	0.47
Accounts Receivable Turnover	5.34	4.91	4.50	5.06	5.53	4.21	3.74	3.25	2.99	3.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	16.63	15.31	10.69	9.39	10.19	10.58	12.77	16.27	19.35	22.44
Accounts Payable Turnover	18.14	17.05	14.50	0.00	13.18	14.60	21.16	18.59	14.67	16.57
Days Sales Outstanding (DSO)	68.41	74.28	81.19	72.17	66.05	86.71	97.66	112.22	121.95	115.53
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	20.12	21.41	25.17	0.00	27.70	25.00	17.25	19.63	24.88	22.03
Cash Conversion Cycle (CCC)	48.29	52.88	56.02	72.17	38.35	61.72	80.41	92.59	97.07	93.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-265	-543	-880	-849	-362	-539	-294	-1,350	-2,245	-1,180
Invested Capital Turnover	-6.11	-3.41	-2.47	-2.63	-4.79	-7.57	-10.22	-6.69	-3.83	-4.69
Increase / (Decrease) in Invested Capital	-226	-278	-337	31	486	-176	244	-1,055	-895	1,065
Enterprise Value (EV)	14,794	10,290	10,461	16,406	19,794	23,469	38,430	48,718	73,005	99,359
Market Capitalization	15,547	11,728	12,101	18,414	21,742	24,688	38,864	49,728	76,451	105,148
Book Value per Share	$5.83	$9.99	$8.27	$12.49	$16.53	$11.42	$6.52	$2.11	$5.72	$15.97
Tangible Book Value per Share	$3.25	$7.67	$5.09	$5.35	($0.49)	($11.08)	($26.43)	($29.33)	($4.88)	$4.46
Total Capital	1,063	1,395	1,284	3,102	3,016	4,186	3,990	3,887	3,740	6,134
Total Debt	487	500	525	1,920	1,430	3,084	3,226	3,677	1,992	964
Total Long-Term Debt	0.00	500	525	1,370	1,430	3,084	1,668	0.00	0.00	0.00
Net Debt	-841	-1,438	-1,640	-2,031	-1,949	-1,218	-563	-1,010	-3,446	-5,788
Capital Expenditures (CapEx)	34	73	163	112	131	214	116	193	146	157
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-260	-358	-600	-816	-1,192	-1,310	-1,813	-1,849	-2,088	-2,448
Debt-free Net Working Capital (DFNWC)	529	927	775	2,587	1,612	2,438	1,089	1,785	302	131
Net Working Capital (NWC)	42	927	775	2,037	1,612	2,438	-469	-1,891	-1,690	-833
Net Nonoperating Expense (NNE)	61	83	87	49	44	142	286	135	-139	-794
Net Nonoperating Obligations (NNO)	-841	-1,438	-1,640	-2,031	-1,949	-1,640	-1,058	-1,560	-3,994	-6,350
Total Depreciation and Amortization (D&A)	54	69	194	276	312	528	714	665	650	673
Debt-free, Cash-free Net Working Capital to Revenue	-28.03%	-26.00%	-34.19%	-35.90%	-41.10%	-38.44%	-42.59%	-33.61%	-30.29%	-30.49%
Debt-free Net Working Capital to Revenue	56.99%	67.26%	44.16%	113.79%	55.58%	71.51%	25.58%	32.45%	4.38%	1.63%
Net Working Capital to Revenue	4.50%	67.26%	44.16%	89.58%	55.58%	71.51%	-11.03%	-34.38%	-24.51%	-10.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.67)	($0.86)	($0.80)	($0.54)	($0.29)	($0.92)	($1.73)	($0.90)	$1.45	$8.07
Adjusted Weighted Average Basic Shares Outstanding	255.03M	272.55M	275.53M	281.47M	290.97M	289.12M	289.20M	295.50M	303.20M	319.20M
Adjusted Diluted Earnings per Share	($0.67)	($0.86)	($0.80)	($0.54)	($0.29)	($0.92)	($1.73)	($0.90)	$1.28	$7.28
Adjusted Weighted Average Diluted Shares Outstanding	255.03M	272.55M	275.53M	281.47M	290.97M	289.12M	289.20M	295.50M	342.30M	354M
Adjusted Basic & Diluted Earnings per Share	($0.67)	($0.86)	($0.80)	($0.54)	($0.29)	($0.92)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	244.86M	261.30M	271.80M	275.10M	283.50M	290.70M	292.22M	299.21M	308.59M	325.60M
Normalized Net Operating Profit after Tax (NOPAT)	-70	-110	-116	-73	-38	-125	-213	-132	301	479
Normalized NOPAT Margin	-7.53%	-7.99%	-6.61%	-3.21%	-1.31%	-3.68%	-5.00%	-2.40%	4.36%	5.96%
Pre Tax Income Margin	-13.13%	-12.50%	-10.26%	-4.63%	-2.57%	-6.80%	-10.93%	-3.77%	8.22%	12.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.47	-6.36	-6.35	-2.56	0.11	-1.61	-1.85	-6.56	21.82	120.07
NOPAT to Interest Expense	-3.13	-4.71	-4.74	-2.46	-0.45	-1.41	-1.30	-4.82	11.06	214.90
EBIT Less CapEx to Interest Expense	-5.98	-9.46	-13.02	-6.34	-1.45	-4.03	-2.56	-13.60	16.44	101.18
NOPAT Less CapEx to Interest Expense	-4.65	-7.80	-11.41	-6.25	-2.02	-3.83	-2.01	-11.86	5.68	196.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-3.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-3.32%	-202.46%	-212.03%	-402.93%	-448.73%	-236.14%	-334.19%	62.02%	21.99%

This table displays calculated financial ratios and metrics derived from Palo Alto Networks' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.16%	25.33%	25.68%	24.10%	25.98%	20.13%	19.33%	15.34%	12.09%	13.88%	14.29%
EBITDA Growth	92.31%	179.47%	181.67%	145.58%	142.52%	107.91%	22.29%	43.88%	2.57%	24.46%	72.07%
EBIT Growth	139.74%	148.87%	223.38%	403.72%	1,231.41%	592.96%	51.48%	82.64%	-0.90%	29.53%	135.50%
NOPAT Growth	106.95%	115.27%	176.95%	294.36%	6,108.39%	1,573.42%	1,636.01%	202.82%	46.58%	84.33%	-71.37%
Net Income Growth	102.77%	119.31%	190.05%	247.27%	6,800.00%	871.00%	1,974.70%	158.63%	57.09%	80.59%	-84.70%
EPS Growth	102.77%	117.14%	178.13%	224.00%	7,400.00%	833.33%	1,974.70%	154.84%	49.33%	76.79%	-84.43%
Operating Cash Flow Growth	60.74%	110.00%	43.93%	10.94%	-20.93%	23.39%	-0.66%	22.40%	23.81%	-1.07%	-19.29%
Free Cash Flow Firm Growth	469.39%	1,469.44%	107.86%	38.08%	1.85%	-22.55%	-118.28%	-163.83%	-173.98%	-183.88%	410.37%
Invested Capital Growth	-358.46%	-911.70%	-339.99%	-204.43%	-66.34%	-61.56%	53.84%	56.40%	47.42%	46.30%	-73.36%
Revenue Q/Q Growth	11.81%	0.83%	5.87%	3.98%	13.50%	-3.85%	5.16%	0.49%	10.31%	-2.32%	5.55%
EBITDA Q/Q Growth	69.03%	4.89%	15.77%	19.64%	66.93%	-10.08%	-31.91%	40.77%	18.99%	9.11%	-5.86%
EBIT Q/Q Growth	152.95%	70.25%	121.60%	52.03%	132.13%	-11.39%	-51.56%	83.30%	25.96%	15.82%	-11.93%
NOPAT Q/Q Growth	108.82%	200.83%	350.43%	62.70%	181.61%	-18.91%	367.28%	-71.62%	36.31%	1.97%	-27.42%
Net Income Q/Q Growth	104.51%	506.06%	321.00%	28.03%	111.22%	-14.71%	799.54%	-84.04%	28.30%	-1.96%	-23.78%
EPS Q/Q Growth	104.51%	500.00%	316.67%	24.00%	141.94%	-25.33%	799.54%	-83.84%	41.77%	-11.61%	-61.62%
Operating Cash Flow Q/Q Growth	34.45%	136.15%	-43.83%	-37.79%	-4.17%	268.51%	-54.78%	-23.35%	-3.06%	194.44%	-63.11%
Free Cash Flow Firm Q/Q Growth	17.62%	46.61%	-9.86%	-11.17%	-13.24%	11.49%	-121.27%	-210.24%	-0.57%	-26.40%	178.70%
Invested Capital Q/Q Growth	-134.32%	-26.83%	-2.71%	0.27%	-28.04%	-23.18%	70.65%	5.80%	-54.40%	-25.80%	5.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.25%	70.46%	71.83%	72.41%	74.05%	74.83%	74.73%	74.12%	73.80%	74.09%	73.46%
EBITDA Margin	13.06%	13.59%	14.86%	17.10%	25.14%	23.51%	15.22%	21.33%	23.01%	25.70%	22.92%
Operating Margin	0.99%	0.97%	2.41%	4.57%	12.98%	11.46%	2.71%	8.90%	10.89%	13.40%	10.65%
EBIT Margin	1.56%	2.64%	5.52%	8.07%	16.50%	15.20%	7.00%	12.77%	14.58%	17.29%	14.43%
Profit (Net Income) Margin	0.21%	1.28%	5.09%	6.26%	11.66%	10.34%	88.45%	14.05%	16.34%	16.40%	11.84%
Tax Burden Percent	19.08%	58.14%	99.76%	82.29%	71.94%	68.72%	1,289.23%	110.99%	112.13%	95.14%	82.30%
Interest Burden Percent	71.49%	83.50%	92.44%	94.38%	98.23%	98.98%	97.98%	99.09%	99.91%	99.68%	99.72%
Effective Tax Rate	80.92%	41.86%	0.24%	17.71%	28.06%	31.28%	-1,189.23%	-10.99%	-12.13%	4.86%	17.70%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-54.85%	-27.93%	8.10%	27.43%	44.90%	45.84%	89.52%	85.88%	74.52%	67.66%	23.38%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.76%	1.33%	2.88%	4.14%	8.50%	8.01%	3.35%	6.20%	6.79%	8.15%	6.30%
Return on Assets (ROA)	0.10%	0.65%	2.66%	3.22%	6.01%	5.45%	42.33%	6.82%	7.60%	7.73%	5.17%
Return on Common Equity (ROCE)	-47.58%	-27.93%	8.10%	27.43%	44.90%	45.84%	89.52%	85.88%	74.52%	67.66%	23.38%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-28.23%	4.71%	17.47%	0.00%	28.28%	52.25%	54.78%	0.00%	46.25%	19.68%
Net Operating Profit after Tax (NOPAT)	2.94	8.84	40	65	182	148	691	196	267	273	198
NOPAT Margin	0.19%	0.57%	2.41%	3.76%	9.34%	7.87%	34.99%	9.88%	12.21%	12.74%	8.76%
Net Nonoperating Expense Percent (NNEP)	0.03%	0.77%	2.96%	2.21%	1.63%	1.29%	27.58%	2.01%	1.75%	1.27%	1.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	11.18%	-	-	-	2.86%
Cost of Revenue to Revenue	31.75%	29.54%	28.17%	27.59%	25.95%	25.17%	25.27%	25.88%	26.20%	25.91%	26.54%
SG&A Expenses to Revenue	6.99%	6.36%	7.21%	6.64%	5.87%	6.39%	15.27%	5.98%	6.41%	4.57%	6.81%
R&D to Revenue	23.46%	23.78%	24.42%	24.04%	21.22%	21.80%	22.68%	23.04%	22.60%	22.46%	22.40%
Operating Expenses to Revenue	67.26%	69.48%	69.42%	67.84%	61.08%	63.37%	72.02%	65.22%	62.91%	60.70%	62.81%
Earnings before Interest and Taxes (EBIT)	24	41	91	139	322	286	138	254	319	370	326
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	203	212	246	294	491	442	301	423	504	550	517
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	236.80	101.07	65.80	44.80	43.73	34.55	24.50	21.04	20.34	19.85	18.98
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	196.05	136.77	72.78	111.59	77.92
Price to Revenue (P/Rev)	9.04	8.83	7.79	8.51	11.09	10.41	14.18	12.06	13.10	14.16	14.12
Price to Earnings (P/E)	0.00	0.00	1,398.42	256.45	173.87	122.16	46.88	38.40	40.79	42.91	96.47
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.07%	0.39%	0.58%	0.82%	2.13%	2.60%	2.45%	2.33%	1.04%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	8.86	8.44	7.39	8.05	10.59	9.72	13.49	11.39	12.38	13.33	13.27
Enterprise Value to EBITDA (EV/EBITDA)	100.33	78.97	58.26	54.69	58.70	47.57	66.49	53.57	59.52	62.15	57.05
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	409.72	176.74	123.01	83.62	114.79	88.80	99.70	102.19	89.69
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	4,840.44	434.27	242.77	158.27	64.25	51.14	55.70	57.47	121.64
Enterprise Value to Operating Cash Flow (EV/OCF)	24.55	18.66	15.99	18.09	26.28	22.84	33.17	28.10	30.50	34.08	36.60
Enterprise Value to Free Cash Flow (EV/FCFF)	52.77	33.21	33.24	40.24	61.04	46.82	160.17	118.89	138.19	172.19	74.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	17.51	7.24	5.05	2.99	1.14	0.90	0.42	0.26	0.19	0.11	0.08
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-2.69	-2.83	-3.55	-2.48	-2.84	-2.67	-1.51	-1.44	-1.50	-1.53	-1.21
Leverage Ratio	23.11	22.37	27.83	16.10	13.66	10.21	6.18	5.63	4.99	4.35	3.66
Compound Leverage Factor	16.52	18.68	25.72	15.19	13.42	10.11	6.06	5.58	4.98	4.34	3.65
Debt to Total Capital	94.60%	87.87%	83.47%	74.92%	53.25%	47.28%	29.48%	20.65%	15.72%	9.85%	7.73%
Short-Term Debt to Total Capital	94.60%	87.87%	83.47%	74.92%	53.25%	47.28%	29.48%	20.65%	15.72%	9.85%	7.73%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	5.40%	12.13%	16.53%	25.08%	46.75%	52.72%	70.52%	79.35%	84.28%	90.15%	92.27%
Debt to EBITDA	7.57	5.91	4.71	3.86	1.60	1.32	1.19	0.70	0.58	0.36	0.27
Net Debt to EBITDA	-2.08	-3.57	-3.19	-3.13	-2.77	-3.35	-3.38	-3.16	-3.47	-3.86	-3.64
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-27.82	-57.81	391.71	30.62	6.62	4.40	1.15	0.67	0.54	0.34	0.57
Net Debt to NOPAT	7.64	34.89	-264.72	-24.83	-11.46	-11.15	-3.27	-3.01	-3.25	-3.57	-7.76
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.56	2.61	2.36	2.72	3.89	3.93	5.00	4.67	4.76	5.38	5.50
Noncontrolling Interest Sharing Ratio	13.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	0.70	0.64	0.74	0.78	0.86	0.83	0.84	0.89	0.84	0.84
Quick Ratio	0.71	0.62	0.55	0.63	0.68	0.77	0.74	0.73	0.77	0.72	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,058	1,551	1,398	1,242	1,078	1,202	-256	-793	-797	-1,008	793
Operating Cash Flow to CapEx	1,335.97%	3,122.98%	1,813.58%	1,384.94%	1,113.17%	4,146.74%	1,960.23%	1,414.17%	1,081.65%	3,423.13%	1,172.42%
Free Cash Flow to Firm to Interest Expense	153.37	228.15	202.67	159.26	189.08	414.34	-91.28	-344.73	-2,657.93	-839.93	881.38
Operating Cash Flow to Interest Expense	75.90	181.87	100.67	55.40	72.65	526.21	246.43	229.96	1,709.00	1,258.00	618.78
Operating Cash Flow Less CapEx to Interest Expense	70.22	176.04	95.12	51.40	66.12	513.52	233.86	213.70	1,551.00	1,221.25	566.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.51	0.52	0.51	0.52	0.53	0.48	0.49	0.47	0.47	0.44
Accounts Receivable Turnover	3.25	5.68	5.52	4.84	2.99	5.44	4.74	4.93	3.16	6.51	5.05
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	16.27	17.16	17.40	18.61	19.35	20.41	21.60	22.52	22.44	23.23	24.13
Accounts Payable Turnover	18.59	16.27	14.97	18.99	14.67	14.91	12.72	19.87	16.57	12.47	13.66
Days Sales Outstanding (DSO)	112.22	64.32	66.12	75.48	121.95	67.13	76.96	74.00	115.53	56.06	72.22
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	19.63	22.43	24.39	19.22	24.88	24.49	28.69	18.37	22.03	29.28	26.72
Cash Conversion Cycle (CCC)	92.59	41.89	41.73	56.26	97.07	42.64	48.27	55.63	93.50	26.78	45.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,350	-1,712	-1,758	-1,754	-2,245	-2,766	-812	-765	-1,180	-1,485	-1,407
Invested Capital Turnover	-6.69	-6.19	-5.71	-5.57	-3.83	-3.22	-5.86	-6.19	-4.69	-3.90	-7.73
Increase / (Decrease) in Invested Capital	-1,055	-1,543	-1,359	-1,178	-895	-1,054	947	989	1,065	1,281	-595
Enterprise Value (EV)	48,718	49,122	45,479	52,228	73,005	70,059	101,563	88,754	99,359	110,459	113,758
Market Capitalization	49,728	51,342	47,966	55,214	76,451	74,995	106,732	93,987	105,148	117,323	121,016
Book Value per Share	$2.11	$5.09	$2.41	$4.07	$5.72	$7.03	$13.82	$13.83	$15.97	$18.16	$19.43
Tangible Book Value per Share	($29.33)	($26.02)	($8.42)	($6.72)	($4.88)	($3.39)	$1.73	$2.13	$4.46	$3.23	$4.73
Total Capital	3,887	4,187	4,409	4,915	3,740	4,117	6,179	5,630	6,134	6,558	6,909
Total Debt	3,677	3,679	3,680	3,682	1,992	1,947	1,822	1,163	964	646	534
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,010	-2,220	-2,487	-2,986	-3,446	-4,936	-5,169	-5,232	-5,788	-6,865	-7,259
Capital Expenditures (CapEx)	39	40	38	31	37	37	35	37	47	44	48
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,849	-2,587	-2,736	-2,504	-2,088	-2,983	-2,868	-2,894	-2,448	-3,905	-3,912
Debt-free Net Working Capital (DFNWC)	1,785	1,217	611	1,455	302	911	503	-3.50	131	-514	-679
Net Working Capital (NWC)	-1,891	-2,462	-3,069	-2,228	-1,690	-1,036	-1,319	-1,166	-833	-1,160	-1,212
Net Nonoperating Expense (NNE)	-0.36	-11	-44	-43	-45	-46	-1,056	-83	-90	-78	-69
Net Nonoperating Obligations (NNO)	-1,560	-2,220	-2,487	-2,986	-3,994	-4,936	-5,169	-5,232	-6,350	-7,397	-7,782
Total Depreciation and Amortization (D&A)	178	171	155	155	169	156	162	170	184	180	192
Debt-free, Cash-free Net Working Capital to Revenue	-33.61%	-44.46%	-44.45%	-38.58%	-30.29%	-41.39%	-38.10%	-37.14%	-30.49%	-47.12%	-45.64%
Debt-free Net Working Capital to Revenue	32.45%	20.92%	9.93%	22.41%	4.38%	12.64%	6.68%	-0.04%	1.63%	-6.20%	-7.92%
Net Working Capital to Revenue	-34.38%	-42.31%	-49.86%	-34.32%	-24.51%	-14.37%	-17.52%	-14.97%	-10.38%	-14.00%	-14.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.07	$0.28	$0.35	$0.75	$0.63	$2.74	$0.86	$1.12	$1.07	$0.41
Adjusted Weighted Average Basic Shares Outstanding	886.80M	299.80M	302.30M	303.90M	303.20M	310.10M	639.20M	322.90M	319.20M	326.80M	659.30M
Adjusted Diluted Earnings per Share	$0.00	$0.06	$0.25	$0.31	$0.75	$0.56	$2.45	$0.79	$1.12	$0.99	$0.38
Adjusted Weighted Average Diluted Shares Outstanding	886.80M	338.40M	331.60M	344.70M	342.30M	349.80M	715M	354.60M	354M	354.50M	709M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.75	$0.00	$0.00	$0.00	$1.12	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	299.21M	302.36M	302.61M	305.85M	308.59M	315.30M	646.20M	323.80M	325.60M	328.10M	662.10M
Normalized Net Operating Profit after Tax (NOPAT)	11	8.84	40	65	182	148	38	124	167	273	198
Normalized NOPAT Margin	0.70%	0.57%	2.41%	3.76%	9.34%	7.87%	1.90%	6.23%	7.62%	12.74%	8.76%
Pre Tax Income Margin	1.12%	2.20%	5.10%	7.61%	16.20%	15.05%	6.86%	12.66%	14.57%	17.23%	14.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.51	6.06	13.23	17.79	56.53	98.45	49.39	110.22	1,064.33	308.17	361.89
NOPAT to Interest Expense	0.43	1.30	5.77	8.30	32.00	50.99	246.79	85.27	891.07	227.16	219.82
EBIT Less CapEx to Interest Expense	-2.17	0.24	7.68	13.79	50.00	85.76	36.82	93.96	906.33	271.42	309.11
NOPAT Less CapEx to Interest Expense	-5.26	-4.52	0.22	4.30	25.47	38.30	234.22	69.01	733.07	190.41	167.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-334.19%	-638.08%	1,793.00%	285.65%	62.02%	51.59%	2.93%	23.15%	21.99%	18.29%	39.86%

Frequently Asked Questions About Palo Alto Networks' Financials

When does Palo Alto Networks's financial year end?

According to the most recent income statement we have on file, Palo Alto Networks' fiscal year ends in July. Their fiscal year 2024 ended on July 31, 2024.

How has Palo Alto Networks' net income changed over the last 9 years?

Palo Alto Networks' net income appears to be on an upward trend, with a most recent value of $2.58 billion in 2024, falling from -$131.30 million in 2015. The previous period was $439.70 million in 2023.

What is Palo Alto Networks's operating income?

Palo Alto Networks's total operating income in 2024 was $683.90 million, based on the following breakdown:

Total Gross Profit: $5.97 billion
Total Operating Expenses: $5.28 billion

How has Palo Alto Networks revenue changed over the last 9 years?

Over the last 9 years, Palo Alto Networks' total revenue changed from $928.10 million in 2015 to $8.03 billion in 2024, a change of 764.9%.

How much debt does Palo Alto Networks have?

Palo Alto Networks' total liabilities were at $14.82 billion at the end of 2024, a 16.2% increase from 2023, and a 966.7% increase since 2015.

How much cash does Palo Alto Networks have?

In the past 9 years, Palo Alto Networks' cash and equivalents has ranged from $375.80 million in 2015 to $2.96 billion in 2020, and is currently $1.54 billion as of their latest financial filing in 2024.

How has Palo Alto Networks' book value per share changed over the last 9 years?

Over the last 9 years, Palo Alto Networks' book value per share changed from 5.83 in 2015 to 15.97 in 2024, a change of 173.8%.

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This page (NASDAQ:PANW) was last updated on 4/14/2025 by MarketBeat.com Staff

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