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Palo Alto Networks Income Statement 2025-2010 | PANW
Brief overview of income trends at Palo Alto Networks
This overview is based on financial performance over the past five years. Revenue at Palo Alto Networks moved from 3.4 billion dollars in 2020 to 9.2 billion dollars in 2025. The five-year change reached +170.6%, while CAGR stood at 22%. Revenue growth reflects a pronounced phase of business expansion.
Gross profit changed from 2.4 billion dollars to 6.8 billion dollars (+181%). Direct costs grew more slowly than revenue and improved the economics of sales. At the margin level, the figure shifted from 70.7% to 73.4%. The expansion indicates stronger pricing power or better control of direct costs.
EBITDA was 27.1 million dollars at the beginning and 1.6 billion dollars at the end of the period (+5753.5%). EBITDA expanded faster than the top line. EBITDA margin was 0.8% at the start and 17.2% at the end. The business generated more EBITDA from each unit of revenue.
Across the five years, the net result shifted from −267 million dollars to 1.1 billion dollars. A negative result turned positive over the five years.
The market value of the business moved from 34.4 billion dollars to 126 billion dollars, or +266.9%. The valuation did not keep pace with the reported progress.
Summary assessment
The results point to consistent and sustainable progress. Key strengths include better sales economics, improving net profitability and a larger revenue base. Further direction will depend on top-line growth, operating profitability, and net income.
Annual Income Statement Palo Alto Networks
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
126 B | 214 B | 147 B | 163 B | 161 B | 34.4 B | 19.2 B | 21.1 B | 12 B | 12.5 B | 13.7 B | 6.31 B | 3.3 B | 1.24 B | - | - |
Shares |
662 M | 638 M | 606 M | 296 M | 289 M | 96.9 M | 94.5 M | 91.7 M | 90.6 M | 87.1 M | 81.6 M | 74.3 M | 68.7 M | 19.6 M | - | 19.8 M |
Historical Prices |
191 | 336 | 243 | 550 | 557 | 355 | 231 | 188 | 145 | 125 | 176 | 123 | 57.5 | 53.5 | - | - |
Net Income |
1.13 B | 2.58 B | 440 M | -267 M | -499 M | -267 M | -81.9 M | -148 M | -217 M | -226 M | -165 M | -226 M | -29.2 M | 737 K | -12.5 M | - |
Revenue |
9.22 B | 8.03 B | 6.89 B | 5.5 B | 4.26 B | 3.41 B | 2.9 B | 2.27 B | 1.76 B | 1.38 B | 928 M | 598 M | 396 M | 255 M | 119 M | - |
Cost of Revenue |
2.45 B | 2.06 B | 1.91 B | 1.72 B | 1.27 B | 1 B | 808 M | 645 M | 476 M | 370 M | 252 M | 160 M | 110 M | 70.6 M | 32.3 M | - |
Gross Profit |
6.77 B | 5.97 B | 4.98 B | 3.78 B | 2.98 B | 2.41 B | 2.09 B | 1.63 B | 1.28 B | 1.01 B | 677 M | 439 M | 286 M | 185 M | 86.3 M | - |
Operating Income |
1.24 B | 684 M | 387 M | -189 M | -304 M | -179 M | -54.1 M | -104 M | -166 M | -157 M | -99.8 M | -215 M | -18.6 M | 3.89 M | -10.4 M | - |
Interest Expense |
25.1 M | -5.4 M | -10.3 M | 27.4 M | 163 M | 88.7 M | 83.9 M | 29.6 M | 24.5 M | 23.4 M | 22.3 M | 1.9 M | 74 K | 36 K | - | - |
EBITDA |
1.59 B | 967 M | 670 M | 93.8 M | -43.7 M | 27.1 M | 99.7 M | -32.7 M | -120 M | -147 M | -105 M | -54.8 M | -8.73 M | 10 M | -8.22 M | - |
Operating Expenses |
5.53 B | 5.28 B | 4.6 B | 3.97 B | 3.29 B | 2.59 B | 2.15 B | 1.76 B | 1.46 B | 1.2 B | 810 M | 513 M | 305 M | 181 M | 96.7 M | - |
General and Administrative Expenses |
443 M | 680 M | 448 M | 405 M | 391 M | 300 M | 262 M | 258 M | 198 M | 138 M | 102 M | 73.1 M | 42.7 M | 26.2 M | 13.1 M | - |
All numbers in USD currency
Quarterly Income Statement Palo Alto Networks
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
704 M | 679 M | 665 M | 659 M | 327 M | 659 M | 323 M | 650 M | 310 M | 639 M | 310 M | 308 M | 300 M | 98.2 M | 300 M | - | 98.9 M | 95.9 M | 96.1 M | 95.7 M | 96.9 M | 98.3 M | 95.5 M | 97.5 M | 95.5 M | 94 M | 96.6 M | 93.9 M | 96.6 M | 91.1 M | 93.8 M | 91 M | 93.8 M | 90.7 M | 90.9 M | 90.2 M | 90.9 M | 86.6 M | 89.8 M | 85.8 M | 89.8 M | 80.8 M | 85.1 M | 80.1 M | 85.1 M | 72.9 M | 79.4 M | 72.3 M | 79.4 M | 67.7 M | 71.7 M | 67.2 M | 69.6 M | 17.2 M | 17.2 M | 17.2 M | 18.5 M | - | 16.7 M | 19.8 M | - |
Net Income |
432 M | 334 M | 262 M | 267 M | 351 M | 267 M | 279 M | - | 194 M | 1.75 B | 194 M | - | 20 M | -93.5 M | 20 M | - | -73.2 M | -142 M | -104 M | -234 M | -145 M | -73.7 M | -92.2 M | -58.9 M | -92.2 M | -2.6 M | -59.6 M | -20.8 M | -59.6 M | -25.6 M | -38.3 M | 7 M | -38.3 M | -60.6 M | -63.2 M | -38.2 M | -64 M | -57.3 M | -56.9 M | -31.4 M | -61.8 M | -43 M | -39.9 M | -46 M | -38.7 M | -39.9 M | -30.1 M | -32.1 M | -30.1 M | -2.61 M | -7.86 M | -15.8 M | -7.86 M | 424 K | -3.52 M | -4.6 M | -3.52 M | - | 4.12 M | - | - |
Revenue |
2.59 B | 2.47 B | 2.29 B | 2.26 B | 2.14 B | 2.26 B | 1.98 B | - | 1.88 B | 1.98 B | 1.88 B | - | 1.56 B | 1.32 B | 1.56 B | - | 1.39 B | 1.02 B | 1.25 B | 1.96 B | 1.07 B | 817 M | 946 M | 950 M | 946 M | 711 M | 772 M | 806 M | 772 M | 542 M | 656 M | 658 M | 567 M | 423 M | 506 M | 509 M | 506 M | 335 M | 398 M | 401 M | 398 M | 218 M | 297 M | 284 M | 297 M | 141 M | 192 M | 178 M | 192 M | 96.5 M | 128 M | 112 M | 128 M | 56.7 M | 85.9 M | 75.6 M | 85.9 M | - | 57.1 M | - | - |
Cost of Revenue |
685 M | 638 M | 619 M | 599 M | 554 M | 599 M | 514 M | - | 473 M | 499 M | 473 M | - | 462 M | 405 M | 462 M | - | 440 M | 308 M | 381 M | 585 M | 331 M | 233 M | 278 M | 290 M | 278 M | 203 M | 218 M | 217 M | 218 M | 159 M | 184 M | 184 M | 184 M | 113 M | 141 M | 138 M | 141 M | 94.2 M | 101 M | 102 M | 101 M | 59.4 M | 79.2 M | 74.3 M | 79.2 M | 37.5 M | 53.4 M | 48.6 M | 53.5 M | 27.6 M | 33.8 M | 30.3 M | 33.8 M | 15.5 M | 24.2 M | 21.6 M | 24.2 M | - | 14.8 M | - | - |
Gross Profit |
1.91 B | 1.84 B | 1.67 B | 1.66 B | 1.58 B | 1.66 B | 1.47 B | - | 1.41 B | 1.48 B | 1.41 B | - | 1.1 B | 912 M | 1.1 B | - | 946 M | 709 M | 867 M | 1.38 B | 743 M | 584 M | 668 M | 660 M | 668 M | 509 M | 554 M | 588 M | 554 M | 386 M | 472 M | 474 M | 472 M | 309 M | 360 M | 371 M | 364 M | 240 M | 297 M | 299 M | 297 M | 158 M | 218 M | 210 M | 218 M | 104 M | 139 M | 130 M | 139 M | 68.9 M | 94.4 M | 82.1 M | 94.4 M | 41.2 M | 61.7 M | 54.1 M | 61.7 M | - | 42.3 M | - | - |
Operating Income |
397 M | 309 M | 219 M | 240 M | 286 M | 240 M | 177 M | - | 215 M | 53.6 M | 215 M | - | 15.2 M | -73.9 M | 15.2 M | - | -47.6 M | -88.8 M | -82.7 M | -133 M | -110 M | -52.9 M | -44.5 M | -17.8 M | -44.5 M | 6.6 M | -51.8 M | -9.9 M | -51.8 M | -22.5 M | -32.1 M | 17.1 M | -32.1 M | -54.4 M | -53.5 M | -27.3 M | -54.3 M | -50.1 M | -49 M | -22.7 M | -49.9 M | -38.5 M | -32 M | -34.5 M | -30.8 M | -37.2 M | -23.8 M | -25.4 M | -23.8 M | -2.16 M | -7.01 M | -6.88 M | -7.01 M | 1.28 M | -3.13 M | -4.24 M | -3.13 M | - | 6.9 M | - | - |
Interest Expense |
59 M | 9 M | 7.8 M | -4 M | 5.1 M | -4 M | 2.3 M | - | 2.9 M | 5.9 M | 2.9 M | - | 6.8 M | 6.8 M | 6.8 M | - | 6.8 M | 40.7 M | 6.9 M | 80.9 M | 41 M | 19 M | 40.2 M | 31.4 M | 40.2 M | 20.6 M | 18.9 M | 20 M | 18.9 M | 6.4 M | 22.7 M | 10.4 M | 22.7 M | 6.1 M | 6.3 M | 6.2 M | 6.3 M | 5.8 M | 6 M | 6 M | 6 M | 5.5 M | 5.8 M | 5.6 M | 5.8 M | 14 K | 5.5 M | 1.85 M | 5.49 M | 7 K | 8 K | 9 K | 18 K | - | 40 K | - | - | - | - | - | - |
EBITDA |
577 M | 398 M | 478 M | 412 M | 370 M | 285 M | 384 M | - | 280 M | 82 M | 280 M | - | 85.9 M | -42.2 M | 85.9 M | - | -15.8 M | -59.1 M | -13.7 M | -10.4 M | -77.6 M | -35 M | 13.5 M | 74.6 M | 13.5 M | 21 M | -7.8 M | 61.4 M | -7.8 M | -19.8 M | 400 K | 60.5 M | 400 K | -54.4 M | -32.2 M | 700 K | -33 M | -50.1 M | -35.4 M | -3.2 M | -36.3 M | -36.5 M | -22.8 M | -21.6 M | -21.6 M | -36.9 M | -17.7 M | -18.4 M | -17.6 M | -2.14 M | -3.86 M | -2.42 M | -3.86 M | 1.28 M | -1.08 M | -1.77 M | -1.08 M | - | 8.05 M | - | - |
Operating Expenses |
1.51 B | 1.53 B | 1.45 B | 1.42 B | 1.3 B | 1.42 B | 1.29 B | - | 1.19 B | 1.42 B | 1.19 B | - | 1.09 B | 986 M | 1.09 B | - | 994 M | 798 M | 950 M | 1.51 B | 854 M | 636 M | 713 M | 678 M | 713 M | 502 M | 606 M | 598 M | 606 M | 409 M | 505 M | 457 M | 505 M | 364 M | 414 M | 398 M | 418 M | 291 M | 346 M | 322 M | 347 M | 197 M | 250 M | 244 M | 249 M | 141 M | 163 M | 155 M | 163 M | 71 M | 101 M | 89 M | 101 M | 39.9 M | 64.9 M | 58.3 M | 64.9 M | - | 35.4 M | - | - |
General and Administrative Expenses |
178 M | 179 M | 164 M | 154 M | 97.7 M | 154 M | 119 M | - | 120 M | 302 M | 120 M | - | 99.5 M | 97.7 M | 99.5 M | - | 94.8 M | 104 M | 104 M | 191 M | 94.7 M | 76.2 M | 86.7 M | 70.7 M | 86.7 M | 53.7 M | 69.8 M | 69.2 M | 69.8 M | 53.3 M | 76.6 M | 56.7 M | 76.6 M | 47.2 M | 65.7 M | 65.2 M | 65.7 M | 34.2 M | 41.6 M | 39.9 M | 41.8 M | 27 M | 30.8 M | 28.6 M | 30.8 M | 19.7 M | 19 M | 15.6 M | 19 M | 9.75 M | 14.1 M | 11.7 M | 14.1 M | 5.77 M | 8.96 M | 8.85 M | 8.96 M | - | 5.16 M | - | - |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Palo Alto Networks (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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