Palo Alto Networks
Integrated cybersecurity platforms spanning networks, cloud, security operations, AI, observability, and identity.
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Profile
Sells integrated platforms for network security, cloud and security operations, AI security, observability, and identity security, alongside threat intelligence and incident-response services. Subscriptions and support generate most revenue; firewall hardware and software licenses add product sales, and substantially all revenue flows through channel partners.
Protects enterprise networks, cloud applications, endpoints, identities, and cloud infrastructure through an expanding set of integrated cybersecurity platforms. Network Security combines next-generation firewalls, SASE, and cloud-delivered services; Cortex joins security operations with Cortex Cloud; Prisma AIRS secures AI applications and models; Chronosphere provides observability; and Idira adds privileged-access, workforce, machine-identity, and identity-governance controls. Unit 42 supplies threat intelligence, incident response, and risk consulting.
Packages these functions to help enterprises, service providers, and government entities consolidate standalone security tools. The Americas generate most revenue, with customers across Europe, the Middle East, Africa, and Asia-Pacific. Subscriptions and support produce the large majority of revenue, supplemented by firewall hardware and software licenses. Growth depends on integrating acquired platforms and operating reliable cloud services. Substantially all sales pass through distributors and resellers.
Company facts
Key statistics
Year to date +107% · Average volume (30d) 5.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 28, 2026 | Jefferies | Reiterate | Buy | $335 | $450 |
| Aug 20, 2026 | BMO Capital | Reiterate | Outperform | $335 | $415 |
| Aug 19, 2026 | UBS | Reiterate | Neutral | $300 | $390 |
| Aug 19, 2026 | Mizuho Securities | Target | $305 | $415 | |
| Aug 19, 2026 | Truist Financial | Target | $375 | $435 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 2, 2026Q3 FY26 | $0.79 | $0.85 | +7.2% | $2.94B | $3.00B | +2.0% | −5.64% |
| Feb 17, 2026Q2 FY26 | $0.94 | $1.03 | +9.7% | $2.58B | $2.59B | +0.4% | −6.82% |
| Nov 19, 2025Q1 FY26 | $0.89 | $0.93 | +4.4% | $2.46B | $2.47B | +0.5% | −7.42% |
| Aug 18, 2025Q4 FY25 | $0.89 | $0.95 | +7.3% | $2.50B | $2.54B | +1.4% | +3.06% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.26B | $2.29B | $2.54B | $2.47B | $2.59B | $3.00B | |
| Gross profit | $1.66B | $1.67B | $1.86B | $1.84B | $1.91B | $2.03B | |
| Operating income | $240.4M | $218.8M | $497.2M | $309.0M | $400.0M | −$183.0M | |
| Net income | $267.3M | $262.1M | $253.8M | $334.0M | $432.0M | −$177.0M | |
| Diluted EPS | $0.38 | $0.37 | $0.36 | $0.47 | $0.60 | −$0.28 | |
| Gross margin | 73.5% | 72.9% | 73.2% | 74.2% | 73.6% | 67.6% | |
| Operating margin | 10.6% | 9.6% | 19.6% | 12.5% | 15.4% | -6.1% |
Fiscal years (4-quarter sums)FY21 $4.26B · FY22 $5.50B · FY23 $6.89B · FY24 $8.03B · FY25 $9.22B
Revenue by product · Q3 FY26
Revenue by geography · Q3 FY26
Balance sheet, Apr 30, 2026Cash & short-term investments $3.11B · Total debt $2.07B · Total assets $46.27B · Shareholders' equity $27.67B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 815.00M · Float 806.78M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 75.75M | 9.29% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 53.13M | 6.52% | 13F | Aug 13, 2026 |
| State Street Corp | 36.98M | 4.54% | 13F | Aug 7, 2026 |
| Morgan Stanley | 29.45M | 3.61% | 13F | Aug 13, 2026 |
| Invesco Ltd. | 25.65M | 3.15% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Josh D. Paul | officer: Chief Accounting Officer | −900 | $353.77 |
| Jul 7, 2026 | Helle Thorning-Schmidt | director | −700 | $346.85 |
| Jul 1, 2026 | Aparna Bawa | director | −290 | $348.74 |
| Jun 29, 2026 | Aparna Bawa | director | −632 | $318.67 |
| Jul 1, 2026 | Josh D. Paul | officer: Chief Accounting Officer | −900 | $345.00 |
Peers
- CrowdStrike
AI-native SOC platform rivaling Cortex XDR, XSIAM, and Prisma Cloud.
- Fortinet
NGFW market leader expanding SASE and SecOps against all PANW pillars.
- Cisco Systems
Networking giant contesting PANW via Splunk, Secure Firewall, and SASE.
- Zscaler
Pure-cloud SASE/SSE leader in direct contest with Prisma SASE.
- Microsoft
E5 bundle competes across every PANW pillar at near-zero marginal cost.
- Check Point Software Technologies
Founding-era NGFW rival; Infinity Platform across 100,000+ customers.
- SentinelOne
Autonomous AI endpoint platform in direct XDR and AI SOC contest with Cortex.
- Okta
Leading IAM platform contesting the identity pillar built on CyberArk.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Palo Alto Networks | $372.18 | +0.16% | $302.85B | 323.1 | 94.9 | 28.6 | +31.2% |
| CrowdStrike | $217.75 | −0.30% | $222.39B | 6,720.0 | 157.7 | 41.2 | +25.8% |
| Fortinet | $165.78 | −0.16% | $121.80B | 58.5 | 47.4 | 16.2 | +25.6% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Zscaler | $184.45 | +0.15% | $29.79B | — | 41.4 | 9.4 | +25.4% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Check Point Software Technologies | $138.15 | −0.17% | $14.12B | 14.2 | 12.8 | 5.1 | +1.3% |
| SentinelOne | $21.42 | −0.63% | $7.25B | — | 49.4 | 6.6 | +20.6% |
| Okta | $166.20 | +0.03% | $27.61B | 100.1 | 41.2 | 9.0 | +10.6% |
| Median | 45.7 | 41.3 | 9.2 | +19.2% |