Jul 2026 (Q4 FY26) — Sep 1, 2026
Palo Alto Networks Q4 FY26 — Record Performance Driven by Platformization and AI Tailwinds
Read the full callPalo Alto Networks (PANW) earnings
- Jul 2026
- Jul 2026 (Q4 FY26)
- Jul 2026
Palo Alto Networks earnings: last reported Tue, 1 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,410 | +34.4% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 5.0 | −14.6 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | -282 | −211.1% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
46 of 47 judged targets kept · 24 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Close of Koi acquisition | complete the announced acquisition of Koi | Jan 2026 | The financial impact of our acquisition of Koi, which closed later in the quarter was immaterial to our Q3 results. | Achieved |
| Full-year adjusted free cash flow margin | 37% plus | Jul 2024 | adjusted free cash flow margin of 37.5% | On Track |
| Full-year adjusted free cash flow margin | 40% plus (combined company, post-CyberArk) | Jul 2025 | This acceleration reinforces our path towards a 40% free cash flow margin in fiscal 2028 | On Track |
1 of Palo Alto Networks Inc's 71 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 68 more targets are in the full ledger.
Claimed
- Exceeded guidance across every financial metric in Q4 FY26.
- Record RPO of $21.2 billion, up 34% year-over-year.
- NGS ARR reached $9.1 billion, up 63% year-over-year, with nearly $1 billion in net new NGS ARR added this quarter.
- Prisma AIRS surpassed $100 million in ARR within 4 quarters of general availability, marking the fastest scaling product in company history.
- Observability ARR more than doubled since the Chronosphere acquisition in Q2 FY26, eclipsing $500 million.
Qualified
- Total gross margin in Q4 FY26 was 74.8%, down 100 basis points year-over-year, reflecting a mix shift towards faster-growing SaaS offerings.
- Rising commodity costs are expected to persist in the hardware business, particularly for memory and storage.
Price
$346.95 +1.45% · +$4.95
Performance +66.9% 1Y
1Y: $207.89 on 17 Oct 2025 → $346.95. High $419.91 (6 Oct 2026), low $141.67 (24 Feb 2026).
- Previous close
- $342
- 52-week range
- $141.67 – $419.91
- One year
- +63.79%
Overview
- Symbol
- PANW
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
46 of 47 judged targets kept · 24 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Close of Koi acquisition | complete the announced acquisition of Koi | Jan 2026 | The financial impact of our acquisition of Koi, which closed later in the quarter was immaterial to our Q3 results. | Achieved |
| Full-year adjusted free cash flow margin | 37% plus | Jul 2024 | adjusted free cash flow margin of 37.5% | On Track |
| Full-year adjusted free cash flow margin | 40% plus (combined company, post-CyberArk) | Jul 2025 | This acceleration reinforces our path towards a 40% free cash flow margin in fiscal 2028 | On Track |
Claimed
- Exceeded guidance across every financial metric in Q4 FY26.
- Record RPO of $21.2 billion, up 34% year-over-year.
- NGS ARR reached $9.1 billion, up 63% year-over-year, with nearly $1 billion in net new NGS ARR added this quarter.
- Prisma AIRS surpassed $100 million in ARR within 4 quarters of general availability, marking the fastest scaling product in company history.
- Observability ARR more than doubled since the Chronosphere acquisition in Q2 FY26, eclipsing $500 million.
Qualified
- Total gross margin in Q4 FY26 was 74.8%, down 100 basis points year-over-year, reflecting a mix shift towards faster-growing SaaS offerings.
- Rising commodity costs are expected to persist in the hardware business, particularly for memory and storage.
The full ledger
Open Palo Alto Networks Inc’s full ledger
A free account opens 5 company ledgers a month. All 71 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q3 FY26) — Jun 2, 2026
Palo Alto Networks Q3 FY26 — Exceptional Performance Driven by AI-fueled Demand and Platformization
Read the full callJan 2026 (Q2 FY26) — Feb 17, 2026
Palo Alto Networks Q2 FY26 — Strong Platformization and Strategic AI-Focused Acquisitions
Read the full callEvery analysed call
Palo Alto Networks earnings calls (PANW)
Financials
What the filings say
Net profit, year on year: −211% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,139 | 2,257 | 2,289 | 2,536 | 2,474 | 2,594 | 3,002 | 3,410 |
| Operating profit | 286 | 241 | 219 | 497 | 309 | 397 | -183 | 172 |
| Operating margin | 13.4% | 10.7% | 9.6% | 19.6% | 12.5% | 15.3% | −6.1% | 5.0% |
| Interest | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 368 | 325 | 311 | 592 | 412 | 549 | -156 | -269 |
| Tax rate | 4.6% | 17.9% | 15.8% | 57.1% | 18.9% | 21.3% | −13.5% | −4.8% |
| Net profit | 351 | 267 | 262 | 254 | 334 | 432 | -177 | -282 |
| EPS ($ per share) | 0.54 | 0.41 | 0.39 | — | 0.49 | 0.61 | -0.22 | — |
| Line item | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2,491 | 2,259 | 2,311 | 1,933 | 3,019 | 3,821 | 5,292 | 24,772 |
| Reserves | -901 | -1,168 | -1,667 | -1,667 | -1,227 | 1,350 | 2,484 | 2,791 |
| Total liabilities | 5,006 | 7,964 | 9,478 | 12,044 | 12,753 | 14,821 | 15,752 | 20,968 |
| Fixed assets | 296 | 348 | 318 | 358 | 355 | 361 | 387 | 523 |
| Investments | 1,842 | 790 | 1,027 | 1,516 | 1,255 | 1,044 | 635 | 557 |
| Total assets | 6,592 | 9,065 | 10,242 | 12,254 | 14,501 | 19,991 | 23,576 | 48,460 |
| Line item | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,056 | 1,036 | 1,503 | 1,985 | 2,778 | 3,258 | 3,716 | 4,553 |
| Cash from investing | -1,826 | 288 | -1,481 | -933 | -2,034 | -1,510 | -2,205 | -3,104 |
| Cash from financing | -774 | 673 | -1,104 | -807 | -1,726 | -1,343 | -779 | -1,202 |
| Net cash flow | -1,544 | 1,997 | -1,082 | 245 | -983 | 405 | 732 | 244 |
| Capital expenditure | -131 | -214 | -116 | -193 | -146 | -157 | -247 | -440 |
| Free cash flow | 924 | 821 | 1,387 | 1,792 | 2,631 | 3,101 | 3,469 | 4,113 |
PANW revenue by segment
Product grew from 17% to 22% of revenue over the last two years.
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Subscription | 56% | 55% | 54% | 52% | 55% | 54% | 54% | 54% | +39.8% |
| Support | 28% | 27% | 26% | 26% | 27% | 26% | 26% | 24% | +28.7% |
| Product | 17% | 19% | 20% | 23% | 18% | 20% | 20% | 22% | +28.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
PANW operating KPIs by quarter
| KPI | Apr 2025 Q3 FY25 | Jul 2025 Q4 FY25 | Oct 2025 Q1 FY26 | Jan 2026 Q2 FY26 | Apr 2026 Q3 FY26 | Jul 2026 Q4 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Customers SASE | ~6,000We now have approximately 6,000 SASE customers, up 22% year-over-year.Source: earnings call transcript | 6,300+We now have over 6,300 SASE customers and account for 1/3 of the Fortune 500.Source: earnings call transcript | ~6,800We now have approximately 6,800 SASE customers, including 1/3 of the Fortune 500, including leading technology companies like IBM and Oracle.Source: earnings call transcript | — | — | — | — |
| Remaining performance obligation (RPO) | $13.5BOur remaining performance obligation, or RPO, grew 19% to $13.5 billion.Source: earnings call transcript | $15.8BRemaining performance obligation, or RPO, grew 24% to $15.8 billion.Source: earnings call transcript | $15.5BRemaining performance obligation, or RPO, grew 24% to $15.5 billion.Source: earnings call transcript | $16BOur remaining performance obligation, or RPO, grew 23% to $16.0 billion.Source: earnings call transcript | $18.4BOur RPO reached $18.4 billion, up 36% compared to last year when adjusting for recent CyberArk and Chronosphere acquisitions, both of which are exceeding expectations in the first quarter postclose.Source: earnings call transcript | $21.2BWe achieved record RPO, surpassing the $20 billion threshold for the first time to close the year at $21.2 billion, representing a growth rate of 34%.Source: earnings call transcript | +15.2% |
| Remaining performance obligation (RPO) Current | $6.2BOur current RPO was $6.2 billion, growing 16% year-on-year.Source: earnings call transcript | $7BOur current RPO was $7.0 billion, growing 17% year-over-year.Source: earnings call transcript | $6.9BOur current RPO, which reflects near-term revenue realization stood at $6.9 billion, representing 16% growth.Source: earnings call transcript | $7.1BOur current RPO, which represents a near-term revenue realization was $7.1 billion, representing 18% growth.Source: earnings call transcript | $8.3BCurrent RPO was $8.3 billion, up 34% year-over-year.Source: earnings call transcript | $9.3BCurrent RPO reached $9.3 billion, also up 34% as contract durations remained steady year-over-year.Source: earnings call transcript | +12% |
| Annual recurring revenue (ARR) Next-Generation Security (NGS) | — | $5.58BWe ended the quarter at $5.58 billion in NGS ARR, which grew 32%.Source: earnings call transcript | $5.85BNGS ARR ended the quarter at $5.85 billion, achieving 29% growth and exceeding the high end of our guidance.Source: earnings call transcript | $6.33BThe increasing adoption of our platforms is most evident in our next-generation security ARR, which grew 33% to $6.33 billion.Source: earnings call transcript | $8.13BAltogether, we delivered $8.13 billion in NGS ARR during the third quarter, representing 60% year-over-year growth.Source: earnings call transcript | $9.1BNGS ARR reached $9.1 billion, up 63%, enabling us to report one of our most substantial Next-Generation Security outperformances to date.Source: earnings call transcript | +11.9% |
| Customers XSIAM | ~270We now have approximately 270 customers in XSIAM and the average ARR per customer is over $1 million.Source: earnings call transcript | ~400We ended Q4 with approximately 400 customers on XSIAM and the average ARR per customer continues to be over $1 million.Source: earnings call transcript | ~470We now have approximately 470 customers with the average customer paying over $1 million in ARR.Source: earnings call transcript | 600+We welcomed almost 150 new customers, bringing our total base to over 600, paying an average of nearly $1 million in ARR.Source: earnings call transcript | 740We ended the third quarter with more than $600 million in ARR, representing a 100% year-over-year increase across a growing base of 740 customers.Source: earnings call transcript | — | — |
| Paid seats Prisma Access Browser | ~3MIn just 18 months since our talent acquisition, we have now sold approximately 3 million licensed seats on Prisma Access browser, up more than 10x from a year ago.Source: earnings call transcript | — | 7.5M+In Q1, we crossed 7.5 million browsers sold, while our bookings nearly quadrupled year-over-year.Source: earnings call transcript | — | — | — | — |
| Annual recurring revenue (ARR) AI | ~$400MWithin NGS ARR, we continue to see significant momentum around our Cortex platform and our AI ARR is now approximately $400 million in Q3, up over 2.5x year-over-year.Source: earnings call transcript | ~$545MAI ARR is now approximately $545 million in Q4, up over 2.5x year-over-year.Source: earnings call transcript | — | — | — | — | — |
| Net revenue retention rate Platformized customers | — | — | — | 119%The success of this strategy is also reflected in our best-in-class net retention rate amongst platformized customers, which stands at 119% with low single-digit churn.Source: earnings call transcript | 120%This is reflected in our 120% net retention and single-digit churn rates amongst this cohort.Source: earnings call transcript | 120%+Beyond initial adoption, standardizing our platform yields superior retention and expansion, with NRR or net revenue retention exceeding 120% for our platformized cohort in Q4.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q4 FY2026 · share of revenue
- Americas 68%
- US 63%
- EMEA 21%
- Asia Pacific 11% ↓ 1 pt
- Other Americas 5%
As PANW cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
142 filings between Nov 1, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
$10.00M
2 purchases by 1 insider
Sales
$133.39M
101 sales by 8 insiders
60% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 18
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts, 2 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Klarich Lee | — | $88.84M | May 22, 2026 |
| GOETZ JAMES J | — | $21.74M | Sep 17, 2026 |
| Golechha Dipak | — | $13.96M | Sep 24, 2026 |
| Arora Nikesh | $10.00M | — | Mar 27, 2026 |
| Key John P. | — | $3.31M | Sep 14, 2026 |
| Paul Josh D. | — | $2.40M | Oct 1, 2026 |
| Bawa Aparna | — | $1.57M | Oct 9, 2026 |
| Jenkins William D Jr | — | $1.34M | Jan 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | Bawa Aparna Director | Sale | 170 | $69.7K |
| Oct 9, 2026 | Bawa Aparna Director | Sale | 80 | $33.4K |
| Oct 8, 2026 | Klarich Lee EVP Chief Product & Tech Ofcr | Gift | 60,000 | $0 |
| Oct 1, 2026 | Paul Josh D. Chief Accounting Officer | Sale 10b5-1 plan | 400 | $158.3K |
| Oct 1, 2026 | Paul Josh D. Chief Accounting Officer | Tax withheld 10b5-1 plan | 1,308 | $519.7K |
| Sep 30, 2026 | Klarich Lee EVP Chief Product & Tech Ofcr | Gift | 25,000 | $0 |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 5,301 | $2.08M |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 100 | $39.6K |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 2,200 | $865.9K |
| Sep 24, 2026 | Bawa Aparna Director | Sale | 260 | $102.1K |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 9,539 | $3.73M |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 6,400 | $2.51M |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 2,160 | $842.1K |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 900 | $349.8K |
| Sep 24, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 900 | $355.5K |
| Sep 18, 2026 | Paul Josh D. Chief Accounting Officer | Award | 7,211 | $0 |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 900 | $335.3K |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 1,504 | $569.6K |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 4,313 | $1.62M |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 910 | $339.9K |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 3,348 | $1.25M |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 500 | $191.3K |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 700 | $265.7K |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 1,000 | $380.7K |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 1,293 | $488.3K |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 4,751 | $1.79M |
| Sep 17, 2026 | GOETZ JAMES J Director | Sale | 781 | $298.2K |
| Sep 15, 2026 | Bawa Aparna Director | Sale | 500 | $188.6K |
| Sep 14, 2026 | Key John P. Director | Sale | 2,500 | $940.1K |
| Sep 14, 2026 | Bawa Aparna Director | Sale | 1,000 | $373.6K |
| Sep 1, 2026 | Paul Josh D. Chief Accounting Officer | Sale 10b5-1 plan | 900 | $336.3K |
| Sep 1, 2026 | Thorning-Schmidt Helle Director | Tax withheld | 211 | $80.6K |
| Aug 25, 2026 | Paul Josh D. Chief Accounting Officer | Sale 10b5-1 plan | 900 | $318.4K |
| Aug 21, 2026 | Paul Josh D. Chief Accounting Officer | Tax withheld | 1,529 | $534.5K |
| Aug 1, 2026 | Paul Josh D. Chief Accounting Officer | Tax withheld | 3,861 | $1.28M |
| Jul 7, 2026 | Thorning-Schmidt Helle Director | Sale | 700 | $242.8K |
| Jul 1, 2026 | Paul Josh D. Chief Accounting Officer | Tax withheld 10b5-1 plan | 1,092 | $372.4K |
| Jul 1, 2026 | Bawa Aparna Director | Sale | 290 | $101.1K |
| Jul 1, 2026 | Paul Josh D. Chief Accounting Officer | Sale 10b5-1 plan | 900 | $310.5K |
| Jun 29, 2026 | Bawa Aparna Director | Sale | 327 | $101.3K |
| Jun 29, 2026 | Bawa Aparna Director | Sale | 305 | $100.1K |
| Jun 23, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 214 | $62.5K |
| Jun 23, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 2,100 | $609.1K |
| Jun 23, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 886 | $257.9K |
| Jun 23, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 300 | $85.4K |
| Jun 23, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 1,300 | $375.6K |
| Jun 23, 2026 | Golechha Dipak EVP, Chief Financial Officer | Sale 10b5-1 plan | 200 | $57.3K |
| Jun 22, 2026 | Bawa Aparna Director | Sale | 345 | $100.1K |
| Jun 12, 2026 | GOETZ JAMES J Director | Sale | 4,800 | $1.34M |
| Jun 12, 2026 | GOETZ JAMES J Director | Sale | 1,400 | $389.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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