Palo Alto Networks (PANW) FY2021 results: revenue $4.3 billion, up 24.9% on the year
Palo Alto Networks Inc. (PANW) reported revenue of $4.3 billion for fiscal 2021, the year ended 31 July 2021, up 24.9% on the year before. Net income was -$499 million, and diluted earnings per share $-0.86. The figures are the company's own, from the 10-K it filed with the SEC on 3 September 2021.
Revenue
$4.3 billion
+24.9% on the year
FY2014FY2021
Operating margin
-7.1%
-5.3% a year earlier
FY2014FY2021
Net income
-$499 million
FY2014FY2021
Diluted EPS
-$0.86
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
4,256
3,408
2,900
+24.9%
Cost of revenue
1,275
1,000
808
+27.6%
Gross profit
2,981
2,409
2,091
+23.8%
Gross margin
70.0%
70.7%
72.1%
Research and development
1,140
768
540
+48.5%
Operating income
-304
-179
-54.1
Operating margin
-7.1%
-5.3%
-1.9%
Interest expense
163
88.7
83.9
+84.1%
Pre-tax income
-465
-232
-74.6
Income tax
33.9
35.2
7.3
-3.7%
Net income
-499
-267
-81.9
Net margin
-11.7%
-7.8%
-2.8%
Diluted EPS
-$0.86
-$0.46
-$0.14
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,503
1,036
1,056
+45.1%
Capital expenditure
116
214
131
-45.9%
Free cash flow
1,387
821
924
+68.9%
Free cash flow margin
32.6%
24.1%
31.9%
Cash from investing
-1,481
288
-1,826
Cash from financing
-1,104
673
-774
Depreciation and amortisation
260
206
154
+26.3%
Share-based compensation
894
658
568
+35.9%
Buybacks
1,178
1,198
330
-1.7%
Diluted shares, weighted
578m
581m
567m
-0.5%
Shares outstanding at period end
584m
578m
581m
+1.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
634
1,102
1,586
-42.4%
Redeemable equity
129
0.0
0.0
Debt
3,226
3,084
1,430
+4.6%
Operating lease liabilities
313
337
0.0
-6.9%
Other liabilities
5,939
4,543
3,576
+30.7%
Total liabilities and equity
10,242
9,065
6,592
+13.0%
Fixed assets
318
348
296
-8.5%
Goodwill
2,710
1,813
1,352
+49.5%
Intangible assets
499
358
281
+39.2%
Investments
1,915
1,344
2,417
+42.5%
Cash and equivalents
1,874
2,958
961
-36.6%
Receivables
1,240
1,037
582
+19.6%
Other assets
1,685
1,207
702
+39.6%
Total assets
10,242
9,065
6,592
+13.0%
10-K for the year ended 31 July 2021, filed 3 September 2021: the filing.