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Palo Alto Networks (PANW) Q1 FY2022 earnings: revenue $1.2 billion, up 31.9% on the year

Palo Alto Networks Inc. (PANW) reported revenue of $1.2 billion for Q1 FY2022, the quarter ended 31 October 2021, up 31.9% on the same quarter a year earlier. Net income was -$104 million, and diluted earnings per share $-0.17. The figures are the company's own, from the 10-Q it filed with the SEC on 19 November 2021.

Revenue$1.2 billionup 31.9%
Net income-$104 million
Diluted EPS$-0.17
QuarterQ1 FY2022ended 31 October 2021

The quarter, against the one before and a year earlier

LineQ1 FY2022Quarter beforeA year earlierChange on the year
Revenue1,247n/an/an/a
Cost of revenue381n/an/an/a
Gross profit867n/an/an/a
Gross margin69.5%n/an/a
Research and development340n/an/an/a
Operating income-82.7n/an/an/a
Operating margin-6.6%n/an/a
Interest expense6.9n/an/an/a
Pre-tax income-91.2n/an/an/a
Income tax12.4n/an/an/a
Net income-104n/an/an/a
Net margin-8.3%n/an/a
Diluted EPS-$0.17n/an/an/a
$ 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 and capital returned

LineQ1 FY2022Quarter beforeA year earlierChange on the year
Operating cash flow589n/an/an/a
Capital expenditure34.6n/an/an/a
Free cash flow554n/an/an/a
Free cash flow margin44.4%n/an/a
Cash from investing-230n/an/an/a
Cash from financing38.7n/an/an/a
Depreciation and amortisation69.0n/an/an/a
Share-based compensation259n/an/an/a
Buybacks0.0n/an/an/a
Diluted shares, weighted586mn/an/an/a
Shares outstanding at period end197mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2022Quarter beforeA year earlierChange on the year
Shareholders' equity519n/an/an/a
Debt3,672n/an/an/a
Operating lease liabilities300n/an/an/a
Other liabilities5,936n/an/an/a
Total liabilities and equity10,426n/an/an/a
Fixed assets324n/an/an/a
Goodwill2,732n/an/an/a
Intangible assets471n/an/an/a
Investments2,087n/an/an/a
Cash and equivalents2,273n/an/an/a
Receivables812n/an/an/a
Other assets1,726n/an/an/a
Total assets10,426n/an/an/a

Questions

What was Palo Alto Networks' revenue in Q1 FY2022?

Palo Alto Networks (PANW) reported revenue of $1.2 billion for Q1 FY2022, the quarter ended 31 October 2021, up 31.9% on the same quarter a year earlier.

How much did Palo Alto Networks earn in Q1 FY2022?

Net loss for Q1 FY2022 was $104 million, and the diluted loss per share $0.17.

When did Palo Alto Networks report Q1 FY2022 results?

Palo Alto Networks filed its 10-Q for the quarter ended 31 October 2021 with the SEC on 19 November 2021.

Quarterly results, the last 20 quarters

Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025 †Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *
Revenue1,2471,3171,3871,5501,5631,6551,7211,9531,8781,9751,9852,1902,1392,2572,2892,5362,4742,5943,0023,410
Cost of revenue3814054404924624664755074734995145745545996196796386859741,106
Gross profit8679129461,0581,1021,1891,2461,4461,4051,4761,4711,6161,5851,6581,6701,8571,8361,9092,0282,304
Gross margin69%69%68%68%70%72%72%74%75%75%74%74%74%73%73%73%74%74%68%68%
R&D340359355364372404414414410448457495480506494504528511734779
Operating income-82.7-73.9-47.615.415.239.978.725421553.6177238286241219497309397-183172
Operating margin-7%-6%-3%1%1%2%5%13%11%3%9%11%13%11%10%20%12%15%-6%5%
Interest expense6.96.86.86.96.86.97.85.72.92.82.30.31.20.90.70.20.00.00.00.0
Pre-tax income-91.2-80.8-52.517.334.484.4131316283136251319369325310592412549-156-269
Tax raten/an/an/a81%42%0%18%28%31%-1189%-11%-12%5%18%16%57%19%21%n/an/a
Net income-104-93.5-73.23.320.084.21082281941,747279358351267262254334432-177-282
Net margin-8%-7%-5%0%1%5%6%12%10%88%14%16%16%12%11%10%14%17%-6%-8%
Diluted EPS-$0.17-$0.16-$0.12n/a$0.03$0.12$0.15$0.32$0.28$2.44$0.40$0.51$0.49$0.38$0.37$0.36$0.47$0.61-$0.22-$0.35
Operating cash flow5894833905241,2376954324141,5266905295131,5105576291,0211,7715548711,357
Capital expenditure34.680.70.039.239.638.331.237.236.835.237.447.444.047.568.386.384.017083.0103
Free cash flow5544023904841,1976564013771,4896554924651,4665095609341,6873847881,254
Buybacks0.05500.034222.72500.00.066.70.05000.00.00.00.00.0n/an/an/an/a
Shares outstanding197m197m598m598m605m605m611m617m627m645m647m650m655m660m666m668m692m703m813m815m
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 October 2021, filed 19 November 2021: the filing.