Palo Alto Networks (PANW) FY2025 results: revenue $9.2 billion, up 14.9% on the year
Palo Alto Networks Inc. (PANW) reported revenue of $9.2 billion for fiscal 2025, the year ended 31 July 2025, up 14.9% on the year before. Net income was $1.1 billion, down 56.0%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 29 August 2025.
Revenue
$9.2 billion
+14.9% on the year
FY2018FY2025
Operating margin
13.5%
8.5% a year earlier
FY2018FY2025
Net income
$1.1 billion
-56.0% on the year
FY2018FY2025
Diluted EPS
$1.60
-56.0% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
3,716
3,258
2,778
+14.1%
Capital expenditure
247
157
146
+57.5%
Free cash flow
3,469
3,101
2,631
+11.9%
Free cash flow margin
37.6%
38.6%
38.2%
Cash from investing
-2,205
-1,510
-2,034
Cash from financing
-779
-1,343
-1,726
Depreciation and amortisation
343
284
282
+20.9%
Share-based compensation
1,295
1,075
1,074
+20.4%
Buybacks
0.0
567
273
Diluted shares, weighted
709m
708m
685m
+0.2%
Shares outstanding at period end
668m
650m
617m
+2.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
7,824
5,170
1,748
+51.4%
Debt
0.0
964
1,992
Operating lease liabilities
338
380
279
-11.1%
Other liabilities
15,414
13,477
10,482
+14.4%
Total liabilities and equity
23,576
19,991
14,501
+17.9%
Fixed assets
387
361
354
+7.3%
Goodwill
4,567
3,350
2,927
+36.3%
Intangible assets
763
375
315
+103.4%
Investments
6,190
5,217
4,303
+18.7%
Cash and equivalents
2,269
1,535
1,135
+47.8%
Receivables
2,965
2,619
2,463
+13.2%
Inventory
113
116
n/a
-2.5%
Other assets
6,323
6,418
3,003
-1.5%
Total assets
23,576
19,991
14,501
+17.9%
10-K for the year ended 31 July 2025, filed 29 August 2025: the filing.