Analysis of Debt
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2012
- Operating Profit Margin since 2012
- Price to Operating Profit (P/OP) since 2012
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Total Debt (Carrying Amount)
Palo Alto Networks Inc., balance sheet: debt
US$ in millions
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Short-term convertible senior notes | |||||||
| Long-term convertible senior notes | |||||||
| Total convertible senior notes (carrying amount) |
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
The carrying amount of total convertible senior notes exhibits significant volatility and structural shifts between 2021 and 2026. After an initial increase, the company engaged in a period of substantial debt reduction, followed by the emergence of new long-term obligations in the outer projection period.
- Debt Volume Trends
- Total convertible senior notes rose from 3,226 million US dollars in 2021 to a peak of 3,677 million US dollars in 2022. This was followed by a consistent and sharp decline over the next two years, with the balance falling to 1,992 million US dollars in 2023 and reaching a low of 964 million US dollars by July 31, 2024. A subsequent increase is noted for 2026, where total debt rises to 1,774 million US dollars.
- Liability Maturity Structure
- A notable shift in the maturity profile is observed. In 2021, debt was split between short-term (1,558 million US dollars) and long-term (1,668 million US dollars) notes. From 2022 through 2024, the entirety of the carrying amount was classified as short-term convertible senior notes. This trend reverses by 2026, where the total balance of 1,774 million US dollars is classified exclusively as long-term convertible senior notes.
- Net Debt Trajectory
- The period between 2022 and 2024 represents a phase of aggressive deleveraging, as the total carrying amount decreased by approximately 73.7% from its peak. The re-emergence of debt in 2026 suggests a strategic refinancing or the issuance of new long-term instruments to replace the matured short-term obligations.
Total Debt (Fair Value)
| Jul 31, 2026 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total convertible senior notes (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2026-07-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate of liability component of convertible senior notes:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2026-07-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =