Palo Alto Networks Inc., balance sheet: debt

US$ in thousands

	Jul 31, 2025	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020
Current portion of convertible senior notes, net	—)	963,900)	1,991,500)	3,676,800)	1,557,900)	—)
Convertible senior notes, net, excluding current portion	—)	—)	—)	—)	1,668,100)	3,084,100)
Total convertible Senior Notes (carrying amount)	—)	963,900)	1,991,500)	3,676,800)	3,226,000)	3,084,100)

Based on: 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), 10-K (reporting date: 2020-07-31).

The analysis of the annual reported debt data reveals notable fluctuations and a general declining trend in the carrying amount of convertible senior notes over the observed period.

Current portion of convertible senior notes, net: Starting in the fiscal year ending July 31, 2021, the current portion showed an initial increase, rising sharply from no reported value to $1,557,900 thousand. This figure further peaked in the period ending July 31, 2022, reaching $3,676,800 thousand, representing a significant increase. Following this peak, the current portion declined considerably over the next two years, decreasing to $1,991,500 thousand in 2023 and further to $963,900 thousand in 2024. No value was reported for 2025.
Convertible senior notes, net, excluding current portion: The non-current portion exhibited a contrasting pattern, starting at $3,084,100 thousand in 2020 and declining sharply to $1,668,100 thousand in 2021. Subsequently, no values were reported for the periods from 2022 onward, suggesting either full reclassification to the current portion or repayment/redemption of these long-term liabilities.
Total convertible Senior Notes (carrying amount): The total carrying amount of convertible senior notes showed an overall downward trend. It started at $3,084,100 thousand in 2020, increased significantly to $3,226,000 thousand in 2021, and peaked at $3,676,800 thousand in 2022. After this peak, the total amount decreased markedly to $1,991,500 thousand in 2023 and further declined to $963,900 thousand in 2024. Data for 2025 is not provided.

In summary, the data indicate that the company experienced a substantial increase in short-term convertible senior notes liabilities by 2022, followed by a notable reduction in both current and total carrying amounts of convertible senior notes in the subsequent years. The disappearance of reported non-current portions after 2021 suggests a shift in the maturity profile or repayment of long-term convertible debt. Overall, the patterns imply active management or restructuring of convertible senior notes liability, leading to a decreasing debt burden in this category in the most recent years.

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	Jul 31, 2025
Selected Financial Data (US$ in thousands)
Total convertible Senior Notes (fair value)	—)
Financial Ratio
Debt, fair value to carrying amount ratio	—

Based on: 10-K (reporting date: 2025-07-31).

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: 2025-07-31).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 0 ÷ 0 = —

Palo Alto Networks Inc. (NASDAQ:PANW)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt