Common-Size Balance Sheet: Assets
Quarterly Data
Palo Alto Networks Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31).
The balance sheet composition reflects a profound structural shift over the analyzed period, moving from a high-liquidity position characterized by substantial current assets to a capital structure dominated by long-term intangible assets. This transition is most evident in the dramatic redistribution of asset weight between current and non-current categories.
- Liquidity and Current Asset Trends
- A sustained contraction in liquidity is observed. Cash and cash equivalents, which represented 24.55% of total assets in October 2020, declined steadily to approximately 5.19% by July 2026. Similarly, short-term investments saw a precipitous drop from 12.33% to 1.15% over the same timeframe. Total current assets followed this downward trajectory, falling from a peak of 52.35% in July 2022 to a low of 16.67% by April 2026, indicating a significant reduction in the proportion of highly liquid assets relative to the total balance sheet.
- Intangible Asset and Goodwill Expansion
- The most significant growth is observed in intangible assets and goodwill, particularly in the final periods of the data. Goodwill remained relatively stable between 18% and 28% for several years before surging to a peak of 47.34% in April 2026. Intangible assets, net, mirrored this pattern, rising from below 6% for most of the period to 15.74% in April 2026. This suggests a major reallocation of capital toward acquired intangible value toward the end of the timeline.
- Long-Term Investment and Tax Asset Volatility
- Long-term investments exhibited a period of growth, increasing from 10.01% in 2020 to a peak of 25.42% in October 2025, before sharply retreating to 9.98% by July 2026. Additionally, deferred tax assets appeared as a significant component starting in January 2024 at 12.21%, before tapering down to 5.04% by July 2026.
- Operational Asset Shifts
- Accounts receivable showed notable volatility, peaking at 17.48% in July 2022 and generally fluctuating between 5% and 13% thereafter. A new component, financing receivables, emerged in July 2023. Short-term financing receivables peaked at 3.95% in October 2023, while long-term financing receivables reached 5.91% in April 2024, indicating the introduction of customer financing mechanisms into the asset mix.
- Overall Asset Distribution Pivot
- The balance between current and long-term assets underwent a complete reversal. In October 2020, current assets (49.29%) and long-term assets (50.71%) were nearly equal. By July 2026, long-term assets expanded to comprise 82.16% of the total balance sheet, while current assets contracted to 17.84%. This pivot indicates a transition from a liquid-heavy operational model to one heavily weighted toward non-current, strategic, and intangible holdings.
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