Stock Analysis on Net
Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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Palo Alto Networks Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Apr 30, 2026 Jan 31, 2026 Oct 31, 2025 Jul 31, 2025 Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019
Accounts payable
Accrued compensation
Accrued and other liabilities
Deferred revenue
Short-term convertible senior notes
Current liabilities
Long-term convertible senior notes
Long-term deferred revenue
Deferred tax liabilities
Long-term operating lease liabilities
Other long-term liabilities
Long-term liabilities
Total liabilities
Temporary equity
Preferred stock; $0.0001 par value; none issued and outstanding
Common stock and additional paid-in capital; $0.0001 par value
Accumulated other comprehensive income (loss)
Retained earnings (accumulated deficit)
Stockholders’ equity
Total liabilities, temporary equity and stockholders’ equity

Based on: 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), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31).

The financial structure exhibits a significant transition from a liability-heavy capital composition to one primarily funded by stockholders' equity. Total liabilities peaked at approximately 98.87% of the total balance sheet in January 2022 before initiating a consistent downward trend, reaching 40.20% by April 2026. This shift indicates a substantial deleveraging process and a strengthening of the company's solvency position over the analyzed period.

Debt and Liability Management
A prominent trend is the lifecycle of convertible senior notes. Short-term convertible senior notes surged from their introduction in January 2021, peaking at 35.32% in January 2022, before being systematically reduced to 0.35% by April 2026. Long-term convertible notes followed a similar pattern of volatility and eventual minimization. This suggests a strategic shift away from debt-based financing toward equity and internal funding.
Deferred Revenue Trends
Deferred revenue, both current and long-term, represented a stable and substantial portion of the balance sheet for several years. Current deferred revenue fluctuated between 22% and 32% until a sharp decline to 15.37% in April 2026. Long-term deferred revenue mirrored this stability, peaking at 31.87% in July 2023 before falling to 14.03% by the end of the period. The reduction in deferred revenue as a percentage of the total balance sheet may reflect changes in billing cycles or the impact of a rapidly growing equity base.
Equity Evolution and Retained Earnings
Stockholders' equity experienced a severe contraction, reaching a nadir of 1.13% in January 2022. Following this point, a robust recovery is observed, with equity expanding to 59.80% by April 2026. This recovery is closely linked to the trajectory of retained earnings, which transitioned from a persistent accumulated deficit (reaching -17.06% in April 2020) to positive territory starting in January 2024. The move to positive retained earnings signifies a shift toward sustained profitability.
Working Capital and Other Liabilities
Current liabilities peaked in early 2022 at 71.21% and subsequently declined to 19.47% by April 2026. Within this category, accounts payable and accrued compensation remained relatively low and stable, typically under 4% of total liabilities and equity. Accrued and other liabilities showed a moderate increase toward 2024 before contracting in the final period, suggesting tight management of short-term operational obligations.

The overall trajectory indicates a fundamental transformation of the balance sheet. The company moved from a position of high leverage and accumulated deficits to a position of high equity and positive retained earnings, significantly reducing its reliance on convertible debt and short-term liabilities.