Stock Analysis on Net
Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

$24.99

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
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
Current portion of convertible senior notes, net
Current liabilities
Convertible senior notes, net, excluding current portion
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: 2026-01-31), 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 composition of liabilities and stockholders’ equity exhibited significant shifts over the observed period, spanning from October 2019 to July 2025. A notable trend involves the evolution of the company’s capital structure, with fluctuations in both debt and equity components. Current liabilities initially represented approximately 30% of the total, peaking at nearly 72% in early 2022 before declining to around 34% by mid-2025. Long-term liabilities demonstrated a more moderate fluctuation, starting at 48% and decreasing to approximately 32% over the same timeframe.

Current Liabilities
Current liabilities increased substantially from October 2019 (30.06%) to January 2022 (71.21%), largely driven by a significant increase in the current portion of convertible senior notes. This increase peaked in January 2022, then began a consistent decline, falling to 36.05% by July 2025. Accounts payable and accrued compensation remained relatively stable as percentages of the total, though accrued compensation showed some volatility, peaking at 4.20% in July 2021. Deferred revenue also contributed to current liabilities, fluctuating between approximately 22% and 30% throughout the period.
Long-Term Debt
The proportion of long-term liabilities, encompassing convertible senior notes and long-term deferred revenue, showed a more complex pattern. Convertible senior notes (excluding the current portion) experienced a substantial increase from 2019 to 2020, then decreased significantly as the current portion became more prominent. Long-term deferred revenue consistently represented a significant portion of long-term liabilities, increasing from approximately 20% in 2019 to over 31% in 2023 before decreasing slightly. Operating lease liabilities remained relatively stable, fluctuating between 3% and 6% of the total.
Stockholders’ Equity
Stockholders’ equity demonstrated a considerable decrease as a percentage of the total from 22.22% in October 2019 to a low of 1.13% in January 2022. This decline coincided with the increase in current liabilities, particularly the convertible senior notes. From early 2022, stockholders’ equity began to recover, reaching approximately 33.19% by July 2025. This recovery was primarily driven by increases in common stock and additional paid-in capital, alongside a gradual reduction in total liabilities. Retained earnings, initially negative, improved over time, becoming positive in late 2023 and continuing to grow.

The data suggests a period of increased reliance on debt financing, particularly convertible notes, between 2019 and early 2022. Subsequently, the company appears to have shifted towards strengthening its equity position, evidenced by the growth in common stock and retained earnings, and a reduction in overall debt. The fluctuations in deferred revenue suggest a dynamic business model with varying revenue recognition patterns. Overall, the company’s capital structure underwent a substantial transformation during the analyzed period, moving from a more equity-focused position to one heavily reliant on debt and then back towards a more balanced approach.