Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Palo Alto Networks Inc., consolidated income statement

US$ in thousands

12 months ended:	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Product	1,578,400)	1,363,100)	1,120,300)	1,064,200)	1,096,200)	871,500)
Subscription and support	5,314,300)	4,138,400)	3,135,800)	2,344,200)	1,803,400)	1,401,600)
Revenue	6,892,700)	5,501,500)	4,256,100)	3,408,400)	2,899,600)	2,273,100)
Product	(418,300)	(455,500)	(308,500)	(294,400)	(315,900)	(272,400)
Subscription and support	(1,491,400)	(1,263,200)	(966,400)	(705,100)	(492,500)	(372,900)
Cost of revenue	(1,909,700)	(1,718,700)	(1,274,900)	(999,500)	(808,400)	(645,300)
Gross profit	4,983,000)	3,782,800)	2,981,200)	2,408,900)	2,091,200)	1,627,800)
Research and development	(1,604,000)	(1,417,700)	(1,140,400)	(768,100)	(539,500)	(400,700)
Sales and marketing	(2,544,000)	(2,148,900)	(1,753,800)	(1,520,200)	(1,344,000)	(1,098,400)
General and administrative	(447,700)	(405,000)	(391,100)	(299,600)	(261,800)	(257,800)
Operating expenses	(4,595,700)	(3,971,600)	(3,285,300)	(2,587,900)	(2,145,300)	(1,756,900)
Operating income (loss)	387,300)	(188,800)	(304,100)	(179,000)	(54,100)	(129,100)
Interest expense	(27,200)	(27,400)	(163,300)	(88,700)	(83,900)	(29,600)
Interest income	224,400)	15,600)	8,500)	41,400)	69,800)	27,100)
Foreign currency exchange gains (losses), net	(7,900)	1,800)	(5,400)	(6,700)	(3,500)	1,700)
Other, net	(10,300)	(8,400)	(700)	1,200)	(2,900)	(300)
Other income, net	206,200)	9,000)	2,400)	35,900)	63,400)	28,500)
Income (loss) before income taxes	566,300)	(207,200)	(465,000)	(231,800)	(74,600)	(130,200)
Provision for income taxes	(126,600)	(59,800)	(33,900)	(35,200)	(7,300)	(17,700)
Net income (loss)	439,700)	(267,000)	(498,900)	(267,000)	(81,900)	(147,900)

Based on: 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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

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Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Palo Alto Networks Inc. revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	Palo Alto Networks Inc. operating income (loss) increased from 2021 to 2022 and from 2022 to 2023.
Income (loss) before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Palo Alto Networks Inc. income (loss) before income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net income (loss)	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Palo Alto Networks Inc. net income (loss) increased from 2021 to 2022 and from 2022 to 2023.

Palo Alto Networks Inc. (NASDAQ:PANW)

Income Statement