Income Statement
Quarterly Data
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.
Paying user area
Try for free
Palo Alto Networks Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2012
- Price to Earnings (P/E) since 2012
- Price to Sales (P/S) since 2012
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Palo Alto Networks Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Palo Alto Networks Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue and Product Trends
- Revenue exhibited a steady upward trend from October 2019 through October 2023, increasing from $772 million to $1,953 million, with a few minor fluctuations. Subscription and support revenues consistently outpaced product revenues, showing strong growth over the entire period. Product revenues showed more variability but also generally increased, culminating in a significant spike in July 2023 ($507 million) followed by some fluctuations.
- Cost of Revenue and Gross Profit Analysis
- The cost of revenue increased over time, from $218 million in October 2019 to a peak of $679 million in July 2025. Notably, subscription and support costs steadily rose in line with revenue growth. Gross profit followed an increasing trend with some fluctuations, rising from $554 million to $1,447 million by July 2023, indicating effective management of cost relative to revenue growth. However, the variability in product costs impacted the gross profit margin periodically.
- Operating Expenses Overview
- Operating expenses showed a consistent increase, starting at $606 million and rising to a peak around $1,527 million by October 2025. Sales and marketing expenses were the largest component and grew steadily, reflecting ongoing investment in customer acquisition and market expansion. Research and development costs also increased significantly, suggesting sustained focus on innovation. General and administrative expenses fluctuated, with an unusual spike around January 2024, likely attributable to a non-recurring event or restructuring.
- Operating Income (Loss) and Profitability
- Operating income was negative throughout most of the early periods, indicating operating losses. Beginning around April 2022, the company transitioned to positive operating income, evidencing operational improvements. The operating income reached a peak of $254 million in July 2023, followed by variability but overall positive figures, demonstrating improved profitability.
- Interest and Other Income Effects
- Interest expense remained relatively low and stable, with a slight decrease over time. Other income fluctuated but generally increased, contributing positively to income before taxes, especially from late 2021 onward, potentially reflecting gains from investments or other non-operating sources.
- Income Before Taxes and Net Income Trends
- The income before income taxes mirrored the operating income trend, experiencing losses in earlier periods but turning positive starting in April 2022 and rising substantially through July 2023. Provision for income taxes showed significant volatility, with notable benefit amounts particularly around January 2024, which skew net income positively. Net income followed the pattern of income before taxes, turning positive and increasing substantially after early 2022, with peaks exceeding $1.7 billion, largely influenced by tax benefits and improved operational performance.
- Summary
- Overall, the data reflect a company transitioning from operating losses toward sustained profitability, driven by robust subscription and support revenue growth and managed cost increases. Operating expenses grew but remained proportionate to revenue scale-up. Positive net income performance in recent periods is bolstered by non-operating factors such as tax benefits and other income. The trends indicate strengthening financial health and operational efficiency over the analyzed timeline.