Stock Analysis on Net
Stock Analysis on Net

Palo Alto Networks Inc. (NASDAQ:PANW)

$24.99

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Palo Alto Networks Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net income (loss)
Share-based compensation for equity-based awards
Deferred income taxes
Depreciation and amortization
Gain related to facility exit
Amortization of deferred contract costs
Amortization of debt issuance costs
Change in fair value of convertible senior notes and capped calls
Change in fair value of contingent consideration liability
Reduction of operating lease right-of-use assets
Amortization of investment premiums, net of accretion of purchase discounts
Unrealized foreign currency exchange (gains) losses, net
Repayments of convertible senior notes attributable to debt discount
Accounts receivable, net
Financing receivables, net
Deferred contract costs
Prepaid expenses and other assets
Accounts payable
Accrued compensation
Accrued and other liabilities
Deferred revenue
Changes in operating assets and liabilities, net of effects of acquisitions
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Purchases of investments
Proceeds from sales of investments
Proceeds from maturities of investments
Business acquisitions, net of cash and restricted cash acquired
Purchases of property, equipment, and other assets
Net cash (used in) provided by investing activities
Repayments of convertible senior notes
Proceeds from capped calls related to convertible senior notes
Payments for debt issuance costs
Proceeds from borrowings on convertible senior notes, net
Proceeds from issuance of warrants
Purchase of note hedges
Repurchases of common stock
Proceeds from sales of shares through employee equity incentive plans
Payments for taxes related to net share settlement of equity awards
Payments of contingent consideration liability
Payment of deferred consideration related to prior year business acquisition
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
Net increase (decrease) in cash, cash equivalents, and restricted cash

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).

A significant transition in profitability is observed over the analyzed period. The company moved from consistent quarterly net losses between 2019 and early 2022 to a period of sustained positive net income. A notable anomaly occurred in January 2024, where net income peaked at 1,747 million, though this was largely offset by a corresponding negative adjustment in deferred income taxes of 1,691 million, indicating a non-cash accounting impact rather than an operational surge.

Operating Cash Flow Dynamics
Net cash provided by operating activities demonstrates a long-term upward trajectory, generally remaining positive even during periods of net losses. This divergence is primarily driven by substantial non-cash add-backs, most notably share-based compensation, which grew from 150 million in late 2019 to a peak of 643 million by April 2026. Additionally, deferred revenue exhibits high volatility with significant quarterly spikes, such as the 1,313 million recorded in July 2024, suggesting a business model reliant on large, upfront contract payments.
Investment and Acquisition Strategy
Investing activities are characterized by aggressive capital deployment. There is a consistent pattern of purchasing investments, frequently exceeding 1 billion per quarter in later periods. Business acquisitions represent significant cash outflows, with a marked escalation in spending toward the end of the period, including a 2,576 million expenditure in January 2026. These outflows are partially mitigated by proceeds from the maturity and sale of investments.
Financing and Capital Management
Financing activities reveal a strategic focus on debt management and shareholder returns. Substantial repayments of convertible senior notes are evident, particularly a 1,692 million repayment in July 2023. Common stock repurchases have been executed sporadically but in large volumes, with 1,000 million outflows occurring in both April 2020 and April 2026. The company has utilized employee equity incentive plans to generate modest, consistent cash inflows throughout the period.

The overall liquidity position reflects a cycle of high operating cash generation used to fund aggressive inorganic growth and debt reduction. While net income has become more stable, the reliance on share-based compensation to bolster operating cash flow remains a prominent feature of the financial structure. The volatility in the net increase or decrease of cash is largely attributable to the timing of large-scale acquisitions and the settlement of convertible debt.