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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Operating Profit Margin since 2012
- Price to Earnings (P/E) since 2012
- Analysis of Debt
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Palo Alto Networks Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
- Net income (loss)
- The net income demonstrates significant volatility over the periods measured. Initial losses were large and persistent from 2018 into early 2022, reaching a peak loss of approximately $174 million in January 2023. However, from mid-2022 onwards, net income improved markedly, transitioning into positive territory and culminating in a substantial profit exceeding $1.7 billion in early 2024, before slightly declining in subsequent quarters but maintaining healthy profits above $250 million.
- Share-based compensation for equity-based awards
- Share-based compensation generally trended upward, starting near $137 million and increasing steadily to peak levels exceeding $325 million in mid-2025. This indicates a growing cost associated with equity incentives, reflecting expanded employee remuneration or retention strategies based on stock.
- Deferred income taxes
- Deferred income taxes data was sparse but showed a pattern of increasing liabilities in late 2022 and early 2023, with a large negative adjustment recorded in April 2024 amounting to over $1.6 billion, indicating significant tax-related accounting impacts during that period.
- Depreciation and amortization
- Depreciation and amortization expenses steadily increased from approximately $32.5 million to nearly $88 million by mid-2025, suggesting ongoing investment in capital assets and intangible assets and reflecting growing amortization of acquired intangibles or capital expenses.
- Amortization of deferred contract costs
- Amortization of deferred contract costs showed generally increasing values, rising from about $41 million in 2018 to over $120 million in several recent periods. This trend aligns with increased deferred contract cost balances and suggests growing contract acquisition activities or longer contract life recognition.
- Amortization of debt issuance costs
- Amortization of debt issuance costs decreased substantially after 2021, from levels around $35,000 to below $1,000 in later periods, possibly reflecting reduced debt issuance activity or fully amortized costs.
- Accounts receivable, net
- Accounts receivable figures exhibit extreme fluctuations, with wide swings from large negative to positive balances, indicating volatility in collections or significant changes in business activity or credit policies. Such variability may reflect episodes of increased billing or delayed collections across quarters.
- Deferred revenue
- Deferred revenue generally exhibits an upward trajectory, rising from approximately $103 million to over $1 billion in several periods in 2023 and 2024, indicating robust growth in prepaid or unearned revenues which is typical of subscription-based or recurring revenue business models expanding their customer base.
- Net cash provided by operating activities
- Operating cash flow trends upwards significantly, starting around $252 million and increasing to over $1.5 billion by late 2023, reflecting improving earnings quality and cash generation capacity over time. Temporary declines are noted but overall progression indicates strengthening operational performance.
- Net cash used in investing activities
- Investing activities show substantial cash outflows primarily driven by purchases of investments and acquisitions, with some periods of positive inflows from maturities and sales of investments. The net cash used fluctuates markedly, with large negative spikes above $1 billion, reflecting aggressive investment and acquisition strategies.
- Returns and proceeds from investments
- Proceeds from sales and maturities of investments fluctuate, with some quarters showing substantial inflows, hinting at active portfolio management or liquidity needs. Purchases fluctuate but generally remain large, consistent with capital deployment in securities or assets.
- Business acquisitions
- Acquisitions show sporadic but sizable outflows, with peaks of nearly $610 million and negative transactions exceeding $500 million, indicating an aggressive acquisition strategy over the period, though uneven across quarters.
- Repurchases of common stock
- Share repurchases occurred intermittently at large magnitudes, sometimes exceeding $1 billion in a quarter, indicating significant capital return to shareholders and active treasury management. These activities are lumpy, with intervening quarters of no repurchases.
- Net cash provided by (used in) financing activities
- Financing cash flows are highly variable, with periods of substantial inflows exceeding $1.8 billion and other times large outflows, reflecting fluctuating debt issuance, repayments, equity transactions, and share repurchases. The variability indicates active capital structure management responding to financing needs and market conditions.
- Net increase (decrease) in cash, cash equivalents, and restricted cash
- Cash balances show marked volatility with sharp increases and decreases over time. Notable large inflows above $1.4 billion and sharp declines over $850 million indicate strong cash flow swings, aligning with operating, investing, and financing cash flow patterns previously observed. These fluctuations are consistent with the company's dynamic liquidity management amid growth and investment activities.