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
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2012
- Debt to Equity since 2012
- Price to Earnings (P/E) since 2012
- Price to Book Value (P/BV) since 2012
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Palo Alto Networks Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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 cash flow statement reveals a volatile pattern over the observed period, transitioning from periods of net loss to substantial profitability, significantly impacting cash flows from operations. Initial periods demonstrate negative net income, gradually improving before a dramatic surge in profitability in late 2023 and early 2024. This profitability trend is coupled with fluctuating cash flows from investing and financing activities, creating a complex financial picture.
- Operating Activities
- Net cash provided by operating activities initially exhibited variability, ranging from US$170 million to US$334 million between fiscal year 2020 and 2021. A substantial increase is observed in fiscal year 2022, peaking at US$1,510 million, before decreasing to US$557 million in fiscal year 2024. This increase correlates with the improvement in net income. Share-based compensation consistently represents a significant non-cash inflow, ranging from US$150 million to US$370 million throughout the period. Deferred income taxes show a large outflow in early 2024, significantly impacting operating cash flow. Changes in operating assets and liabilities, net of acquisitions, also contribute significantly to operating cash flow, with large swings observed throughout the period.
- Investing Activities
- Cash flow from investing activities is characterized by substantial fluctuations. Significant outflows are associated with purchases of investments, particularly in fiscal years 2020 and 2022, reaching US$2,113 million. Proceeds from maturities of investments provide a consistent, though variable, inflow, peaking at US$1,308 million in fiscal year 2023. Business acquisitions represent a notable cash outflow, especially in fiscal year 2022, with a significant outflow of US$1,320 million. Purchases of property, equipment, and other assets demonstrate a relatively stable outflow, ranging from US$30 million to US$170 million.
- Financing Activities
- Financing activities demonstrate considerable volatility. A large inflow is observed in fiscal year 2020, primarily driven by proceeds from borrowings on convertible senior notes (US$1,979 million). Repurchases of common stock represent a consistent cash outflow, with significant amounts spent in fiscal years 2021, 2022, and 2024. Proceeds from sales of shares through employee equity incentive plans provide a consistent, though smaller, inflow. Repayments of convertible senior notes contribute to cash outflows, with a substantial outflow of US$1,692 million in fiscal year 2023. The net cash flow from financing activities swings dramatically between positive and negative values throughout the period.
The significant increase in net income and operating cash flow in late 2023 and early 2024 is a key observation. However, the substantial outflows related to business acquisitions and investment purchases, coupled with the volatility in financing activities, suggest a dynamic capital allocation strategy. The large deferred income tax outflow in early 2024 warrants further investigation. Overall, the company’s cash flow statement reflects a period of transformation, moving from losses to profitability, accompanied by active investment and financing decisions.