Selected Financial Data
since 2012
Income Statement
Palo Alto Networks Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Jul 31, 2025 | 9,221,500) | 1,242,900) | 1,133,900) |
| Jul 31, 2024 | 8,027,500) | 683,900) | 2,577,600) |
| Jul 31, 2023 | 6,892,700) | 387,300) | 439,700) |
| Jul 31, 2022 | 5,501,500) | (188,800) | (267,000) |
| Jul 31, 2021 | 4,256,100) | (304,100) | (498,900) |
| Jul 31, 2020 | 3,408,400) | (179,000) | (267,000) |
| Jul 31, 2019 | 2,899,600) | (54,100) | (81,900) |
| Jul 31, 2018 | 2,273,100) | (129,100) | (147,900) |
| Jul 31, 2017 | 1,761,600) | (179,800) | (216,600) |
| Jul 31, 2016 | 1,378,500) | (190,100) | (225,900) |
| Jul 31, 2015 | 928,052) | (133,536) | (164,982) |
| Jul 31, 2014 | 598,179) | (215,347) | (226,452) |
| Jul 31, 2013 | 396,107) | (18,621) | (29,246) |
| Jul 31, 2012 | 255,138) | 3,891) | 737) |
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
The financial data reveals notable trends in revenue, operating income (loss), and net income (loss) over the observed periods. Revenue demonstrates consistent and substantial growth throughout the years, increasing from approximately $255 million in the earliest period to over $9.2 billion by the latest period. This sustained upward trajectory indicates robust expansion in the company's top-line performance.
Operating income (loss) exhibits a different pattern. Initially, there is a modest positive value, followed by several years of significant losses, reaching the largest operating loss in one of the middle periods. However, starting from the later periods, operating income turns positive and grows considerably, achieving a peak of over $1.2 billion in the most recent period. This shift from operating losses to substantial profits suggests improved operational efficiency, expense management, or higher-margin revenue streams in recent years.
Net income (loss) mirrors the operating income trend but shows even greater volatility. The company experiences several years of net losses, with the most considerable losses evident in earlier to middle periods. Subsequently, net income improves sharply, turning positive and ultimately reaching multi-billion-dollar profits in the latest periods. This recovery and growth in net income indicate an overall strengthening of profitability, possibly reflecting not only better operational results but also favorable financial or tax circumstances.
In summary, the company's revenue growth is strong and consistent. Despite early challenges reflected in operating and net losses, there is a clear turnaround demonstrated by improved operating results and net profitability in recent periods. The data suggests a successful transition from a loss-making to a profit-generating firm with expanding revenues and improved financial health.
Balance Sheet: Assets
Palo Alto Networks Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Jul 31, 2025 | 7,522,800) | 23,576,200) |
| Jul 31, 2024 | 6,849,700) | 19,990,900) |
| Jul 31, 2023 | 6,048,000) | 14,501,100) |
| Jul 31, 2022 | 6,414,900) | 12,253,600) |
| Jul 31, 2021 | 4,647,300) | 10,241,600) |
| Jul 31, 2020 | 5,129,200) | 9,065,400) |
| Jul 31, 2019 | 3,664,800) | 6,592,200) |
| Jul 31, 2018 | 4,132,000) | 5,823,000) |
| Jul 31, 2017 | 1,976,300) | 3,438,300) |
| Jul 31, 2016 | 1,719,100) | 2,761,200) |
| Jul 31, 2015 | 1,074,030) | 1,965,178) |
| Jul 31, 2014 | 958,326) | 1,478,466) |
| Jul 31, 2013 | 529,699) | 585,606) |
| Jul 31, 2012 | 381,657) | 407,804) |
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
The financial data exhibits a marked upward trajectory in both current assets and total assets over the observed period, demonstrating consistent growth.
- Current Assets
- Starting at approximately $382 million in 2012, current assets show a steady increase each year, reaching around $7.5 billion in 2025. Notably, there is significant expansion from 2016 onwards, particularly between 2017 and 2018, where current assets surged from about $1.98 billion to $4.13 billion. Although there is a slight dip in 2019, the overall trend remains upward through to 2025.
- Total Assets
- Total assets mirror the growth pattern of current assets but at a larger scale, beginning at roughly $408 million in 2012 and escalating to nearly $23.6 billion by 2025. The growth is particularly pronounced from 2017 onward, with notable jumps between 2017 and 2018 and sustained increases thereafter. The data shows a strong long-term asset accumulation strategy, reflecting aggressive investment or expansion activities.
Overall, the company demonstrates robust asset growth, with total assets growing at a somewhat faster absolute pace than current assets, implying increased investment in long-term assets alongside liquidity improvements. This pattern suggests a strategic balance between maintaining liquidity and expanding the asset base to support growth.
Balance Sheet: Liabilities and Stockholders’ Equity
Palo Alto Networks Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Convertible senior notes, net | Stockholders’ equity | |
|---|---|---|---|---|
| Jul 31, 2025 | 7,988,000) | 15,751,800) | —) | 7,824,400) |
| Jul 31, 2024 | 7,682,700) | 14,821,200) | 963,900) | 5,169,700) |
| Jul 31, 2023 | 7,737,500) | 12,752,700) | 1,991,500) | 1,748,400) |
| Jul 31, 2022 | 8,306,300) | 12,043,600) | 3,676,800) | 210,000) |
| Jul 31, 2021 | 5,116,700) | 9,478,000) | 3,226,000) | 634,500) |
| Jul 31, 2020 | 2,691,700) | —) | 3,084,100) | 1,101,800) |
| Jul 31, 2019 | 2,053,300) | —) | 1,430,000) | 1,586,300) |
| Jul 31, 2018 | 2,139,400) | —) | 1,920,100) | 966,400) |
| Jul 31, 2017 | 1,201,300) | —) | 524,700) | 759,600) |
| Jul 31, 2016 | 846,800) | —) | 508,200) | 789,900) |
| Jul 31, 2015 | 1,032,227) | —) | 487,084) | 487,899) |
| Jul 31, 2014 | 348,171) | —) | 466,875) | 468,583) |
| Jul 31, 2013 | 206,102) | —) | —) | 272,420) |
| Jul 31, 2012 | 122,006) | —) | —) | 229,071) |
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
The financial data indicates significant changes and notable trends in liabilities and equity from 2012 through the projected figures up to 2025. The analysis focuses on current liabilities, total liabilities, convertible senior notes, and stockholders' equity over this period.
- Current Liabilities
- The current liabilities exhibit a generally upward trajectory from 2012 to 2021, increasing from approximately $122 million in 2012 to a peak of about $8.3 billion in 2022. After reaching this peak, current liabilities display a slight decline in 2023 to $7.7 billion, followed by stabilization in 2024 and 2025 with values close to $7.7 billion and $8.0 billion respectively. This trend suggests significant growth in short-term obligations over the years, particularly from 2015 onwards, where liabilities surged considerably.
- Total Liabilities
- The available data for total liabilities starting from 2021 indicates a continuous increase, growing from roughly $9.5 billion in 2021 to an estimated $15.8 billion in 2025. This growth reflects ongoing expansions in obligations and possibly reflects increased borrowing or liabilities from business activities. The consistent rise over the five-year span points to an escalating leverage position.
- Convertible Senior Notes, Net
- The notes show variability, with data starting in 2014 at approximately $467 million, then rising steadily to a peak of around $3.7 billion in 2022. Following this peak, there is a significant decline in the 2023 and 2024 figures to $1.99 billion and $0.96 billion respectively. This pattern may indicate refinancing, conversions, or repayments of these notes during the recent years. The absence of data for 2025 limits projection but the prior downtrend could suggest continued deleveraging or restructuring.
- Stockholders’ Equity
- Stockholders’ equity shows an initial moderate increase from 2012 ($229 million) through 2016 ($790 million), followed by fluctuations past 2017. Notably, after decreasing sharply to $210 million in 2022, equity surges again in 2023 to approximately $1.75 billion and is projected to rise substantially in 2024 and 2025, reaching $5.17 billion and $7.82 billion respectively. This resurgence may be linked to new equity issuances, retained earnings growth, or other capital structure changes such as debt conversion impacting equity positively.
Overall, liabilities have grown substantially over the analyzed period, especially current liabilities and total liabilities. The peak and subsequent decline in convertible senior notes suggest active management of debt instruments. Meanwhile, stockholders’ equity, after some instability, shows strong recovery and growth in recent years and projections, reflecting an evolving capital base likely associated with corporate financing strategies and operational performance.
Cash Flow Statement
Palo Alto Networks Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Jul 31, 2025 | 3,716,000) | (2,204,700) | (778,900) |
| Jul 31, 2024 | 3,257,600) | (1,509,900) | (1,343,100) |
| Jul 31, 2023 | 2,777,500) | (2,033,800) | (1,726,300) |
| Jul 31, 2022 | 1,984,700) | (933,400) | (806,600) |
| Jul 31, 2021 | 1,503,000) | (1,480,600) | (1,104,000) |
| Jul 31, 2020 | 1,035,700) | 288,000) | 673,000) |
| Jul 31, 2019 | 1,055,600) | (1,825,900) | (773,900) |
| Jul 31, 2018 | 1,037,000) | (520,000) | 1,245,600) |
| Jul 31, 2017 | 868,500) | (472,600) | (386,000) |
| Jul 31, 2016 | 658,100) | (338,900) | 39,400) |
| Jul 31, 2015 | 350,304) | (679,006) | 50,704) |
| Jul 31, 2014 | 88,406) | (320,348) | 575,140) |
| Jul 31, 2013 | 114,519) | (151,565) | 25,018) |
| Jul 31, 2012 | 77,368) | (14,565) | 219,322) |
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
The analysis of the cash flow activities over the provided periods reveals distinct trends across operating, investing, and financing activities.
- Net Cash Provided by Operating Activities
-
This metric demonstrates a generally strong and consistent upward trajectory. Starting from approximately $77 million in 2012, operating cash flow significantly increased with some fluctuations, peaking at $3.72 billion in 2025. Notably, there was a sharp rise between 2014 and 2015, jumping from $88 million to $350 million, and a continuing strong growth pattern thereafter. This trend indicates improving core business performance and greater cash generation capacity over time.
- Net Cash Used in or Provided by Investing Activities
-
Investing cash flows mostly reflect significant outflows throughout most periods, indicating ongoing investments or acquisitions. Starting with an outflow of around $14.6 million in 2012, the negative figures deepen substantially in 2013 and 2015 to levels exceeding $300 million and $679 million respectively. A notable exception occurs in 2020 with a positive inflow of $288 million, which is an anomaly compared to the predominantly negative trend. Subsequently, substantial negative investing cash flows resume, reaching almost $2.2 billion in 2025, suggesting continued aggressive investment activities.
- Net Cash Provided by or Used in Financing Activities
-
This category exhibits high volatility with marked shifts between inflows and outflows. Early years show positive inflows such as $219 million in 2012 and a spike to $575 million in 2014. However, from 2017 onwards, the trend becomes more erratic with significant outflows in several years (e.g., -$386 million in 2017 and -$1.1 billion in 2021). In some years, large inflows are observed (e.g., $1.25 billion in 2018). From 2022 forward, financing cash flows predominantly reflect outflows, albeit with decreasing magnitude over time, suggesting repayment of debt or return of capital to shareholders.
Overall, the patterns suggest a company with strengthening operational cash generation, aggressive investing activities, and fluctuating financing strategies possibly aligned with capital raising and repayment cycles. The sustained increase in operating cash flows underpins enhanced financial stability despite the significant and fluctuating cash flows from investing and financing operations.
Per Share Data
Palo Alto Networks Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jul 31, 2025 | 1.71 | 1.60 | 0.00 |
| Jul 31, 2024 | 4.04 | 3.64 | 0.00 |
| Jul 31, 2023 | 0.73 | 0.64 | 0.00 |
| Jul 31, 2022 | -0.45 | -0.45 | 0.00 |
| Jul 31, 2021 | -0.87 | -0.87 | 0.00 |
| Jul 31, 2020 | -0.46 | -0.46 | 0.00 |
| Jul 31, 2019 | -0.15 | -0.15 | 0.00 |
| Jul 31, 2018 | -0.27 | -0.27 | 0.00 |
| Jul 31, 2017 | -0.40 | -0.40 | 0.00 |
| Jul 31, 2016 | -0.43 | -0.43 | 0.00 |
| Jul 31, 2015 | -0.34 | -0.34 | 0.00 |
| Jul 31, 2014 | -0.51 | -0.51 | 0.00 |
| Jul 31, 2013 | -0.07 | -0.07 | 0.00 |
| Jul 31, 2012 | 0.00 | 0.00 | 0.00 |
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share (EPS) demonstrates marked fluctuations over the review period. Both basic and diluted EPS began with negative values, indicating losses. Initial losses were moderate but intensified notably around 2019 and 2020, with basic EPS hitting approximately -0.87 US$ in 2020, reflecting a period of heightened financial challenges. Subsequently, the trend reverses, showing a significant improvement starting from 2022.
- Basic earnings per share
- Initially, EPS was negative with some volatility; for example, it was -0.07 in 2012 and deepened to around -0.51 in 2013. After fluctuating between -0.15 and -0.87 from 2014 to 2020, a sharp recovery is evident in 2022, recording a positive EPS of 0.73 US$. The upward trajectory continued in 2023, reaching 4.04 US$, before dropping to 1.71 US$ in the projected 2025 figure.
- Diluted earnings per share
- Mirroring the basic EPS trend, diluted EPS was negative throughout most of the historical periods, showing losses ranging approximately between -0.07 and -0.87. From 2022 onwards, diluted EPS also turns positive and peaks at 3.64 US$ in 2023, before declining to 1.6 US$ by the projected 2025 value.
- Dividend per share
- No dividend distributions are recorded or projected during the entire period, indicating a policy of reinvestment or retention of earnings instead of returning cash to shareholders.
In summary, the company experienced significant losses over much of the earlier period, culminating in a steep downturn around 2019-2020. A strong turnaround commenced in 2022, with both basic and diluted earnings becoming positive and reaching elevated levels by 2023. This recovery is somewhat tempered by a decline in the projected 2025 EPS values, suggesting expectations of moderated growth. The absence of dividends throughout indicates a focus on capital retention and growth rather than immediate shareholder returns.