[PANW] Palo Alto Networks: Q1 fiscal 2027 earnings test whether platform deals can carry NGS ARR

Palo Alto Networks is an enterprise cybersecurity platform company that sells three platforms to businesses and governments: Network & AI Security, Cortex for security operations and cloud security, and Idira for identity security[1]. Palo Alto Networks Q1 fiscal 2027 earnings are scheduled for 2026-11-18, covering the fiscal first quarter of 2027, the three months ended October 31, 2026 (2027财年第一季度(截至2026年10月31日的三个月))[2]. In the latest fully disclosed year, fiscal 2026 ended July 31, 2026, revenue was $11,480 million, up 24%, GAAP operating income was $695 million for a 6.1% margin and operating cash flow was $4,553 million; at July 31, Next-Generation Security annualized recurring revenue (NGS ARR) reached $9.1 billion and remaining performance obligations (RPO) reached $21.2 billion[3]. On September 1 the company guided the fiscal first quarter to revenue of $3,300-3,310 million (up 33%-34%), NGS ARR of $9.54-9.56 billion, RPO of $20.8-20.9 billion and diluted non-GAAP EPS of $0.96-0.98[4]; as of November 3, the Drillr revenue consensus from 29 analysts stood at $3,307.0 million and the EPS consensus from 30 analysts at $0.97, both inside the company's ranges[5].

Three things matter most in the coming report. The first is net new NGS ARR: guidance implies only about $0.44-0.46 billion of additions in the quarter, and the RPO range sits below the $21.2 billion reported at July 31[4], so the quarter tests how large platform deals are once acquisition consolidation and a large customer migration are set aside. The second is whether Idira, the identity platform built around CyberArk, can keep growing while GAAP operating margin recovers from 6.1%, because planned fiscal 2027 amortization of $1,081 million works out to roughly $270 million a quarter[6]. The third is gross margin: subscription and support gross margin fell from 72.5% to 69.2% in fiscal 2026 on acquisition amortization and higher cloud costs[7], and the first quarter will show whether cloud hosting and memory cost pressure is stabilizing or still widening.

Company Background and Business Structure

Palo Alto Networks' core strategy is platformization, meaning it helps customers replace scattered point security products with one integrated architecture[1]. The company packages many products and services into a few platforms and argues that this gives customers more secure, faster and lower-cost outcomes. At July 31, 2026, its end customers spanned more than 180 countries and included almost all of the Fortune 100 and a majority of the Global 2000[8].

The business is organized into three platforms[9]. Network & AI Security includes the secure access service edge (SASE) formed by Prisma Access and SD-WAN, hardware and software next-generation firewalls, cloud-delivered security subscriptions, the Prisma AIRS AI security platform and the Strata Cloud Manager management tool. Cortex includes XSIAM, which replaces traditional security information and event management (SIEM) tools, along with XDR, XSOAR, the Cortex Cloud security product and the Chronosphere observability and telemetry pipeline; Idira covers workforce identity, privileged access, machine identity, identity governance and AI agent identity security, and the company also offers Unit 42 threat intelligence and advisory services.

Fiscal 2026 was the company's most acquisitive year, and it materially widened the business[10]. Palo Alto Networks closed Chronosphere on January 29 to form its observability platform and CyberArk on February 11 to form its identity platform, completed Koi on April 14 and Portkey on May 29, and after year-end closed Embrace on August 27 and Console on September 1. Headcount rose from 16,068 to 21,921, including about 4,223 employees who came with CyberArk[11].

For accounting purposes, revenue is split into product and subscription and support[8]. Fiscal 2026 product revenue was $2,280 million, 19.9% of the total and up 27%, coming mainly from hardware firewalls and software licenses such as SD-WAN and VM-Series, and after the CyberArk deal it also includes some on-premise identity software licenses; subscription and support revenue was $9,200 million, 80.1% of the total and up 24%. Subscription and support contracts typically run one to five years, and revenue is recognized over time as the service is delivered[12].

The company relies on outside partners for both selling and manufacturing. It mainly uses a two-tier model in which it sells to distributors, which sell to resellers, which then sell to end customers[8]; for some qualified customers and channel partners it offers financing with terms generally of two to five years, and it can sell some financing receivables to third-party institutions without recourse when balances exceed preset thresholds[13]. Hardware is outsourced mainly to Flex, and all hardware products are assembled in the United States[14].

Financial History and Current Position

Revenue has grown in each of the last three fiscal years and accelerated in fiscal 2026 because of acquisitions[3]. Total revenue was $8,027 million, $9,221 million and $11,480 million in fiscal 2024, 2025 and 2026, growing 16%, 15% and 24% respectively. In fiscal 2026 subscription revenue was $6,239 million, up 25%, and support revenue was $2,961 million, up 21%[12]; from their closing dates CyberArk and Chronosphere together contributed $930 million of revenue and an operating loss of $797 million[15].

Profitability weakened clearly in fiscal 2026. GAAP gross margin fell from 74.3% in fiscal 2024 to 73.4% in fiscal 2025 and 70.4% in fiscal 2026; GAAP operating income was $684 million, $1,243 million and $695 million, for operating margins of 8.5%, 13.5% and 6.1%[3]. Fiscal 2026 research and development, sales and marketing, and general and administrative expenses were $2,552 million, $3,931 million and $899 million, with G&A up 103%; other income net was negative $159 million, net income fell from $1,134 million to $307 million, and share-based compensation rose from $1,300 million to $1,815 million[16]. Intangible amortization rose from $166 million to $640 million[6].

Cash flow has been far steadier than profit. Operating cash flow was $3,258 million, $3,716 million and $4,553 million in fiscal 2024, 2025 and 2026, and non-GAAP free cash flow was $3,101 million, $3,469 million and $4,113 million, a gap that implies fiscal 2026 capital expenditure of about $440 million[3]. At July 31, cash, cash equivalents and investments totaled $7,906 million (versus $8,459 million a year earlier) and working capital was negative $1,280 million; the 2030 exchangeable notes inherited from CyberArk had original principal of $1.25 billion, holders converted $153 million during the year for $160 million in cash, and $1.1 billion of principal remained[17].

No new quarterly report has followed the annual filing, so the latest official information is the July 31 operating metrics and the full-year guidance issued on September 1. At July 31, NGS ARR was $9.1 billion (versus $5.6 billion) and RPO was $21.2 billion (versus $15.8 billion)[3]. Management guided fiscal 2027 to revenue of $14.10-14.20 billion (up 23%-24%), NGS ARR of $11.075-11.175 billion (up 22%-23%), RPO of $25.2-25.4 billion, a non-GAAP operating margin of 29.5%, diluted non-GAAP EPS of $4.16-4.19 and an adjusted free cash flow margin of 38.0%[4]. These are company guidance figures, not realized results.

Operating Model

Revenue is the sum of product, subscription and support, and the subscription component depends on platform deals that reach revenue only after they appear in ARR and RPO. In fiscal 2026 product was $2,280 million, subscription $6,239 million and support $2,961 million, for a total of $11,480 million[16][12]. Hardware revenue is recognized on shipment and software licenses on delivery, while subscriptions and support are recognized over one- to five-year contract terms[12], so a platform contract first lifts RPO and NGS ARR and then converts to revenue over many quarters. Sales are seasonal, with the strongest sequential growth generally in the fiscal second and fourth quarters[14], which leaves the first quarter relatively soft.

Operating income equals gross profit minus R&D, sales and marketing, and G&A, and gross margin plus acquisition-related costs explain most of the fiscal 2026 profit decline. The fiscal 2026 arithmetic was $8,077 million − $2,552 million − $3,931 million − $899 million = $695 million[16]. Gross margin is shaped by the product and subscription mix, cloud hosting fees, hardware component costs and acquisition amortization[7]; operating expenses are mostly personnel costs, and of the $640 million of amortization, $418 million sat in cost of revenue and $222 million in sales and marketing[6].

Operating cash flow adds back non-cash charges such as share-based compensation and amortization to net income and then depends on the timing of customer prepayments, which is why fiscal 2026 cash flow was more than ten times net income. When customers mostly prepay or pay annually, cash arrives before revenue; a rising share of annual billing or more customer financing pushes cash later[13]. Fiscal 2026 net income of $307 million corresponded to operating cash flow of $4,553 million[16][3], and the $7,906 million of cash and investments at year-end must also cover a possible cash conversion of the $1.1 billion exchangeable notes[17].

Industry and Competitive Position

The company sorts its competitors into four groups that together cover almost every supplier of enterprise security and observability[18]. The first is large technology companies that build security or observability features into their products, such as Alphabet, Cisco and Microsoft; the second is independent security or observability vendors such as Check Point, CrowdStrike, Delinea, Fortinet, Okta, SailPoint, Zscaler, Datadog, Dynatrace and Elastic. The third is startups and point-product vendors across security niches, and the fourth is public cloud vendors and startups that offer cloud security.

Public cloud providers and frontier AI model companies are the threats the annual report emphasizes most[19]. Cloud providers can bundle native security and observability into their infrastructure at low or no incremental cost and can use privileged access to their platforms and telemetry, while frontier or foundation model companies have entered or may enter the market directly, through partnerships or by letting third parties build security applications on their models. The filing acknowledges that this could reduce demand and create pricing pressure.

Platformization is the company's competitive claim, but the available material cannot quantify its edge over rivals. The company argues that consolidating many security functions on one architecture lowers total cost of ownership and speeds response[1], and NGS ARR rising from $5.6 billion to $9.1 billion[3] is the most direct number behind that claim. That increase includes acquisition consolidation, however, and the company does not disclose platform-level gross margins, market share or a complete count of platformized customers, so its competitive position can only be tested through deal flow and gross margin over the next several quarters.

Core Debates

As the large-model customer migration tails off, can platform deals alone sustain net new NGS ARR?

NGS ARR is the company's own core growth measure, and fiscal 2027 guidance implies growth slowing sharply from 63%. At July 31 NGS ARR was $9.1 billion against $5.6 billion a year earlier, up 63%; RPO was $21.2 billion against $15.8 billion, up about 34%; and fiscal 2026 total revenue was $11,480 million, up 24%[3]. Full-year guidance calls for NGS ARR growth of only 22%-23%, and the first-quarter range of $9.54-9.56 billion implies net new ARR of about $0.44-0.46 billion[4]; this quarter falls after acquisition consolidation and before the migration tail ends, so it shows the scale of core deal flow most clearly.

Management and an alternative reading explain the high growth differently. The annual report attributes the 24% rise in subscription and support revenue to higher customer demand and explicitly includes the CyberArk and Chronosphere contributions[12]; on the September 1 earnings call management credited platformization, citing about 220 net new platformized customers in the fourth quarter and net revenue retention above 120% among platformized customers. The alternative reading is that the nearly $1 billion of fourth-quarter net new ARR included a nine-figure large-model customer migration, that a migration tail remains in the first quarter, and that together with acquisitions this masks slower growth in the core network security business, for which management on the same call guided Network & AI Security revenue to grow only in the low double digits in fiscal 2027.

The debate passes from bookings to revenue and then to profit and cash. Customers that consolidate vendors and sign multi-year platform contracts first lift NGS ARR and RPO; subscription and support revenue is then recognized over the contract term[12] and flows into gross profit and operating income, while prepaid and annual billing brings operating cash in ahead of revenue. Because the first quarter is seasonally soft[14], an RPO range of $20.8-20.9 billion below the July 31 level of $21.2 billion[4] is not by itself a conclusion.

What remains unresolved is how much net new ARR platform deals deliver each quarter once migration and acquisitions are excluded. In the report, watch whether NGS ARR is at least $9.54 billion and how management describes the migration and Chronosphere contributions, whether RPO lands within $20.8-20.9 billion and current RPO growth tracks ARR, and whether the full-year NGS ARR guide of $11.075-11.175 billion is held, raised or cut[4]. If NGS ARR hits the range mainly through migration and acquisitions while the full-year guide is cut, or RPO falls below the low end and bookings lag ARR, the view that platform deals can carry growth would weaken.

After absorbing CyberArk, can Idira accelerate growth while margins recover?

CyberArk is the largest acquisition in the company's history, and its outcome largely decides whether GAAP profit can recover. Total consideration was $21,061 million, consisting of $2,308 million in cash, about 112 million common shares worth $18,488 million and $265 million of replacement awards, with CyberArk holders receiving $45.00 in cash plus 2.2005 Palo Alto Networks shares per share[20]. Fiscal 2026 GAAP operating margin fell from 13.5% to 6.1%[3], while CyberArk and Chronosphere together contributed $930 million of revenue and an operating loss of $797 million[15]; the annual report does not break out Idira revenue.

The current evidence shows the acquisition's costs clearly, while most of the growth evidence comes from management. Intangible amortization rose from $166 million to $640 million, with $1,081 million planned for fiscal 2027[6]; share-based compensation rose from $1,300 million to $1,815 million[16], and G&A doubled, partly because of acquisition-related accelerated vesting and CyberArk employee severance[21]. The verifiable pro forma revenue for the three combined companies was $12,312 million, up 17.4% from $10,486 million[15]; on the September 1 call management said Idira grew 21% pro forma in fiscal 2026, that synergies were running three to six months ahead of plan and that Idira had won more than 200 new customers from the installed base. The alternative reading is that Idira's growth mostly reflects CyberArk's existing SaaS migration momentum, that cross-selling is not yet visible in the numbers, and that stable non-GAAP margins come from exclusions while GAAP profit remains depressed by ongoing integration costs.

This debate works on both revenue and expenses. Cross-selling Idira into the Palo Alto Networks installed base and upgrading CyberArk customers to SaaS and Modern PAM, or modern privileged access management, would lift Idira subscription and license revenue and gross profit; at the same time, acquisition amortization, replacement equity awards and integration costs weigh on GAAP operating income, while synergy savings lift non-GAAP margin. Because planned fiscal 2027 amortization is about $441 million higher than in fiscal 2026[6], a GAAP margin recovery requires revenue growth and cost savings together to absorb that increase.

What remains unresolved is whether Idira can grow beyond CyberArk's standalone momentum and when integration costs will roll off. In the report, watch whether Idira first-quarter revenue and management's pro forma growth rate stay at least in the high teens, whether GAAP operating margin improves on the fourth quarter as severance and accelerated vesting in G&A decline, and whether amortization matches the annual report's plan of roughly $270 million a quarter. If Idira pro forma growth drops below 15% without cross-selling showing up, or GAAP operating margin stays below the fourth quarter as integration costs persist, the deal would mainly show up as amortization and dilution.

With cloud hosting and memory costs rising, how much further can gross margin fall?

Gross margin is a precondition for meeting the fiscal 2027 margin guidance. Fiscal 2026 GAAP gross margin fell from 73.4% to 70.4%, with subscription and support gross margin down from 72.5% to 69.2% ($6,365 million of gross profit) and product gross margin down from 77.1% to 75.1% ($1,712 million)[7]; product revenue was $2,280 million, up 27%[16]. Management set fiscal 2027 non-GAAP operating margin guidance at 29.5%[4], which requires rising cost of revenue to be offset by expense leverage and deal synergies; if gross margin keeps falling, deeper expense cuts would be needed.

The annual report gives clear reasons for the decline, but whether margin stabilizes is open to different readings. The filing attributes the lower subscription and support margin to higher acquisition amortization and higher costs tied to cloud offerings, and the lower product margin to weaker hardware margins, including supply chain costs, and amortization, partly offset by CyberArk software license revenue and lower inventory charges[7]; amortization in cost of revenue rose from $111 million to $418 million[6], and the risk factors name memory, storage and other component shortages and price increases[22]. On the September 1 call management said fiscal 2027 cloud hosting costs would grow faster than revenue and memory and storage inflation would persist, that hardware is about 10% of revenue, and that selective price increases would be used as an offset; the alternative reading is that the decline is mainly a one-time step-up in amortization, that hosting costs will improve with scale and that gross margin will stabilize at fourth-quarter levels.

Cost pressure reaches operating income along two lines. Growing usage of cloud products such as Prisma Access, XSIAM, Chronosphere and Idira SaaS makes cloud hosting fees grow faster than revenue and compresses subscription and support margin, while memory and storage inflation raises hardware unit costs ahead of lagging price increases and compresses product margin[7][22]. Together they reduce gross profit directly and ultimately reach operating income.

What remains unresolved is how much of the margin decline is one-time. In the report, watch whether subscription and support gross margin holds near the fourth-quarter level of about 66%, whether product gross margin falls below 71% and product revenue growth slows, and what management says about cloud hosting and component inflation and whether the 29.5% full-year non-GAAP operating margin guide is maintained. If subscription and support gross margin drops below 65% as hosting costs overshoot, or product gross margin falls below 71% because price increases fail to cover memory inflation, the stabilization reading would be falsified.

Risks and Falsifiers

Cloud providers and frontier AI model companies entering security could erode the pricing power behind platformization[19]. Public cloud vendors can bundle native security and observability into infrastructure cheaply or for free, and frontier model companies may offer security applications directly or through partners; about 80% of revenue comes from subscription and support, $9,200 million in fiscal 2026[8], and cloud security, SASE and observability are its fastest-growing parts. If NGS ARR and RPO keep meeting guidance and management continues to report displacing incumbent vendors, such as SASE replacements, the risk has not materialized.

The 2030 exchangeable notes inherited from CyberArk create a potential cash need and earnings volatility[17]. If the stock price condition is met, holders can convert and the company must repay principal in cash, with about $1.1 billion outstanding against $7,906 million of cash and investments at July 31; the filing says the condition was not met in the quarter ended June 30, 2026, so the notes could not be converted on that basis in the quarter ending September 30, and fair-value changes in the notes and related hedges can also make GAAP net income volatile. If the price condition stays unmet, or the company settles conversions from existing cash without affecting buyback and acquisition plans, the risk does not bind.

A slowdown in platform deals is the most direct risk to subscription revenue[3]. Once the migration tail ends, slower platformization or large customers delaying consolidation decisions would cut net new NGS ARR noticeably and slow growth in subscription and support revenue, which was $9,200 million or 80.1% of the total in fiscal 2026[12]; full-year guidance implies net new NGS ARR of about $1.98-2.08 billion[4]. If NGS ARR is at or above the low end of guidance in both the first and second quarters and management keeps the full-year NGS ARR guide, the risk is falsified.

Weaker-than-planned integration would keep GAAP profit under pressure and could lead to impairments[20]. CyberArk consideration was $21,061 million, future amortization of intangible assets totals $7,017 million and $1,081 million is planned for fiscal 2027[6]; if Idira growth falls below CyberArk's standalone pace, or Modern PAM upgrades slow renewals, the related goodwill and intangible assets would face impairment pressure. If Idira pro forma growth stays at or above 18% for two consecutive quarters and GAAP operating margin improves on the fourth quarter, the risk is falsified.

Cost-side pressure could squeeze product revenue and gross margin at the same time[7]. Growth in SaaS usage and data volumes makes cloud hosting fees rise faster than revenue, memory and storage inflation compresses hardware margin[22], and if price increases then slow hardware demand, product revenue and gross profit would both suffer; fiscal 2026 cost of revenue was $3,403 million, up about 39%, and on fiscal 2026 subscription and support revenue of $9,200 million each one-point drop in that segment's gross margin removes about $92 million of gross profit[16]. If subscription and support gross margin stays at or above 66% and product gross margin at or above 73% for two consecutive quarters, the risk is falsified.

What to Watch Next

• Platform deals and net new NGS ARR: the baseline is NGS ARR of $9.1 billion and RPO of $21.2 billion at July 31[3]. Watch whether first-quarter NGS ARR is at least $9.54 billion and RPO lands within $20.8-20.9 billion[4]; hitting the range with the full-year guide held or raised confirms the view, while hitting it through migration with a lower full-year guide, or RPO below the low end, weakens it.
• Idira growth and margin recovery: the baseline is a fiscal 2026 GAAP operating margin of 6.1%[3] and planned fiscal 2027 amortization of $1,081 million[6]. Watch whether Idira pro forma growth stays in the high teens and GAAP margin improves on the fourth quarter; pro forma growth below 15% or a GAAP margin still below the fourth quarter would falsify the view.
• Gross margin under cloud and memory inflation: the baseline is fiscal 2026 subscription and support gross margin of 69.2% and product gross margin of 75.1%[7]. Watch whether subscription and support holds near 66%, whether product falls below 71% and whether the 29.5% margin guide is maintained[4]; subscription and support below 65% or product below 71% would falsify it.

Conclusion

Palo Alto Networks' business is driven by platform deals, which first appear in NGS ARR and RPO and then convert quarter by quarter into subscription revenue and prepaid cash. In fiscal 2026 revenue grew 24% to $11,480 million and operating cash flow reached $4,553 million, but GAAP operating margin fell from 13.5% to 6.1% and gross margin from 73.4% to 70.4%[3]; acquisitions lifted NGS ARR by 63% and also brought a $1,081 million annual amortization plan[6]. The central unresolved relationship is how much of the revenue and ARR growth comes from durable platform deals rather than acquisition consolidation and a one-time migration, and whether that growth can restore GAAP profit while cloud hosting and integration costs rise.

Between the September 1, 2026 results and November 3, public coverage consisted mainly of recaps of the earnings release and call transcripts, and no independent assessment with a verifiable author and argument addressed the three debates above directly. This article therefore cites no outside interpretation and does not treat company guidance or the analyst figures as a judgment on the outcome; for now, readings of platform deals, Idira integration and gross margin rest only on management's statements and the annual report figures.

The current understanding would strengthen materially if several observations arrived together: first-quarter NGS ARR of at least $9.54 billion, RPO within its guided range, a full-year NGS ARR guide held or raised, Idira pro forma growth staying in the high teens, GAAP operating margin improving on the fourth quarter and subscription and support gross margin holding near 66%. Conversely, if NGS ARR hits its range mainly through migration and acquisitions while the full-year guide is cut, and Idira growth drops below 15% or subscription and support gross margin falls below 65%, the view that platformization can deliver both growth and a profit recovery would weaken markedly.

Sources

[1] PANW 10-K filed 2026-09-10 · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[2] Drillr earnings calendar PANW updated 2026-11-03 · 2026-11-03 · Drillr earnings calendar

[3] PANW 10-K filed 2026-09-10 · key financial metrics · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[4] PANW Q4 FY2026 earnings release 8-K 2026-09-01 · financial outlook · 2026-09-01 · Palo Alto Networks · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000019/ex991q426earningsrelease.htm

[5] Drillr analyst consensus PANW Q1 FY2027 retrieved 2026-11-03 · 2026-11-03 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[6] PANW 10-K filed 2026-09-10 · intangible amortization schedule · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[7] PANW 10-K filed 2026-09-10 · cost of revenue and gross margin · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[8] PANW 10-K filed 2026-09-10 · revenue mix and fulfillment · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[9] PANW 10-K filed 2026-09-10 · platforms · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[10] PANW 10-K filed 2026-09-10 · fiscal 2026 acquisitions · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[11] PANW 10-K filed 2026-09-10 · headcount · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[12] PANW 10-K filed 2026-09-10 · subscription and support revenue · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[13] PANW 10-K filed 2026-09-10 · customer financing · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[14] PANW 10-K filed 2026-09-10 · seasonality and manufacturing · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[15] PANW 10-K filed 2026-09-10 · acquisition contribution and pro forma · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[16] PANW 10-K filed 2026-09-10 · results of operations · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[17] PANW 10-K filed 2026-09-10 · liquidity and 2030 Notes · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[18] PANW 10-K filed 2026-09-10 · competition · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[19] PANW 10-K filed 2026-09-10 · cloud and AI provider competition · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[20] PANW 10-K filed 2026-09-10 · CyberArk purchase consideration · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[21] PANW 10-K filed 2026-09-10 · operating expenses · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm

[22] PANW 10-K filed 2026-09-10 · component costs and macro · 2026-09-10 · 10-K · https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm