Palo Alto Networks, Inc.

PANW

Financial Statements

Income Statement (Annual)

Amounts in millions

2025

7/31/2025

Revenue

9,222

Cost of Revenue

2,452

Gross Profit

6,770

Gross Margin

73.4%

Operating Income

1,243

Operating Margin

13.5%

Net Income

1,134

Net Margin

12.3%

EPS (Basic)

$1.71

EPS (Diluted)

$1.60

EBITDA

1,941

EBITDA Margin

21.0%

2024

7/31/2024

Revenue

8,028

Cost of Revenue

2,059

Gross Profit

5,968

Gross Margin

74.3%

Operating Income

684

Operating Margin

8.5%

Net Income

2,578

Net Margin

32.1%

EPS (Basic)

$4.04

EPS (Diluted)

$3.64

EBITDA

1,276

EBITDA Margin

15.9%

2023

7/31/2023

Revenue

6,893

Cost of Revenue

1,910

Gross Profit

4,983

Gross Margin

72.3%

Operating Income

387

Operating Margin

5.6%

Net Income

440

Net Margin

6.4%

EPS (Basic)

$0.73

EPS (Diluted)

$0.64

EBITDA

869

EBITDA Margin

12.6%

2022

7/31/2022

Revenue

5,502

Cost of Revenue

1,719

Gross Profit

3,783

Gross Margin

68.8%

Operating Income

-189

Operating Margin

-3.4%

Net Income

-267

Net Margin

-4.9%

EPS (Basic)

$-0.45

EPS (Diluted)

$-0.45

EBITDA

EBITDA Margin

1.7%

2021

7/31/2021

Revenue

4,256

Cost of Revenue

1,275

Gross Profit

2,981

Gross Margin

70.0%

Operating Income

-304

Operating Margin

-7.1%

Net Income

-499

Net Margin

-11.7%

EPS (Basic)

$-0.86

EPS (Diluted)

$-0.86

EBITDA

-47

EBITDA Margin

-1.1%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2025	2024	2023	2022	2021
Revenue	9,222	8,028	6,893	5,502	4,256
Cost of Revenue	2,452	2,059	1,910	1,719	1,275
Gross Profit	6,770	5,968	4,983	3,783	2,981
Gross Margin	73.4%	74.3%	72.3%	68.8%	70.0%
Operating Income	1,243	684	387	-189	-304
Operating Margin	13.5%	8.5%	5.6%	-3.4%	-7.1%
Net Income	1,134	2,578	440	-267	-499
Net Margin	12.3%	32.1%	6.4%	-4.9%	-11.7%
EPS (Basic)	$1.71	$4.04	$0.73	$-0.45	$-0.86
EPS (Diluted)	$1.60	$3.64	$0.64	$-0.45	$-0.86
EBITDA	1,941	1,276	869	96	-47
EBITDA Margin	21.0%	15.9%	12.6%	1.7%	-1.1%