Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.38B | $1.76B | $2.27B | $2.90B | $3.41B | $4.26B | $5.50B | $6.89B | $8.03B | $9.22B |
| Revenue growth | — | 27.3% | 29.5% | 27.5% | 17.5% | 24.9% | 29.3% | 25.3% | 16.5% | 14.9% |
| Gross profit | $1.01B | $1.28B | $1.63B | $2.09B | $2.41B | $2.98B | $3.78B | $4.98B | $5.97B | $6.77B |
| Gross margin | 73.2% | 72.9% | 71.6% | 72.1% | 70.7% | 70.0% | 68.8% | 72.3% | 74.3% | 73.4% |
| Operating income | -$157M | -$166M | -$104M | -$54.1M | -$179M | -$304M | -$189M | $387M | $684M | $1.24B |
| Operating margin | -11.4% | -9.4% | -4.6% | -1.9% | -5.3% | -7.1% | -3.4% | 5.6% | 8.5% | 13.5% |
| Net income | -$193M | -$203M | -$122M | -$81.9M | -$267M | -$499M | -$267M | $440M | $2.58B | $1.13B |
| Net margin | -14.0% | -11.6% | -5.4% | -2.8% | -7.8% | -11.7% | -4.9% | 6.4% | 32.1% | 12.3% |
| EPS (diluted) | -$2.21 | -$2.24 | -$1.33 | -$0.87 | -$2.76 | -$1.73 | -$0.90 | $0.64 | $3.64 | $1.60 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $659M | $869M | $1.04B | $1.06B | $1.04B | $1.50B | $1.98B | $2.78B | $3.26B | $3.72B |
| Capital expenditures | $72.5M | $163M | $112M | $131M | $214M | $116M | $193M | $146M | $157M | $246M |
| Free cash flow | $586M | $705M | $926M | $924M | $821M | $1.39B | $1.79B | $2.63B | $3.10B | $3.47B |
| Share buybacks | $0.00 | $411M | $259M | $330M | $1.20B | $1.18B | $892M | $273M | $567M | $0.00 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $734M | $744M | $2.51B | $961M | $2.96B | $1.87B | $2.12B | $1.14B | $1.54B | $2.27B |
| Total assets | $2.86B | $3.44B | $5.95B | $6.59B | $9.07B | $10.2B | $12.3B | $14.5B | $20.0B | $23.6B |
| Total liabilities | — | — | — | — | — | $9.48B | $12.0B | $12.8B | $14.8B | $15.8B |
| Long-term debt | $500M | $525M | $1.92B | $1.43B | $3.08B | $3.23B | $3.68B | $1.99B | — | — |
| Shareholders' equity | $895M | $760M | $1.16B | $1.59B | $1.10B | $635M | $210M | $1.75B | $5.17B | $7.82B |
| Retained earnings | -$622M | -$837M | -$791M | -$901M | -$1.17B | -$1.67B | -$1.67B | -$1.23B | $1.35B | $2.48B |
| Shares (wtd avg diluted) | 90.5M | 91.5M | 93.6M | 94.5M | 96.9M | 289M | 296M | 685M | 708M | 709M |
Every figure is extracted from Palo Alto Networks Inc’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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