PANW · Palo Alto Networks Inc

Track PANW — free

$350.46 -1.26 (-0.36%)

S&P 500 member Nasdaq-100 member Russell 1000 member Rebalance outlook locked

Market Cap

$292.20B

818.00M

Volume · Nov 3 5.35M Avg daily vol (3M) 5.99M

Up next

Next earnings call

Nov 18, 2026 Scheduled · in 2 wks

Latest filing: 10-K

filed Sep 10, 2026

Q4 2026 earnings call transcript

call held Sep 1, 2026

Metrics snapshot

Useful current figures from the complete screener profile.

View all 122 metrics

Revenue (TTM)

$11.48B

Trailing 12 months

Net income (TTM)

$307.00M

Trailing 12 months

Revenue growth YoY

+34.5%

Year over year

Operating margin

6.1%

Trailing 12 months

P / E (TTM)

879.3

Trailing earnings · reciprocal yield 0.1%

FCF yield

1.4%

TTM · current market cap

Return on invested capital

1.5%

Trailing 12 months

Net cash

$1.30B

Latest balance sheet

Dividend yield

—

Trailing 12 months

Shares change YoY

+13.3%

Year over year · more shares

Price change (1Y)

+59.7%

Trailing year

Short interest

2.6%

Latest settlement · 4.5 days to cover

View all 122 metrics

Quarterly results

Revenue Net income Net loss

▲13.9% $2.14B $351.00M '25 Q1 ▲14.3% $2.26B $267.00M '25 Q2 ▲15.3% $2.29B $262.00M '25 Q3 ▲15.9% $2.54B $254.00M '25 Q4* ▲15.7% $2.47B $334.00M '26 Q1 ▲14.9% $2.59B $432.00M '26 Q2 ▲31.1% $3.00B −$177.00M '26 Q3 LATEST ▲34.5% $3.41B −$282.00M '26 Q4*

* Q4 derived as the full year minus Q1 to Q3.

AI Brief

Q4 FY26 earnings call · Sep 1, 2026

Q4 FY26

TL;DR. Palo Alto Networks closed fiscal 2026 with record results, exceeding guidance on every metric, growing NGS ARR 63% to $9.1B and revenue 34% YoY in Q4 to $3.41B, while guiding fiscal 2027 to revenue of $14.1–$14.2B (23–24% growth) and reaffirming its FY30 $20B NGS ARR target.

Bullish

+ Q4 NGS ARR grew 63% YoY to $9.1B with nearly $1B in net new NGS ARR added in a single quarter.
+ RPO surpassed the $20B threshold for the first time, closing at $21.2B, up 34% YoY.
+ Q4 total revenue grew 34% YoY to $3.41B and full-year revenue grew 24% to $11.5B.
+ Non-GAAP operating margin expanded 40 bps YoY to 29.2% for FY26 despite absorbing lower-margin acquisitions.
+ Q4 non-GAAP EPS of $1.02 exceeded the high end of guidance by $0.04 and adjusted free cash flow grew 35% YoY to $1.29B.

Bearish

− Q4 GAAP gross margin was 74.8%, down 100 bps YoY, and FY26 gross margin was 75.8%, down 60 bps YoY, due to SaaS mix shift.
− Q4 GAAP net loss was $282M, or ($0.35) per diluted share, versus GAAP net income of $254M a year ago.

AI-generated from the earnings call and 8-K · may contain errors · not investment advice

Equibles Research

our published analysis of this company

Research Thesis September 19, 2026

Palantir's guide raise tilts bull, but share-count creep keeps the spread thin

Read on Palantir: U.S. commercial growth, RPO quality, dilution math, and the Q3 2026 print against the $2.16B revenue band that decides the multiple debate.

Equibles Rating

blended score · not investment advice

Overall

Neutral

SellHoldBuy

Technical Neutral Momentum Strong Sentiment Neutral Fundamentals Strong Quant / Vol Very High

Market backdrop VIX 21.2 · elevated Equity put/call 0.67

Technical

price trend

Neutral

50 / 200-day cross No cross

Price vs 200-day avg +29%

above

Price vs 50-day avg −6%

below

RSI (14) 42

neutral

MACD trend Negative

52-week position 75%

mid-range

Volume (OBV) Confirms

volume backs price

Momentum

relative strength

Strong

1-month return −17%

trailing

6-month return +54%

trailing

YTD return +90%

this year

Relative strength +52%

vs S&P · 6-mo

Sentiment

smart money

Neutral

Trend (MA cross) No cross

50d $372 › 200d $271 — 50d above 200d

Institutional flow Distributing

1,477 of 2,962 funds reported for Sep 30 · net -3.0M sh shares · +137 new

Insider flow Distributing

Net -$9.2M over 90 days · 100% sells

Short interest Falling

2.60% of shares out · ▼ -1.6% MoM · 4.5 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

2,962 holders — near 3-yr high, broad support

Squeeze score 50

elevated · 0–100

Fundamentals

Strong

Revenue growth +29%

Y/Y

Gross margin 355%

contracting

EPS growth −75%

Y/Y

Buyback $1.0B

remaining

Balance sheet $856.2M

net debt

Quant / Vol

risk profile

Very High

Volatility 50%

annualized · 1-yr

Max drawdown −35%

past year

ATR 5.4%

of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

what management promised — and delivered

Beat or met 8 of last 8

Latest guidance · from the Earnings Call filed Sep 1, 2026

Q1 fiscal 2027

NGS ARR $9.54B – $9.56B

RPO $20.8B – $20.9B

Revenue $3.3B – $3.31B

prior qtr $3B midpoint +10.1% QoQ

fiscal year 2027

NGS ARR $11.08B – $11.18B

RPO $25.2B – $25.4B

Operating margin Non-GAAP 29.5%

Adjusted free cash flow margin Non-GAAP 38%

Revenue $14.1B – $14.2B

prior FY $11.48B midpoint +23.3% Y/Y

Diluted non-GAAP EPS Non-GAAP $4.16 – $4.19

Previous outlook earlier release · from the Earnings Call filed Jun 2, 2026

Still-open targets the latest release did not restate under the same label.

Cash flow margin · fiscal 2028 40%

NGSARR · fiscal 2030 $20B

Prior guidance period ended · from the Earnings Call filed Jun 2, 2026

Next-Generation Security ARR · fourth quarter 2026 $8.9B – $8.95B

RPO · fourth quarter 2026 $20.9B – $21B

Revenue · fourth quarter 2026 $3.35B – $3.36B

Diluted non-GAAP EPS · fourth quarter 2026 $0.96 – $0.98

Next-Generation Security ARR · fiscal year 2026 $8.9B – $8.95B

RPO · fiscal year 2026 $20.9B – $21B

Revenue · fiscal year 2026 $11.42B – $11.43B

Adjusted free capital margin · fiscal year 2026 37.5%

Guided vs delivered · last 8 settled

Revenue fourth quarter 2026

guided $3.35B – $3.36B

guided $3.35B – $3.36B $3.41B Beat +1.8%

Revenue fiscal year 2026

guided $11.42B – $11.43B

guided $11.42B – $11.43B $11.48B Beat +0.5%

Total revenue fiscal third quarter 2026

guided $2.94B – $2.95B

guided $2.94B – $2.95B $3B Beat +2.0%

Total revenue fiscal second quarter 2026

guided $2.57B – $2.59B

guided $2.57B – $2.59B $2.59B Beat +0.5%

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Neutral

2 · 4 · 1

50 / 200-day cross

No cross Neutral

Price vs 200-day avg

+29% Bullish

Price vs 50-day avg

−6% Bearish

RSI (14)

42 Neutral

MACD trend

Negative Bearish

52-week position

75% Neutral

Volume (OBV)

Confirms Neutral

Market signals — smart money & positioning

Mixed

Trend (MA cross) No cross

50d $372 › 200d $271 — 50d above 200d

Institutional flow Distributing

1,477 of 2,962 funds reported for Sep 30 · net -3.0M sh shares · +137 new

Insider flow Distributing

Net -$9.2M over 90 days · 100% sells

Short interest Falling

2.60% of shares out · ▼ -1.6% MoM · 4.5 days cover

Volume signal Normal

Volume near normal

Institution breadth Multi-yr high

2,962 holders — near 3-yr high, broad support

Price context

position in its 52-week range

Range low $142 Now $350 · 75% Range high $420

vs 200-day avg +29% vs 50-day avg -6%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings

Metric	Latest	Period	YoY
Aggregate purchase price	$1B	Year Ended July 31, 2026 filing	—
Next-Generation Security Annualized Recurring Revenue	$9.1B	fiscal 2026 filing	—
Number of shares repurchased	7M	Year Ended July 31, 2026 filing	—
Remaining performance obligations	$21.2B	fiscal 2026 filing	—
Weighted-average price per share	$147.7	Year Ended July 31, 2026 filing	—
Adjusted free cash flow non-GAAP	$4.41B	Year Ended July 31, 2026	—
Adjusted free cash flow margin non-GAAP	38.4%	fiscal year 2026	—
Free cash flow non-GAAP	$4.11B	Year Ended July 31, 2026	—
GAAP → non-GAAP reconciliation GAAP Net cash provided by operating activities 4.55B -440M Less: purchases of property, equipment, and other assets = Free cash flow (non-GAAP) 4.11B
Non-GAAP net income non-GAAP	$2.93B	Year Ended July 31, 2026	—
GAAP → non-GAAP reconciliation GAAP GAAP net income (loss) 307M +1.71B Share-based compensation-related charges +295M Acquisition-related costs +638M Amortization expense of acquired intangible assets +16M Litigation-related charges +562M Change in fair value of convertible senior notes and capped calls -599M Income tax and other tax adjustments = Non-GAAP net income 2.93B
Non-GAAP net income per share, diluted non-GAAP	$3.84	Year Ended July 31, 2026	—
GAAP → non-GAAP reconciliation GAAP GAAP net income (loss) per share, diluted $0.4 +$2.23 Share-based compensation-related charges +$0.39 Acquisition-related costs +$0.84 Amortization expense of acquired intangible assets +$0.02 Litigation-related charges +$0.74 Change in fair value of convertible senior notes and capped calls -$0.78 Income tax and other tax adjustments = Non-GAAP net income per share, diluted $3.84
Non-GAAP operating income non-GAAP	$3.36B	Year Ended July 31, 2026	—
GAAP → non-GAAP reconciliation GAAP GAAP operating income 695M +1.71B Share-based compensation-related charges +295M Acquisition-related costs +638M Amortization expense of acquired intangible assets +16M Litigation-related charges = Non-GAAP operating income 3.36B
Average Price Paid per Share	$147.94	the three months ended April 30, 2026 filing	—
headcount	21,491	end of the third quarter of fiscal 2026 filing	—
Total Number of Shares Purchased	7M	the three months ended April 30, 2026 filing	—

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Software - Infrastructure — same industry group

Open screener →

Company	Mkt cap	YTD	Rev growth Y/Y	P/E	Short % shares
PANW Palo Alto Networks Inc this stock	$292.20B	+90.1%	+29.0%	—	2.6%
MSFT Microsoft Corp	$3.77T	+7.7%	+6.9%	26.5	0.9%
PLTR Palantir Technologies Inc.	$421.98B	-1.3%	+56.2%	122.8	2.3%
ORCL Oracle Corp	$376.25B	-35.3%	+17.3%	19.5	1.6%
CRWD CrowdStrike Holdings, Inc.	$247.60B	—	+21.7%	4836.2	2.3%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section

Ownership

Institutional Holders Reducing

Holders

3,071

% held: 87.8%
Reported: 1,477 of 2,962
Top holder: BlackRock, Inc.

Held Float

View

Held by Funds

Fund positions

1,206

View

Short & Settlement

Short Interest Falling

Shares short

21.3M

Days to cover: 4.5d
Change: -339.6K sh

View

Short Volume

Short vol %

50%

As of: Nov 2, 2026

Short Total

View

Fails to Deliver

FTD shares

Value: $13.2K
As of: Sep 30, 2026

View

Off-Exchange

Off-exchange %

51.4%

Week of: Sep 28, 2026

Off-exch Lit

View

Smart Money

Insider Trades Net selling

Net (90d)

-$9.2M

Buyers / Sellers: 0 / 3

Buyers Sellers

View

Congressional Trades Sell

Member

John McGuire

Amount: $1.0K–$15.0K
Traded: Jul 31, 2026

View

Financials

Revenue (FY)

$11.5B

Net income (FY): $307.0M
EPS diluted: $0.40

View

Buybacks

Authorized

$5.1B

Remaining: $1.0B

Spent Remaining

View

Filings

SEC Filings

Latest

ARS

Filed: Oct 27, 2026
This year: 18

Palo Alto Networks generated fiscal 2026 revenue of $11.48 billion, NGS ARR of $9.10 billion and RPO of $21.2 billion, completed the CyberArk and Chronosphere acquisitions, and proposed annual advisory votes for directors not up for election.

View

Proposed Sales

Value

$6.7M

Shares: 19.0K
Filed: Nov 3, 2026

View

Earnings & Events

Webcasts Upcoming

Next webcast

Nov 18, 2026

Last webcast: Sep 10, 2026

View

Investor Relations

Performance

	5D	20D	120D	MTD	YTD
PANW	-12.8%	-16.6%	+53.7%	-4.3%	+90.1%
SPY	-2.0%	-3.2%	+1.6%	-0.2%	+10.6%
vs SPY	-10.8%	-13.4%	+52.1%	-4.1%	+79.5%

Capital returns

Buyback program · as of Jul 31, 2026

Authorized

$5.10B

Spent (derived)

$4.10B

Remaining

$1.00B

Spent Remaining

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 1327567 CUSIP 697435105 13F (30d) 1485 filings 1428 filers Visit website Investor relations

PANW · Palo Alto Networks Inc

Price & Indicators

Up next

Metrics snapshot

Quarterly results

AI Brief

Equibles Research

Equibles Rating

Guidance & track record

Technicals

Key metrics

Versus peers

At a glance

Performance

Capital returns