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Palo Alto Networks
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Latest analysis
Updated Sep 1, 2026
Palo Alto Networks closes FY2026 with $11.5B revenue, $21.2B RPO, and $9.1B NGS ARR as platformization and AI security demand accelerate.
Palo Alto Networks delivered its strongest year on record, with FY2026 total revenue reaching $11.5 billion (up 24% year over year) and RPO crossing $20 billion for the first time to close at $21.2 billion. NGS ARR of $9.1 billion, up 63%, with nearly $1 billion added in Q4 alone, validates the platformization strategy as the defining growth engine. The company's two largest acquisitions in history — CyberArk (now Idira) and Chronosphere — are both exceeding integration targets, and the AI-driven threat environment is accelerating customer urgency to consolidate vendors onto unified platforms.
Tone: bullishRevenue
$9.2B
PANW 10-K · FY 2025
Employees
16,068
Revenue growth YoY
+14.9%
Founded
2005
Profile
PANW 10-K Item 1 · Aug 29, 2025Palo Alto Networks is a global cybersecurity company headquartered in Santa Clara, California, that secures enterprise networks, clouds, and endpoints through AI-powered platforms. Its platformization strategy bundles formerly disparate security point products into integrated architectures spanning network security, security operations, and threat intelligence. The company sells primarily through a two-tier indirect channel to enterprises, service providers, and government entities worldwide.
Read filing description ↓ Collapse description ↑
Our mission is to be the cybersecurity partner of choice for enterprises, organizations, service providers, and government entities to protect our digital way of life. Our cybersecurity platforms and services help secure enterprise users, networks, clouds, and endpoints by delivering comprehensive cybersecurity backed by artificial intelligence ('AI') and automation. A key element of our strategy is to help our customers simplify their security architectures through consolidating disparate point products. We execute on this strategy by developing our capabilities and packaging our offerings into platforms which are able to cover many of our customers' needs in the markets in which we operate. Our platformization strategy combines various products and services into a tightly integrated architecture for more secure, faster, and cost-effective outcomes. Our network security platform is designed to deliver complete zero trust solutions to our customers. Our AI-powered Cortex platform transforms end-to-end security operations with unified data, AI, and automation for more secure, faster, and cost effective outcomes. Unit 42 brings together world-renowned expertise across threat research, incident response, and security consulting to deliver intelligence-driven, response-ready outcomes that help customers reduce cyber risk. As of July 31, 2025, we had end-customers in over 180 countries. Our end-customers represent a broad range of industries, including education, energy, financial services, government entities, healthcare, Internet and media, manufacturing, public sector, and telecommunications, and include almost all of the Fortune 100 companies and a majority of the Global 2000 companies.
Primary products
- Prisma Access
- Prisma SD-WAN
- Prisma Access Browser
- ML-Powered Next-Generation Firewalls (NGFWs)
- Cloud NGFW
- VM-Series virtual firewalls
Business segments
End markets
Geographies
Named competitors
“We believe we generally compete favorably with our competitors on the basis of these factors as a result of the features and performance of our portfolio, the ease of integration of our security solutions with technological infrastructures, and the relatively low total cost of ownership of our products.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue grew 14.9% year-over-year in fiscal 2025, driven by increased adoption of the company's product, subscription, and support portfolio.
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