Palo Alto Networks, Inc. (PANW) quarterly cash flow statement — complete operating, investing & financing history
Palo Alto Networks, Inc. (PANW) cash flow statement — 16-year operating, investing & financing cash flows
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 |
|---|
| Cash from Operations | 1.36B | 871M | 554M | 1.77B | 1.02B | 628.7M | 556.9M | 1.51B | 512.7M | 528.9M | 690M | 1.53B | 414.1M | 432.1M | 694.6M | 1.24B | 523.7M | 389.5M | 482.6M | 588.9M |
| Operating CF Margin % | 39.79% | 29.01% | 21.36% | 71.58% | 40.25% | 27.47% | 24.67% | 70.58% | 23.42% | 26.65% | 34.93% | 81.25% | 21.2% | 25.11% | 41.97% | 79.1% | 33.78% | 28.09% | 36.65% | 47.21% |
| Operating CF Growth % | 32.93% | 38.54% | -0.52% | 17.32% | 99.1% | 18.87% | -19.29% | -1.07% | 23.81% | 22.4% | -0.66% | 23.39% | -20.93% | 10.94% | 43.93% | 110% | 60.74% | 40.21% | 32.4% | 10.1% |
| Net Income | -282M | -177M | 432M | 334M | 1.13B | 262.1M | 267.3M | 350.7M | 357.7M | 278.8M | 1.75B | 194.2M | 227.7M | 107.8M | 84.2M | 20M | 3.3M | -73.2M | -93.5M | -103.6M |
| Depreciation & Amortization | 473M | 483M | -87M | 215M | 42.7M | 88.1M | 87.6M | 83.9M | 76.1M | 185.4M | 68.6M | 64.3M | 69.3M | 175.5M | 69.9M | 70.7M | 35M | 83.8M | 82.1M | 81.7M |
| Stock-Based Compensation | 90M | 0 | 671M | 0 | 354.4M | 325.9M | 320.5M | 294.3M | 268.9M | 263.5M | 272M | 271M | 254.2M | 271M | 283.3M | 266M | 239.6M | 247.3M | 265.1M | 259.1M |
| Deferred Taxes | -57M | 24M | 5M | 9M | 91.6M | -124.7M | -179.4M | -137.4M | -215.4M | -127M | 163.1M | -387.63M | -4.6M | 0 | 0 | 0 | 0 | 0 | 3.7M | 3.6M |
| Other Non-Cash Items | 957M | 598M | 378M | 368M | -846.6M | 130.3M | 129.8M | 118.2M | 122.9M | -1M | -1.75B | 491.53M | 117.4M | -8M | 97.2M | 112.6M | 160.2M | 94.1M | 87.9M | 87.7M |
| Working Capital Changes | 176M | -57M | -845M | 845M | 244.8M | -53M | -68.9M | 799.9M | -97.5M | -70.8M | 186M | 892.6M | -249.9M | -114.2M | 160M | 767.4M | 85.6M | 37.5M | 137.3M | 260.4M |
| Change in Receivables | -942M | -251M | -883M | 1.75B | -924.6M | -342M | -384M | 1.5B | -1.36B | -188.5M | -481.9M | 1.01B | -1.76B | -165.3M | -39.8M | 892M | -901.9M | -288.4M | -140.1M | 428.4M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.4M | -96.2M |
| Change in Payables | -7M | 10M | 42M | -2M | -11.9M | 85.3M | -63.4M | 96.8M | 5.5M | -67.8M | 47.7M | -400K | 37.3M | -37M | 1.7M | -1M | 17.7M | -8.2M | 22.2M | 37.6M |
| Cash from Investing | -1.01B | -1.77B | 651M | -983M | -762.5M | -517.6M | -380.8M | -543.8M | -168.5M | 113.1M | -1.33B | -129M | 362.6M | 87.9M | -1.16B | -1.32B | -472.1M | 42.9M | -274.3M | -229.9M |
| Capital Expenditures | -84M | -83M | 84M | -84M | 159.9M | -68.3M | -47.5M | -44.1M | -47.4M | -37.4M | -35.2M | -36.8M | -37.2M | -31.2M | -38.3M | -39.6M | -39.2M | -38.3M | -80.7M | -34.6M |
| CapEx % of Revenue | 2.46% | 2.76% | 3.24% | 3.4% | 6.3% | 2.98% | 2.1% | 2.06% | 2.16% | 1.88% | 1.78% | 1.96% | 1.9% | 1.81% | 2.31% | 2.53% | 2.53% | 2.76% | 6.13% | 2.77% |
| Acquisitions | -100M | -1.99B | -2.58B | -2M | -554.9M | 0 | 500K | -500M | 0 | 0 | -610.6M | 36.8M | -39.6M | -18.9M | -185.6M | 0 | -19.6M | -81.2M | 0 | -17.4M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -19M | 0 | -254M | 0 | -246.2M | 0 | 0 | 0 | 0 | 0 | 0 | -36.8M | 39.6M | 0 | 0 | 0 | 0 | 81.2M | 0 | 0 |
| Cash from Financing | -197M | -899M | -114M | 8M | -374.1M | 47.1M | -232.2M | -219.7M | -179.3M | -1.05B | -72.6M | -41.8M | -1.63B | 128.2M | -250.8M | 31.1M | -353.1M | 66.3M | -558.5M | 38.7M |
| Debt Issued (Net) | -160M | 10M | 0 | 0 | 582.3M | -150.9M | -112.4M | -319M | -199.6M | -661.8M | -126.3M | -46M | -1.69B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1M | -874M | -130M | 130M | -360.6M | 203.3M | 36.6M | 120.7M | 24.2M | -384.2M | 57.5M | -66.7M | -2.9M | 130.3M | -250M | -22.7M | -342M | 77.5M | -549.9M | 58.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500M | 0 | -66.7M | -2.9M | 0 | -250M | -22.7M | -342.3M | 0 | -550M | 0 |
| Other Financing | -38M | -35M | 16M | -122M | -595.8M | -5.3M | -156.4M | -21.4M | -3.9M | -3.4M | -3.8M | 70.9M | 60.1M | -2.1M | -800K | 53.8M | -11.1M | -11.2M | -8.6M | -20M |
| Net Change in Cash | 149M | -1.79B | 1.09B | 796M | -115.8M | 158.2M | -56.1M | 746.1M | 164.9M | -406.9M | -714.9M | 1.36B | -858.1M | 648.2M | -720.7M | -52M | -301.5M | 498.7M | -350.2M | 397.7M |
| Free Cash Flow | 1.27B | 788M | 638M | 1.69B | 1.18B | 560.4M | 509.4M | 1.47B | 465.3M | 491.5M | 654.8M | 1.49B | 376.9M | 400.9M | 656.3M | 1.2B | 484.5M | 351.2M | 401.9M | 554.3M |
| FCF Margin % | 37.33% | 26.25% | 24.6% | 68.19% | 46.55% | 24.48% | 22.57% | 68.51% | 21.25% | 24.76% | 33.15% | 79.29% | 19.3% | 23.3% | 39.65% | 76.57% | 31.25% | 25.33% | 30.52% | 44.44% |
| FCF Growth % | 7.82% | 40.61% | 25.25% | 15.11% | 153.75% | 14.02% | -22.21% | -1.59% | 23.45% | 22.6% | -0.23% | 24.4% | -22.21% | 14.15% | 63.3% | 115.97% | 62.37% | 39.98% | 20.91% | 9.7% |
| FCF per Share | 1.67 | 1.06 | 0.89 | 2.38 | 1.67 | 0.79 | 0.72 | 2.07 | 0.66 | 0.69 | 0.92 | 2.13 | 0.53 | 0.58 | 0.99 | 1.77 | 0.72 | 0.59 | 0.68 | 0.95 |
| FCF Conversion (FCF/Net Income) | -4.81x | -4.92x | 1.28x | 5.30x | 4.02x | 2.40x | 2.08x | 4.30x | 1.43x | 1.90x | 0.39x | 7.86x | 1.82x | 4.01x | 8.25x | 61.84x | 158.70x | -5.32x | -5.16x | -5.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |