Palo Alto Networks, Inc. (PANW) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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PANW Revenue Growth
Revenue Breakdown (FY 2025)
PANW's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
PANW Revenue Analysis (2014–2025)
As of May 6, 2026, Palo Alto Networks, Inc. (PANW) generated trailing twelve-month (TTM) revenue of $9.89 billion, reflecting strong growth of +14.9% year-over-year. The most recent quarter (Q2 2026) recorded $2.59 billion in revenue, up 4.9% sequentially.
Looking at the longer-term picture, PANW's 5-year compound annual growth rate (CAGR) stands at +22.0%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $9.22 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows PANW's business is primarily driven by Subscription (54%), Support (27%), and Product (20%). With over half of revenue concentrated in Subscription, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including FTNT (+14.2% YoY), CRWD (+21.7% YoY), and ZS (+23.9% YoY), PANW has underperformed the peer group in terms of revenue growth. Compare PANW vs FTNT →
PANW Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PANWCurrent | $9.9B | +14.9% | +22.0% | 13.5% | |
 FTNT | $6.8B | +14.2% | +21.3% | 30.6% | |
 CRWD | $4.8B | +21.7% | +40.6% | -3.4% | |
 ZS | $2.7B | +23.9% | +44.0% | -4.8% | |
 CHKP | $2.7B | +5.8% | +5.7% | 30.5% | |
 CYBR | $1.4B | +36.0% | +24.0% | -7.7% |
PANW Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $9.22B | +14.9% | $6.77B | 73.4% | $1.24B | 13.5% |
| 2024 | $8.03B | +16.5% | $5.97B | 74.3% | $683.9M | 8.5% |
| 2023 | $6.89B | +25.3% | $4.98B | 72.3% | $387.3M | 5.6% |
| 2022 | $5.50B | +29.3% | $3.78B | 68.8% | $-188,800,000 | -3.4% |
| 2021 | $4.26B | +24.9% | $2.98B | 70.0% | $-304,100,000 | -7.1% |
| 2020 | $3.41B | +17.5% | $2.41B | 70.7% | $-179,000,000 | -5.3% |
| 2019 | $2.90B | +27.6% | $2.09B | 72.1% | $-54,100,000 | -1.9% |
| 2018 | $2.27B | +29.0% | $1.63B | 71.6% | $-104,200,000 | -4.6% |
| 2017 | $1.76B | +27.8% | $1.28B | 72.9% | $-165,800,000 | -9.4% |
| 2016 | $1.38B | +48.5% | $1.01B | 73.2% | $-157,300,000 | -11.4% |
Full PANW Stock Analysis
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Start ComparisonPANW — Frequently Asked Questions
Quick answers to the most common questions about buying PANW stock.
Is PANW's revenue growth accelerating or slowing?
PANW maintains +14.9% revenue growth, in line with its 5-year CAGR of +22.0%. TTM revenue stands at $9.9B. Growth rate remains consistent with historical average.
What is PANW's long-term revenue growth rate?
Palo Alto Networks, Inc.'s 5-year revenue CAGR of +22.0% reflects the sustained expansion pattern. Current YoY growth of +14.9% is near this long-term average.
How is PANW's revenue distributed by segment?
PANW reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.