Palo Alto Networks, Inc. (PANW) Revenue History
Annual and quarterly revenue from 2010 to present
PANW Revenue Over Time (2010–2025)
PANW Revenue Growth History
15 of 15 years with positive growth- FY2010 revenue growth
- N/A
- FY2011 revenue growth
- +143.1%
- FY2012 revenue growth
- +115.1%
- FY2013 revenue growth
- +55.3%
- FY2014 revenue growth
- +51.0%
- FY2015 revenue growth
- +55.1%
- FY2016 revenue growth
- +48.5%
- FY2017 revenue growth
- +27.8%
- FY2018 revenue growth
- +29.0%
- FY2019 revenue growth
- +27.6%
- FY2020 revenue growth
- +17.5%
- FY2021 revenue growth
- +24.9%
- FY2022 revenue growth
- +29.3%
- FY2023 revenue growth
- +25.3%
- FY2024 revenue growth
- +16.5%
- FY2025 revenue growth
- +14.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.00B | +31.1% |
| Q2 2026 | $2.59B | +14.9% |
| Q1 2026 | $2.47B | +15.7% |
| Q4 2025 | $2.54B | +15.8% |
| Q3 2025 | $2.29B | +15.3% |
| Q2 2025 | $2.26B | +14.3% |
| Q1 2025 | $2.14B | +13.9% |
| Q4 2024 | $2.19B | +12.1% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
PANW's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
PANW Revenue Analysis (2010–2025)
Current Revenue & Growth
As of June 23, 2026, Palo Alto Networks, Inc. (PANW) generated trailing twelve-month (TTM) revenue of $10.61 billion, reflecting explosive growth of +31.1% year-over-year. The most recent quarter (Q3 2026) recorded $3.00 billion in revenue, up 15.7% sequentially.
Historical Growth Trajectory
PANW's 5-year compound annual growth rate (CAGR) stands at +22.0%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +18.8% is below the 5-year average, signalling a growth deceleration in recent years. Palo Alto Networks, Inc.'s highest annual revenue of $9.22 billion was recorded in 2025, an all-time high.
Revenue by Segment
PANW's revenue is primarily driven by Subscription (54%), Support (27%), and Product (20%). With over half of revenue concentrated in Subscription, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Technology sector peers — including FTNT (+15.7% YoY), CRWD (+23.2% YoY), and ZS (+24.6% YoY) — PANW has outperformed the peer group in 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 | $10.6B | +31.1% | +22.0% | 13.5% | |
 FTNT | $6.8B | +15.7% | +21.3% | 30.6% | |
 CRWD | $4.8B | +23.2% | +40.6% | -6.1% | |
 ZS | $2.7B | +24.6% | +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 (2010–2025)
| 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% |
| 2015 | $928.1M | +55.1% | $676.6M | 72.9% | $-99,800,000 | -10.8% |
| 2014 | $598.2M | +51.0% | $438.6M | 73.3% | $-215,300,000 | -36.0% |
| 2013 | $396.1M | +55.3% | $286.4M | 72.3% | $-18,621,000 | -4.7% |
| 2012 | $255.1M | +115.1% | $184.6M | 72.3% | $3.9M | 1.5% |
| 2011 | $118.6M | +143.1% | $86.3M | 72.8% | $-10,404,000 | -8.8% |
Full Stock Analysis
Deep dive into PANW consensus models and risk factors.
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
PANW — Frequently Asked Questions
Quick answers to the most common questions about buying PANW stock.
Is PANW's revenue growth accelerating or slowing?
PANW revenue growth is accelerating. TTM revenue reached $10.6B, up +31.1% year-over-year — ahead of the 5-year CAGR of +22.0%. This indicates the business is expanding faster than its historical baseline.
What is PANW's revenue history from 2010 to 2026?
Palo Alto Networks, Inc. (PANW) revenue history spans 2010 to 2026. TTM revenue as of 2026 is $10.6B, growing at +31.1% YoY. The 5-year CAGR is +22.0%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is PANW's long-term revenue growth rate (CAGR)?
Palo Alto Networks, Inc.'s 5-year revenue CAGR of +22.0% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +31.1% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for PANW.
Why does PANW's quarterly revenue fluctuate?
PANW quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Palo Alto Networks, Inc.'s revenue data from 2010 to 2026 shows full historical quarterly detail on this page.
How is PANW's revenue distributed by segment?
PANW reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does PANW's revenue compare to industry peers?
Palo Alto Networks, Inc. (PANW) with TTM revenue of $10.6B and +31.1% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.