PANW
equitynet buyingPalo Alto Networks Inc · NASDAQ NMS - GLOBAL MARKET
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Working it out…
Financials
As each period's own 10-K or 10-Q reported it
At the $418.78 close on Oct 9, 2026, against 815M shares and the balance sheet at Jul 31, 2026; earnings, sales and cash flow over the four quarters to Jul 31, 2026. A ratio is left out where its denominator is not positive. Fair value is the company's own median P/E, price to sales and price to free cash flow at its last ten fiscal year ends, applied to its trailing figures, the middle of the three: its valuation against its own past, not against its growth or its rivals.
| Line item | FY 2017 Jul 31, 2017 | FY 2018 Jul 31, 2018 | FY 2019 Jul 31, 2019 | FY 2020 Jul 31, 2020 | FY 2021 Jul 31, 2021 | FY 2022 Jul 31, 2022 | FY 2023 Jul 31, 2023 | FY 2024 Jul 31, 2024 | FY 2025 Jul 31, 2025 | FY 2026 Jul 31, 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.3B | $2.9B | $3.4B | $4.3B | $5.5B | $6.9B | $8B | $9.2B | $11.5B |
| Gross margin | 73.0% | 71.6% | 72.1% | 70.7% | 70.0% | 68.8% | 72.3% | 74.4% | 73.4% | 70.4% |
| Operating income | -$179.8M | -$129.1M | -$54.1M | -$179M | -$304.1M | -$188.8M | $387.3M | $683.9M | $1.2B | $695M |
| Operating margin | -10.2% | -5.7% | -1.9% | -5.3% | -7.1% | -3.4% | 5.6% | 8.5% | 13.5% | 6.0% |
| Net income | -$216.6M | -$147.9M | -$81.9M | -$267M | -$498.9M | -$267M | $439.7M | $2.6B | $1.1B | $307M |
| Net margin | -12.3% | -6.5% | -2.8% | -7.8% | -11.7% | -4.9% | 6.4% | 32.1% | 12.3% | 2.7% |
| EPS (diluted) | -$0.40 | -$0.27 | -$0.15 | -$0.46 | -$0.86 | -$0.45 | $0.64 | $3.64 | $1.60 | $0.40 |
| Operating cash flow | $868.5M | $1B | $1.1B | $1B | $1.5B | $2B | $2.8B | $3.3B | $3.7B | $4.6B |
| Capital spending | $163.4M | $112M | $131.2M | $214.4M | $116M | $192.8M | $146.3M | $156.8M | $246.2M | $440M |
| Free cash flow | $705.1M | $925M | $924.4M | $821.3M | $1.4B | $1.8B | $2.6B | $3.1B | $3.5B | $4.1B |
| Buybacks | $411M | $259.1M | $330M | $1.2B | $1.2B | $892.3M | $272.7M | $566.7M | $0 | $1B |
| Dividends paid | — | — | — | — | — | — | — | — | — | — |
| Cash | $744.3M | $2.5B | $961.4M | $3B | $1.9B | $2.1B | $1.1B | $1.5B | $2.3B | $2.5B |
| Debt | $524.7M | $1.9B | $1.4B | $3.1B | $3.2B | $3.7B | $2B | — | — | — |
| Shareholders' equity | $759.6M | $966.4M | $1.6B | $1.1B | $634.5M | $210M | $1.7B | $5.2B | $7.8B | $27.5B |
| Shares outstanding | 549M | 561.6M | 580.8M | 577.8M | 583.8M | 597.6M | 616.6M | 650.2M | 667.9M | 815M |
Figures come from the company's XBRL filings as the SEC publishes them. Quarters are worked out from year-to-date figures, and a fourth quarter is the year less its first nine months, which is why it has no EPS: per-share figures do not subtract. Earlier years are on today's share basis where a split has happened since. A later restatement is not mixed into a year it was never applied to, so where a 10-K restated the year before — a business sold, say — that year's fourth quarter is left blank rather than worked out across two bases. A dash means the company did not report that line under a standard tag for that period. Every filing on EDGAR.
Short interest
Shares sold short, as brokers report them to FINRA twice a month
| Settlement date | Shares short | Change | Days to cover |
|---|---|---|---|
| Sep 30, 2026 | 21.61M | -1.2% | 3.4 |
| Sep 15, 2026 | 21.87M | +2.1% | 3.0 |
| Aug 31, 2026 | 21.41M | -4.5% | 3.9 |
| Aug 14, 2026 | 22.41M | +6.7% | 4.0 |
| Jul 31, 2026 | 21M | +2.8% | 3.5 |
| Jul 15, 2026 | 20.42M | -18.3% | 2.8 |
| Jun 30, 2026 | 25M | +11.0% | 3.3 |
| Jun 15, 2026 | 22.53M | -12.2% | 2.3 |
Largest fails to deliver, the last year
103 settlement days with at least $10,000 of shares sold and not delivered
| Settlement date | Shares | Value |
|---|---|---|
| Aug 13, 2026 | 230K | $89M |
| Jun 4, 2026 | 89.67K | $25.1M |
| Nov 24, 2025 | 135.23K | $24.7M |
| Dec 17, 2025 | 121.37K | $22.7M |
| Jul 16, 2026 | 58.03K | $20.5M |
Short interest is every broker's short position at the settlement date, reported to FINRA and published about a week and a half later; it does not say who is short. Days to cover is the short position over the average day's trading, and the share of the company is against the shares outstanding on its latest filing. A fail to deliver is the balance of shares sold and not delivered by settlement, from the SEC: it can be a short seller who never borrowed the stock, but is as often a late delivery that clears within days.
What they lobby on
Disclosed to the Senate, largest spend first
- PALO ALTO NETWORKS, INC.$700K
Defense, Homeland Security, Computer Industry
2nd Quarter (Apr 1 - June 30) 2026
- PALO ALTO NETWORKS, INC.$590K
Defense, Homeland Security, Computer Industry
1st Quarter (Jan 1 - Mar 31) 2026
- MILLER STRATEGIES, LLC$120K
Computer Industry
2nd Quarter (Apr 1 - June 30) 2026
- MILLER STRATEGIES, LLC$120K
Computer Industry
1st Quarter (Jan 1 - Mar 31) 2026
- ROBERTI GLOBAL (FKA ROBERTI WHITE, LLC)$60K
Science/Technology, Homeland Security
2nd Quarter (Apr 1 - June 30) 2026
- MEHLMAN CONSULTING, INC.$60K
Computer Industry, Homeland Security, Budget/Appropriations
2nd Quarter (Apr 1 - June 30) 2026
- ROBERTI GLOBAL (FKA ROBERTI WHITE, LLC)$60K
Science/Technology, Homeland Security
1st Quarter (Jan 1 - Mar 31) 2026
- MEHLMAN CONSULTING, INC.$60K
Computer Industry, Homeland Security, Budget/Appropriations
1st Quarter (Jan 1 - Mar 31) 2026
Federal contracts
Largest awards of the last two years
- Department of Transportation$16.5M
CITY OF PALO ALTO · from Jan 1, 2025
- Department of Defense$6.8M
PALO ALTO RESEARCH CENTER LLC · from Apr 28, 2017
- Department of Defense$6.3M
PALO ALTO VETERANS INSTITUTE FOR RESEARCH · from Aug 1, 2023
- Department of Health and Human Services$5M
PALO ALTO VETERANS INSTITUTE FOR RESEARCH · from Sep 25, 2017
- Department of Health and Human Services$4.7M
PALO ALTO VETERANS INSTITUTE FOR RESEARCH · from Apr 1, 2010
- Department of Health and Human Services$4.4M
PALO ALTO VETERANS INSTITUTE FOR RESEARCH · from Sep 1, 2016
More on PANW
Who traded it
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