Short answer
Palo Alto Networks (PANW) filed its fiscal 2025 10-K annual report with the SEC on Aug 29, 2025. It reported revenue of $9.2B (+14.9% year over year) and net income of $1.1B.
- Top risk flagged: Financing risk: inability to raise additional equity or debt on acceptable terms impacting operations and financial condition
FY2025 key financial metrics · XBRL
- Revenue
- $9.2B
- +14.9% YoY
- Net income
- $1.1B
- −56.0% YoY
- Operating margin
- 13.5%
- +5.0 pp YoY
- Gross margin
- 73.4%
- −0.9 pp YoY
- EPS (diluted)
- $1.60
- −78.0% YoY
- ROE
- 14.5%
- −35.4 pp YoY
- Operating cash flow
- $3.7B
- +14.1% YoY
Source: XBRL data from the Palo Alto Networks (PANW) FY2025 10-K on SEC EDGAR. USD.
Palo Alto Networks FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global cybersecurity provider delivering AI-powered platforms and services for enterprises, securing users, networks, clouds, and endpoints
- New offerings: Prisma Access Browser, Cortex Cloud, Prisma AIRS AI security platform, Cortex XSIAM 3.0, and expanded OT Security capabilities introduced in fiscal 2025
- Strategic shift: Increased platformization with tighter integration of AI, automation, and unified cloud management via Strata Cloud Manager, enhancing simplified security operations
- Key metric: Completed acquisitions of IBM’s QRadar assets in August 2024 and Protect AI in July 2025 to bolster Cortex and AI security capabilities
- Noteworthy: Definitive agreement to acquire CyberArk identity security, expected to close in second half of fiscal 2026, signaling enhanced identity security focus
Management Discussion & Analysis
- Revenue $9.2B, up 14.9% YoY from $8.0B driven by increased adoption across product, subscriptions, and support
- Product revenue $1.8B (19.5% of total), up 12.4% YoY; Subscription/support $7.4B (80.5%), up 15.5% YoY
- No explicit profitability or margin percentages provided in the text
- Best segment: Subscriptions and support, $7.4B revenue, 15.5% growth; Worst: Product segment, $1.8B revenue, 12.4% growth
- Management focus on technology leadership, customer base growth, portfolio expansion; risks include managing growth and operational infrastructure expansion
Risk Factors
- Financing risk: inability to raise additional equity or debt on acceptable terms impacting operations and financial condition
- Macroeconomic exposure: increased cash outflow $2.2B in fiscal 2025 due to higher business acquisition payments and investment purchases
- Operational cash flow volatility: cash from operations $3.7B in fiscal 2025 affected by payment timing and vendor terms
- Competitive risk: increased capital deployed for acquisitions suggesting pressure to maintain technology edge against cybersecurity rivals
- Financial risk: cash used in financing reduced to $778.9M in fiscal 2025 due to lower stock repurchases versus prior year
Generated from the filing text; verify against the original. How to read a 10-K
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