Palo Alto Networks (PANW) Cost of Revenue (2011 - 2026)
Palo Alto Networks' (PANW) quarterly Cost of Revenue came in at $1.1 billion in Q3 2026, up 62.89% year-over-year from $679.0 million in Q3 2025, and up 13.55% on a QoQ basis from $974.0 million in Q2 2026.
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Palo Alto Networks (PANW) Cost of Revenue (2011 - 2026) Analysis & Trends
Palo Alto Networks (PANW) has 16 years of Cost of Revenue data on file, last reported at $1.1 billion in Q3 2026.
- On a quarterly basis, Cost of Revenue rose 62.89% year-over-year to $1.1 billion in Q3 2026; TTM through Jul 2026 was $3.4 billion, a 38.84% increase from a year earlier, with the FY2026 full-year figure at $3.4 billion, up 38.84% from the prior year.
- Cost of Revenue for Q3 2026 stood at $1.1 billion, up from $974.0 million in the prior quarter.
- Across five years, Cost of Revenue topped out at $1.1 billion in Q3 2026 and bottomed at $405.3 million in Q1 2022.
- Historically, Cost of Revenue has averaged $587.4 million across 5 years, with a median of $513.6 million in 2024.
- The widest annual swing landed in 2023, when Cost of Revenue increased 2.36%; it then surged 62.89% in 2026.
- Year by year, Cost of Revenue stood at $461.9 million in 2022, then increased by 2.36% to $472.8 million in 2023, then advanced by 17.17% to $554.0 million in 2024, then grew by 15.16% to $638.0 million in 2025, then surged by 73.35% to $1.1 billion in 2026.
- Per Business Quant data, the three most recent Cost of Revenue figures were $1.1 billion in Q3 2026, $974.0 million in Q2 2026, and $685.0 million in Q1 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 1.11 Bn |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | 374.00 Mn |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 404.70 Mn |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | 510.08 Mn |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 240.11 Mn |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | 357.94 Mn |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 202.01 Mn |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 164.00 Mn |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 2.82 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 1.11 Bn |
| Apr 30, 2026 | 974.00 Mn |
| Jan 31, 2026 | 685.00 Mn |
| Oct 31, 2025 | 638.00 Mn |
| Jul 31, 2025 | 679.00 Mn |
| Apr 30, 2025 | 619.00 Mn |
| Jan 31, 2025 | 599.00 Mn |
| Oct 31, 2024 | 554.00 Mn |
| Jul 31, 2024 | 573.50 Mn |
| Apr 30, 2024 | 513.60 Mn |
| Jan 31, 2024 | 499.10 Mn |
| Oct 31, 2023 | 472.80 Mn |
| Jul 31, 2023 | 506.80 Mn |
| Apr 30, 2023 | 474.80 Mn |
| Jan 31, 2023 | 466.20 Mn |
| Oct 31, 2022 | 461.90 Mn |
| Jul 31, 2022 | 492.30 Mn |
| Apr 30, 2022 | 440.50 Mn |
| Jan 31, 2022 | 405.30 Mn |
| Oct 31, 2021 | 380.60 Mn |
API Access
Palo Alto Networks Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=PANW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "PANW", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=PANW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();