Palo Alto Networks (PANW) Cost of Revenue (2011 - 2026)

Palo Alto Networks' Cost of Revenue history runs 16 years deep, the most recent figure standing at $823.0 million for Q1 2026.

• In Q1 2026, Cost of Revenue rose 37.4% year-over-year to $823.0 million; the TTM figure through Jan 2026 stood at $3.8 billion (up 35.36% YoY), while the FY2025 annual figure was $3.1 billion, up 10.94% from the prior year.
• Cost of Revenue was $823.0 million for Q1 2026 at Palo Alto Networks, roughly flat from $820.0 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $1.3 billion in Q3 2025 to a low of $29.7 million in Q3 2023.
• Historically, Cost of Revenue has averaged $622.6 million across 5 years, with a median of $639.5 million in 2023.
• The sharpest annual moves came in 2023 and 2024: Cost of Revenue slumped 78.85% in 2023, then jumped 2399.33% in 2024.
• A 5-year view of Cost of Revenue shows it stood at $615.0 million in 2022, then retreated by 23.12% to $472.8 million in 2023, then soared by 52.28% to $720.0 million in 2024, then increased by 13.89% to $820.0 million in 2025, then rose by 0.37% to $823.0 million in 2026.
• The last three Cost of Revenue figures came in at $823.0 million (Q1 2026), $820.0 million (Q4 2025), and $1.3 billion (Q3 2025), per Business Quant data.