Palo Alto Networks (PANW) Cost of Revenue (2011 - 2026)
Palo Alto Networks (PANW) posted Cost of Revenue of $1.11 billion for fiscal Q4 2026 (quarter ended Jul 31, 2026), up 62.9% from $679 million a year earlier and up 13.6% from the prior quarter.
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Analysis
Palo Alto Networks (PANW) Cost of Revenue (2011 - 2026) Analysis & Trends
For FY2026 (ended Jul 31, 2026), Palo Alto Networks' Cost of Revenue came in at $3.4 billion, up 38.8% from FY2025.
- Annual Cost of Revenue has increased for 15 consecutive fiscal years, with a five-year compound annual growth rate of 21.7% (FY2021 to FY2026).
- In prior fiscal years, Palo Alto Networks' Cost of Revenue was $2.45 billion in FY2025 (+19.0%), $2.06 billion in FY2024 (+7.8%), $1.91 billion in FY2023 (+11.1%) and $1.72 billion in FY2022 (+34.8%).
- The fiscal Q4 2026 figure stands as the highest quarterly Cost of Revenue in data going back to fiscal Q1 2012.
- On a year-over-year basis, Cost of Revenue has increased in each of the last 56 quarters, with growth averaging 28.2% over the last eight quarters.
- Over the past five years, the year-over-year growth in Cost of Revenue ranged from 2.4% (fiscal Q1 2024) to 62.9% (fiscal Q4 2026).
- According to Business Quant data, Cost of Revenue for the three prior fiscal quarters was $974 million (Q3 2026), $685 million (Q2 2026) and $638 million (Q1 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 256.87 Bn | 241.94 Bn | 2.30 Bn | 1.11 Bn |
| 2 | CrowdStrike Holdings | 231.15 Bn | 211.55 Bn | 1.10 Bn | 374.00 Mn |
| 3 | Fortinet | 124.03 Bn | 109.96 Bn | 1.64 Bn | 404.70 Mn |
| 4 | Snowflake | 108.12 Bn | 95.44 Bn | 1.04 Bn | 510.08 Mn |
| 5 | Datadog | 88.51 Bn | 70.15 Bn | 881.34 Mn | 240.11 Mn |
| 6 | Okta | 32.90 Bn | 23.00 Bn | 641.00 Mn | 164.00 Mn |
| 7 | Zscaler | 32.89 Bn | 19.01 Bn | - | - |
| 8 | Axon Enterprise | 32.34 Bn | 26.86 Bn | 546.45 Mn | 357.94 Mn |
| 9 | MongoDB | 27.09 Bn | 17.56 Bn | 569.77 Mn | 202.01 Mn |
| 10 | F5 | 25.10 Bn | 19.51 Bn | 711.51 Mn | 153.56 Mn |
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();