Palo Alto Networks (PANW) Cost of Revenue (2011 - 2026)
Palo Alto Networks (PANW) posted quarterly Cost of Revenue of $685.0 million for Q1 2026, up 14.36% year-over-year from $599.0 million in Q1 2025, and up 7.37% quarter-over-quarter from $638.0 million in Q4 2025.
Palo Alto Networks (PANW) Cost of Revenue (2011 - 2026) Analysis & Trends
Palo Alto Networks' Cost of Revenue history runs 16 years deep, the most recent figure standing at $685.0 million for Q1 2026.
- In Q1 2026, Cost of Revenue rose 14.36% year-over-year to $685.0 million; the TTM figure through Jan 2026 stood at $2.6 billion (up 17.01% YoY), while the FY2025 annual figure was $2.5 billion, up 19.06% from the prior year.
- Cost of Revenue for Q1 2026 stood at $685.0 million, up from $638.0 million in the prior quarter.
- The five-year high for Cost of Revenue was $685.0 million in Q1 2026, with the low at $405.3 million in Q1 2022.
- The 5-year median for Cost of Revenue is $506.8 million (2023), against an average of $534.2 million.
- The sharpest annual moves came in 2022 and 2023: Cost of Revenue surged 37.17% in 2022, then climbed 2.36% in 2023.
- Palo Alto Networks' Cost of Revenue stood at $461.9 million in 2022, then gained by 2.36% to $472.8 million in 2023, then grew by 17.17% to $554.0 million in 2024, then rose by 15.16% to $638.0 million in 2025, then advanced by 7.37% to $685.0 million in 2026.
- Business Quant data shows PANW's Cost of Revenue at $685.0 million in Q1 2026, $638.0 million in Q4 2025, and $679.0 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 29.53 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | - |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 296.87 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 974.00 Mn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 404.70 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 196.54 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 637.38 Mn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 879.00 Mn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 3.45 Bn |
| 10 | NetApp | 40.59 Bn | 37.00 Bn | 1.37 Bn | 583.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | 974.00 Mn |
| Apr 30, 2026 | 974.00 Mn |
| Jan 31, 2026 | 685.00 Mn |
| Jan 31, 2026 | 685.00 Mn |
| Oct 31, 2025 | 638.00 Mn |
| Oct 31, 2025 | 638.00 Mn |
| Jul 31, 2025 | 679.00 Mn |
| Jul 31, 2025 | 679.00 Mn |
| Apr 30, 2025 | 619.30 Mn |
| Apr 30, 2025 | 619.30 Mn |
| Jan 31, 2025 | 599.00 Mn |
| Jan 31, 2025 | 599.00 Mn |
| Oct 31, 2024 | 554.00 Mn |
| Oct 31, 2024 | 554.00 Mn |
| Jul 31, 2024 | 573.70 Mn |
| Jul 31, 2024 | 573.70 Mn |
| Apr 30, 2024 | 513.60 Mn |
| Apr 30, 2024 | 513.60 Mn |
| Jan 31, 2024 | 499.10 Mn |
| Jan 31, 2024 | 499.10 Mn |