Palo Alto Networks (PANW) Operating Expenses (2011 - 2026)

Palo Alto Networks' Operating Expenses history runs 16 years deep, the most recent figure standing at $1.5 billion for Q1 2026.

• On a quarterly basis, Operating Expenses rose 6.7% year-over-year to $1.5 billion in Q1 2026; TTM through Jan 2026 was $5.9 billion, a 8.58% increase from a year earlier, with the FY2025 full-year figure at $5.5 billion, up 4.59% from the prior year.
• Operating Expenses declined to $1.5 billion in Q1 2026 per PANW's latest filing, from $1.5 billion in the prior quarter.
• Across five years, Operating Expenses topped out at $1.5 billion in Q4 2025 and bottomed at $985.5 million in Q1 2022.
• The 5-year median for Operating Expenses is $1.3 billion (2024), against an average of $1.3 billion.
• Across the five-year window, Operating Expenses advanced 23.79% in 2024 and retreated 1.26% in 2025, its largest moves.
• Year by year, Operating Expenses stood at $1.1 billion in 2022, then grew by 9.56% to $1.2 billion in 2023, then gained by 9.15% to $1.3 billion in 2024, then climbed by 17.55% to $1.5 billion in 2025, then fell by 0.98% to $1.5 billion in 2026.
• Per Business Quant, the three latest PANW Operating Expenses figures stand at $1.5 billion (Q1 2026), $1.5 billion (Q4 2025), and $1.4 billion (Q3 2025).