Palo Alto Networks (PANW) Operating Expenses (2011 - 2026)
Palo Alto Networks' Operating Expenses was $2.13 billion in fiscal Q4 2026 (quarter ended Jul 31, 2026), up 56.8% from $1.36 billion a year earlier but down 3.6% from the prior quarter.
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Analysis
Palo Alto Networks (PANW) Operating Expenses (2011 - 2026) Analysis & Trends
For FY2026 (ended Jul 31, 2026), Operating Expenses at Palo Alto Networks came in at $7.38 billion, up 33.6% from FY2025.
- Operating Expenses has now increased for 15 consecutive fiscal years, with a five-year compound annual growth rate of 17.6% (FY2021 to FY2026).
- In earlier fiscal years, Operating Expenses was $5.53 billion in FY2025 (+4.6%), $5.28 billion in FY2024 (+15.0%), $4.6 billion in FY2023 (+15.7%) and $3.97 billion in FY2022 (+20.9%).
- Quarterly Operating Expenses has moved between $949.5 million (fiscal Q1 2022) and $2.21 billion (fiscal Q3 2026) over five years.
- Compared with a year earlier, Operating Expenses has increased for four straight quarters, with growth averaging 19.1% over the last eight quarters.
- The best year-over-year quarter for Operating Expenses over five years was fiscal Q4 2026 (growth of 56.8%); the worst was fiscal Q4 2025 (a decline of 1.2%).
- Per Business Quant data, PANW's Operating Expenses in the three fiscal quarters before Q4 2026 was $2.21 billion (Q3 2026), $1.51 billion (Q2 2026) and $1.53 billion (Q1 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 264.72 Bn | 249.79 Bn | 2.30 Bn | 2.13 Bn |
| 2 | CrowdStrike Holdings | 238.73 Bn | 219.14 Bn | 1.10 Bn | 1.13 Bn |
| 3 | Fortinet | 127.27 Bn | 113.20 Bn | 1.64 Bn | 953.90 Mn |
| 4 | Snowflake | 110.23 Bn | 97.55 Bn | 1.04 Bn | 1.30 Bn |
| 5 | Datadog | 89.17 Bn | 70.81 Bn | 881.34 Mn | 875.89 Mn |
| 6 | Zscaler | 33.92 Bn | 20.04 Bn | - | - |
| 7 | Okta | 33.82 Bn | 23.92 Bn | 641.00 Mn | 534.00 Mn |
| 8 | Axon Enterprise | 33.04 Bn | 27.56 Bn | 546.45 Mn | 499.67 Mn |
| 9 | MongoDB | 27.87 Bn | 18.34 Bn | 569.77 Mn | 541.37 Mn |
| 10 | F5 | 25.05 Bn | 19.46 Bn | 711.51 Mn | 498.25 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 2.13 Bn |
| Apr 30, 2026 | 2.21 Bn |
| Jan 31, 2026 | 1.51 Bn |
| Oct 31, 2025 | 1.53 Bn |
| Jul 31, 2025 | 1.36 Bn |
| Apr 30, 2025 | 1.45 Bn |
| Jan 31, 2025 | 1.42 Bn |
| Oct 31, 2024 | 1.30 Bn |
| Jul 31, 2024 | 1.38 Bn |
| Apr 30, 2024 | 1.29 Bn |
| Jan 31, 2024 | 1.42 Bn |
| Oct 31, 2023 | 1.19 Bn |
| Jul 31, 2023 | 1.19 Bn |
| Apr 30, 2023 | 1.17 Bn |
| Jan 31, 2023 | 1.15 Bn |
| Oct 31, 2022 | 1.09 Bn |
| Jul 31, 2022 | 1.04 Bn |
| Apr 30, 2022 | 993.80 Mn |
| Jan 31, 2022 | 985.50 Mn |
| Oct 31, 2021 | 949.50 Mn |
API Access
Palo Alto Networks Operating Expenses 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=operating-expenses&ticker=PANW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=PANW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();