Palo Alto Networks (PANW) Operating Expenses (2011 - 2026)
Palo Alto Networks (PANW) posted quarterly Operating Expenses of $1.5 billion for Q1 2026, up 6.7% year-over-year from $1.4 billion in Q1 2025, and down 0.98% quarter-over-quarter from $1.5 billion in Q4 2025.
Palo Alto Networks (PANW) Operating Expenses (2011 - 2026) Analysis & Trends
Palo Alto Networks' Operating Expenses history runs 16 years deep, the most recent figure standing at $1.5 billion for Q1 2026.
- In Q1 2026, Operating Expenses rose 6.7% year-over-year to $1.5 billion; the TTM figure through Jan 2026 stood at $5.9 billion (up 8.58% YoY), while the FY2025 annual figure was $5.5 billion, up 4.59% from the prior year.
- Operating Expenses for Q1 2026 stood at $1.5 billion, down from $1.5 billion in the prior quarter.
- The five-year high for Operating Expenses was $1.5 billion in Q4 2025, with the low 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.
- The sharpest annual moves came in 2024 and 2025: Operating Expenses increased 23.79% in 2024, then dropped 1.26% in 2025.
- Palo Alto Networks' Operating Expenses stood at $1.1 billion in 2022, then climbed by 9.56% to $1.2 billion in 2023, then rose by 9.15% to $1.3 billion in 2024, then advanced by 17.55% to $1.5 billion in 2025, then declined by 0.98% to $1.5 billion in 2026.
- Business Quant data shows PANW's Operating Expenses at $1.5 billion in Q1 2026, $1.5 billion in Q4 2025, and $1.4 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 12.28 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | 13.05 Bn |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 726.59 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 2.21 Bn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 953.90 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 705.21 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 1.57 Bn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 2.62 Bn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 2.72 Bn |
| 10 | NetApp | 40.59 Bn | 37.00 Bn | 1.37 Bn | 833.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |
| Jul 31, 2021 | 920.80 Mn |