Palo Alto Networks (PANW) Operating Leases (2019 - 2026)
Palo Alto Networks' (PANW) quarterly Operating Leases came in at $793.0 million in Q3 2026, up 134.62% year-over-year from $338.0 million in Q3 2025, and up 10.29% on a QoQ basis from $719.0 million in Q2 2026.
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Analysis
Palo Alto Networks (PANW) Operating Leases (2019 - 2026) Analysis & Trends
Palo Alto Networks (PANW) has 8 years of Operating Leases data on file, last reported at $793.0 million in Q3 2026.
- On a quarterly basis, Operating Leases rose 134.62% year-over-year to $793.0 million in Q3 2026; TTM through Jul 2026 was $793.0 million, a 134.62% increase from a year earlier, with the FY2026 full-year figure at $793.0 million, up 134.62% from the prior year.
- Operating Leases for Q3 2026 stood at $793.0 million, up from $719.0 million in the prior quarter.
- Across five years, Operating Leases topped out at $793.0 million in Q3 2026 and bottomed at $264.5 million in Q2 2023.
- Historically, Operating Leases has averaged $367.4 million across 5 years, with a median of $345.7 million in 2025.
- The widest annual swing landed in 2022, when Operating Leases fell 13.22%; it then soared 134.62% in 2026.
- Year by year, Operating Leases stood at $283.1 million in 2022, then retreated by 2.58% to $275.8 million in 2023, then soared by 37.64% to $379.6 million in 2024, then fell by 8.85% to $346.0 million in 2025, then jumped by 129.19% to $793.0 million in 2026.
- Per Business Quant data, the three most recent Operating Leases figures were $793.0 million in Q3 2026, $719.0 million in Q2 2026, and $372.0 million in Q1 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 726.00 Mn |
| Apr 30, 2026 | 719.00 Mn |
| Jan 31, 2026 | 372.00 Mn |
| Oct 31, 2025 | 346.00 Mn |
| Jul 31, 2025 | 338.00 Mn |
| Apr 30, 2025 | 345.70 Mn |
| Jan 31, 2025 | 363.00 Mn |
| Oct 31, 2024 | 379.60 Mn |
| Jul 31, 2024 | 380.50 Mn |
| Apr 30, 2024 | 369.80 Mn |
| Jan 31, 2024 | 362.70 Mn |
| Oct 31, 2023 | 275.80 Mn |
| Jul 31, 2023 | 279.20 Mn |
| Apr 30, 2023 | 264.50 Mn |
| Jan 31, 2023 | 274.20 Mn |
| Oct 31, 2022 | 283.10 Mn |
| Jul 31, 2022 | 276.10 Mn |
| Apr 30, 2022 | 275.70 Mn |
| Jan 31, 2022 | 282.40 Mn |
| Oct 31, 2021 | 299.50 Mn |
API Access
Palo Alto Networks Operating Leases 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-leases&ticker=PANW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=PANW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();