Palo Alto Networks (PANW) Research & Development (2011 - 2026)
Palo Alto Networks' Research & Development came in at $779 million for fiscal Q4 2026 (quarter ended Jul 31, 2026), up 54.6% from $504 million a year earlier and up 6.1% from the prior quarter.
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Analysis
Palo Alto Networks (PANW) Research & Development (2011 - 2026) Analysis & Trends
For FY2026 (ended Jul 31, 2026), Palo Alto Networks' Research & Development was $2.55 billion, up 28.6% from FY2025.
- Research & Development has increased in each of the last 15 fiscal years, with a five-year compound annual growth rate of 17.5% (FY2021 to FY2026).
- Going back by fiscal year, Research & Development was $1.98 billion in FY2025 (+9.6%), $1.81 billion in FY2024 (+12.8%), $1.6 billion in FY2023 (+13.1%) and $1.42 billion in FY2022 (+24.3%).
- The fiscal Q4 2026 figure represents the highest quarterly Research & Development in data going back to fiscal Q1 2012.
- Year-over-year, Research & Development has increased for 56 consecutive quarters, with growth averaging 19.3% over the last eight quarters.
- Across the past five years, year-over-year growth in Research & Development ran from 1.2% in fiscal Q2 2026 to 54.6% in fiscal Q4 2026.
- Business Quant data shows PANW's Research & Development at $734 million (Q3 2026), $511 million (Q2 2026) and $528 million (Q1 2026) in the three fiscal quarters before Q4 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 255.53 Bn | 240.60 Bn | 2.30 Bn | 779.00 Mn |
| 2 | CrowdStrike Holdings | 230.03 Bn | 210.43 Bn | 1.10 Bn | 444.20 Mn |
| 3 | Fortinet | 123.13 Bn | 109.06 Bn | 1.64 Bn | 225.00 Mn |
| 4 | Snowflake | 107.35 Bn | 94.67 Bn | 1.04 Bn | 567.48 Mn |
| 5 | Datadog | 87.69 Bn | 69.33 Bn | 881.34 Mn | 477.97 Mn |
| 6 | Zscaler | 32.63 Bn | 18.74 Bn | - | - |
| 7 | Okta | 32.61 Bn | 22.70 Bn | 641.00 Mn | 163.00 Mn |
| 8 | Axon Enterprise | 32.22 Bn | 26.75 Bn | 546.45 Mn | 208.69 Mn |
| 9 | MongoDB | 26.93 Bn | 17.40 Bn | 569.77 Mn | 213.87 Mn |
| 10 | F5 | 24.99 Bn | 19.40 Bn | 711.51 Mn | 164.66 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 779.00 Mn |
| Apr 30, 2026 | 734.00 Mn |
| Jan 31, 2026 | 511.00 Mn |
| Oct 31, 2025 | 528.00 Mn |
| Jul 31, 2025 | 504.00 Mn |
| Apr 30, 2025 | 494.00 Mn |
| Jan 31, 2025 | 505.00 Mn |
| Oct 31, 2024 | 481.00 Mn |
| Jul 31, 2024 | 495.40 Mn |
| Apr 30, 2024 | 457.20 Mn |
| Jan 31, 2024 | 447.90 Mn |
| Oct 31, 2023 | 409.50 Mn |
| Jul 31, 2023 | 414.40 Mn |
| Apr 30, 2023 | 413.70 Mn |
| Jan 31, 2023 | 404.10 Mn |
| Oct 31, 2022 | 371.80 Mn |
| Jul 31, 2022 | 363.80 Mn |
| Apr 30, 2022 | 355.40 Mn |
| Jan 31, 2022 | 359.00 Mn |
| Oct 31, 2021 | 339.50 Mn |
API Access
Palo Alto Networks Research & Development 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=research-and-development&ticker=PANW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=PANW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();