Palo Alto Networks (PANW) Research & Development (2011 - 2026)
Palo Alto Networks' (PANW) quarterly Research & Development came in at $1.1 billion in Q3 2026, up 35.95% year-over-year from $829.0 million in Q3 2025, and down 2.93% on a QoQ basis from $1.2 billion in Q2 2026.
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Analysis
Palo Alto Networks (PANW) Research & Development (2011 - 2026) Analysis & Trends
Palo Alto Networks (PANW) has 16 years of Research & Development data on file, last reported at $1.1 billion in Q3 2026.
- On a quarterly basis, Research & Development rose 35.95% year-over-year to $1.1 billion in Q3 2026; TTM through Jul 2026 was $3.9 billion, a 26.81% increase from a year earlier, with the FY2026 full-year figure at $3.9 billion, up 26.81% from the prior year.
- Research & Development for Q3 2026 stood at $1.1 billion, down from $1.2 billion in the prior quarter.
- Across five years, Research & Development topped out at $1.2 billion in Q2 2026 and bottomed at $528.8 million in Q1 2022.
- Historically, Research & Development has averaged $737.5 million across 5 years, with a median of $718.7 million in 2024.
- The widest annual swing landed in 2023, when Research & Development gained 7.4%; it then jumped 46.41% in 2026.
- Year by year, Research & Development stood at $615.0 million in 2022, then increased by 7.4% to $660.5 million in 2023, then rose by 9.01% to $720.0 million in 2024, then advanced by 13.89% to $820.0 million in 2025, then surged by 37.44% to $1.1 billion in 2026.
- Per Business Quant data, the three most recent Research & Development figures were $1.1 billion in Q3 2026, $1.2 billion in Q2 2026, and $823.0 million in Q1 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 1.13 Bn |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | 509.97 Mn |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 669.10 Mn |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | 611.62 Mn |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 477.97 Mn |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | 208.69 Mn |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 253.07 Mn |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 273.00 Mn |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 679.00 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();