Palo Alto Networks (PANW) Research & Development (2011 - 2026)
Palo Alto Networks (PANW) posted quarterly Research & Development of $823.0 million for Q1 2026, up 62.97% year-over-year from $505.0 million in Q1 2025, and little changed quarter-over-quarter from $820.0 million in Q4 2025.
Palo Alto Networks (PANW) Research & Development (2011 - 2026) Analysis & Trends
Palo Alto Networks' Research & Development history runs 16 years deep, the most recent figure standing at $823.0 million for Q1 2026.
- In Q1 2026, Research & Development rose 62.97% year-over-year to $823.0 million; the TTM figure through Jan 2026 stood at $3.8 billion (up 39.88% YoY), while the FY2025 annual figure was $3.1 billion, up 10.94% from the prior year.
- Research & Development for Q1 2026 stood at $823.0 million, roughly flat from $820.0 million in the prior quarter.
- The five-year high for Research & Development was $1.6 billion in Q3 2025, with the low at $355.4 million in Q2 2022.
- The 5-year median for Research & Development is $673.0 million (2024), against an average of $749.4 million.
- The sharpest annual moves came in 2022 and 2024: Research & Development jumped 985.92% in 2022, then slumped 45.19% in 2024.
- Palo Alto Networks' Research & Development stood at $615.0 million in 2022, then sank by 33.41% to $409.5 million in 2023, then jumped by 75.82% to $720.0 million in 2024, then grew by 13.89% to $820.0 million in 2025, then increased by 0.37% to $823.0 million in 2026.
- Business Quant data shows PANW's Research & Development at $823.0 million in Q1 2026, $820.0 million in Q4 2025, and $1.6 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 10.00 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | 4.01 Bn |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 339.50 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 1.16 Bn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 669.10 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 276.12 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 396.38 Mn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 60.00 Mn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 664.96 Mn |
| 10 | NetApp | 40.59 Bn | 37.00 Bn | 1.37 Bn | 261.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | 1.16 Bn |
| Jan 31, 2026 | 823.00 Mn |
| Oct 31, 2025 | 820.00 Mn |
| Jul 31, 2025 | 1.62 Bn |
| Apr 30, 2025 | 494.50 Mn |
| Jan 31, 2025 | 505.00 Mn |
| Oct 31, 2024 | 720.00 Mn |
| Jul 31, 2024 | 742.30 Mn |
| Apr 30, 2024 | 718.70 Mn |
| Jan 31, 2024 | 673.00 Mn |
| Oct 31, 2023 | 409.50 Mn |
| Jul 31, 2023 | 1.35 Bn |
| Apr 30, 2023 | 639.50 Mn |
| Jan 31, 2023 | 625.50 Mn |
| Oct 31, 2022 | 615.00 Mn |
| Jul 31, 2022 | 1.10 Bn |
| Apr 30, 2022 | 355.40 Mn |
| Jan 31, 2022 | 528.80 Mn |
| Oct 31, 2021 | 339.50 Mn |
| Jul 31, 2021 | -123.60 Mn |