Palo Alto Networks (PANW) Company Report

Palo Alto Networks and Google Cloud broaden their strategic alliance to secure AI development and deployment by integrating Prisma AIRS across Google Cloud’s AI and infrastructure services, addressing the 99% of organizations that experienced AI infrastructure attacks last year.
The expansion delivers end-to-end AI security—from AI Posture Management and AI Runtime Security to AI Agent Security, AI Red Teaming and AI Model Security—protecting workloads on Vertex AI and Agent Engine.
It introduces an AI-driven software firewall (VM-Series SWFW) and a secure access service edge (Prisma SASE) platform natively integrated with Google Cloud’s networking and AI services for unified, cloud-native security.
Building on 75+ joint integrations and $2 billion in Google Cloud Marketplace sales, Palo Alto Networks will migrate key internal workloads to Google Cloud and leverage Vertex AI and Gemini LLMs for its own AI copilots.

Dec 19, 2025, 1:15 PM

Press Release

Palo Alto Networks releases State of Cloud Security Report 2025

PANW

99% of surveyed organizations reported at least one attack on their AI systems in the past year, highlighting an expanding cloud attack surface driven by AI adoption.
The rise of GenAI-assisted coding is producing insecure code faster than teams can review—only 18% of teams shipping code weekly can fix vulnerabilities at that pace.
Key cloud security risks include a 41% jump in API attacks, 53% citing weak identity and access management, and 28% flagging lateral network movement as a major threat.
Security tool sprawl—managing an average of 17 cloud security tools from five vendors—drives 97% of organizations to consolidate, and 89% believe full integration of cloud security with SOC is critical.

Dec 16, 2025, 1:15 PM

Press Release

Palo Alto Networks approves 10M-share increase to equity plan and elects Class II directors

PANW

Proxy Vote Outcomes

Auditor Change

Executive Compensation

At the December 9, 2025 Annual Meeting, shareholders approved an amendment to the 2021 Equity Incentive Plan to increase the share reserve by 10 million shares, and the company filed the amended and restated plan as Exhibit 10.1.
Class II directors John M. Donovan, James J. Goetz, and Helle Thorning-Schmidt were re-elected to serve until the 2028 Annual Meeting, receiving 376.3 million, 448.9 million, and 475.9 million votes in favor, respectively.
Shareholders ratified Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending July 31, 2026, with 563.9 million votes for and 14.0 million against.
The advisory vote on named executive officer compensation was not approved (221.2 million for vs. 253.8 million against), a shareholder proposal on share repurchase policy was rejected, and a proposal to elect directors annually was approved.

Dec 11, 2025, 9:05 PM

8-K

Palo Alto Networks reports strong FY2025 performance and AGM outcomes

PANW

Product Launch

M&A

Proxy Vote Outcomes

Fiscal 2025 revenue increased 15% to $9.22 billion, Next Generation Security ARR rose 32% to $5.58 billion, and remaining performance obligations grew 24% to $15.8 billion
Launched Prisma AIRS AI security platform and announced intent to acquire CyberArk to establish an end-to-end AI and identity security platform
AGM proxy votes: Class 2 directors re-elected; Ernst & Young ratified; advisory vote on executive compensation failed; 2021 equity plan amendment approved; share repurchase adjustment proposal rejected; board declassification proposal approved

Dec 9, 2025, 7:00 PM

Transcript

Palo Alto Networks reports FY 2025 AGM highlights

PANW

Product Launch

M&A

Proxy Vote Outcomes

FY 2025 revenue of $9.22 billion (up 15% YoY), NGS ARR of $5.58 billion (up 32%), and PO of $15.8 billion (up 24%), underscoring strong growth.
Announced launch of Prisma AIRS, the company’s comprehensive AI security platform, and the intent to acquire CyberArk to bolster identity security.
AGM voting results: Class 2 directors re-elected, Ernst & Young ratified, advisory vote on executive compensation failed, amendment to equity incentive plan approved, buyback-adjustment proposal rejected, and board declassification resolution approved.

Dec 9, 2025, 7:00 PM

Transcript

Palo Alto Networks details CyberArk and Chronosphere acquisitions

PANW

M&A

Guidance Update

CEO Nikesh Arora announced two major acquisitions—CyberArk for identity and Chronosphere for cloud observability—to expand TAM and raise the 2030 NGS ARR target from $15 billion to $20 billion, with roughly 33% of incremental ARR attributed to Chronosphere and 67% to CyberArk.
The CyberArk deal is expected to drive margin convergence from ~20% to 30%+ operating margins within 24 months and leverage Palo Alto’s scale and go-to-market capabilities ; Chronosphere offers 70%+ gross margins at $0.40 on the dollar versus competitors, targeting a cloud observability TAM of $50–100 billion amid AI-driven infrastructure growth.
The core SaaS security business generated $1–1.3 billion in revenue, grew 34%, and now serves over 6,000 customers, ranking #2 in the category with faster deployments by converting existing VPN clients to Prisma Access.
Software firewall ARR gained to ~50% market share in multi-cloud environments, supported by the AI-focused Prisma AIRS firewall (model scanning, posture management, red teaming) deployed by ~50 customers.
Arora forecasted $1–2 trillion in incremental AI-related infrastructure spending over the next 3–5 years, expanding the cybersecurity attack surface and driving demand for “AI-speed” security solutions.

Dec 2, 2025, 11:55 PM

Transcript

Palo Alto Networks raises 2030 ARR target and details CyberArk, Chronosphere acquisitions

PANW

M&A

Guidance Update

New Projects/Investments

Nikesh Arora outlined two major acquisitions to expand TAM in identity and observability: the planned purchase of CyberArk at a 20%+ premium for identity security , and the acquisition of Chronosphere targeting a $50–70 billion observability TAM with 70%+ gross margins.
The company raised its fiscal 2030 NGSA ARR target from $15 billion to $20 billion, attributing roughly one-third of the uplift to Chronosphere and two-thirds to CyberArk.
Arora highlighted the expected $1 trillion annual AI-driven infrastructure spend, estimating observability could represent 10–15% of this, driving demand for expanded security and observability solutions.
Integration plans include empowering Chronosphere’s leadership with additional resources to maintain momentum, and restructuring CyberArk to leverage Palo Alto’s scale with a goal of margin convergence to 30%+ within 24 months.

Dec 2, 2025, 11:55 PM

Transcript

Palo Alto Networks acquires Chronosphere and CyberArk, targets $15–20 B ARR by FY2030

PANW

M&A

Product Launch

Guidance Update

Announced the acquisitions of identity leader CyberArk and observability startup Chronosphere to add a $40–100 B TAM in identity and cloud observability, targeting ~70%+ gross margins and leveraging existing customer relationships.
Set a long-term fiscal 2030 Next-Gen Security ARR goal of $15 B–$20 B, with roughly 1/3 from Chronosphere and 2/3 from CyberArk contributions.
Core SaaS business (Prisma) now serves over 6,000 customers, ranking #2 in the market with 34% revenue growth; Software Firewall ARR is growing 20%+, achieving ~50% share in cloud software firewalls.
Launched AI-driven security products, including Prisma AIRS (AI firewall) with model scanning, posture management, and secure AI browser controls to defend against prompt injection and data poisoning.
Highlighted a macro AI spending boom—enterprise attack surfaces and speeds are expanding—driving increased infrastructure and AI-speed cybersecurity demand.

Dec 2, 2025, 11:55 PM

Transcript

Palo Alto Networks beats fiscal Q1 2026 estimates, plans $3.35B Chronosphere acquisition

PANW

Earnings

M&A

Palo Alto Networks beat Q1 fiscal 2026 estimates with adjusted EPS of $0.93 and revenue of $2.47 billion, up 16% year-over-year.
Net income declined to $334 million from $351 million due to heavy AI investments, while remaining performance obligations rose 24% to $15.5 billion.
The company will acquire Chronosphere for $3.35 billion to enhance AI observability, integrating the platform into AgentiX for real-time, gigawatt-scale monitoring.

Nov 20, 2025, 2:10 AM

Bloomberg

Palo Alto Networks reports Q1 2026 results

PANW

Earnings

Guidance Update

M&A

In Q1 FY2026, NGS ARR grew 29%, RPO increased 24%, and total revenue rose 16% year-over-year.
SASE ARR climbed 34% to over $1.3 billion with ~6,800 customers, while software firewall revenues grew 23%, serving 12,500+ customers.
Delivered 30.2% operating margin and 76.9% total gross margin, with non-GAAP EPS of $0.93 and $1.7 billion of adjusted free cash flow; cash >$10 billion.
Q2 FY2026 guidance: expects NGS ARR of $6.11–$6.14 billion (↑28% year-over-year).
M&A on track: CyberArk deal expected to close in Q3 and FY2030 ARR target raised from $15 billion to $20 billion.

Nov 19, 2025, 9:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Palo Alto Networks.

Q1 2026

Nov 19, 2025

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Q4 2025

Aug 18, 2025

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Q3 2025

May 20, 2025

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Palo Alto Networks (PANW)

Analyst Earnings Quarterly Reports

Q1 2026

Q4 2025

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Executives

Nikesh Arora

BJ Jenkins

Dipak Golechha

Lee Klarich

Board Members

Aparna Bawa

Carl Eschenbach

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James Goetz

John Donovan

John Key

Lorraine Twohill

Mary Pat McCarthy

Ralph Hamers

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Brian Essex

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Brad Zelnick

Hamza Fodderwala

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Jonathan Ho

Joshua Tilton

Matthew George Hedberg

Meta Marshall

Patrick Colville

Paul Liguori

Gray Powell

Joel Fishbein

Keith Weiss

Peter Weed

Robbie Owens

Roger Boyd

Tal Liani

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