PANW · 10-K · 2026A · Full report

Revenue Performance and Mix

Palo Alto Networks Inc · 2026-09-10 · Importance 59 · Surprise 48 · In source text

Fiscal 2026 total revenue increased 24% year over year to $11.48 billion from $9.22 billion in fiscal 2025. Product revenue grew 27% to $2.28 billion and represented 19.9% of total revenue, compared with 19.5% in fiscal 2025. Subscription and support revenue increased 24% to $9.20 billion and represented 80.1% of total revenue, with subscription revenue of $6.24 billion and support revenue of $2.96 billion. Product growth was driven by higher software-license revenue, including CyberArk, and demand for new-generation hardware, while subscription and support growth reflected customer demand and contributions from CyberArk and Chronosphere.

Key facts

• Remaining performance obligations as of July 31 were $21.2 billion and $15.8 billion for the prior period shown. source
• Next-Generation Security Annualized Recurring Revenue (NGS ARR) as of July 31 was $9.1 billion for the latest period and $5.6 billion for the prior period shown. source
• Total revenue for fiscal 2026 was $11.5 billion. source
• Subscription and support revenue for fiscal 2026 was $9.2 billion, representing 80.1% of total revenue. source
• Total revenue for fiscal 2025 was $9.2 billion. source
• Product revenue for fiscal 2026 was $2.280 billion, representing 19.9% of total revenue. source
• When estimating standalone selling price, we first consider the prices charged for a deliverable when sold separately and, if not observable, estimate it based on our pricing model and our go-to-market strategy which include factors such as type of sales channel, the geographies in which our offerings were sold, and offering type. source

Impact estimates