Filing Flows › Palo Alto Networks (PANW) › Q3 FY26 › vs Q3 FY25
Palo Alto Networks (PANW) Q3 FY26 vs Q3 FY25 (year over year)
Palo Alto Networks's revenue rose $713M (+31%) from $2.3B in Q3 FY25 to $3.0B in Q3 FY26. The biggest changes: Subscription and support +$572M (+31%); Product +$141M (+31%).
Palo Alto Networks, Q3 FY26: revenue $3.0B (+31% year over year), operating margin -6.1%, net loss $177M, operating cash flow $871M. The chart draws each line against Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Free cash flow margin | 26.2% | 24.5% | +1.8 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Subscription | $1.6B | $1.2B | $398M | +32% |
| Support | $776M | $602M | $174M | +29% |
| Subscription and support | $2.4B | $1.8B | $572M | +31% |
| Product | $594M | $453M | $141M | +31% |
| Revenue | $3.0B | $2.3B | $713M | +31% |
| Other income, net | $27.0M | $92.0M | −$65.0M | -71% |
| Net loss | $177M | −$262M | $439M | — |
| Costs & expenses | $3.2B | $2.4B | $825M | +35% |
| Operating costs | $3.2B | $2.1B | $1.1B | +54% |
| Income tax | $21.0M | $49.0M | −$28.0M | -57% |
| Cost of revenue | $974M | $619M | $355M | +57% |
| Research & development | $734M | $494M | $240M | +49% |
| Sales & marketing | $1.2B | $793M | $368M | +46% |
| General & admin | $316M | $164M | $152M | +93% |
| Operating cash sources | $1.0B | $366M | $682M | +186% |
| Depreciation & amortization | $334M | $88.0M | $246M | +280% |
| Share-based compensation | $643M | $326M | $317M | +97% |
| Working capital & other | $71.0M | −$48.0M | $119M | — |
| Net loss absorbed | $177M | −$262M | $439M | — |
| Operating cash flow | $871M | $628M | $243M | +39% |
| Free cash flow (OCF − capex) | $788M | $560M | $228M | +41% |
| Capital expenditures | $83.0M | $68.0M | $15.0M | +22% |
Questions
How much did Palo Alto Networks's revenue grow year over year in Q3 FY26?
Palo Alto Networks's revenue rose $713M (+31%) from $2.3B in Q3 FY25 to $3.0B in Q3 FY26.
What drove Palo Alto Networks's revenue change in Q3 FY26?
Subscription and support +$572M (+31%); Product +$141M (+31%).