Filing Flows › Palo Alto Networks (PANW) › Q4 FY25
Palo Alto Networks (PANW) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Aug 29, 2025
Palo Alto Networks (PANW) reported revenue of $2.5B for the fourth quarter fiscal 2025 (Q4 FY25), +16% from a year earlier and +11% from the quarter before. Operating margin was 19.6%, net earnings $254M (10.0% of revenue).
Palo Alto Networks, Q4 FY25: revenue $2.5B (+16% year over year), operating margin 19.6%, net earnings $254M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +11% | +16% |
| Gross profit | $1.9B | +11% | +15% |
| Operating profit | $497M | +127% | +108% |
| Net earnings | $254M | -3% | -29% |
| Operating cash flow | $1.0B | +63% | +99% |
| Free cash flow | $934M | +67% | +101% |
What changed
Revenue was $2.5B in Q4 FY25, up 16% year over year and up 11% from the previous quarter. Subscription was the largest line at 52% of revenue.
Gross margin was 73.2%, down 0.6 points from a year earlier. Operating profit was $0.50B, a 19.6% margin (up 8.7 points year over year). Of the extra revenue versus a year earlier, 74% reached operating profit, above the 11% margin then. Operating expenses fell 1% while revenue rose 16%. The fastest-growing cost line was Sales & marketing (+12%). Net earnings were $0.25B, down 29% year over year. The effective tax rate was 57.1%.
Operating cash flow was $1.0B (up 99% year over year), 402% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.35B of share-based compensation. Working capital and other items added $0.33B. Capital expenditures of $0.09B left free cash flow of $0.93B.
Questions
What was Palo Alto Networks' revenue in the fourth quarter fiscal 2025?
Palo Alto Networks (PANW) reported revenue of $2.5B for the fourth quarter fiscal 2025 (Q4 FY25), +16% from a year earlier and +11% from the quarter before.
Was Palo Alto Networks profitable in the fourth quarter fiscal 2025?
Operating profit was $497M (19.6% of revenue) and net earnings $254M.
Source: Palo Alto Networks 10-K on SEC EDGAR.