Filing Flows › Palo Alto Networks (PANW) › Q4 FY26
Palo Alto Networks (PANW) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Sep 10, 2026
Palo Alto Networks (PANW) reported revenue of $3.4B for the fourth quarter fiscal 2026 (Q4 FY26), +34% from a year earlier and +14% from the quarter before. Operating margin was 5.0%, net loss $282M (8.3% of revenue).
Palo Alto Networks, Q4 FY26: revenue $3.4B (+34% year over year), operating margin 5.0%, net loss $282M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.4B | +14% | +34% |
| Operating profit | $172M | — | -65% |
| Net earnings | −$282M | — | -211% |
| Operating cash flow | $1.4B | +56% | +33% |
| Free cash flow | $1.3B | — | +34% |
What changed
Revenue was $3.4B in Q4 FY26, up 34% year over year and up 14% from the previous quarter. Subscription was the largest line at 54% of revenue.
Gross margin was 67.6%, down 5.7 points from Q4 FY25. Operating profit was $0.17B, a 5.0% margin (down 14.6 points year over year). Operating profit fell $0.33B even though revenue rose $0.87B versus Q4 FY25, so costs grew faster than sales. Operating expenses grew 57% against revenue growth of 34%. The fastest-growing cost line was General & admin (+737%). The quarter ended with a net loss of $0.28B, wider than the previous quarter's $0.18B loss. Net interest and other expense of $0.44B was the main reason.
Operating cash flow was $1.4B (up 33% year over year). Non-cash charges added back $0.34B of depreciation and amortization and $0.46B of share-based compensation. Working capital and other items added $0.84B. After purchases of property, equipment, and other assets ($0.10B), free cash flow as the company reports it was $1.3B.
Questions
What was Palo Alto Networks' revenue in the fourth quarter fiscal 2026?
Palo Alto Networks (PANW) reported revenue of $3.4B for the fourth quarter fiscal 2026 (Q4 FY26), +34% from a year earlier and +14% from the quarter before.
Was Palo Alto Networks profitable in the fourth quarter fiscal 2026?
Operating profit was $172M (5.0% of revenue) and net loss $282M.
Source: Palo Alto Networks 10-K on SEC EDGAR.