Filing Flows › Palo Alto Networks (PANW) › How it makes money
How Palo Alto Networks (PANW) makes money
Palo Alto Networks (PANW) made $3.4B of revenue in the fourth quarter fiscal 2026 (Q4 FY26). Subscription and support brought in $2.7B (78%); Product brought in $738M (22%).
Drawing the Sankey…
Revenue by segment, Q4 FY26
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Subscription and support | $2.7B | 78.4% | +11% | — |
| ↳ Subscription | $1.8B | 53.9% | +13% | — |
| ↳ Support | $833M | 24.4% | +7% | — |
| Product | $738M | 21.6% | +24% | — |
Where each dollar of revenue goes
| Line | Q4 FY26 | % of revenue |
|---|---|---|
| Revenue | $3.4B | 100.0% |
| Income tax | $13.0M | 0.4% |
| Operating cash flow | $1.4B | 39.8% |
| Free cash flow | $1.3B | 36.8% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q4 FY26 | $3.4B | +34% |
| Q3 FY26 | $3.0B | +31% |
| Q2 FY26 | $2.6B | +15% |
| Q1 FY26 | $2.5B | +16% |
| Q4 FY25 | $2.5B | +16% |
| Q3 FY25 | $2.3B | +15% |
| Q2 FY25 | $2.3B | +14% |
From Palo Alto Networks' 10-K filed Sep 10, 2026 (on EDGAR).
Questions
How does Palo Alto Networks make money?
Palo Alto Networks (PANW) made $3.4B of revenue in the fourth quarter fiscal 2026 (Q4 FY26). Subscription and support brought in $2.7B (78%); Product brought in $738M (22%).
What is Palo Alto Networks' biggest business?
Subscription and support: $2.7B in the fourth quarter fiscal 2026, 78% of revenue.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.