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Palo Alto Networks vs CrowdStrike Holdings: PANW and CRWD compared
Palo Alto Networks is the larger company: $3.4B of revenue in its latest quarter (Q4 FY26) against $1.5B for CrowdStrike Holdings (Q2 FY27). Palo Alto Networks is growing faster (+34% against +26% a year earlier). Palo Alto Networks is more profitable, with an operating margin of 5.0% against -2.3%.
Where the money goes: PANW and CRWD
Palo Alto Networks (PANW) · Q4 FY26
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.
CrowdStrike Holdings (CRWD) · Q2 FY27
CrowdStrike Holdings, Q2 FY27: revenue $1.5B (+26% year over year), operating margin -2.3%, net earnings $5.3M, operating cash flow $530M. The chart follows the revenue to costs, profit and cash.
| Palo Alto Networks (PANW) | CrowdStrike Holdings (CRWD) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q2 FY27 |
| Revenue | $3.4B | $1.5B |
| Revenue growth, Y/Y | +34% | +26% |
| Operating margin | 5.0% | -2.3% |
| Net earnings | −$282M | $5.3M |
| Net margin | -8.3% | 0.4% |
| Operating cash flow | $1.4B | $530M |
| Free cash flow | $1.3B | $406M |
| Market value | $251.4B | $228.7B |
| Analysts’ mean target | $400.00 | $249.68 |
Where the revenue comes from
Palo Alto Networks
- Subscription and support: $2.7B (78%)
- Product: $738M (22%)
CrowdStrike Holdings
- Subscription: $1.4B (95%)
- Professional services: $70.6M (5%)
Questions
Which is bigger, Palo Alto Networks or CrowdStrike Holdings?
Palo Alto Networks is the larger company: $3.4B of revenue in its latest quarter (Q4 FY26) against $1.5B for CrowdStrike Holdings (Q2 FY27).
Is Palo Alto Networks or CrowdStrike Holdings growing faster?
Palo Alto Networks is growing faster (+34% against +26% a year earlier).
Which is more profitable, Palo Alto Networks or CrowdStrike Holdings?
Palo Alto Networks is more profitable, with an operating margin of 5.0% against -2.3%.
More: Palo Alto Networks earnings · how Palo Alto Networks makes money · CrowdStrike Holdings earnings · how CrowdStrike Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Sep 10, 2026; 10-Q filed Aug 27, 2026). Fiscal quarters can end on different dates. Not investment advice.