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Palo Alto Networks vs Xerox Holdings: PANW and XRX compared
Palo Alto Networks is the larger company: $3.4B of revenue in its latest quarter (Q4 FY26) against $1.9B for Xerox Holdings (Q3 2026). Palo Alto Networks is growing faster (+34% against -5% a year earlier). Palo Alto Networks is more profitable, with an operating margin of 5.0% against -53.9%.
Where the money goes: PANW and XRX
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.
Xerox Holdings (XRX) · Q3 2026
Xerox Holdings, Q3 2026: revenue $1.9B (-5% year over year), operating margin -53.9%, net loss $1.0B, operating cash flow $30.0M. The chart follows the revenue to costs, profit and cash.
| Palo Alto Networks (PANW) | Xerox Holdings (XRX) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q3 2026 |
| Revenue | $3.4B | $1.9B |
| Revenue growth, Y/Y | +34% | -5% |
| Operating margin | 5.0% | -53.9% |
| Net earnings | −$282M | −$1.0B |
| Net margin | -8.3% | -54.3% |
| Operating cash flow | $1.4B | $30.0M |
| Free cash flow | $1.3B | $17.0M |
| Market value | $251.4B | — |
| Analysts’ mean target | $400.00 | — |
Where the revenue comes from
Palo Alto Networks
- Subscription and support: $2.7B (78%)
- Product: $738M (22%)
Xerox Holdings
- Sales: $954M (51%)
- Service: $914M (49%)
Questions
Which is bigger, Palo Alto Networks or Xerox Holdings?
Palo Alto Networks is the larger company: $3.4B of revenue in its latest quarter (Q4 FY26) against $1.9B for Xerox Holdings (Q3 2026).
Is Palo Alto Networks or Xerox Holdings growing faster?
Palo Alto Networks is growing faster (+34% against -5% a year earlier).
Which is more profitable, Palo Alto Networks or Xerox Holdings?
Palo Alto Networks is more profitable, with an operating margin of 5.0% against -53.9%.
More: Palo Alto Networks earnings · how Palo Alto Networks makes money · Xerox Holdings earnings · how Xerox Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Sep 10, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.