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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q4 FY262026-07-31 | Q3 FY262026-04-30 | Q2 FY262026-01-31 | Q1 FY262025-10-31 | Q4 FY252025-07-31 | Q3 FY252025-04-30 | Q2 FY252025-01-31 | Q1 FY252024-10-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.41B | $3.00B | $2.59B | $2.47B | $2.54B | $2.29B | $2.26B | $2.14B |
| Cost of revenue | $1.11B | $974.00M | $685.00M | $638.00M | $679.00M | $619.00M | $599.00M | $554.00M |
| Gross profit | $2.30B | $2.03B | $1.91B | $1.84B | $1.86B | $1.67B | $1.66B | $1.59B |
| Gross margin | 67.6% | 67.6% | 73.6% | 74.2% | 73.2% | 73.0% | 73.5% | 74.1% |
| Research and development | $779.00M | $734.00M | $511.00M | $528.00M | $504.00M | $494.00M | $505.00M | $481.00M |
| Selling, general and administrative | $1.35B | $1.48B | $1.00B | $999.00M | $856.00M | $957.00M | $912.00M | $818.00M |
| Operating expenses | $2.13B | $2.21B | $1.51B | $1.53B | $1.36B | $1.45B | $1.42B | $1.30B |
| Operating income | $172.00M | −$183.00M | $397.00M | $309.00M | $497.00M | $219.00M | $241.00M | $286.00M |
| Operating margin | 5.0% | -6.1% | 15.3% | 12.5% | 19.6% | 9.6% | 10.7% | 13.4% |
| EBITDA | $513.00M | −$110.00M | $623.00M | $524.00M | $581.00M | $82.00M | $443.00M | $480.00M |
| Interest income | $374.00M | $0 | $0 | — | $364.00M | $0 | $0 | — |
| Interest expense | $0 | $0 | $0 | — | $0 | −$1.00M | −$1.00M | −$1.00M |
| Income before taxes | −$269.00M | −$156.00M | $549.00M | $412.00M | $592.00M | $311.00M | $325.00M | $368.00M |
| Income taxes | $13.00M | $21.00M | $117.00M | $78.00M | $338.00M | $49.00M | $58.00M | $17.00M |
| Net income | −$282.00M | −$177.00M | $432.00M | $334.00M | $254.00M | $262.00M | $267.00M | $351.00M |
| Net margin | -8.3% | -5.9% | 16.7% | 13.5% | 10.0% | 11.4% | 11.8% | 16.4% |
| EPS, basic | −$0.35 | −$0.22 | $0.61 | $0.49 | $0.38 | $0.39 | $0.41 | $0.54 |
| EPS, diluted | −$0.34 | −$0.22 | $0.61 | $0.47 | $0.36 | $0.37 | $0.38 | $0.49 |
| Diluted shares | 835.00M | 801.00M | 711.00M | 709.00M | 711.00M | 707.00M | 709.00M | 709.00M |
Figures describe Palo Alto Networks shares, not any token. As of Sep 10, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.