Palo Alto Networks Inc. has filed its Annual Report on Form 10-K for fiscal 2024, providing a detailed insight into its financial condition and operations. The report showcases the company's focus on being the cybersecurity partner of choice for various entities, including enterprises, organizations, service providers, and government entities.
The company's network security platform, designed to deliver complete zero trust solutions, includes offerings such as Secure Access Service Edge (SASE), Next-Generation Firewalls, Cloud-Delivered Security Services, Prisma AIRS, and Strata Cloud Manager. Additionally, its AI-powered Cortex platform provides centralized visibility, proactive protection, real-time prevention, AI-driven insights, and automated remediation across enterprise and cloud.
In fiscal 2025, Palo Alto Networks Inc. reported total revenue of $9.2 billion, representing a year-over-year growth of 14.9%. The company's end-customers span over 180 countries and include a broad range of industries, including education, energy, financial services, government entities, healthcare, Internet and media, manufacturing, public sector, and telecommunications.
The revenue breakdown for fiscal 2025 indicates that product revenue grew to $1.8 billion, accounting for 19.5% of total revenue, with year-over-year growth of 12.4%. Subscription and support revenue reached $7.4 billion, constituting 80.5% of total revenue, with a year-over-year growth of 15.5%. The subscription offerings provide customers with access to the latest intrusion prevention, web security, modern malware prevention, data loss prevention, CASB, and AI security capabilities.
The company's focus on innovation is evident through its introduction of new offerings, including Prisma Access Browser, new capabilities in its OT Security solution, Cortex Cloud, Prisma AIRS, and Cortex XSIAM 3.0. Additionally, Palo Alto Networks Inc. completed the acquisition of certain IBM QRadar assets and Protect AI in August 2024 and July 2025, respectively. Furthermore, the company entered into a definitive agreement to acquire CyberArk, an identity security company, in July 2025.
Palo Alto Networks Inc. monitors key financial metrics such as Next-Generation Security Annualized Recurring Revenue (NGS ARR), remaining performance obligations, total revenue, gross margin, operating income, operating margin, cash flow provided by operating activities, and free cash flow. The NGS ARR, a critical operating metric, increased to $5.6 billion as of July 31, 2025, from $4.2 billion in 2024, showcasing the strength and trajectory of the company's business.
The report also highlights the company's attention to macroeconomic developments and other factors that may impact its business, including worldwide economic and geopolitical conditions, changes in legislation or regulations, trade policies, inflationary pressures, and regional tensions.
As a result of these announcements, the company's shares have moved -0.26% on the market, and are now trading at a price of $190.52. For more information, read the company's full 10-K submission here.
