Palo Alto Networks Inc
paloaltonetworks.comPalo Alto Networks (NASDAQ: PANW) is an enterprise cybersecurity company that sells network security hardware, cloud-delivered security subscriptions, and support services to organizations worldwide. It makes money primarily through recurring subscription and support contracts, which accounted for $7.4B or 80.5% of total revenue in FY2025 (year ended July 31, 2025), with hardware products contributing the remaining $1.8B or 19.5%. Total revenue reached $9.2B in FY2025, up 14.9% year over year, with a gross margin of 73.4% and operating income of $1.2B. Next-Generation Security Annualized Recurring Revenue (NGS ARR) stood at $5.6B as of July 31, 2025, up from $4.2B a year prior. Remaining performance obligations totaled $15.8B as of July 31, 2025. The company sells through a direct sales force and channel partners including resellers, systems integrators, managed security service providers, and cloud marketplaces such as AWS, Azure, and Google Cloud.
Products & Services
Next-generation firewalls (hardware and VM-Series virtual), Cloud NGFW, cloud-delivered security subscriptions, and support services. Virtual firewalls are available on AWS Marketplace, Microsoft Azure Marketplace, Google Cloud Marketplace, and Oracle Cloud Marketplace.
Revenue Model
Subscription and support contracts (80.5% of FY2025 revenue, $7.4B) plus hardware product sales (19.5%, $1.8B). Subscriptions include cloud-delivered security services sold under recurring contracts. Hardware includes physical and virtual next-generation firewalls, with VM-Series virtual firewalls also sold under usage-based licensing via cloud marketplaces.
Customers & Markets
Enterprise customers across industries, reached primarily through a direct sales force and channel partners including resellers, global and regional systems integrators, service providers, managed security service providers, and cloud hosting service providers. No individual customer concentration disclosures were cited in the filing excerpts provided.
Geographic Exposure
Global operations with hardware supply chain concentrated in Asia. No specific revenue breakdown by geography was provided in the filing excerpts.
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