Palo Alto Networks (PANW) — service annuity, read against the 10-K

Palo Alto Networksreason 01 of 4it gets paid again without selling againderived 2026-09-11accession 0001327567-26-000023

Subscription and support revenue was $9.2 billion, or 80.1% of total revenue for fiscal 2026

Subscription and support contracts are typically one to five years

NGS ARR is an operating metric representing the annualized allocated revenue of all active contracts related to all product, subscription, and support offerings, excluding hardware products and legacy attached subscriptions

the finding

The filing now states subscription and support revenue increased from $7.4 billion to $9.2 billion and year-over-year growth accelerated from 15.5% to 24%.

before · MD&A · 2025-07-31 → 2026-07-31

“Our subscription and support revenue grew to $7.4 billion or 80.5% of total revenue for fiscal 2025, representing year-over-year growth of 15.5%.”

→ after

“Our subscription and support revenue grew to $9.2 billion, or 80.1% of total revenue for fiscal 2026, representing year-over-year growth of 24%.”