Palo Alto NetworksPANW

01Subscription 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

02The platform consolidation strategy embeds Palo Alto deeply into enterprise security architectures across network, cloud, identity, and security operations, increasing customer switching costs. Large enterprises that standardize on the platform face significant cost and complexity to migrate off, which protects renewal rates and supports upsell of additional modules.

03Sequential acquisitions in adjacent categories—identity, observability, AI security—expand the addressable market and deepen the value proposition for customers seeking vendor consolidation. The acquisitions convert Palo Alto from a network-firewall vendor into a multi-platform provider, enabling cross-sell into installed bases and reducing competitive displacement risk in any single category.

04Net cash provided by operating activities during fiscal 2026 was $4.6 billion, an increase of $837 million compared to fiscal 2025 As of July 31, 2026, our total cash, cash equivalents, and investments of $7.9 billion were held for general corporate purposes As of July 31, 2026, $1.0 billion remained available for future share repurchases under this repurchase program