Palo Alto Networks

Revenue is increasingly subscription‑driven and diversified across platforms. FY25 revenue grew ~15% to ~$9.2B; Q1 FY26 revenue grew ~16%. NGS ARR grew ~29% YoY to ~$5.9B and RPO ~24% to ~$15.5B, supporting multi‑year visibility. Cash generation is strongly seasonal (Q1 collection) but robust on a trailing basis.

Predictability is further aided by PANW’s role as a security ‘tollbooth’ across network, cloud and SOC, though macro cycles and government spending pauses can still affect billings timing. We view long‑term growth in the low‑to‑mid teens as repeatable given platform expansion and consolidation trends.