Palo Alto Networks Inc (PANW) closed fiscal year 2025 with a gross margin of 73.4 % and a net margin of 12.3 %.
Palo Alto Networks Inc (PANW) closed fiscal year 2025 with a gross margin of 73.4 % and a net margin of 12.3 %. The same year shows an EBITDA margin of 17.2 % and an EBIT margin of 13.5 %. The free cash flow margin was 37.6 %. Against the previous year the gross margin moved −0.9 pp and the net margin −19.8 pp. Across the period the gross margin ranges between 68.8 % in 2022 and 74.3 % in 2024. The series covers 15 fiscal years, from 2011 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: July
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 72.79 % | 72.35 % | 72.29 % | 73.32 % | 72.90 % | 73.16 % | 72.59 % | 71.63 % | 72.12 % | 70.68 % | 70.05 % | 68.76 % | 72.29 % | 74.35 % | 73.41 % |
| EBITDA margin (%) | -6.93 % | 3.93 % | -2.20 % | -32.75 % | -7.64 % | -8.31 % | -6.02 % | -0.34 % | 3.44 % | 0.80 % | -1.03 % | 1.70 % | 9.71 % | 12.05 % | 17.20 % |
| EBIT margin (%) | -8.77 % | 1.53 % | -4.70 % | -35.99 % | -10.75 % | -11.41 % | -9.41 % | -4.58 % | -1.87 % | -5.25 % | -7.15 % | -3.43 % | 5.62 % | 8.52 % | 13.48 % |
| Net margin (%) | -10.56 % | 0.29 % | -7.38 % | -37.86 % | -14.15 % | -13.98 % | -11.52 % | -5.37 % | -2.82 % | -7.83 % | -11.72 % | -4.85 % | 6.38 % | 32.11 % | 12.30 % |
| FCF margin (%) | 16.11 % | 24.62 % | 23.25 % | 8.74 % | 34.37 % | 42.52 % | 40.04 % | 40.73 % | 31.88 % | 24.10 % | 32.59 % | 32.57 % | 38.17 % | 38.63 % | 37.63 % |
