Palo Alto Networks said its total revenue for fiscal 2024 was $8.0 billion, up 16.5% from $6.9 billion in fiscal 2023. Product revenue was $1.6 billion, up 1.6%, and subscription and support revenue was $6.4 billion, up 20.9%.

1. 01

   Palo Alto Networks said its total revenue for fiscal 2024 was $8.0 billion, up 16.5% from $6.9 billion in fiscal 2023. Product revenue was $1.6 billion, up 1.6%, and subscription and support revenue was $6.4 billion, up 20.9%.

2. 02

   The company said it recorded an income tax benefit of $1.6 billion in fiscal 2024, compared with income tax provision of $126.6 million in fiscal 2023, a change of $1.7 billion, and cited the release of its valuation allowance as the main factor.

3. 03

   The company said its cash flow from operating activities was $3.3 billion in fiscal 2024, up $480.1 million from fiscal 2023. It said higher collections were the main driver, partly offset by higher cash outlays to support business growth.

4. 04

   Palo Alto Networks said it repaid $1.0 billion in cash of principal on its 2025 Notes in fiscal 2024. It said $1.0 billion remained outstanding as of July 31, 2024, and that $285.8 million had been converted or submitted for conversion through the filing date.

Key figures

Fiscal year ended July 31, 2024

Revenue

$8.0B

Operating income

$684M

Net income

$2.6B

EPS

$7.28

Gross profit

$6.0B

Operating cash flow

$3.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.