PANW Q2 2025 Earnings — Income Statement Breakdown
For its Q2 2025 period (ending 2025-01-31), PANW reported revenue of $2.3B, gross profit of $1.7B (73.5% gross margin), operating income of $240M, and net income of $267M (11.8% net margin). The flow of revenue into costs and profit is visualized below.
What changed
PANW was profitable; revenue grew 14.3% year over year.
| Comparison | Revenue | Net income | Net margin |
|---|---|---|---|
| Year over year | +14.3% | −84.7% | −76.6 pp |
| Quarter over quarter | +5.5% | −23.8% | −4.6 pp |
Consensus estimate data is not available for this report.
PANW Q2 2025 Income Statement
| Line item | Amount (USD) | % of revenue |
|---|---|---|
| Revenue | $2.3B | 100% |
| Cost of Revenue | −$599M | 26.5% |
| Gross Profit | $1.7B | 73.5% |
| Research & Development | −$506M | 22.4% |
| Selling, General & Administrative | −$912M | 40.4% |
| Operating Income | $240M | 10.6% |
| Interest Expense | −$900,000 | 0.0% |
| Other Income, net | $85M | 3.8% |
| Income Tax Expense | −$58M | 2.5% |
| Net Income | $267M | 11.8% |
Source: original SEC filing (filed 2025-02-13). Accession 0001327567-25-000006. Data normalized by EarningsFyi.