PANW Q3 2025 Earnings — Income Statement Breakdown
For its Q3 2025 period (ending 2025-04-30), PANW reported revenue of $2.3B, gross profit of $1.7B (72.9% gross margin), operating income of $219M, and net income of $262M (11.5% net margin). The flow of revenue into costs and profit is visualized below.
What changed
PANW was profitable; revenue grew 15.3% year over year.
| Comparison | Revenue | Net income | Net margin |
|---|---|---|---|
| Year over year | +15.3% | −6.0% | −2.6 pp |
| Quarter over quarter | +1.4% | −1.9% | −0.4 pp |
Consensus estimate data is not available for this report.
PANW Q3 2025 Income Statement
| Line item | Amount (USD) | % of revenue |
|---|---|---|
| Revenue | $2.3B | 100% |
| Cost of Revenue | −$619M | 27.1% |
| Gross Profit | $1.7B | 72.9% |
| Research & Development | −$495M | 21.6% |
| Selling, General & Administrative | −$956M | 41.8% |
| Operating Income | $219M | 9.6% |
| Interest Expense | −$700,000 | 0.0% |
| Other Income, net | $92M | 4.0% |
| Income Tax Expense | −$48M | 2.1% |
| Net Income | $262M | 11.5% |
Source: original SEC filing (filed 2025-05-20). Accession 0001327567-25-000015. Data normalized by EarningsFyi.