PANW Q1 2026 Earnings — Income Statement Breakdown
For its Q1 2026 period (ending 2025-10-31), PANW reported revenue of $2.5B, gross profit of $1.8B (74.2% gross margin), operating income of $309M, and net income of $334M (13.5% net margin). The flow of revenue into costs and profit is visualized below.
What changed
PANW was profitable; revenue grew 15.7% year over year.
| Comparison | Revenue | Net income | Net margin |
|---|---|---|---|
| Year over year | +15.7% | −4.8% | −2.9 pp |
| Quarter over quarter | +8.1% | +27.4% | +2.0 pp |
Consensus estimate data is not available for this report.
PANW Q1 2026 Income Statement
| Line item | Amount (USD) | % of revenue |
|---|---|---|
| Revenue | $2.5B | 100% |
| Cost of Revenue | −$638M | 25.8% |
| Gross Profit | $1.8B | 74.2% |
| Research & Development | −$528M | 21.3% |
| Selling, General & Administrative | −$999M | 40.4% |
| Operating Income | $309M | 12.5% |
| Other Income, net | $103M | 4.2% |
| Income Tax Expense | −$78M | 3.2% |
| Net Income | $334M | 13.5% |
Source: original SEC filing (filed 2025-11-19). Accession 0001327567-25-000032. Data normalized by EarningsFyi.