Palo Alto Networks

PANW · Information Technology · Market cap $261B

Q2 FY26 Nov 1, 2025 – Jan 31, 2026 reported Feb 18, 2026

Revenue$2.6B +15% year over year

Gross profit$1.9B

Operating profit$0.4B

Net profit$0.4B 17% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jan 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	2.6	100%	+15%
US	1.6	62%	+13%
EMEA	0.6	23%	+17%
Asia Pacific	0.3	12%	+17%
Other Americas	0.1	4%	+22%
Cost of revenue	−0.7	27%
Gross profit	1.9	74% margin	+0pp
Research & development	−0.5	20%	−3pp
Sales & marketing	−0.8	32%	−2pp
G&A	−0.2	7%	+0pp
Operating profit	0.4	15% margin	+5pp
Tax	−0.2
Net profit	0.4	17%	+5pp

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Oct 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.5	100%	+16%
US	1.5	60%	+14%
EMEA	0.5	20%	+18%
Asia Pacific	0.3	12%	+22%
Other Americas	0.1	4%	+17%
Cost of revenue	−0.6	24%
Gross profit	1.8	74% margin	+0pp
Research & development	−0.5	21%	−1pp
Sales & marketing	−0.8	33%	−1pp
G&A	−0.2	7%	+3pp
Operating profit	0.3	12% margin	−1pp
Tax	−0.1
Net profit	0.3	14%	−3pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Jul 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.5	100%	+16%
US	1.6	64%	+15%
EMEA	0.5	20%	+19%
Asia Pacific	0.3	12%	+13%
Other Americas	0.1	4%	+24%
Cost of revenue	−0.7	28%
Gross profit	1.9	73% margin	−1pp
Research & development	−0.5	20%	−3pp
Sales & marketing	−0.8	33%	−1pp
G&A	−0	1%	−5pp
Operating profit	0.5	20% margin	+9pp
Tax	−0.3
Net profit	0.3	10%	−6pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Apr 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.3	100%	+15%
US	1.4	61%	+12%
EMEA	0.5	22%	+20%
Asia Pacific	0.3	13%	+23%
Other Americas	0.1	4%	+18%
Cost of revenue	−0.6	26%
Gross profit	1.7	73% margin	−1pp
Research & development	−0.5	22%	−1pp
Sales & marketing	−0.8	35%	−2pp
G&A	−0.2	7%	+1pp
Operating profit	0.2	10% margin	+1pp
Net profit	0.3	11%	−3pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26	Nov 1, 2025 – Jan 31, 2026	Feb 18, 2026	$2.6B	+15%	15%	$0.4B	17%
Q1 FY26	Aug 1 – Oct 31, 2025	Nov 20, 2025	$2.5B	+16%	12%	$0.3B	14%
Q4 FY25	May 1 – Jul 31, 2025	Aug 29, 2025	$2.5B	+16%	20%	$0.3B	10%
Q3 FY25	Feb 1 – Apr 30, 2025	May 21, 2025	$2.3B	+15%	9%	$0.3B	11%