Palo Alto Networks, Inc. (PANW) Balance Sheet
PANW balance sheet, FY2026
July 31, 2026 · U.S. dollars$48.46B assets = $20.97B liabilities + $27.49B equity
Both columns are drawn to the same scale: what PANW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PANW financial health
Current ratio0.87
Tight · current assets cover current liabilities 0.87×
Debt / equity0.09
Low leverage · $0.09 of debt for each $1 of equity
Equity / assets56.7%
Equity-funded · of assets funded by shareholders
Cash / debt122.8%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles59.9%
Mostly intangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
PANW balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.44BFY2017 | $48.46BFY2026 | +34.2%/yr | |
| Total liabilities | $2.68BFY2017 | $20.97BFY2026 | +25.7%/yr | |
| Shareholders’ equity | $759.6MFY2017 | $27.49BFY2026 | +49.0%/yr | |
| Cash & short-term investments | $1.38BFY2017 | $3.07BFY2026 | +9.3%/yr | |
| Total debt | $524.7MFY2017 | $2.50BFY2026 | +18.9%/yr | |
| Net cash (debt) | $850.3MFY2017 | $571.0MFY2026 | −$279.3M | |
| Working capital | $775.0MFY2017 | −$1.28BFY2026 | −$2.1B | |
| Book value per share | $1.40FY2017 | $35.98FY2026 | +43.5%/yr | |
| Current ratio | 1.65FY2017 | 0.87FY2026 | −0.77 | |
| Debt / equity | 0.69FY2017 | 0.09FY2026 | −0.60 | |
| Shares outstanding | 543.6MFY2017 | 764.0MFY2026 | +3.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PANW assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
PANW liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
PANW debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PANW balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.07B | $2.90B | $2.58B | $2.39B | $3.63B | $2.90B | $3.75B | $2.80B | $3.40B | $1.38B |
| Cash & equivalents | $2.51B | $2.27B | $1.54B | $1.14B | $2.12B | $1.87B | $2.96B | $961.4M | $2.51B | $744.3M |
| Short-term investments | $557.0M | $634.6M | $1.04B | $1.25B | $1.52B | $1.03B | $789.8M | $1.84B | $896.5M | $630.7M |
| Receivables | $4.22B | $3.68B | $3.34B | $2.85B | $2.14B | $1.24B | $1.04B | $582.4M | $467.3M | $432.1M |
| Inventory | $0 | $0 | $1 | $339.2M | $1 | $0 | $2 | $0 | $1 | $1 |
| Other current assets | $1.35B | $520.5M | $926.4M | $466.8M | $637.9M | $505.8M | $344.3M | $279.3M | $261.3M | $169.2M |
| Total current assets | $8.64B | $7.10B | $6.85B | $6.05B | $6.41B | $4.65B | $5.13B | $3.66B | $4.13B | $1.98B |
| Property, plant & equipment (net) | $1.22B | $734.3M | $747.0M | $617.8M | $599.8M | $581.3M | $606.8M | $296.0M | $273.1M | $211.1M |
| Goodwill & intangible assets | $29.03B | $5.33B | $3.73B | $3.24B | $3.13B | $3.21B | $2.17B | $1.63B | $663.6M | $292.5M |
| Long-term investments | $4.83B | $5.56B | $4.17B | $3.05B | $1.05B | $888.3M | $554.4M | $575.4M | $547.5M | $789.3M |
| Other non-current assets | $4.73B | $4.85B | $4.50B | $1.55B | $1.05B | $916.0M | $603.9M | $423.1M | $206.8M | $169.1M |
| Total assets | $48.46B | $23.58B | $19.99B | $14.50B | $12.25B | $10.24B | $9.07B | $6.59B | $5.82B | $3.44B |
| Liabilities | ||||||||||
| Accounts payable | $290.0M | $232.2M | $116.3M | $132.3M | $128.0M | $56.9M | $63.6M | $73.3M | $49.4M | $35.5M |
| Short-term debt | — | — | $1.08B | $1.99B | $3.68B | $1.56B | $57.9M | — | $550.4M | $524.7M |
| Deferred revenue | $7.75B | $6.30B | $5.54B | $4.67B | $3.64B | $2.74B | $2.05B | $1.58B | $1.27B | $968.4M |
| Total current liabilities | $9.92B | $7.99B | $7.68B | $7.74B | $8.31B | $5.12B | $2.69B | $2.05B | $2.14B | $1.20B |
| Long-term debt | $1.77B | $0 | $0 | $0 | $0 | $1.67B | $3.08B | $1.43B | $1.37B | $524.7M |
| Lease obligations | $726.0M | $338.2M | $380.5M | $279.2M | $276.1M | $313.4M | $336.6M | — | — | — |
| Other long-term liabilities | $9.27B | $7.76B | $7.14B | $5.02B | $3.74B | $2.69B | $2.19B | $1.52B | $1.33B | $952.7M |
| Total liabilities | $20.97B | $15.75B | $14.82B | $12.75B | $12.04B | $9.48B | $7.96B | $5.01B | $4.83B | $2.68B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $24.77B | $5.29B | $3.82B | $3.02B | $1.93B | $2.31B | $2.26B | $2.49B | $3.93B | $3.20B |
| Retained earnings (deficit) | $2.79B | $2.48B | $1.35B | −$1.23B | −$1.67B | −$1.67B | −$1.17B | −$900.9M | −$984.6M | −$836.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$71.0M | $48.4M | −$1.6M | −$43.2M | −$55.6M | −$9.9M | $10.5M | −$3.7M | −$16.4M | −$3.4M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $27.49B | $7.82B | $5.17B | $1.75B | $210.0M | $763.6M | $1.10B | $1.59B | $988.3M | $759.6M |
| Key figures | ||||||||||
| Total debt | $2.50B | $338.2M | $1.41B | $2.27B | $3.95B | $3.54B | $3.42B | $1.43B | $1.92B | $524.7M |
| Net cash (debt) | $571.0M | $2.56B | $1.17B | $119.3M | −$318.4M | −$638.3M | $327.1M | $1.37B | $1.48B | $850.3M |
| Working capital | −$1.28B | −$884.7M | −$833.0M | −$1.69B | −$1.89B | −$469.4M | $2.44B | $1.61B | $1.99B | $775.0M |
| Tangible book value | −$1.53B | $2.50B | $1.44B | −$1.49B | −$2.92B | −$2.45B | −$1.07B | −$46.6M | $324.7M | $467.1M |
| Book value per share | $35.98 | $11.03 | $7.30 | $2.55 | $0.36 | $1.32 | $1.90 | $2.80 | $1.80 | $1.40 |
| Shares outstanding | 764.0M | 709.3M | 708.0M | 684.6M | 591.0M | 578.4M | 581.4M | 567.0M | 550.2M | 543.6M |
| Current ratio | 0.87 | 0.89 | 0.89 | 0.78 | 0.77 | 0.91 | 1.91 | 1.78 | 1.93 | 1.65 |
| Quick ratio | 0.73 | 0.82 | 0.77 | 0.68 | 0.70 | 0.81 | 1.78 | 1.65 | 1.81 | 1.50 |
| Debt / equity | 0.09 | 0.04 | 0.27 | 1.30 | 18.82 | 4.64 | 3.10 | 0.90 | 1.94 | 0.69 |
| Equity / assets | 56.7% | 33.2% | 25.9% | 12.1% | 1.7% | 7.5% | 12.2% | 24.1% | 17.0% | 22.1% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $3.07B | $3.11B | $4.54B | $4.22B | $2.90B | $3.30B | $3.23B | $3.39B | $2.58B | $2.90B | $3.37B | $3.89B |
| Cash & equivalents | $2.51B | $2.36B | $4.16B | $3.08B | $2.28B | $2.38B | $2.23B | $2.28B | $1.54B | $1.38B | $1.78B | $2.49B |
| Short-term investments | $557.0M | $747.0M | $378.0M | $1.14B | $634.6M | $916.8M | $1.01B | $1.11B | $1.04B | $1.52B | $1.59B | $1.40B |
| Receivables | $4.22B | $3.44B | $2.12B | $2.08B | $3.68B | $2.69B | $2.25B | $1.94B | $3.34B | $2.29B | $2.34B | $1.86B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $1 | $328.7M |
| Other current assets | $1.35B | $1.16B | $1.72B | $596.0M | $520.5M | $911.5M | $856.5M | $913.7M | $926.4M | $395.5M | $405.9M | $396.2M |
| Total current assets | $8.64B | $7.71B | $8.37B | $6.89B | $7.10B | $6.90B | $6.34B | $6.24B | $6.85B | $5.58B | $6.12B | $6.48B |
| Property, plant & equipment (net) | $1.22B | $1.18B | $485.0M | $747.0M | $734.3M | $724.3M | $731.1M | $750.0M | $747.0M | $720.0M | $708.1M | $626.9M |
| Goodwill & intangible assets | $29.03B | $29.18B | $8.18B | $5.29B | $5.33B | $4.78B | $4.82B | $4.86B | $3.73B | $3.78B | $3.81B | $3.22B |
| Long-term investments | $4.83B | $3.88B | $3.36B | $5.98B | $5.56B | $5.15B | $4.56B | $4.12B | $4.17B | $3.50B | $3.62B | $2.99B |
| Other non-current assets | $4.73B | $4.30B | $4.58B | $4.62B | $4.85B | $4.45B | $4.50B | $4.40B | $4.50B | $4.34B | $4.03B | $1.50B |
| Total assets | $48.46B | $46.27B | $24.98B | $23.54B | $23.58B | $22.00B | $20.95B | $20.37B | $19.99B | $17.93B | $18.29B | $14.81B |
| Liabilities | ||||||||||||
| Accounts payable | $290.0M | $293.0M | $262.0M | $223.0M | $232.2M | $234.8M | $149.3M | $211.6M | $116.3M | $108.9M | $178.8M | $131.8M |
| Short-term debt | — | $160.0M | — | — | $79.2M | $460.3M | $533.8M | $645.8M | $1.03B | $1.16B | $1.82B | $1.95B |
| Deferred revenue | $7.75B | $7.11B | $6.25B | $6.13B | $6.30B | $5.76B | $5.60B | $5.51B | $5.54B | $5.01B | $4.92B | $4.73B |
| Total current liabilities | $9.92B | $9.01B | $8.01B | $7.42B | $7.99B | $7.71B | $7.55B | $7.40B | $7.68B | $7.08B | $7.77B | $7.51B |
| Long-term debt | $1.77B | $1.19B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $726.0M | $719.0M | $372.0M | $346.0M | $338.2M | $345.7M | $363.0M | $379.6M | $380.5M | $369.8M | $362.7M | $275.8M |
| Other long-term liabilities | $9.27B | $8.40B | $7.58B | $7.45B | $7.76B | $7.07B | $7.02B | $7.06B | $7.14B | $6.38B | $6.17B | $5.12B |
| Total liabilities | $20.97B | $18.60B | $15.59B | $14.87B | $15.75B | $14.77B | $14.58B | $14.46B | $14.82B | $13.46B | $13.93B | $12.64B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $24.77B | $24.61B | $6.10B | $5.78B | $5.29B | $4.95B | $4.42B | $4.21B | $3.82B | $3.53B | $3.65B | $3.30B |
| Retained earnings (deficit) | $2.79B | $3.07B | $3.25B | $2.82B | $2.48B | $2.23B | $1.97B | $1.70B | $1.35B | $992.5M | $713.7M | −$1.03B |
| Accumulated other comprehensive income | −$71.0M | −$13.0M | $46.0M | $67.0M | $48.4M | $48.0M | −$13.9M | −$4.0M | −$1.6M | −$55.4M | −$6.5M | −$93.0M |
| Total shareholders' equity | $27.49B | $27.67B | $9.39B | $8.66B | $7.82B | $7.23B | $6.38B | $5.91B | $5.17B | $4.47B | $4.36B | $2.17B |
| Key figures | ||||||||||||
| Total debt | $2.50B | $2.07B | $372.0M | $692.0M | $417.4M | $806.0M | $896.8M | $1.03B | $1.41B | $1.53B | $2.18B | $2.22B |
| Net cash (debt) | $571.0M | $1.04B | $4.16B | $3.53B | $2.49B | $2.49B | $2.34B | $2.37B | $1.17B | $1.37B | $1.19B | $1.67B |
| Working capital | −$1.28B | −$1.29B | $360.0M | −$523.0M | −$884.7M | −$806.6M | −$1.21B | −$1.16B | −$833.0M | −$1.50B | −$1.65B | −$1.04B |
| Tangible book value | −$1.53B | −$1.52B | $1.21B | $3.38B | $2.50B | $2.45B | $1.55B | $1.05B | $1.44B | $687.5M | $544.4M | −$1.05B |
| Book value per share | $35.98 | $37.19 | $13.17 | $12.22 | $11.04 | $10.22 | $8.99 | $8.34 | $7.30 | $6.30 | $6.09 | $3.10 |
| Shares outstanding | 764.0M | 744.0M | 713.0M | 709.0M | 709.0M | 707.4M | 709.0M | 709.0M | 707.8M | 709.2M | 715.0M | 699.6M |
| Current ratio | 0.87 | 0.86 | 1.04 | 0.93 | 0.89 | 0.90 | 0.84 | 0.84 | 0.89 | 0.79 | 0.79 | 0.86 |
| Quick ratio | 0.73 | 0.73 | 0.83 | 0.85 | 0.82 | 0.78 | 0.73 | 0.72 | 0.77 | 0.73 | 0.74 | 0.77 |
| Debt / equity | 0.09 | 0.07 | 0.04 | 0.08 | 0.05 | 0.11 | 0.14 | 0.17 | 0.27 | 0.34 | 0.50 | 1.02 |
| Equity / assets | 56.7% | 59.8% | 37.6% | 36.8% | 33.2% | 32.9% | 30.4% | 29.0% | 25.9% | 24.9% | 23.8% | 14.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed September 10, 2026); data from EODHD.
PANW financial position
At the end of fiscal 2026 (July 31, 2026), Palo Alto Networks had total assets of $48.5 billion (up 105.5% from a year earlier), total liabilities of $21.0 billion and shareholders' equity of $27.5 billion. It held $3.1 billion in cash and short-term investments against $2.5 billion of debt, a net cash position of $571.0 million. Its current ratio was 0.87.
Related: PANW income statement, PANW cash flow statement, PANW key metrics. See the PANW stock overview for the latest quote and news.
PANW balance sheet FAQ
What are Palo Alto Networks's total assets?
Palo Alto Networks reported total assets of $48.5 billion at the end of fiscal 2026 (July 31, 2026), compared with $23.6 billion a year earlier.
How much debt does Palo Alto Networks have?
Palo Alto Networks had $2.5 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.09.
How much cash does Palo Alto Networks have?
Palo Alto Networks held $3.1 billion in cash and short-term investments at the end of fiscal 2026; with $2.5 billion of debt that is net cash of $571.0 million.
What is Palo Alto Networks's book value?
Palo Alto Networks's shareholders' equity (book value) was $27.5 billion at the end of fiscal 2026, or $35.98 per share.
What is Palo Alto Networks's current ratio?
Palo Alto Networks had current assets of $8.6 billion and current liabilities of $9.9 billion, a current ratio of 0.87 (current liabilities exceed current assets).
How much goodwill does Palo Alto Networks have?
Palo Alto Networks carried $29.0 billion of goodwill and intangible assets, 59.9% of total assets, at the end of fiscal 2026.