As of Q2'26 (2026-01-31), PANW reported net income of USD 432M, marking a 0.62% year-over-year increase. This latest result follows a steady recovery from the prior quarters, with net income consistently above USD 250M since Q3'24. Over the period from Q3'23 to Q2'26, PANW's net income trend has been generally upward, highlighted by a significant spike to USD 1.75B in Q2'24, followed by normalization to the USD 250M–430M range. Year-over-year growth rates were highly volatile, peaking at 68% in Q4'23 and turning slightly negative in several quarters of 2025, before stabilizing near zero and returning to modest growth in Q2'26. This pattern suggests a period of exceptional performance followed by a return to more sustainable growth levels.