As of Q2'26 (ending 2026-01-31), PANW reported R&D Expenses of $511M and SG&A Expenses of $1B. This marks the highest SG&A Expenses in the observed period, while R&D Expenses remain near their recent peak. From Q3'23 to Q2'26, both R&D and SG&A Expenses have shown a general upward trend, with SG&A consistently representing the larger portion of total operating expenses. Notably, SG&A Expenses experienced a significant jump in Q2'24, reaching $975M, before stabilizing and then rising again to $1B in Q2'26. R&D Expenses have also grown steadily, increasing from $414M in Q4'23 to $511M in Q2'26, indicating ongoing investment in research and development alongside expanding sales and administrative costs.