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operating-expenses-chart

PANW Operating Expenses

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The latest data point in Q3'26 shows R&D Expenses at $734M and SG&A Expenses at $1.47B, representing the highest levels recorded across both categories in the observed period. From Q4'23 to Q3'26, total operating expenses demonstrate a clear upward trend, rising from $1.19B to $2.21B, with SG&A Expenses consistently comprising the larger share at approximately 65-67% of total costs. Both R&D and SG&A Expenses exhibit steady growth with notable acceleration in Q3'26, where R&D Expenses jumped 44% quarter-over-quarter and SG&A Expenses surged 48%, marking the most significant single-period increase in the dataset.