As of Q2'26 (2026-01-31), PANW reported an operating income of $397M, representing a year-over-year growth rate of 0.65%. This marks the highest operating income in the period covered, with a modest YoY increase compared to previous quarters. From Q3'23 to Q2'26, PANW's operating income displayed significant fluctuations, with notable peaks in Q4'25 ($497.2M) and Q2'26 ($397M), and a pronounced dip in Q2'24 ($53.6M). The YoY growth rate was volatile, reaching as high as 15.46% in Q4'23 but generally trending downward, hovering near zero or slightly positive in most recent quarters. This suggests that while the company has achieved record operating income levels, its growth momentum has slowed considerably over the last year.