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PANW Revenue by Segments

Revenue by Segments

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As of Q1'26 (2025-10-31), Palo Alto Networks reported Product revenue of $434M and Subscription and support revenue of $2.04B. Subscription and support continues to be the dominant segment, accounting for the majority of total revenue in the latest quarter. From Q2'23 to Q1'26, the chart shows a consistent upward trend in Subscription and support revenue, rising from $1.3B to $2.04B, with steady quarter-over-quarter growth. Product revenue, while more volatile, has generally trended upward with notable peaks in Q4'23 ($507.4M) and Q4'25 ($573.9M), but remains significantly smaller than Subscription and support. The data highlights the company's increasing reliance on recurring revenue streams over the observed period.