Palo Alto Networks
PANWQ4 2024(PANW Q1 FY2025)Estimated5.5% AI
AI Revenue %
5.5%
AI Fair Value
$4.1B
AI Revenue (Q)
$103.3M
Total Revenue (Q)
$1.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2025 (3 months ended October 31, 2024) revenue was $2,138.8M (Product $353.8M, Subscription $1,191.8M, Support $593.2M). Subscription revenue grew 20.6% YoY ($1,191.8M vs $988.3M). IBM QRadar SaaS assets acquisition completed in Q1 FY2025 for ~$500M cash plus $648.9M contingent consideration, adding AI-powered SIEM capabilities to the Cortex platform. Goodwill increased from $3,350.1M to $4,050.8M. Intangible assets grew from $374.9M to $809.6M. This acquisition significantly bolsters AI-driven security operations. XSIAM and QRadar integration underway. Increasing to 5.5%. Math: $2,138.8M x 5.5% = ~$118M.
Analyzed by claude-opus-4-6
Quoted Figures
Total revenue $2,138.8M (Product $353.8M, Subscription $1,191.8M, Support $593.2M)
10-Q Q1 FY2025, Note 2 Revenue
Business acquisitions, net of cash and restricted cash acquired ($500.0M); Contingent consideration for a business acquisition ($648.9M)
10-Q Q1 FY2025, Cash Flow Statement and Note 3
Goodwill $4,050.8M as of October 31, 2024 vs $3,350.1M as of July 31, 2024
10-Q Q1 FY2025, Balance Sheet
AI Products Identified (Ring 1)
Cortex XSIAMIBM QRadar SaaS (acquired)AI Access SecurityAI Runtime SecurityStrata CopilotAIOps
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
ML-Powered Next-Generation FirewallsPrisma Cloud
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix