Palo Alto Networks
PANWQ1 2025(PANW Q2 FY2025)Estimated6% AI
AI Revenue %
6%
AI Fair Value
$4.7B
AI Revenue (Q)
$231.2M
Total Revenue (Q)
$3.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2025 (3 months ended January 31, 2025) revenue was $2,257.4M (Product $421.5M, Subscription $1,233.2M, Support $602.7M). Subscription revenue grew 20.1% YoY ($1,233.2M vs $1,027.1M). QRadar integration continuing. Product revenue jumped significantly ($421.5M vs $390.7M prior year, up 7.9%) suggesting strong hardware refreshes potentially driven by AI-capable firewall upgrades. Two-for-one stock split effected December 2024 (share count doubled from ~325M to ~660M). XSIAM now in its third year with broader customer adoption. Increasing to 6% to reflect QRadar revenue contribution and XSIAM maturation. Math: $2,257.4M x 6% = ~$135M.
Analyzed by claude-opus-4-6
Quoted Figures
Total revenue $2,257.4M (Product $421.5M, Subscription $1,233.2M, Support $602.7M)
10-Q Q2 FY2025, Note 2 Revenue
On December 12, 2024, we effected a two-for-one stock split of our outstanding shares of common stock
10-Q Q2 FY2025, Note 1
AI Products Identified (Ring 1)
Cortex XSIAMIBM QRadar SaaS (integrated)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