Palo Alto Networks
PANWQ3 2023(PANW Q4 FY2023)Estimated3% AI
AI Revenue %
3%
AI Fair Value
$1.8B
AI Revenue (Q)
$56.3M
Total Revenue (Q)
$1.9B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2023 (3 months ended July 31, 2023) revenue was $1,953.3M (derived: FY2023 total $6,892.7M minus 9-month total $4,939.4M). FY2023 10-K shows significantly expanded AI product descriptions: Cortex XSIAM described as AI-driven security operations platform, AIOps as an add-on security service, ML-Powered NGFWs. The Business section explicitly describes 'cybersecurity backed by industry-leading artificial intelligence and automation.' XSIAM completing its first full year of availability with growing customer adoption. Subscription revenue growing 26% YoY for the full year ($3,335.4M to $4,188.5M in FY2024 10-K data). Increasing estimate to 3% to reflect XSIAM growth. Math: $1,953.3M x 3% = ~$59M.
Analyzed by claude-opus-4-6
Quoted Figures
FY2023 total revenue $6,892.7M (Product $1,578.4M, Subscription $3,335.4M, Support $1,978.9M)
10-K FY2024, Note 2 Revenue (prior year comparatives)
Security Operations: We deliver the next generation of security operations capabilities... through our Cortex platform. These include Cortex XSIAM, our AI-driven security operations platform
10-K FY2023, Item 1 Business
AI Products Identified (Ring 1)
Cortex XSIAMCortex XDRAIOps
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 FirewallsAdvanced Threat PreventionAdvanced WildFire
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix