Palo Alto Networks

Q4 FY2025 (3 months ended July 31, 2025) revenue was $2,536.3M (derived: FY2025 total $9,221.5M minus 9-month $6,685.2M). FY2025 10-K introduces major AI product expansion: Prisma AIRS as 'comprehensive AI security platform' (model scanning, posture management, red teaming, runtime security, AI agent security), Cortex Cloud consolidating cloud security + security operations on a single AI-powered platform, and continued XSIAM growth. The proposed CyberArk acquisition announced. Contingent consideration for IBM QRadar reduced to $513.6M (from $669.2M) after amended terms and reduced estimates, suggesting QRadar integration maturing. FY2025 subscription revenue was $4,974.4M (up 18.8% from $4,188.5M). Increasing to 7% to reflect Prisma AIRS launch and expanding AI product portfolio. Math: $2,536.3M x 7% = ~$178M.