派拓网络 2026年季度报告

Table of Contents PART I - FINANCIAL INFORMATION Item 1.Financial Statements2Condensed Consolidated Balance Sheets as of January31, 2026 and July31, 20252Condensed Consolidated Statements of Operations for the Three and Six Months Ended January 31, 2026 andJanuary31, 20253Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended January31, 2026 and January31, 20254Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended January 31,2026 and January31, 20255Condensed Consolidated Statements of Cash Flows for the Six Months Ended January 31, 2026 and January31, 20257Notes to Condensed Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations22Item 3.Quantitative and Qualitative Disclosures About Market Risk35Item 4.Controls and Procedures36PART II - OTHER INFORMATIONItem 1.Legal Proceedings37Item 1A.Risk Factors37Item 2.Unregistered Sales of Equity Securities and Use of Proceeds60Item 5.Other Information60Item 6.Exhibits61Signatures62 Part I Item 1. Financial Statements PALO ALTO NETWORKS, INC. Notes to Condensed ConsolidatedFinancial Statements (Unaudited) 1. Description of Business and Summary of Significant Accounting Policies Description of Business Palo Alto Networks, Inc. (the “Company,” “we,” “us,” or “our”), headquartered in Santa Clara, California, was incorporated in March2005under the laws of the State of Delaware and commenced operations in April2005. Our cybersecurity platforms and services helpenterprises, organizations, service providers, and government entities to secure their users, networks, clouds, and endpoints by Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally acceptedaccounting principles(“U.S. GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for thefiscal year endedJuly31, 2025, filed with the Securities and Exchange Commission (“SEC”) on August29, 2025. The condensed The condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary fora fair presentation of our quarterly results. Our condensed consolidated financial statements should be read in conjunction with the Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimatesand assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and theaccompanying notes. We evaluate our estimates on an ongoing basis. Management estimates include, but are not limited to, thestandalone selling price for our products and services, share-based compensation, fair value of assets acquired and liabilities assumedin business combinations, fair value of contingent consideration liability, the assessment of recoverability of our intangibles and goodwill, Summary of Significant Accounting Policies There have been no material changes to our significant accounting policies as of and for the six months ended January31, 2026, ascompared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended July31, 2025. Recently Issued Accounting Pronouncements Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires consistentcategories and greater disaggregation of information in the effective tax rate reconciliation and additional disclosures of income taxes Expense Disaggregation Disclosures In November 2024, the FASB issued authoritative guidance that expands annual and interim disclosure of specified information aboutcertain costs and expenses in the notes to financial statements. The standard is effective for our annual periods beginning in fiscal 2028and interim periods beginning in the first quarter of fiscal 2029, and could be applied either prospectively or retrospectively. Early Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued authoritative guidance that provides a practical expedient for estimating expected credit losses onaccounts receivable and contract assets. The standard is effective for our annual and interim periods beginning in the first quarter of Accounting for Internal-Use Software In September 2025, the FASB issued authoritative guidance that modernizes the accounting for internal-use software by eliminatingproject stage-based capitalization and clarifying the requirements, including probable-to-complete threshold, to commence thecapitalization of software development costs. The standard is effective for our annual and interim periods beginning in the first quarter of Hedge Accounting Improvements In November 2025, the FASB issued authoritative