Press release
Palo Alto Networks Reports Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results
Fiscal fourth quarter revenue grew 12% year over year to $2.2 billion. Fiscal year 2024 revenue grew 16% year over year to $8.0 billion.Next-Generation
About this update from Palo Alto Networks, Inc.
[{"type":"text","content":"Fiscal fourth quarter revenue grew 12% year over year to $2.2 billion. Fiscal year 2024 revenue grew 16% year over year to $8.0 billion.Next-Generation Security ARR grew 43% year over year to $4.2 billion.Remaining performance obligation grew 20% year over year to $12.7 billion.SANTA CLARA, Calif., Aug. 19, 2024 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal fourth quarter and fiscal year ended July 31, 2024.\nTotal revenue for the fiscal fourth quarter 2024 grew 12% year over year to $2.2 billion, compared with total revenue of $2.0 billion for the fiscal fourth quarter 2023. GAAP net income for the fiscal fourth quarter 2024 was $357.7 million, or $1.01 per diluted share, compared with GAAP net income of $227.7 million, or $0.64 per diluted share, for the fiscal fourth quarter 2023.\nNon-GAAP net income for the fiscal fourth quarter 2024 was $522.2 million, or $1.51 per diluted share, compared with non-GAAP net income of $482.5 million, or $1.44 per diluted share, for the fiscal fourth quarter 2023. A reconciliation between GAAP and non-GAAP information is contained in the tables below.\n\"We finished off the year with strong execution on our platformization strategy in Q4,\" said Nikesh Arora, chairman and CEO of Palo Alto Networks. \"As we look forward to fiscal year 2025 and beyond, we are focused on scaling our Next-Generation Security business through continued innovation and execution.\"\n\"Our top-line strength showed through in our remaining performance obligation and Next-Generation Security ARR,\" said Dipak Golechha, chief financial officer of Palo Alto Networks. \"At the same time we successfully balanced profitable growth, as our non-GAAP operating margins increased by more than 300 basis points for the year with strong cash generation, marking one of the best years for Palo Alto Networks.\"\nFinancial OutlookPalo Alto Networks provides guidance based on current market conditions and expectations.\nFor the fiscal first quarter 2025, we expect:\nTotal revenue in the range of $2.10 billion to $2.13 billion, representing year-over-year growth of between 12% and 13%.Diluted non-GAAP net income per share in the range of $1.47 to $1.49, representing year-over-year growth of between 7% and 8%.For the fiscal year 2025, we expect:\nTotal ...