NYSE$PANW
Palo Alto Networks · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Palo Alto Networks reported strong Q4 2023 results with revenue growth and increased profitability.
Palo Alto Networks announced its fiscal fourth quarter and fiscal year 2023 financial results. The company's Q4 revenue grew 26% year-over-year to $2.0 billion. GAAP net income for the quarter was $227.7 million, or $0.64 per diluted share, while non-GAAP net income was $482.5 million, or $1.44 per diluted share. The company's remaining performance obligation grew 30% year-over-year to $10.6 billion.
- Fiscal fourth quarter revenue grew 26% year over year to $2.0 billion.
- Fiscal fourth quarter billings grew 18% year over year to $3.2 billion.
- Remaining performance obligation grew 30% year over year to $10.6 billion.
- GAAP net income for the fiscal fourth quarter 2023 was $227.7 million, or $0.64 per diluted share.
Headline financials
Revenue & EPS history
Palo Alto Networks · Revenue · Quarterly
$1.95B
Revenue by segment
Palo Alto Networks · $1.95B total across 2 segments · Q4 2023
- Subscription and Support$1.45B+26.6%74.0%
- Product$507M+24.3%26.0%
Forward guidance
Palo Alto Networks provided guidance for the fiscal first quarter 2024 and fiscal year 2024. For the fiscal first quarter 2024, the company expects total revenue in the range of $1.82 billion to $1.85 billion, representing year-over-year growth of between 16% and 18%. For the fiscal year 2024, the company expects total revenue in the range of $8.15 billion to $8.20 billion, representing year-over-year growth of 18% and 19%.
Tailwinds
- Total billings in the range of $2.05 billion to $2.08 billion, representing year-over-year growth of between 17% and 19% for Q1 2024.
- Total revenue in the range of $1.82 billion to $1.85 billion, representing year-over-year growth of between 16% and 18% for Q1 2024.
- Diluted non-GAAP net income per share in the range of $1.15 to $1.17, representing year-over-year growth of between 39% and 41% for Q1 2024.
- Total billings in the range of $10.9 billion to $11.0 billion, representing year-over-year growth of between 19% and 20% for fiscal year 2024.
- Total revenue in the range of $8.15 billion to $8.20 billion, representing year-over-year growth of 18% and 19% for fiscal year 2024.
Headwinds
- Guidance excludes share-based compensation-related charges.
- Guidance excludes acquisition-related costs.
- Guidance excludes amortization expense of acquired intangible assets.
- Guidance excludes litigation-related charges.
- Guidance excludes restructuring and other costs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+1.4%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+1.7%
Avg return
30 days after
58%
32 / 55 earnings
Positive
+20.2%
Q4 2021
Best reaction
-28.5%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -0.9% | -11.8% | -0.3% | |
| Q1 2026 | -4.9% | -6.8% | -6.5% | |
| Q4 2025 | -1.3% | +5.5% | +16.8% | |
| Q3 2025 | -6.9% | -4.0% | +2.4% | |
| Q2 2025 | -0.9% | +1.6% | -9.7% | |
| Q1 2025 | +2.5% | -0.4% | -3.7% | |
| Q4 2024 | +10.1% | +5.0% | -1.3% | |
| Q3 2024 | -2.0% | +1.2% | -0.3% | |
| Q2 2024 | -28.5% | -23.0% | -21.5% | |
| Q1 2024 | -7.2% | -0.2% | +17.7% | |
| Q4 2023 | +16.0% | +13.5% | +15.7% | |
| Q3 2023 | +6.4% | +10.2% | +29.7% | |
| Q2 2023 | +10.9% | +10.2% | +14.5% | |
| Q1 2023 | +5.3% | +7.9% | -5.1% | |
| Q4 2022 | +10.9% | +9.2% | -0.0% | |
| Q3 2022 | +9.1% | +8.8% | +8.4% | |
| Q2 2022 | -0.9% | +18.2% | +29.0% | |
| Q1 2022 | +3.2% | +3.7% | +3.2% | |
| Q4 2021 | +20.2% | +25.5% | +29.5% | |
| Q3 2021 | +8.0% | +8.8% | +10.8% | |
| Q2 2021 | -4.8% | -9.7% | -19.1% | |
| Q1 2021 | +13.5% | +12.9% | +25.0% | |
| Q4 2020 | -3.1% | -5.4% | -11.2% | |
| Q3 2020 | +1.5% | -1.4% | -1.6% | |
| Q2 2020 | -18.9% | -24.0% | -31.7% | |
| Q1 2020 | -10.7% | -8.0% | -6.1% | |
| Q4 2019 | +6.5% | +6.1% | +5.7% | |
| Q3 2019 | -4.8% | -8.3% | -5.0% | |
| Q2 2019 | +9.0% | +5.0% | +1.9% | |
| Q1 2019 | -2.0% | +0.4% | +4.3% | |
| Q4 2018 | +2.4% | +5.4% | -2.9% | |
| Q3 2018 | -2.5% | -4.7% | +0.2% | |
| Q2 2018 | +4.6% | +6.8% | +6.9% | |
| Q1 2018 | +4.7% | +5.5% | +3.3% | |
| Q4 2017 | +10.4% | +8.5% | +8.5% | |
| Q3 2017 | +18.8% | +20.1% | +14.4% | |
| Q2 2017 | -25.2% | -24.9% | -26.3% | |
| Q1 2017 | -13.4% | -12.3% | -21.8% | |
| Q4 2016 | -5.9% | +2.6% | +10.3% | |
| Q3 2016 | -10.9% | -10.5% | -16.4% | |
| Q2 2016 | +15.4% | — | — | |
| Q1 2016 | +6.9% | — | — | |
| Q4 2015 | +6.6% | — | — | |
| Q3 2015 | +1.5% | — | — | |
| Q2 2015 | +4.7% | — | — | |
| Q1 2015 | +10.4% | — | — | |
| Q4 2014 | +9.7% | — | — | |
| Q3 2014 | +5.1% | — | — | |
| Q2 2014 | +1.8% | — | — | |
| Q1 2014 | +9.3% | — | — | |
| Q4 2013 | +7.0% | — | — | |
| Q3 2013 | -11.4% | — | — | |
| Q2 2013 | +1.1% | — | — | |
| Q1 2013 | -1.5% | — | — | |
| Q4 2012 | -5.9% | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — |
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