---
title: "Palo Alto Networks: Business Model"
description: "Palo Alto Networks revenue by product line and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/palo-alto-networks/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Palo Alto Networks: Business Model & Revenue Engine

## Direct Answer

Palo Alto Networks reports revenue across 3 product and service lines in its fiscal 2025 Form 10-K. Subscription is the largest, with $5.0 billion of revenue (54% of the total), followed by Support at $2.4 billion (27%). 63% of revenue came from the United States.

## How Does Palo Alto Networks Make Money?

No single line supplies a majority of revenue: the largest, Subscription, is 54%, which spreads Palo Alto Networks's exposure across several demand drivers. Between fiscal 2024 and 2025, Subscription grew fastest (+18.8%) and Support slowest (+9.4%), so the revenue mix tilts toward Subscription while that gap lasts.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Subscription | $5.0 billion | $4.2 billion | 53.9% | 18.8% |
| Support | $2.4 billion | $2.2 billion | 26.5% | 9.4% |
| Product | $1.8 billion | $1.6 billion | 19.5% | 12.4% |

![Bar chart of Palo Alto Networks revenue by product line for fiscal 2025: Subscription 53.9%, Support 26.5%, Product 19.5%.](https://www.getswoopr.com/images/charts/palo-alto-networks-business-model-segment-mix.webp)
*Palo Alto Networks revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Palo Alto Networks's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $5.8 billion | $5.1 billion | 62.7% | 12.7% |
| EMEA | $1.9 billion | $1.6 billion | 20.8% | 19.7% |
| Asia Pacific | $1.1 billion | $943 million | 11.9% | 16.6% |
| Other Americas | $419 million | $349 million | 4.5% | 20.1% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Palo Alto Networks's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Palo Alto Networks reported in the segment note and revenue disclosures of its Form 10-K filed August 29, 2025 (accession 0001327567-25-000027), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Palo Alto Networks's main products and services?

In its fiscal 2025 Form 10-K, Palo Alto Networks reports revenue for Subscription, Support and Product.

### Which part of Palo Alto Networks brings in the most revenue?

Subscription, with $5.0 billion of revenue in fiscal 2025, or 54% of the total.

### How much of Palo Alto Networks's revenue comes from outside the United States?

37% in fiscal 2025, by the geographic breakdown Palo Alto Networks reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Palo Alto Networks Inc Form 10-K filed September 10, 2026](https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/panw-20260731.htm)
- [SEC EDGAR: Palo Alto Networks Inc annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1327567&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Palo Alto Networks company dossier](https://www.getswoopr.com/stocks/companies/palo-alto-networks/)
- [Palo Alto Networks financial metrics](https://www.getswoopr.com/stocks/companies/palo-alto-networks/metrics/)
- [Palo Alto Networks financial risk indicators](https://www.getswoopr.com/stocks/companies/palo-alto-networks/risks/)
- [Palo Alto Networks peer comparison](https://www.getswoopr.com/stocks/companies/palo-alto-networks/competitors/)
- [Palo Alto Networks business model and revenue mix](https://www.getswoopr.com/stocks/companies/palo-alto-networks/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).