CrowdStrike vs Palo Alto — Operating Expenses Comparison

CrowdStrike (CRWD) operating expenses was $3.9B in FY2026 (+26% YoY); Palo Alto (PANW) operating expenses was $5.5B in FY2025 (+5% YoY). The tables below show the complete quarterly and annual operating expenses history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	CrowdStrike	Palo Alto
2026	$3.9B	—
2025	$3.1B	$5.5B
2024	$2.3B	$5.3B
2023	$1.8B	$4.6B
2022	$1.2B	$4.0B
2021	$737M	$3.3B
2020	$486M	$2.6B
2019	$299M	$2.1B
2018	$196M	$1.7B
2017	—	$1.5B
2016	—	$1.2B
2015	—	$776M
2014	—	$654M
2013	—	$305M
2012	—	$181M
2011	—	$97M

CrowdStrike — Annual Operating Expenses

Fiscal Year	Operating Expenses	YoY
2026	$3.9B	+26%
2025	$3.1B	+33%
2024	$2.3B	+27%
2023	$1.8B	+51%
2022	$1.2B	+64%
2021	$737M	+52%
2020	$486M	+62%
2019	$299M	+53%
2018	$196M

Palo Alto — Annual Operating Expenses

Fiscal Year	Operating Expenses	YoY
2025	$5.5B	+5%
2024	$5.3B	+15%
2023	$4.6B	+16%
2022	$4.0B	+21%
2021	$3.3B	+27%
2020	$2.6B	+21%
2019	$2.1B	+24%
2018	$1.7B	+19%
2017	$1.5B	+25%
2016	$1.2B	+50%
2015	$776M	+19%
2014	$654M	+114%
2013	$305M	+69%
2012	$181M	+87%
2011	$97M

Source: CRWD on EDGAR · PANW on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.