CrowdStrike vs Palo Alto — R&D Spend Comparison

CrowdStrike (CRWD) r&d spend was $1.4B in FY2026 (+29% YoY); Palo Alto (PANW) r&d spend was $2.0B in FY2025 (+10% YoY). The tables below show the complete quarterly and annual r&d spend history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	CrowdStrike	Palo Alto
2026	$1.4B	—
2025	$1.1B	$2.0B
2024	$780M	$1.8B
2023	$608M	$1.6B
2022	$371M	$1.4B
2021	$215M	$1.1B
2020	$130M	$768M
2019	$85M	$540M
2018	$59M	$401M
2017	—	$347M
2016	—	$284M
2015	—	$186M
2014	—	$105M
2013	—	$62M
2012	—	$39M
2011	—	$21M

CrowdStrike — Annual R&D Spend

Fiscal Year	R&D Spend	YoY
2026	$1.4B	+29%
2025	$1.1B	+38%
2024	$780M	+28%
2023	$608M	+64%
2022	$371M	+73%
2021	$215M	+65%
2020	$130M	+54%
2019	$85M	+44%
2018	$59M

Palo Alto — Annual R&D Spend

Fiscal Year	R&D Spend	YoY
2025	$2.0B	+10%
2024	$1.8B	+13%
2023	$1.6B	+13%
2022	$1.4B	+24%
2021	$1.1B	+48%
2020	$768M	+42%
2019	$540M	+35%
2018	$401M	+15%
2017	$347M	+22%
2016	$284M	+53%
2015	$186M	+77%
2014	$105M	+68%
2013	$62M	+62%
2012	$39M	+81%
2011	$21M

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