Palo Alto vs Fortinet — Operating Expenses Comparison

Palo Alto (PANW) operating expenses was $5.5B in FY2025 (+5% YoY); Fortinet (FTNT) operating expenses was $3.4B in FY2025 (+13% 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	Palo Alto	Fortinet
2025	$5.5B	$3.4B
2024	$5.3B	$3.0B
2023	$4.6B	$2.8B
2022	$4.0B	$2.4B
2021	$3.3B	$1.9B
2020	$2.6B	$1.5B
2019	$2.1B	$1.3B
2018	$1.7B	$1.1B
2017	$1.5B	$1000M
2016	$1.2B	$891M
2015	$776M	$700M
2014	$654M	$480M
2013	$305M	$363M
2012	$181M	$286M
2011	$97M	$231M
2010	—	$184M

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

Fortinet — Annual Operating Expenses

Fiscal Year	Operating Expenses	YoY
2025	$3.4B	+13%
2024	$3.0B	+6%
2023	$2.8B	+20%
2022	$2.4B	+24%
2021	$1.9B	+28%
2020	$1.5B	+14%
2019	$1.3B	+17%
2018	$1.1B	+12%
2017	$1000M	+12%
2016	$891M	+27%
2015	$700M	+46%
2014	$480M	+32%
2013	$363M	+27%
2012	$286M	+24%
2011	$231M	+25%
2010	$184M

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