Palo Alto vs Fortinet — R&D Spend Comparison

Palo Alto (PANW) r&d spend was $2.0B in FY2025 (+10% YoY); Fortinet (FTNT) r&d spend was $816M in FY2025 (+14% 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	Palo Alto	Fortinet
2025	$2.0B	$816M
2024	$1.8B	$717M
2023	$1.6B	$614M
2022	$1.4B	$512M
2021	$1.1B	$424M
2020	$768M	$341M
2019	$540M	$277M
2018	$401M	$244M
2017	$347M	$211M
2016	$284M	$183M
2015	$186M	$158M
2014	$105M	$123M
2013	$62M	$103M
2012	$39M	$81M
2011	$21M	$64M
2010	—	$50M

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

Fortinet — Annual R&D Spend

Fiscal Year	R&D Spend	YoY
2025	$816M	+14%
2024	$717M	+17%
2023	$614M	+20%
2022	$512M	+21%
2021	$424M	+24%
2020	$341M	+23%
2019	$277M	+13%
2018	$244M	+16%
2017	$211M	+15%
2016	$183M	+16%
2015	$158M	+29%
2014	$123M	+20%
2013	$103M	+27%
2012	$81M	+28%
2011	$64M	+28%
2010	$50M

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