Palo Alto vs Fortinet — Stock-Based Compensation Comparison

Palo Alto (PANW) stock-based compensation was $1.3B in FY2025 (+21% YoY); Fortinet (FTNT) stock-based compensation was $282M in FY2025 (+8% YoY). The tables below show the complete quarterly and annual stock-based compensation history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$1.3B	$282M
2024	$1.1B	$260M
2023	$1.1B	$252M
2022	$1.0B	$220M
2021	$927M	$211M
2020	$664M	$194M
2019	$588M	$174M
2018	$504M	$163M
2017	$476M	$137M
2016	$393M	$122M
2015	$221M	$95M
2014	$100M	$59M
2013	$44M	$44M
2012	$14M	$31M
2011	$5M	$19M
2010	—	$9M

Palo Alto — Annual Stock-Based Compensation

Fiscal Year	Stock-Based Compensation	YoY
2025	$1.3B	+21%
2024	$1.1B	-1%
2023	$1.1B	+7%
2022	$1.0B	+9%
2021	$927M	+39%
2020	$664M	+13%
2019	$588M	+17%
2018	$504M	+6%
2017	$476M	+21%
2016	$393M	+77%
2015	$221M	+122%
2014	$100M	+128%
2013	$44M	+215%
2012	$14M	+194%
2011	$5M

Fortinet — Annual Stock-Based Compensation

Fiscal Year	Stock-Based Compensation	YoY
2025	$282M	+8%
2024	$260M	+3%
2023	$252M	+14%
2022	$220M	+4%
2021	$211M	+9%
2020	$194M	+11%
2019	$174M	+7%
2018	$163M	+19%
2017	$137M	+12%
2016	$122M	+29%
2015	$95M	+61%
2014	$59M	+33%
2013	$44M	+45%
2012	$31M	+61%
2011	$19M	+104%
2010	$9M

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