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.
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
Recent Quarterly R&D Spend
Quarter
R&D Spend
Q1 2026
$734M
Q3 2025
$528M
Q2 2025
$504M
Q1 2025
$494M
Q3 2024
$481M
Q2 2024
$495M
Q1 2024
$457M
Q3 2023
$410M
Q2 2023
$414M
Q1 2023
$414M
Q3 2022
$372M
Q2 2022
$364M
Source: PANW on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.