Palo Alto Networks, Inc. filed a Definitive Proxy Statement (Schedule 14A) on October 27, 2026, ahead of its 2026 Annual Meeting of Shareholders scheduled for December 8, 2026.

Key Highlights

  • Total revenue: The company reported total revenue of $11.48 billion for fiscal 2026, representing 24% growth from the prior year, according to the filing.
  • NGS ARR: Next-generation security annualized recurring revenue reached $9.10 billion, a 63% increase year-over-year, with nearly $1 billion of net new NGS ARR added in the fourth quarter of fiscal 2026 alone.
  • Remaining performance obligations: RPO surpassed $20 billion for the first time, ending fiscal 2026 at $21.2 billion, a 34% increase year-over-year.
  • Adjusted free cash flow margin: The company disclosed a fourth consecutive year of adjusted free cash flow margin at 38% or better.
  • Acquisitions completed: The filing discloses the completion of acquisitions of CyberArk (rebranded as Idira) and Chronosphere, described as the two largest acquisitions in the company's history, as well as an acquisition of Koi.
  • Shareholder engagement: The company held discussions with shareholders representing approximately 63% of outstanding shares and offered discussions to shareholders representing approximately 69% of outstanding shares, each as of June 30, 2026.
  • Executive compensation: According to the filing, 100% of named executive officers' equity compensation awards were performance-based for fiscal 2026, with approximately 98% of the Chair's total compensation and an average of approximately 96% of other current executive officers' total compensation described as performance-based and at risk.

Palo Alto Networks Fiscal 2026 Results and Governance Proposals Outlined in Annual Proxy

Palo Alto Networks, Inc. filed its Definitive Proxy Statement with the U.S. Securities and Exchange Commission on October 27, 2026, in advance of the 2026 Annual Meeting of Shareholders. The meeting is scheduled for Tuesday, December 8, 2026, at 11:00 A.M. Pacific Time, to be conducted as a virtual meeting via live webcast. The filing covers fiscal 2026 financial achievements, executive compensation structure, corporate governance proposals, and shareholder engagement activity.

According to the filing, fiscal 2026 included the completion of acquisitions of CyberArk, which the company has since rebranded as Idira, and Chronosphere, both described as exceeding the company's expectations. The company also disclosed the acquisition of Koi to address what the filing describes as a new category of protection in Agentic Endpoint Security. The filing states the company's remaining performance obligations surpassed $20 billion for the first time, closing fiscal 2026 at $21.2 billion. The company disclosed it employs over 21,000 employees and remains on track toward a long-term goal of more than 4,000 platformizations and $20 billion in NGS ARR by fiscal 2030.

On corporate governance, the filing discloses that the Board has developed a proposal to give shareholders an annual advisory vote on the continued service of every director not up for election at the annual meeting, while preserving the company's classified board structure. Regarding executive pay, the Compensation and People Committee made changes to the equity compensation program following feedback from the prior year's Say-on-Pay vote results. The filing notes that 100% of named executive officers' equity compensation awards for fiscal 2026 were performance-based. The filing contains forward-looking statements, which the company notes are subject to its cautionary language as described on page 11 of the Proxy Statement.

What Was Disclosed

Palo Alto Networks filed a Definitive Proxy Statement on October 27, 2026, disclosing fiscal 2026 financial results including $11.48 billion in revenue, completion of the CyberArk and Chronosphere acquisitions, executive compensation details, shareholder engagement metrics, and a board governance proposal for the December 8, 2026 annual meeting.