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Side-by-side financial comparison of Palo Alto Networks (PANW) and Tenable Holdings, Inc. (TENB). Click either name above to swap in a different company.
Palo Alto Networks is the larger business by last-quarter revenue ($2.6B vs $260.5M, roughly 10.0× Tenable Holdings, Inc.). Palo Alto Networks runs the higher net margin — 16.7% vs -0.3%, a 16.9% gap on every dollar of revenue. On growth, Palo Alto Networks posted the faster year-over-year revenue change (14.9% vs 10.5%). Palo Alto Networks produced more free cash flow last quarter ($384.0M vs $82.7M). Over the past eight quarters, Palo Alto Networks's revenue compounded faster (14.3% CAGR vs 9.8%).
Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference.
Tenable Holdings, Inc. is a cybersecurity company based in Columbia, Maryland. Its vulnerability scanner software Nessus, developed in 1998, is one of the most widely deployed vulnerability assessment solutions in the cybersecurity industry. As of December 31, 2023, the company had approximately 44,000 customers, including 65% of the Fortune 500.
PANW vs TENB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.6B | $260.5M |
| Net Profit | $432.0M | $-737.0K |
| Gross Margin | 73.6% | 78.8% |
| Operating Margin | 15.3% | 3.4% |
| Net Margin | 16.7% | -0.3% |
| Revenue YoY | 14.9% | 10.5% |
| Net Profit YoY | 61.6% | -139.5% |
| EPS (diluted) | $0.61 | $-0.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $260.5M | ||
| Q3 25 | $2.5B | $252.4M | ||
| Q2 25 | $2.3B | $247.3M | ||
| Q1 25 | $2.3B | $239.1M | ||
| Q4 24 | $2.1B | $235.7M | ||
| Q3 24 | $2.2B | $227.1M | ||
| Q2 24 | $2.0B | $221.2M |
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $-737.0K | ||
| Q3 25 | $253.8M | $2.3M | ||
| Q2 25 | $262.1M | $-14.7M | ||
| Q1 25 | $267.3M | $-22.9M | ||
| Q4 24 | $350.7M | $1.9M | ||
| Q3 24 | $357.7M | $-9.2M | ||
| Q2 24 | $278.8M | $-14.6M |
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | 78.8% | ||
| Q3 25 | 73.2% | 77.5% | ||
| Q2 25 | 72.9% | 78.0% | ||
| Q1 25 | 73.5% | 78.1% | ||
| Q4 24 | 74.1% | 78.2% | ||
| Q3 24 | 73.8% | 77.8% | ||
| Q2 24 | 74.1% | 77.9% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 3.4% | ||
| Q3 25 | 19.6% | 2.8% | ||
| Q2 25 | 9.6% | -3.0% | ||
| Q1 25 | 10.6% | -7.4% | ||
| Q4 24 | 13.4% | 5.5% | ||
| Q3 24 | 10.9% | -0.9% | ||
| Q2 24 | 8.9% | -4.0% |
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | -0.3% | ||
| Q3 25 | 10.0% | 0.9% | ||
| Q2 25 | 11.5% | -5.9% | ||
| Q1 25 | 11.8% | -9.6% | ||
| Q4 24 | 16.4% | 0.8% | ||
| Q3 24 | 16.3% | -4.1% | ||
| Q2 24 | 14.0% | -6.6% |
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $-0.01 | ||
| Q3 25 | $-0.14 | $0.02 | ||
| Q2 25 | $0.37 | $-0.12 | ||
| Q1 25 | $0.38 | $-0.19 | ||
| Q4 24 | $0.99 | $0.01 | ||
| Q3 24 | $1.04 | $-0.08 | ||
| Q2 24 | $0.79 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.5B | $402.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.4B | $326.4M |
| Total Assets | $25.0B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $402.2M | ||
| Q3 25 | $2.9B | $383.6M | ||
| Q2 25 | $3.3B | $386.5M | ||
| Q1 25 | $3.2B | $460.3M | ||
| Q4 24 | $3.4B | $577.2M | ||
| Q3 24 | $2.6B | $548.4M | ||
| Q2 24 | $2.9B | $487.0M |
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $326.4M | ||
| Q3 25 | $7.8B | $344.4M | ||
| Q2 25 | $7.2B | $350.7M | ||
| Q1 25 | $6.4B | $383.2M | ||
| Q4 24 | $5.9B | $400.0M | ||
| Q3 24 | $5.2B | $404.6M | ||
| Q2 24 | $4.5B | $363.6M |
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $1.7B | ||
| Q3 25 | $23.6B | $1.7B | ||
| Q2 25 | $22.0B | $1.7B | ||
| Q1 25 | $21.0B | $1.7B | ||
| Q4 24 | $20.4B | $1.7B | ||
| Q3 24 | $20.0B | $1.6B | ||
| Q2 24 | $17.9B | $1.6B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $554.0M | $83.0M |
| Free Cash FlowOCF − Capex | $384.0M | $82.7M |
| FCF MarginFCF / Revenue | 14.8% | 31.7% |
| Capex IntensityCapex / Revenue | 6.6% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.28× | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.6B | $254.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $83.0M | ||
| Q3 25 | $1.0B | $53.9M | ||
| Q2 25 | $628.7M | $42.5M | ||
| Q1 25 | $556.9M | $87.4M | ||
| Q4 24 | $1.5B | $81.1M | ||
| Q3 24 | $512.7M | $54.6M | ||
| Q2 24 | $528.9M | $31.4M |
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $82.7M | ||
| Q3 25 | $934.5M | $53.0M | ||
| Q2 25 | $560.4M | $38.1M | ||
| Q1 25 | $509.4M | $80.9M | ||
| Q4 24 | $1.5B | $78.8M | ||
| Q3 24 | $465.3M | $53.9M | ||
| Q2 24 | $491.5M | $30.9M |
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 31.7% | ||
| Q3 25 | 36.8% | 21.0% | ||
| Q2 25 | 24.5% | 15.4% | ||
| Q1 25 | 22.6% | 33.8% | ||
| Q4 24 | 68.5% | 33.4% | ||
| Q3 24 | 21.3% | 23.7% | ||
| Q2 24 | 24.8% | 14.0% |
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 0.1% | ||
| Q3 25 | 3.4% | 0.3% | ||
| Q2 25 | 3.0% | 1.8% | ||
| Q1 25 | 2.1% | 2.7% | ||
| Q4 24 | 2.1% | 1.0% | ||
| Q3 24 | 2.2% | 0.3% | ||
| Q2 24 | 1.9% | 0.2% |
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | — | ||
| Q3 25 | 4.02× | 23.83× | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | 2.08× | — | ||
| Q4 24 | 4.30× | 43.43× | ||
| Q3 24 | 1.43× | — | ||
| Q2 24 | 1.90× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
TENB
| Subscription And Circulation | $238.9M | 92% |
| Other | $11.0M | 4% |
| License And Maintenance | $10.6M | 4% |
