1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
+Added: Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
7 unchanged sentences
Changes in Internal Control over Financial Reporting
−Removed: There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended July 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended July 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Other Information
Trading Plans of Directors and Executive Officers
−Removed: No directors or officers, as defined in Rule 16a-1(f), adopted , modified and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the fourth quarter of fiscal 2024.
+Added: Set forth below is certain information regarding Rule 10b5-1 trading plans adopted or terminated by our directors and officers (as defined in Rule 16a-1(f)) during the fourth quarter of fiscal 2025.
+Added: The Rule 10b5-1 trading plans listed below are each intended to satisfy the affirmative defense of Rule 10b5-1(c).
+Added: Name Title Date Plan Was Adopted Date Plan Was Terminated
+Added: Original Expiration Date
+Added: Total Amount of Common Stock to Be Sold Under the Plan
+Added: Chief Executive Officer
+Added: June 24, 2025
+Added: Not applicable
+Added: December 24, 2025 or when all shares have been sold
+Added: No other officers or directors, as defined in Rule 16a-1(f), adopted , modified, and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the fourth quarter of fiscal 2025.
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
21 unchanged sentences
Exhibit Filing Date
−Removed: Restated Certificate of Incorporation of the Registrant.
−Removed: 10-K 001-35594 3.1 October 4, 2012
+Added: Agreement and Plan of Merger, dated as of July 30, 2025, by and among Palo Alto Networks, Inc., Athens Strategies Ltd.
+Added: and CyberArk Software Ltd.
+Added: July 31, 2025
+Added: Restated Certificate of Incorporation of the Registrant, as amended.
Amended and Restated Bylaws of the Registrant.
−Removed: 8-K 001-35594 3.1 May 23, 2022
+Added: 8-K 001-35594 3.1 August 18, 2025
Certificate of Change of Location of Registered Agent and/or Registered Office.
8-K 001-35594 3.1 August 30, 2016
−Removed: Indenture between the Registrant and U.S.
−Removed: Bank National Association, dated as of June 8, 2020.
−Removed: 8-K 001-35594 4.1 June 8, 2020
−Removed: Form of Global 0.375% Convertible Senior Note due 2025 (included in Exhibit 4.1).
−Removed: 8-K 001-35594 4.2
Description of Registrant’s Securities.
−Removed: 4.3 September 1, 2023
Form of Indemnification Agreement between the Registrant and its directors and officers.
4 unchanged sentences
10-Q 001-35594 10.4 November 19, 2021
−Removed: 2021 Equity Incentive Plan, as amended and restated on December 12, 2023.
−Removed: Form of 2021 Equity Incentive Plan Global Stock Option Award Agreement.
−Removed: Form of 2021 Equity Incentive Plan Global Restricted Stock Unit Award Agreement.
+Added: 2021 Equity Incentive Plan, as amended and restated, and related form agreements.
2012 Employee Stock Purchase Plan, as amended and restated, and related form agreements.
−Removed: Number Exhibit Description Incorporated by Reference
−Removed: Form File No.
−Removed: Exhibit Filing Date
2015 Stock Plan, as amended, and related form agreements under RedLock Inc.
1 unchanged sentence
S-8 333-227901 99.1 October 19, 2018
−Removed: Sinefa Group, Inc.
−Removed: 2020 Stock Plan.
−Removed: S-8 333-251423 99.1 December 17, 2020
−Removed: Expanse Holding Company, Inc.
−Removed: Amended and Restated 2012 Stock Incentive Plan S-8 333-251425 99.1 December 17, 2020
−Removed: Gamma Networks, Inc.
−Removed: 2018 Stock Option and Grant Plan.
−Removed: S-8 333-259327 99.1 September 3, 2021
−Removed: Bridgecrew, Inc.
−Removed: 2019 Stock Incentive Plan.
−Removed: S-8 333-254042 99.1 March 9, 2021
Cider Security Ltd.
1 unchanged sentence
S-8 333-268931 99.1 December 21, 2022
+Added: Number Exhibit Description Incorporated by Reference
+Added: Form File No.
+Added: Exhibit Filing Date
US Sub-Plan to Cider Security Ltd.
4 unchanged sentences
Clawback Policy, adopted as of August 29, 2017, amended August 14, 2024.
+Added: September 6, 2024
Amended and Restated Outside Director Compensation Policy (last amended February 12, 2025).
−Removed: 10-Q 001-35594 10.4 February 23, 2022
+Added: 10-Q 001-35594 10.1 May 21, 2025
Continued Service Policy.
1 unchanged sentence
Palo Alto Networks, Inc.
−Removed: Deferred Compensation Plan effective June 1, 2022 10-K 001-35594 10.23 September 6, 2022
−Removed: Employment Agreement between Palo Alto Networks (Israel Analytics) Ltd.
−Removed: and Nir Zuk, dated August 18, 2020.
−Removed: 10-Q 001-35594 10.1 November 19, 2020
+Added: Deferred Compensation Plan effective June 1, 2022.
+Added: 10-K 001-35594 10.23 September 6, 2022
+Added: Amendment and Restated Employment Letter between Palo Alto Networks, Inc.
+Added: and Nir Zuk, dated July 7, 2025.
Offer Letter between the Registrant and Nikesh Arora, dated May 30, 2018.
13 unchanged sentences
Form of Offer Letter between the Registrant and its directors.
−Removed: 10-K 001-35594 10.27 September 3, 2021
−Removed: Number Exhibit Description Incorporated by Reference
−Removed: Form File No.
−Removed: Exhibit Filing Date
+Added: 001-35594 10.2
Amended and Restated Flextronics Manufacturing Services Agreement, by and between the Registrant and Flextronics Telecom Systems Ltd., dated April 1, 2019.
2 unchanged sentences
10-K 001-35594 10.29 September 3, 2021
−Removed: Form of Convertible Note Hedge Confirmation.
−Removed: 8-K 001-35594 10.2 June 8, 2020
−Removed: Form of Warrant Confirmation.
−Removed: 8-K 001-35594 10.3 June 8, 2020
Lease between the Registrant and Santa Clara Campus Property Owner I LLC, dated May 28, 2015.
2 unchanged sentences
10-K 001-35594 10.30 September 17, 2015
+Added: Number Exhibit Description Incorporated by Reference
+Added: Form File No.
+Added: Exhibit Filing Date
Lease between the Registrant and Santa Clara Campus Property Owner I LLC, dated May 28, 2015.
32 unchanged sentences
10-K 001-35594 10.41 September 7, 2017
−Removed: Number Exhibit Description Incorporated by Reference
−Removed: Form File No.
−Removed: Exhibit Filing Date
Amendment No.
12 unchanged sentences
8-K 001-35594 10.1 April 19, 2023
−Removed: Insider Trading Policy and Requirements for Trading Plans
+Added: Number Exhibit Description Incorporated by Reference
+Added: Form File No.
+Added: Exhibit Filing Date
+Added: Amendment No.
+Added: 1, dated as of November 22, 2024, to Credit Agreement, dated as of April 13, 2023, among Palo Alto Networks, Inc., the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent.
+Added: 10.3 February 14, 2025
+Added: Form of Warrant Confirmation.
+Added: 001-35594 10.3 June 8, 2020
+Added: Insider Trading Policy and Requirements for Trading Plans, as amended and restated.
List of subsidiaries of the Registrant.
8 unchanged sentences
Compensation Recovery Policy.
+Added: 97.1 September 6, 2024
101.INS XBRL Instance Document.
4 unchanged sentences
101.PRE XBRL Taxonomy Presentation Linkbase Document.
−Removed: Number Exhibit Description Incorporated by Reference
−Removed: Form File No.
−Removed: Exhibit Filing Date
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
1 unchanged sentence
** Certain portions of this exhibit have been omitted as the Registrant has determined (i) the omitted information is not material and (ii) the omitted information would likely cause harm to the Registrant if publicly disclosed.
+Added: *** Schedules omitted pursuant to Item 601(b)(2) of Regulation S-K.
+Added: The Registrant agrees to furnish supplementally a copy of any omitted schedule to the SEC upon request;
+Added: provided, however, that the Registrant may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any schedules or exhibits so furnished.
† The certifications attached as Exhibit 32.1 and Exhibit 32.2 that accompany this Annual Report on Form 10-K, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.
1 unchanged sentence
Not applicable.
−Removed: Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on September 6, 2024.
+Added: Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 29, 2025.
PALO ALTO NETWORKS, INC.
5 unchanged sentences
Signature Title Date
−Removed: /s/ NIKESH ARORA Chairman, Chief Executive Officer and Director (Principal Executive Officer) September 6, 2024
−Removed: /s/ DIPAK GOLECHHA Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) September 6, 2024
+Added: /s/ NIKESH ARORA Chairman, Chief Executive Officer and Director (Principal Executive Officer) August 29, 2025
+Added: /s/ DIPAK GOLECHHA Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) August 29, 2025
Dipak Golechha
−Removed: /s/ JOSH PAUL Chief Accounting Officer (Duly Authorized Officer and Principal Accounting Officer) September 6, 2024
−Removed: /s/ NIR ZUK Chief Technology Officer and Director September 6, 2024
+Added: /s/ JOSH PAUL Chief Accounting Officer (Duly Authorized Officer and Principal Accounting Officer) August 29, 2025
+Added: /s/ LEE KLARICH
+Added: Chief Product and Technology Officer and Director
+Added: August 29, 2025
/s/ APARNA BAWA
−Removed: Director September 6, 2024
−Removed: DONOVAN Director September 6, 2024
−Removed: /s/ CARL ESCHENBACH Director September 6, 2024
+Added: Director August 29, 2025
+Added: DONOVAN Director August 29, 2025
+Added: /s/ CARL ESCHENBACH Director August 29, 2025
Carl Eschenbach
−Removed: Director September 6, 2024
−Removed: GOETZ Director September 6, 2024
−Removed: /s/ RT HON SIR JOHN KEY Director September 6, 2024
+Added: GOETZ Director August 29, 2025
+Added: /s/ RALPH HAMERS
+Added: Director August 29, 2025
+Added: /s/ RT HON SIR JOHN KEY
+Added: Director August 29, 2025
Rt Hon Sir John Key
−Removed: /s/ MARY PAT MCCARTHY Director September 6, 2024
+Added: /s/ MARY PAT MCCARTHY Director August 29, 2025
Mary Pat McCarthy
−Removed: /s/ LORRAINE TWOHILL Director September 6, 2024
+Added: /s/ HELLE THORNING-SCHMIDT
+Added: August 29, 2025
+Added: Helle Thorning-Schmidt
+Added: /s/ LORRAINE TWOHILL
+Added: Director August 29, 2025
Lorraine Twohill
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.