Is PANW diluting shareholders?

Read three numbers together: shares outstanding over time (815.0M as of 2026-05-26), warrants that can convert into new shares (5.2M reported), and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Palo Alto Networks Inc (PANW)

CIK 1327567 · all EDGAR filings →

Overall dilution risk

HIGHworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

HIGHS-3ASR on file 2024-09-06

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

LOWwarrants = 1% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

HIGH+164% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 815.0M shares as of May 26, 2026 (10-Q).

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
A2025 Warrants	40.0M	$68.08	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed Jun 3, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 5.2M underlying shares, as reported Jun 30, 2014 (10-K).

Reported exercise price: $137.85 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 820.2M = 815.0M O/S + 5.2M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

Note	Principal	Carrying	Conv. price	Rate	If converted
Convertible Senior Notes Due 2030	$1.10B	—	$88.263	0%	~12.5M sh

If every note above converted at its tagged price: ~12.5M new shares on 815.0M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Jun 3, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	815.0M	May 26, 2026
+ A2025 Warrants (if exercised)	40.0M	Jun 30, 2020
+ Convertible Senior Notes Due 2030 (if fully converted)	12.5M	Apr 30, 2026
Fully diluted estimate	867.5M	+6.4% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-3ASRSep 6, 2024fee exhibit found but no total offering amount (fees deferred, typical for automatic shelves)filing →

Last 12 months: 0 executed · 0 registered.

UPDATESep 30, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVESep 30, 2025SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDSep 6, 2024Automatic shelf registration — effective immediately (large filers)S-3ASR →

REGISTEREDSep 3, 2021Automatic shelf registration — effective immediately (large filers)S-3ASR →

UPDATEDec 18, 2020Resale prospectus — existing holders registering to sell424B7 →

EXECUTEDNov 12, 2020Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDJun 8, 2020Unregistered share sale disclosed (8-K item 3.02)8-K →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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