Palo Alto Networks Inc (PANW) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Palo Alto Networks Inc surfaced in its latest filing.

• The One Big Beautiful Bill Act was signed into law on July 4, 2025, and could affect our tax obligationsJuly 4, 2025
• CyberArk's $1.25 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030 could affect effective tax rates
• Capped Calls acquired in connection with the CyberArk acquisition could affect effective tax rates
• As of July 31, 2026, $1.0 billion available under share repurchase program, which expires December 31, 2026July 31, 2026
• Company guaranteed the 2030 Notes under a Supplemental Indenture following the CyberArk acquisition
• Holders can require repurchase of the 2030 Notes upon a fundamental change; repurchase, conversion, or maturity of the 2030 Notes requires cash payments
• A default under the Indenture could lead to a default under agreements governing other indebtedness
• CyberArk previously entered into Capped Calls, which were assigned to the company and now reference the company's common stock
• Capped Calls are expected to reduce dilution upon conversion of the 2030 Notes or offset cash payments above principal, subject to a cap