Palo Alto Networks · customer concentration
Palo Alto Networks’s biggest customers
Who are Palo Alto Networks’s biggest customers?
Customer A: 15% of FY2026 revenue
The filing does not name this customer. Hollsteen never guesses names.
“For fiscal 2026, 30% of our total revenue was derived from sales to two distributors.”
Palo Alto Networks 10-K, verbatim · 10-K · filed Sep 10, 2026
Numbers, method and sources
Share of revenue per customer as tagged in the filing’s XBRL (ConcentrationRiskPercentage, benchmark revenue). US GAAP requires disclosure only for customers with at least 10% of revenue; a year without a customer means below 10% or not disclosed. Labels like “Customer A” are the filer’s own; the same label is not guaranteed to be the same customer every year.
FY2026
- Customer A (not named in filing) 15%
- Customer B (not named in filing) 15%
FY2025
- Customer A (not named in filing) 19%
- Customer B (not named in filing) 14%
- Customer C (not named in filing) 11%
FY2024
- Customer A (not named in filing) 21%
- Customer B (not named in filing) 13%
- Customer C (not named in filing) 13%
- Customer D (not named in filing) 11%
FY2023
- Customer A (not named in filing) 25%
- Customer B (not named in filing) 13%
- Customer C (not named in filing) 12%
FY2022
- Customer A (not named in filing) 30%
- Customer B (not named in filing) 12%
- Customer C (not named in filing) 12%
SEC filings only. No market data.
Is Palo Alto Networks getting more dependent on one customer?
Largest disclosed customer, by fiscal year
All Palo Alto Networks facts from SEC filings · Customer concentration of all companies