Here are the DEF 14A proxy statements from Palo Alto Networks, Inc. (PANW) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A DEF 14A covers the proxy statement, with executive pay and the shareholder votes, so if you follow PANW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PANW filings page.
Palo Alto Networks, Inc. (PANW) is asking shareholders to vote at its virtual December 8, 2026 annual meeting on six items. The Board recommends “FOR” four Class III director nominees, auditor ratification, named executive officer compensation, an increase in shares reserved under the 2021 Equity Incentive Plan, and Proposal 5; it recommends “AGAINST” a shareholder proposal seeking a study of a potential broad-based employee ownership transaction.
Proposal 5 asks shareholders to support an annual, non-binding advisory vote on continued service of directors not otherwise up for election, except during contested elections. If implemented, voting would begin at the 2027 annual meeting; directors without majority support would be expected to tender resignations, effective if accepted by the Board. Fiscal 2026 revenue was $11.48 billion, up 24%; next-generation security annualized recurring revenue (NGS ARR) was $9.10 billion, up 63%; remaining performance obligations (RPO) were $21.2 billion, up 34%. The company also completed its CyberArk and Chronosphere acquisitions.
For fiscal 2027, the maximum PSU payout is reduced from 400% to 300% of target. Maximum NGS ARR achievement requires exceeding the fiscal-year target by at least $450 million; the no-payout threshold for non-GAAP net income per diluted share is 93% of target, while maximum achievement starts at 107%.