{
 "company": "palo-alto-networks",
 "as_of": "2026-10-01",
 "choices": [
  {
   "id": "palo-alto-networks-p01",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Initial product",
   "statement": "Zuk founded the company to build 'a completely new kind of firewall', recruiting 25 NetScreen engineers and raising $9.4 million.",
   "event_date": "2005",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN3"
   ]
  },
  {
   "id": "palo-alto-networks-p02",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Cloud services",
   "statement": "Zuk proposed cloud-delivered security services in 2005, when, in his account, everybody thought the idea was crazy.",
   "event_date": "2005",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN1"
   ]
  },
  {
   "id": "palo-alto-networks-g01",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Funding and incubation",
   "statement": "Zuk raised seed money from Greylock and Sequoia and spent months at Greylock's offices brainstorming with investors and prospective customers.",
   "event_date": "2005",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN5"
   ]
  },
  {
   "id": "palo-alto-networks-g02",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Category name",
   "statement": "The founders chose to call the product a 'next-generation firewall' rather than an application visibility and control tool, despite sales resistance.",
   "event_date": "2007",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN1"
   ]
  },
  {
   "id": "palo-alto-networks-g03",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Proof of concept",
   "statement": "Sales offered a one-week trial in tap mode, connected to a switch or optical tap outside the traffic path, to 'show you what you're missing'.",
   "event_date": "2007",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN1"
   ]
  },
  {
   "id": "palo-alto-networks-g04",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Win rate",
   "statement": "Zuk recalled that once a customer ran a proof of concept, the chance of a sale was 90% or more.",
   "event_date": "2007",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN1"
   ]
  },
  {
   "id": "palo-alto-networks-p03",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Application identification",
   "statement": "The PA-4000 series launched able to identify applications inside web traffic, for example telling Yahoo Mail from corporate e-mail, and apply policy to them.",
   "event_date": "2007-06-21",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN22"
   ]
  },
  {
   "id": "palo-alto-networks-p04",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Deployment modes",
   "statement": "Customers could run the box out-of-band as a monitor, inline beside their existing firewall, or inline as its replacement.",
   "event_date": "2007-06-21",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN22"
   ]
  },
  {
   "id": "palo-alto-networks-p05",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Performance",
   "statement": "In an independent test the PA-4020 kept about 1.6 Gbps with intrusion prevention, antivirus and content filtering all on, about 20% below its 2 Gbps rating.",
   "event_date": "2008-10-06",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN7"
   ]
  },
  {
   "id": "palo-alto-networks-p06",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "App-ID",
   "statement": "App-ID identified more than 900 applications regardless of port, protocol, encryption or evasive tactic.",
   "event_date": "2009-10-16",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN32"
   ]
  },
  {
   "id": "palo-alto-networks-p07",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "User-ID",
   "statement": "User-ID tied firewall policy to users and groups drawn from Active Directory rather than IP addresses.",
   "event_date": "2009-10-16",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN32"
   ]
  },
  {
   "id": "palo-alto-networks-p08",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Single-pass architecture",
   "statement": "The firewall processed each packet once in a single-pass, parallel architecture built from the ground up, which the company contrasted with rivals' ASIC hardware designed for simpler jobs.",
   "event_date": "2009-10-16",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN32"
   ]
  },
  {
   "id": "palo-alto-networks-p09",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Virtual wire",
   "statement": "The box could be inserted as a transparent 'virtual wire' without changing network addressing.",
   "event_date": "2009-10-16",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN32"
   ]
  },
  {
   "id": "palo-alto-networks-g05",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Entry point",
   "statement": "Gartner observed the company often entered enterprises through URL-filtering selections, where its per-box charge compared well.",
   "event_date": "2010-03",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN9"
   ]
  },
  {
   "id": "palo-alto-networks-g06",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Geography",
   "statement": "Almost all sales were in North America in 2009, with an international channel growing.",
   "event_date": "2010-03",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN9"
   ]
  },
  {
   "id": "palo-alto-networks-g07",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Analyst demand",
   "statement": "Palo Alto Networks generated the most firewall inquiries from Gartner clients in 2009.",
   "event_date": "2010-03",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN9"
   ]
  },
  {
   "id": "palo-alto-networks-g08",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Leadership",
   "statement": "Mark McLaughlin became CEO in 2011 and persuaded the board to delay the IPO while the company hired sales, support and finance leaders.",
   "event_date": "2011",
   "date_precision": "year",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN1"
   ]
  },
  {
   "id": "palo-alto-networks-g25",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Sales motion",
   "statement": "The company marketed next-generation firewalls as a consolidation purchase, publishing customer accounts that replaced Cisco firewalls plus separate intrusion prevention, proxy and URL-filtering appliances with cost savings.",
   "event_date": "2011-08",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN35"
   ]
  },
  {
   "id": "palo-alto-networks-p10",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Consolidated functions",
   "statement": "The platform combined App-ID, User-ID and Content-ID so policy could be set by application, user and content, replacing separate 'helper' devices such as web filters and intrusion prevention appliances.",
   "event_date": "2012-10-05",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN2"
   ]
  },
  {
   "id": "palo-alto-networks-p11",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "WildFire",
   "statement": "WildFire, a cloud-based malware analysis service, was sold as a subscription alongside threat prevention and URL filtering.",
   "event_date": "2012-10-05",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN2"
   ]
  },
  {
   "id": "palo-alto-networks-g09",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Channel model",
   "statement": "Substantially all revenue came through distributors and resellers in a 'high touch, channel fulfilled' model in which partners bought at a discount and resold.",
   "event_date": "2012-10-05",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN2"
   ]
  },
  {
   "id": "palo-alto-networks-g10",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Insertion points",
   "statement": "The company sold either as a firewall replacement or as a replacement for a firewall 'helper', then aimed to replace the core firewall at refresh.",
   "event_date": "2012-10-05",
   "date_precision": "day",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN2"
   ]
  },
  {
   "id": "palo-alto-networks-g11",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Customer base",
   "statement": "The company had more than 9,000 end-customers in over 100 countries, and revenue grew from $48.8 million in fiscal 2010 to $255.1 million in fiscal 2012.",
   "event_date": "2012-10-05",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN2"
   ]
  },
  {
   "id": "palo-alto-networks-g12",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Analyst position",
   "statement": "Gartner placed the company as a leader in its 2011 Magic Quadrant for enterprise network firewalls.",
   "event_date": "2012-10-05",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN2"
   ]
  },
  {
   "id": "palo-alto-networks-g26",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Positioning",
   "statement": "Zuk described the product as consolidating multiple security devices into a single device, against the practice of adding a new device for every problem.",
   "event_date": "2014-02-28",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN5"
   ]
  },
  {
   "id": "palo-alto-networks-p12",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "Endpoint",
   "statement": "The company bought endpoint-protection start-up Cyvera for $200 million to join endpoint, firewall and threat cloud in one platform; it became Traps.",
   "event_date": "2014-03-24",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN27"
   ]
  },
  {
   "id": "palo-alto-networks-g13",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Litigation",
   "statement": "The company settled Juniper's patent suits for $75 million in cash and $100 million in stock and warrants.",
   "event_date": "2014-05-28",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN17"
   ]
  },
  {
   "id": "palo-alto-networks-p13",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "Prisma",
   "statement": "Prisma, announced in fiscal 2019, grouped public-cloud security, SaaS security and Prisma Access, a cloud-delivered network security service for remote users and sites.",
   "event_date": "2019-09",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN19"
   ]
  },
  {
   "id": "palo-alto-networks-p14",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "Cortex",
   "statement": "Cortex grouped XDR detection and response, Cortex Data Lake, Demisto orchestration and AutoFocus threat intelligence.",
   "event_date": "2019-09",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN19"
   ]
  },
  {
   "id": "palo-alto-networks-p15",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "Fiscal 2019 acquisitions",
   "statement": "In fiscal 2019 the company bought RedLock, Demisto, PureSec and Twistlock to fill cloud and automation gaps.",
   "event_date": "2019-09",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN19"
   ]
  },
  {
   "id": "palo-alto-networks-p16",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "product",
   "dimension": "Subscriptions",
   "statement": "Subscriptions sold on the firewall base included Threat Prevention, URL Filtering, WildFire, GlobalProtect, DNS Security and VM-Series virtual firewalls.",
   "event_date": "2019-09",
   "date_precision": "month",
   "evidence_kind": "company_described_offering",
   "sources": [
    "PAN19"
   ]
  },
  {
   "id": "palo-alto-networks-g15",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Distributors",
   "statement": "Four distributors accounted for 74.6% of fiscal 2019 revenue.",
   "event_date": "2019-09",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN19"
   ]
  },
  {
   "id": "palo-alto-networks-g16",
   "business": "Network security (next-generation firewalls and subscriptions)",
   "category": "go_to_market",
   "dimension": "Revenue mix",
   "statement": "Subscription and support were 62.2% of fiscal 2019 revenue.",
   "event_date": "2019-09",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN19"
   ]
  },
  {
   "id": "palo-alto-networks-g14",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Specialist sales",
   "statement": "Arora expanded the Prisma and Cortex specialist teams from 500 to 1,500 people and committed $100-125 million of extra investment.",
   "event_date": "2019-09-04",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN25"
   ]
  },
  {
   "id": "palo-alto-networks-p17",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "Attack surface",
   "statement": "The company bought Expanse for external attack-surface management in 2020.",
   "event_date": "2020",
   "date_precision": "year",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN4"
   ]
  },
  {
   "id": "palo-alto-networks-g17",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Market share",
   "statement": "Arora said the company had been the largest security vendor by a small margin at 1.5% of industry spend and had reached about 3-4%.",
   "event_date": "2022-12-14",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN21"
   ]
  },
  {
   "id": "palo-alto-networks-g18",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Free incident response",
   "statement": "The company offered its largest customers free incident-response help; about 400 of the top 1,500 accepted within 90 days.",
   "event_date": "2023-11",
   "date_precision": "month",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN10"
   ]
  },
  {
   "id": "palo-alto-networks-p18",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "XSIAM",
   "statement": "Cortex XSIAM, the security-operations platform, had more than 65 customers and had replaced 19 different SIEM vendors.",
   "event_date": "2024-02-20",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN20"
   ]
  },
  {
   "id": "palo-alto-networks-g19",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Platformization terms",
   "statement": "Customers who consolidated could start using the platforms at once and pay when their other vendors' contracts ran out, on average about six months of free use.",
   "event_date": "2024-02-20",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN20"
   ]
  },
  {
   "id": "palo-alto-networks-g20",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Market reaction",
   "statement": "Guidance for 12 to 18 months of slower billings growth sent the shares down 28%, the worst day since the 2012 IPO.",
   "event_date": "2024-02-21",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN13"
   ]
  },
  {
   "id": "palo-alto-networks-p19",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "QRadar migration",
   "statement": "The company agreed to buy IBM's QRadar SaaS assets for $500 million and to migrate QRadar customers to XSIAM.",
   "event_date": "2024-05-21",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN11"
   ]
  },
  {
   "id": "palo-alto-networks-g21",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Largest contract",
   "statement": "A healthcare provider signed a $150 million contract, the largest in company history, after receiving incident-response services.",
   "event_date": "2024-05-21",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN11"
   ]
  },
  {
   "id": "palo-alto-networks-g22",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Platformizations",
   "statement": "The company reported more than 1,150 platformizations among its top 5,000 customers and targeted 2,500 to 3,500 by fiscal 2030.",
   "event_date": "2025-02-13",
   "date_precision": "day",
   "evidence_kind": "participant_account",
   "sources": [
    "PAN30"
   ]
  },
  {
   "id": "palo-alto-networks-g23",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Results",
   "statement": "Fiscal 2025 revenue was $9.2 billion and next-generation security ARR $5.6 billion, up 32%.",
   "event_date": "2025-08-18",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN12"
   ]
  },
  {
   "id": "palo-alto-networks-p20",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "product",
   "dimension": "Identity security",
   "statement": "The company completed its roughly $25 billion acquisition of CyberArk to add identity security to the Cortex and Strata platforms.",
   "event_date": "2026-02-12",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN14"
   ]
  },
  {
   "id": "palo-alto-networks-g24",
   "business": "Cloud security and security operations (Prisma and Cortex)",
   "category": "go_to_market",
   "dimension": "Results",
   "statement": "Fiscal 2026 revenue was $11.5 billion, up 24%, with fiscal 2027 guidance of $14.1-14.2 billion.",
   "event_date": "2026-09-16",
   "date_precision": "day",
   "evidence_kind": "documented_offer_or_action",
   "sources": [
    "PAN31"
   ]
  }
 ]
}