# Who are Palo Alto Networks's customers? Who does Palo Alto Networks earn revenue from?
Canonical: https://valuechain.wiki/palo-alto-networks · Facet: customers · Updated: 2026-09-04T23:10:43.626223+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Palo Alto Networks discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-09-04).

### 글로벌 기업·정부 고객 (Fortune 100·Global 2000) (high)
- note: 80.5% of revenue is recurring subscription and support. Almost all Fortune 100 and a majority of Global 2000 subscribe to the security platform. No single customer exceeded 10% of revenue (FY2025).
- [confirms] SEC EDGAR (EN, filing, published 2025-08-29) https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm: "Subscription and support revenue comprised 80.5% of total revenue in fiscal 2025. Customers include almost all of the Fortune 100 companies and a majority of the Global 2000 companies; no single end-customer accounted for more than 10% of total revenue in fiscal 2025."
- [confirms] Futurum Group (EN, research, published 2025-08-19) https://futurumgroup.com/insights/palo-alto-networks-q4-fy-2025-earnings-show-16-growth-strong-arr-momentum/: "NGS ARR $5.58B (+32%), RPO $15.8B (+24%); customers with more than $20M in NGS ARR grew nearly 80% YoY as platformization drove larger multi-tower deals."

### 채널 파트너·유통사 (2단계 간접 판매) (high)
- note: Sells products, subscriptions and support to end-customers through a two-tier, indirect fulfillment model via distributors and channel partners.
- [confirms] SEC EDGAR (EN, filing, published 2025-08-29) https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/panw-20250731.htm: "We primarily sell our products and subscription and support offerings to end-customers through our channel partners utilizing a two-tier, indirect fulfillment model."

Reverse side: https://valuechain.wiki/palo-alto-networks/suppliers.md · Ripple: https://valuechain.wiki/palo-alto-networks/ripple.md

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Full node: https://valuechain.wiki/palo-alto-networks.md · JSON: https://valuechain.wiki/palo-alto-networks.json