0001327567-24-000017 | 10-Q | XBRL Viewer

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Revenue (Disaggregation of Revenue - Geographic Theater) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Disaggregation of Revenue
Revenue:	$ 1,984.8	$ 1,720.9	$ 5,838.0	$ 4,939.4
United States
Disaggregation of Revenue
Revenue:	1,271.1	1,105.2	3,723.6	3,153.8
Other Americas
Disaggregation of Revenue
Revenue:	88.5	74.0	256.8	213.1
Total Americas
Disaggregation of Revenue
Revenue:	1,359.6	1,179.2	3,980.4	3,366.9
Europe, the Middle East, and Africa (“EMEA”)
Disaggregation of Revenue
Revenue:	399.2	332.1	1,170.9	981.5
Asia Pacific and Japan (“APAC”)
Disaggregation of Revenue
Revenue:	$ 226.0	$ 209.6	$ 686.7	$ 591.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions (Intangible Assets Acquired as Part of Business Combination) (Details) - Developed technology - USD ($) $ in Millions	Dec. 28, 2023	Dec. 05, 2023
Dig Security Solutions Ltd
Business Acquisition
Fair Value		$ 45.4
Estimated Useful Life		5 years
Talon Cyber Security Ltd
Business Acquisition
Fair Value	$ 131.4
Estimated Useful Life	5 years

Acquisitions (Tables)

9 Months Ended

Apr. 30, 2024

Business Combinations [Abstract]

Schedule of purchase consideration

The total purchase consideration for the acquisition of Dig was $255.4 million, which consisted of the following (in millions):


	Amount
Cash	$	247.6
Fair value of replacement awards	7.8
Total	$	255.4

The total purchase consideration for the acquisition of Talon was $458.6 million, which consisted of the following (in millions):


	Amount
Cash	$	439.0
Fair value of replacement awards	19.6
Total	$	458.6

Schedule of recognized identified assets acquired and liabilities assumed

We have accounted for this transaction as a business combination and allocated the purchase consideration to assets acquired and liabilities assumed based on preliminary estimated fair values, as presented in the following table (in millions):


	Amount
Goodwill	$	192.2
Identified intangible assets	45.4
Cash and restricted cash	22.1
Net liabilities assumed	(4.3)
Total	$	255.4


	Amount
Goodwill	$	253.7
Identified intangible assets	131.4
Cash and restricted cash	53.9
Net assets acquired	19.6
Total	$	458.6

Schedule of finite-lived intangible assets acquired as part of business combination

The following table presents details of the identified intangible asset acquired (in millions, except years):


	Fair Value		Estimated Useful Life
Developed technology	$	45.4	5 years

The following table presents details of the identified intangible asset acquired (in millions, except years):


	Fair Value		Estimated Useful Life
Developed technology	$	131.4	5 years

Acquisitions (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	Dec. 28, 2023	Dec. 05, 2023
Dig Security Solutions Ltd
Business Acquisition
Total purchase consideration		$ 255.4
Total fair value of replacement equity awards		$ 72.0
Dig Security Solutions Ltd \| Restricted stock
Business Acquisition
Common stock issued (in shares)		0.2
Talon Cyber Security Ltd
Business Acquisition
Total purchase consideration	$ 458.6
Total fair value of replacement equity awards	$ 109.6
Talon Cyber Security Ltd \| Restricted stock
Business Acquisition
Common stock issued (in shares)	0.3

Cash Equivalents and Investments (Tables)

9 Months Ended

Apr. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale debt securities

The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	2.5	$	—	$	—	$	2.5



Total available-for-sale cash equivalents	$	2.5	$	—	$	—	$	2.5
Investments:
Certificates of deposit	$	25.5	$	—	$	—	$	25.5
Commercial paper	171.0		—		(0.1)		170.9
Corporate debt securities	3,803.5		2.6		(28.8)		3,777.3
U.S. government and agency securities	85.0		—		(0.4)		84.6
Non-U.S. government and agency securities	87.9		—		(0.9)		87.0
Asset-backed securities	881.4		0.9		(6.5)		875.8
Total available-for-sale investments	$	5,054.3	$	3.5	$	(36.7)	$	5,021.1


	July 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	151.4	$	—	$	—	$	151.4



Total available-for-sale cash equivalents	$	151.4	$	—	$	—	$	151.4
Investments:
Certificates of deposit	$	48.1	$	—	$	—	$	48.1
Commercial paper	214.1		—		(0.3)		213.8
Corporate debt securities	3,313.5		1.3		(32.5)		3,282.3
U.S. government and agency securities	214.2		—		(1.6)		212.6
Non-U.S. government and agency securities	37.2		—		(0.6)		36.6
Asset-backed securities	512.0		0.2		(3.0)		509.2
Total available-for-sale investments	$	4,339.1	$	1.5	$	(38.0)	$	4,302.6

Schedule of contractual maturities of available-for-sale debt securities

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of April 30, 2024, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,524.4	$	1,519.2
Due between one and three years	2,125.5		2,109.2
Due between three and five years	1,134.1		1,124.7
Due between five and ten years	158.5		157.1
Due after ten years	114.3		113.4
Total	$	5,056.8	$	5,023.6

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Description of Business and Summary of Significant Accounting Policies (Notes)	9 Months Ended
	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business Palo Alto Networks, Inc. (the “Company,” “we,” “us,” or “our”), headquartered in Santa Clara, California, was incorporated in March 2005 under the laws of the State of Delaware and commenced operations in April 2005. We empower enterprises, organizations, service providers, and government entities to secure their users, networks, clouds, and endpoints by delivering comprehensive cybersecurity enabled by artificial intelligence and automation. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on September 1, 2023. The condensed consolidated financial statements include our accounts and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of our quarterly results. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Reclassification Certain prior period amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. We base our estimates on assumptions, both historical and forward looking, that we believe are reasonable. Actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the current economic environment. Summary of Significant Accounting Policies There have been no material changes to our significant accounting policies as of and for the nine months ended April 30, 2024, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Recently Issued Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for our annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026, and requires retrospective application for all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued authoritative guidance that requires consistent categories and greater disaggregation of information in the effective tax rate reconciliation and additional disclosures of income taxes paid by jurisdiction. The standard is effective for our annual periods beginning in fiscal 2026 and could be applied either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements.

Revenue (Deferred Revenue) (Details) - USD ($) $ in Billions	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from opening deferred revenue balance	$ 3.7	$ 2.9

Revenue (Notes)

9 Months Ended

Apr. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents revenue by geographic theater (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Revenue:
Americas
United States	$	1,271.1	$	1,105.2	$	3,723.6	$	3,153.8
Other Americas	88.5		74.0		256.8		213.1
Total Americas	1,359.6		1,179.2		3,980.4		3,366.9
Europe, the Middle East, and Africa (“EMEA”)	399.2		332.1		1,170.9		981.5
Asia Pacific and Japan (“APAC”)	226.0		209.6		686.7		591.0
Total revenue	$	1,984.8	$	1,720.9	$	5,838.0	$	4,939.4

The following table presents revenue for groups of similar products and services (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Revenue:
Product	$	391.0	$	388.1	$	1,122.8	$	1,071.0
Subscription and support
Subscription	1,045.6		838.1		3,061.0		2,417.5
Support	548.2		494.7		1,654.2		1,450.9
Total subscription and support	1,593.8		1,332.8		4,715.2		3,868.4
Total revenue	$	1,984.8	$	1,720.9	$	5,838.0	$	4,939.4

Deferred Revenue

During the nine months ended April 30, 2024 and 2023, we recognized approximately $3.7 billion and $2.9 billion of revenue pertaining to amounts that were deferred as of July 31, 2023 and 2022, respectively.

Remaining Performance Obligations

Remaining performance obligations were $11.3 billion as of April 30, 2024, of which we expect to recognize as revenue approximately $5.4 billion over the next 12 months and the remainder thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (in percentage)	(11.00%)	17.70%	(231.70%)	15.10%
Deferred tax benefit	$ 40.0		$ 3,300.0
Deferred tax expense	7.4		1,700.0
Deferred tax benefit, net	$ 32.6		$ 1,600.0
Tax audit settlement				$ 28.9

Debt (Warrants) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			9 Months Ended
	Jun. 03, 2020	Jul. 31, 2018	Apr. 30, 2024
2023 Warrants
Class of Warrant or Right
Initial number of shares (in shares)		19.1
Strike price per share (in usd per share)		$ 139.27
Aggregate proceeds		$ 145.4
Settlement of warrants (in shares)			9.0
Settlement of warrants			$ 2,400.0
2025 Warrants
Class of Warrant or Right
Initial number of shares (in shares)	20.1
Strike price per share (in usd per share)	$ 136.16
Aggregate proceeds	$ 202.8

Net Income Per Share (Computation of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 278.8	$ 107.8	$ 2,219.9	$ 212.0
Weighted-average shares used to compute net income per share, basic (in shares)	322.9	303.9	317.5	302.0
Weighted-average effect of potentially dilutive securities
Convertible senior notes (in shares)	9.5	19.3	11.4	17.4
Warrants related to the issuance of convertible senior notes (in shares)	11.0	10.0	13.2	7.3
Employee equity incentive plans (in shares)	11.2	11.5	11.9	11.4
Weighted-average shares used to compute net income per share, diluted (in shares)	354.6	344.7	354.0	338.1
Net income per share, basic (in usd per share)	$ 0.86	$ 0.35	$ 6.99	$ 0.70
Net income per share, diluted (in usd per share)	$ 0.79	$ 0.31	$ 6.27	$ 0.63

Description of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Apr. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on September 1, 2023. The condensed consolidated financial statements include our accounts and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of our quarterly results. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. We base our estimates on assumptions, both historical and forward looking, that we believe are reasonable. Actual results could differ materially from those estimates due to risks and uncertainties, including uncertainty in the current economic environment.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The standard is effective for our annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026, and requires retrospective application for all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued authoritative guidance that requires consistent categories and greater disaggregation of information in the effective tax rate reconciliation and additional disclosures of income taxes paid by jurisdiction. The standard is effective for our annual periods beginning in fiscal 2026 and could be applied either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this standard on our disclosures in the consolidated financial statements.

Acquisitions (Schedule of Purchase Consideration) (Details) - USD ($) $ in Millions	Dec. 28, 2023	Dec. 05, 2023
Dig Security Solutions Ltd
Business Acquisition
Cash		$ 247.6
Total		255.4
Dig Security Solutions Ltd \| Replacement Equity Awards
Business Acquisition
Fair value of replacement awards		$ 7.8
Talon Cyber Security Ltd
Business Acquisition
Cash	$ 439.0
Total	458.6
Talon Cyber Security Ltd \| Replacement Equity Awards
Business Acquisition
Fair value of replacement awards	$ 19.6

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Derivative Instruments (Details) - USD ($) $ in Millions	Jul. 31, 2023	Apr. 30, 2024
Derivative
Total notional amount	$ 957.5	$ 1,300.0
Gains (losses) in AOCI	$ 0.7	(19.1)
Losses (gains) expected to be recognized into earnings within the next 12 months		$ 13.7
Foreign exchange contract
Derivative
Maximum contract term of cash flow hedge		24 months

Commitments and Contingencies (Purchase Commitments) (Details) $ in Millions	Apr. 30, 2024 USD ($)
Aggregate Future Purchase Commitments
Total	$ 4,597.5
Remaining 2024	55.8
2025	383.2
2026	634.3
2027	524.4
2028	592.3
2029 and Thereafter	2,407.5
Cloud
Aggregate Future Purchase Commitments
Total	4,338.4
Remaining 2024	1.0
2025	251.8
2026	581.1
2027	518.1
2028	585.6
2029 and Thereafter	2,400.8
Manufacturing
Aggregate Future Purchase Commitments
Total	210.6
Remaining 2024	54.8
2025	115.8
2026	40.0
2027	0.0
2028	0.0
2029 and Thereafter	0.0
Other
Aggregate Future Purchase Commitments
Total	48.5
Remaining 2024	0.0
2025	15.6
2026	13.2
2027	6.3
2028	6.7
2029 and Thereafter	$ 6.7

Stockholders' Equity (Schedule Of Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Equity [Abstract]
Number of shares repurchased (in shares)	1.7	0.0	2.0	1.8
Weighted average price per share (in dollars per share)	$ 293.91	$ 0	$ 284.00	$ 138.65
Aggregate purchase price	$ 500.0	$ 0.0	$ 566.7	$ 250.0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Derivative Instruments (Notes)	9 Months Ended
Derivative Instruments (Notes)	Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We are exposed to foreign currency exchange risk. Our revenue is transacted in U.S. dollars, however, a portion of our operating expenditures are incurred outside of the United States and are denominated in foreign currencies, making them subject to fluctuations in foreign currency exchange rates. We enter into foreign currency derivative contracts with maturities of 24 months or less, which we designate as cash flow hedges, to manage the foreign currency exchange risk associated with our operating expenditures. As of April 30, 2024 and July 31, 2023, the total notional amount of our outstanding foreign currency forward contracts was $1.3 billion and $957.5 million, respectively. Refer to Note 3. Fair Value Measurements for the fair value of our derivative instruments as reported on our condensed consolidated balance sheets as of April 30, 2024 and July 31, 2023. As of April 30, 2024, unrealized gains and losses in accumulated other comprehensive income (“AOCI”) related to our cash flow hedges were a $19.1 million net loss, of which $13.7 million in losses are expected to be recognized into earnings within the next 12 months. As of July 31, 2023, unrealized gains and losses in AOCI related to our cash flow hedges were a $0.7 million net gain.

Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	$ 766.4	$ 627.5
Foreign currency forward contracts	4.2	19.1
Total prepaid expenses and other current assets	4.2	19.1
Foreign currency forward contracts	0.3	1.7
Total other assets	0.3	1.7
Total assets measured at fair value	5,792.0	4,950.9
Foreign currency forward contracts	25.3	18.7
Total accrued and other liabilities	25.3	18.7
Foreign currency forward contracts	3.5	1.6
Total other long-term liabilities	3.5	1.6
Total liabilities measured at fair value	28.8	20.3
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	1,516.7	1,254.7
Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	3,504.4	3,047.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	763.9	476.1
Foreign currency forward contracts	0.0	0.0
Total prepaid expenses and other current assets	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total other assets	0.0	0.0
Total assets measured at fair value	763.9	476.1
Foreign currency forward contracts	0.0	0.0
Total accrued and other liabilities	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total other long-term liabilities	0.0	0.0
Total liabilities measured at fair value	0.0	0.0
Level 1 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Level 1 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	2.5	151.4
Foreign currency forward contracts	4.2	19.1
Total prepaid expenses and other current assets	4.2	19.1
Foreign currency forward contracts	0.3	1.7
Total other assets	0.3	1.7
Total assets measured at fair value	5,028.1	4,474.8
Foreign currency forward contracts	25.3	18.7
Total accrued and other liabilities	25.3	18.7
Foreign currency forward contracts	3.5	1.6
Total other long-term liabilities	3.5	1.6
Total liabilities measured at fair value	28.8	20.3
Level 2 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	1,516.7	1,254.7
Level 2 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	3,504.4	3,047.9
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total prepaid expenses and other current assets	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total other assets	0.0	0.0
Total assets measured at fair value	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total accrued and other liabilities	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total other long-term liabilities	0.0	0.0
Total liabilities measured at fair value	0.0	0.0
Level 3 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Level 3 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	763.9	476.1
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	763.9	476.1
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	0.0	0.0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	0.0	0.0
Certificates of deposit \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	25.5	48.1
Certificates of deposit \| Level 1 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Certificates of deposit \| Level 2 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	25.5	48.1
Certificates of deposit \| Level 3 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	2.5	151.4
Commercial paper \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	170.9	213.8
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	0.0	0.0
Commercial paper \| Level 1 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	2.5	151.4
Commercial paper \| Level 2 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	170.9	213.8
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash equivalents	0.0	0.0
Commercial paper \| Level 3 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Corporate debt securities \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	1,251.4	798.0
Corporate debt securities \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	2,525.9	2,484.3
Corporate debt securities \| Level 1 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Corporate debt securities \| Level 1 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Corporate debt securities \| Level 2 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	1,251.4	798.0
Corporate debt securities \| Level 2 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	2,525.9	2,484.3
Corporate debt securities \| Level 3 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Corporate debt securities \| Level 3 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
U.S. government and agency securities \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	34.4	190.6
U.S. government and agency securities \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	50.2	22.0
U.S. government and agency securities \| Level 1 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
U.S. government and agency securities \| Level 1 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
U.S. government and agency securities \| Level 2 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	34.4	190.6
U.S. government and agency securities \| Level 2 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	50.2	22.0
U.S. government and agency securities \| Level 3 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
U.S. government and agency securities \| Level 3 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Non-U.S. government and agency securities \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	34.0	0.0
Non-U.S. government and agency securities \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	53.0	36.6
Non-U.S. government and agency securities \| Level 1 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Non-U.S. government and agency securities \| Level 1 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Non-U.S. government and agency securities \| Level 2 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	34.0	0.0
Non-U.S. government and agency securities \| Level 2 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	53.0	36.6
Non-U.S. government and agency securities \| Level 3 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Non-U.S. government and agency securities \| Level 3 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Asset-backed securities \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.5	4.2
Asset-backed securities \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	875.3	505.0
Asset-backed securities \| Level 1 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Asset-backed securities \| Level 1 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Asset-backed securities \| Level 2 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.5	4.2
Asset-backed securities \| Level 2 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	875.3	505.0
Asset-backed securities \| Level 3 \| Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	0.0	0.0
Asset-backed securities \| Level 3 \| Long-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring Basis
Short and long-term investments	$ 0.0	$ 0.0

Net Income Per Share (Schedule of Antidilutive Securities Excluded from Computation) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Employee equity incentive plans
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	2.4	3.2	2.4	5.0

Goodwill and Intangible Assets (Future Amortization Expense of Intangible Assets) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Total	$ 407.9	$ 311.5
Remaining 2024	33.2
2025	120.7
2026	98.9
2027	71.8
2028	50.2
2029 and Thereafter	$ 33.1

Debt (Schedule of Interest Expense Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Debt Instrument, Redemption
Contractual interest expense	$ 1.5	$ 5.0	$ 5.1	$ 15.2
Amortization of debt issuance costs	0.8	1.8	2.9	5.3
Total interest expense	2.3	6.8	8.0	20.5
2023 Notes
Debt Instrument, Redemption
Contractual interest expense	0.0	3.2	0.0	9.6
Amortization of debt issuance costs	0.0	0.7	0.0	2.1
Total interest expense	$ 0.0	$ 3.9	$ 0.0	$ 11.7
Effective interest rate	0.00%	0.90%	0.00%	0.90%
2025 Notes
Debt Instrument, Redemption
Contractual interest expense	$ 1.5	$ 1.8	$ 5.1	$ 5.6
Amortization of debt issuance costs	0.8	1.1	2.9	3.2
Total interest expense	$ 2.3	$ 2.9	$ 8.0	$ 8.8
Effective interest rate	0.60%	0.60%	0.60%	0.60%

Debt (Components of Convertible Senior Notes) (Details) - 2025 Notes - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Debt Instrument, Redemption
Principal	$ 1,165.2	$ 1,999.3
Less: debt issuance costs, net of amortization	(2.7)	(7.8)
Net carrying amount	$ 1,162.5	$ 1,991.5

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Cash Equivalents and Investments (Available-for-sale Debt Securities Narrative) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Gross unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than 12 months	$ (30.3)	$ (30.7)
Available-for-sale debt securities in a continuous unrealized loss position for less than 12 months	3,400.0	3,400.0
Gross unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for more than 12 months	(6.4)	(7.3)
Available-for-sale debt securities in a continuous unrealized loss position for more than 12 months	$ 722.1	$ 481.8

Goodwill and Intangible Assets (Tables)

9 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following table presents details of our goodwill during the nine months ended April 30, 2024 (in millions):


	Amount
Balance as of July 31, 2023	$	2,926.8
Goodwill acquired	445.9

Balance as of April 30, 2024	$	3,372.7

Schedule of purchased finite-lived intangible assets by major class

The following table presents details of our purchased intangible assets as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024						July 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Developed technology	$	813.9	$	(498.7)	$	315.2	$	633.2	$	(429.4)	$	203.8
Customer relationships	172.7		(89.9)		82.8		172.7		(73.9)		98.8
Acquired intellectual property	17.0		(7.4)		9.6		14.6		(6.2)		8.4
Trade name and trademarks	9.4		(9.4)		—		9.4		(9.4)		—
Other	0.9		(0.6)		0.3		0.9		(0.4)		0.5
Total intangible assets subject to amortization	1,013.9		(606.0)		407.9		830.8		(519.3)		311.5
Intangible assets not subject to amortization:
In-process research and development	—		—		—		3.9		—		3.9
Total purchased intangible assets	$	1,013.9	$	(606.0)	$	407.9	$	834.7	$	(519.3)	$	315.4

Future amortization expense of intangible assets

The following table summarizes estimated future amortization expense of our intangible assets subject to amortization as of April 30, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2024		2025		2026		2027		2028		2029 and Thereafter
Future amortization expense	$	407.9	$	33.2	$	120.7	$	98.9	$	71.8	$	50.2	$	33.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Acquisitions (Notes)

9 Months Ended

Apr. 30, 2024

Business Combinations [Abstract]

Acquisitions

Dig Security Solutions Ltd.

On December 5, 2023, we completed our acquisition of Dig Security Solutions Ltd. (“Dig”), a privately-held cyber security company. We expect the acquisition will enhance our Prisma Cloud capabilities with a data security posture management solution that is intended to provide customers with visibility into, and secure data stored across, their multi-cloud environments. The total purchase consideration for the acquisition of Dig was $255.4 million, which consisted of the following (in millions):


	Amount
Cash	$	247.6
Fair value of replacement awards	7.8
Total	$	255.4

As part of the acquisition, we issued replacement equity awards, which included 0.2 million shares of our restricted common stock. The total fair value of the replacement equity awards was $72.0 million, of which the portion attributable to services performed prior to the acquisition date was allocated to purchase consideration. The remaining fair value was allocated to future services and will be expensed over the remaining service periods as share-based compensation.


	Amount
Goodwill	$	192.2
Identified intangible assets	45.4
Cash and restricted cash	22.1
Net liabilities assumed	(4.3)
Total	$	255.4

Goodwill generated from this business combination is primarily attributable to the assembled workforce and expected post-acquisition synergies from integrating Dig technology into our platforms. The goodwill is not expected to be deducible for income tax purposes.

The following table presents details of the identified intangible asset acquired (in millions, except years):


	Fair Value		Estimated Useful Life
Developed technology	$	45.4	5 years

Talon Cyber Security Ltd.

On December 28, 2023, we completed our acquisition of Talon Cyber Security Ltd. (“Talon”), a privately-held cyber security company. We expect the acquisition will support Prisma SASE’s approach to provide secure access to business applications for unmanaged and personal devices with an enterprise browser. The total purchase consideration for the acquisition of Talon was $458.6 million, which consisted of the following (in millions):


	Amount
Cash	$	439.0
Fair value of replacement awards	19.6
Total	$	458.6

As part of the acquisition, we issued replacement equity awards, which included 0.3 million shares of our restricted common stock. The total fair value of the replacement equity awards was $109.6 million, of which the portion attributable to services performed prior to the acquisition date was allocated to purchase consideration. The remaining fair value was allocated to future services and will be expensed over the remaining service periods as share-based compensation.


	Amount
Goodwill	$	253.7
Identified intangible assets	131.4
Cash and restricted cash	53.9
Net assets acquired	19.6
Total	$	458.6

Goodwill generated from this business combination is primarily attributable to the assembled workforce and expected post-acquisition synergies from integrating Talon technology into our platforms. The goodwill is not expected to be deductible for income tax purposes.

The following table presents details of the identified intangible asset acquired (in millions, except years):


	Fair Value		Estimated Useful Life
Developed technology	$	131.4	5 years

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common stock	Common stock and additional paid in capital	Accumulated Other Comprehensive Loss	Retained Earnings
Common stock, beginning balance (in shares) at Jul. 31, 2022		298,800,000
Beginning balance at Jul. 31, 2022	$ 210.0		$ 1,932.7	$ (55.6)	$ (1,667.1)
Increase (decrease) in stockholders' equity
Net income	212.0				212.0
Other comprehensive income (loss)	34.9			34.9
Issuance of common stock in connection with employee equity incentive plans (in shares)		8,600,000
Issuance of common stock in connection with employee equity incentive plans	199.7		199.7
Taxes paid related to net share settlement of equity awards	(17.5)		(17.5)
Share-based compensation for equity-based awards	843.3		843.3
Repurchase and retirement of common stock (in shares)		(1,800,000)
Repurchase and retirement of common stock	(250.0)		(250.0)
Common stock, ending balance (in shares) at Apr. 30, 2023		305,600,000
Ending balance at Apr. 30, 2023	1,232.4		2,708.2	(20.7)	(1,455.1)
Common stock, beginning balance (in shares) at Jan. 31, 2023		302,400,000
Beginning balance at Jan. 31, 2023	729.0		2,303.0	(11.1)	(1,562.9)
Increase (decrease) in stockholders' equity
Net income	107.8				107.8
Other comprehensive income (loss)	(9.6)			(9.6)
Issuance of common stock in connection with employee equity incentive plans (in shares)		3,200,000
Issuance of common stock in connection with employee equity incentive plans	130.7		130.7
Taxes paid related to net share settlement of equity awards	(2.1)		(2.1)
Share-based compensation for equity-based awards	276.6		276.6
Common stock, ending balance (in shares) at Apr. 30, 2023		305,600,000
Ending balance at Apr. 30, 2023	$ 1,232.4		2,708.2	(20.7)	(1,455.1)
Common stock, beginning balance (in shares) at Jul. 31, 2023	308,300,000	308,300,000
Beginning balance at Jul. 31, 2023	$ 1,748.4		3,019.0	(43.2)	(1,227.4)
Increase (decrease) in stockholders' equity
Net income	2,219.9				2,219.9
Other comprehensive income (loss)	(12.2)			(12.2)
Issuance of common stock in connection with employee equity incentive plans (in shares)		8,100,000
Issuance of common stock in connection with employee equity incentive plans	258.1		258.1
Taxes paid related to net share settlement of equity awards	(22.7)		(22.7)
Share-based compensation for equity-based awards	845.2		845.2
Repurchase and retirement of common stock (in shares)		(2,000,000.0)
Repurchase and retirement of common stock	(566.7)		(566.7)
Settlement of convertible notes (in shares)		5,700,000
Settlement of convertible notes	$ (2.2)		(2.2)
Settlement of note hedges (in shares)		(5,700,000)
Settlement of warrants (in shares)		9,000,000.0
Common stock, ending balance (in shares) at Apr. 30, 2024	323,400,000	323,400,000
Ending balance at Apr. 30, 2024	$ 4,467.8		3,530.7	(55.4)	992.5
Common stock, beginning balance (in shares) at Jan. 31, 2024		322,700,000
Beginning balance at Jan. 31, 2024	4,357.2		3,650.0	(6.5)	713.7
Increase (decrease) in stockholders' equity
Net income	278.8				278.8
Other comprehensive income (loss)	(48.9)			(48.9)
Issuance of common stock in connection with employee equity incentive plans (in shares)		2,400,000
Issuance of common stock in connection with employee equity incentive plans	115.8		115.8
Taxes paid related to net share settlement of equity awards	(3.4)		(3.4)
Share-based compensation for equity-based awards	270.0		270.0
Repurchase and retirement of common stock (in shares)		(1,700,000)
Repurchase and retirement of common stock	(500.0)		(500.0)
Settlement of convertible notes (in shares)		4,600,000
Settlement of convertible notes	$ (1.7)		(1.7)
Settlement of note hedges (in shares)		(4,600,000)
Common stock, ending balance (in shares) at Apr. 30, 2024	323,400,000	323,400,000
Ending balance at Apr. 30, 2024	$ 4,467.8		$ 3,530.7	$ (55.4)	$ 992.5

Debt (Convertible Senior Notes) (Details) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Jun. 03, 2020 USD ($) shares day $ / shares	Apr. 30, 2024 USD ($) shares	Apr. 30, 2024 USD ($) shares	Apr. 30, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2018 USD ($)
Debt Instrument, Redemption
Repayments of debt \| $			$ 834.1	$ 0.0
2023 Notes
Debt Instrument, Redemption
Aggregate principal amount \| $						$ 1,700.0
Contractual interest rate (in percentage)						0.75%
2025 Notes
Debt Instrument, Redemption
Aggregate principal amount \| $	$ 2,000.0
Contractual interest rate (in percentage)	0.375%
Threshold percentage of stock price trigger (in percentage)	130.00%
Threshold trading days (in days)	20
Threshold consecutive trading days (in days)	30
Redemption price (in percentage)	100.00%
Number of common stock convertible at initial conversion rate (in shares) \| shares	20.1
Initial conversion rate (in shares per $1,000 principal amount)	0.0100806
Initial conversion price (in usd per share) \| $ / shares	$ 99.20
Repurchase price as percentage of principal amount in event of change (in percentage)	100.00%
Repayments of debt \| $		$ 661.8	$ 834.1
Settlement of convertible notes (in shares) \| shares		4.6	5.7
2025 Notes \| Level 2
Debt Instrument, Redemption
Fair value of convertible senior notes \| $		$ 3,400.0	$ 3,400.0		$ 5,000.0
Option to Convert - 2025 Notes \| Circumstance 1
Debt Instrument, Redemption
Threshold percentage of stock price trigger (in percentage)	130.00%
Threshold trading days (in days)	20
Threshold consecutive trading days (in days)	30
Option to Convert - 2025 Notes \| Circumstance 2
Debt Instrument, Redemption
Threshold percentage of stock price trigger (in percentage)	98.00%
Threshold trading days (in days)	5
Threshold consecutive trading days (in days)	5

Goodwill and Intangible Assets (Notes)

9 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following table presents details of our goodwill during the nine months ended April 30, 2024 (in millions):


	Amount
Balance as of July 31, 2023	$	2,926.8
Goodwill acquired	445.9

Balance as of April 30, 2024	$	3,372.7

Purchased Intangible Assets

The following table presents details of our purchased intangible assets as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024						July 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Developed technology	$	813.9	$	(498.7)	$	315.2	$	633.2	$	(429.4)	$	203.8
Customer relationships	172.7		(89.9)		82.8		172.7		(73.9)		98.8
Acquired intellectual property	17.0		(7.4)		9.6		14.6		(6.2)		8.4
Trade name and trademarks	9.4		(9.4)		—		9.4		(9.4)		—
Other	0.9		(0.6)		0.3		0.9		(0.4)		0.5
Total intangible assets subject to amortization	1,013.9		(606.0)		407.9		830.8		(519.3)		311.5
Intangible assets not subject to amortization:
In-process research and development	—		—		—		3.9		—		3.9
Total purchased intangible assets	$	1,013.9	$	(606.0)	$	407.9	$	834.7	$	(519.3)	$	315.4

We recognized amortization expense of $33.4 million and $86.7 million for the three and nine months ended April 30, 2024, respectively, and $25.8 million and $79.7 million for the three and nine months ended April 30, 2023, respectively.

The following table summarizes estimated future amortization expense of our intangible assets subject to amortization as of April 30, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2024		2025		2026		2027		2028		2029 and Thereafter
Future amortization expense	$	407.9	$	33.2	$	120.7	$	98.9	$	71.8	$	50.2	$	33.1

Subsequent Event (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Subsequent Event (Details) - USD ($) $ in Millions	May 20, 2024	Oct. 31, 2024	Apr. 30, 2024	Apr. 30, 2024	Apr. 30, 2023
Subsequent Event
Repayments of debt				$ 834.1	$ 0.0
2025 Notes
Subsequent Event
Repayments of debt			$ 661.8	$ 834.1
Subsequent Event \| QRadar
Subsequent Event
Payments to acquire assets including certain intellectual property, customer relationships, and customer contracts		$ 500.0
Subsequent Event \| 2025 Notes
Subsequent Event
Repayments of debt	$ 123.2

Debt (Revolving Credit Facility) (Details) - Revolving credit facility - USD ($)	Apr. 13, 2023	Apr. 30, 2024
Line of Credit Facility
Current borrowing capacity	$ 400,000,000
Option for additional borrowing capacity	$ 350,000,000
Revolving credit facility amount outstanding		$ 0
Minimum
Line of Credit Facility
Commitment fee rate on undrawn amounts (in percentage)	0.09%
Maximum
Line of Credit Facility
Commitment fee rate on undrawn amounts (in percentage)	0.15%
Base Rate \| Minimum
Line of Credit Facility
Spread on variable rate	0.00%
Base Rate \| Maximum
Line of Credit Facility
Spread on variable rate	0.375%
Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility
Spread on variable rate	1.00%
Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility
Spread on variable rate	1.375%

Stockholders' Equity (Tables)

9 Months Ended

Apr. 30, 2024

Equity [Abstract]

Summary of share repurchase activity

The following table summarizes the share repurchase activity under our share repurchase program (in millions, except per share amounts):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Number of shares repurchased	1.7		—		2.0		1.8
Weighted average price per share(1)	$	293.91	$	—	$	284.00	$	138.65
Aggregate purchase price(1)	$	500.0	$	—	$	566.7	$	250.0

(1) Includes transaction costs

Fair Value Measurements (Notes)

9 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024								July 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents:
Money market funds	$	763.9	$	—	$	—	$	763.9	$	476.1	$	—	$	—	$	476.1

Commercial paper	—		2.5		—		2.5		—		151.4		—		151.4



Total cash equivalents	763.9		2.5		—		766.4		476.1		151.4		—		627.5


	April 30, 2024								July 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Short-term investments:
Certificates of deposit	—		25.5		—		25.5		—		48.1		—		48.1
Commercial paper	—		170.9		—		170.9		—		213.8		—		213.8
Corporate debt securities	—		1,251.4		—		1,251.4		—		798.0		—		798.0
U.S. government and agency securities	—		34.4		—		34.4		—		190.6		—		190.6
Non-U.S. government and agency securities	—		34.0		—		34.0		—		—		—		—
Asset-backed securities	—		0.5		—		0.5		—		4.2		—		4.2
Total short-term investments	—		1,516.7		—		1,516.7		—		1,254.7		—		1,254.7
Long-term investments:

Corporate debt securities	—		2,525.9		—		2,525.9		—		2,484.3		—		2,484.3
U.S. government and agency securities	—		50.2		—		50.2		—		22.0		—		22.0
Non-U.S. government and agency securities	—		53.0		—		53.0		—		36.6		—		36.6
Asset-backed securities	—		875.3		—		875.3		—		505.0		—		505.0
Total long-term investments	—		3,504.4		—		3,504.4		—		3,047.9		—		3,047.9
Prepaid expenses and other current assets:
Foreign currency forward contracts	—		4.2		—		4.2		—		19.1		—		19.1
Total prepaid expenses and other current assets	—		4.2		—		4.2		—		19.1		—		19.1
Other assets:
Foreign currency forward contracts	—		0.3		—		0.3		—		1.7		—		1.7
Total other assets	—		0.3		—		0.3		—		1.7		—		1.7
Total assets measured at fair value	$	763.9	$	5,028.1	$	—	$	5,792.0	$	476.1	$	4,474.8	$	—	$	4,950.9

Accrued and other liabilities:
Foreign currency forward contracts	$	—	$	25.3	$	—	$	25.3	$	—	$	18.7	$	—	$	18.7
Total accrued and other liabilities	—		25.3		—		25.3		—		18.7		—		18.7
Other long-term liabilities:
Foreign currency forward contracts	—		3.5		—		3.5		—		1.6		—		1.6
Total other long-term liabilities	—		3.5		—		3.5		—		1.6		—		1.6
Total liabilities measured at fair value	$	—	$	28.8	$	—	$	28.8	$	—	$	20.3	$	—	$	20.3

Refer to Note 9. Debt for the carrying amount and estimated fair value of our convertible senior notes as of April 30, 2024 and July 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue (Disaggregation of Revenue - Type of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Revenue:
Revenue:	$ 1,984.8	$ 1,720.9	$ 5,838.0	$ 4,939.4
Product
Revenue:
Revenue:	391.0	388.1	1,122.8	1,071.0
Subscription
Revenue:
Revenue:	1,045.6	838.1	3,061.0	2,417.5
Support
Revenue:
Revenue:	548.2	494.7	1,654.2	1,450.9
Subscription and support
Revenue:
Revenue:	$ 1,593.8	$ 1,332.8	$ 4,715.2	$ 3,868.4

- Definition

+ References

+ Details

Cash Equivalents and Investments (Available-for-Sale Securities, Contractual Maturities) (Details) $ in Millions	Apr. 30, 2024 USD ($)
Amortized Cost
Due within one year	$ 1,524.4
Due between one and three years	2,125.5
Due between three and five years	1,134.1
Due between five and ten years	158.5
Due after ten years	114.3
Amortized Cost	5,056.8
Fair Value
Due within one year	1,519.2
Due between one and three years	2,109.2
Due between three and five years	1,124.7
Due between five and ten years	157.1
Due after ten years	113.4
Fair Value	$ 5,023.6

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Apr. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Set forth below is certain information regarding Rule 10b5-1 trading plans adopted or terminated by our directors and officers (as defined in Rule 16a-1(f)) during the third quarter of fiscal 2024. The Rule 10b5-1 trading plans listed below are each intended to satisfy the affirmative defense of Rule 10b5-1(c).

Name

Title

Date Plan Was Adopted

Date Plan was Terminated

Expiration Date

Total Amount of Common Stock to be Sold Under the Plan

Nikesh Arora

Chief Executive Officer

March 27, 2024

Not applicable

December 31, 2025 or when all shares have been sold

2,444,760

William “BJ” Jenkins

President

March 26, 2024

Not applicable

June 30, 2025 or when all shares have been sold

8,054

Nir Zuk

Executive Vice President, Chief Technology Officer

April 1, 2024

Not applicable

June 30, 2025 or when all shares have been sold

432,000

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Nikesh Arora [Member]

Trading Arrangements, by Individual

Name

Nikesh Arora

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

March 27, 2024

Arrangement Duration

644 days

Aggregate Available

2,444,760

William "BJ" Jenkins [Member]

Trading Arrangements, by Individual

Name

William “BJ” Jenkins

Title

President

Rule 10b5-1 Arrangement Adopted

true

March 26, 2024

461 days

8,054

Trading Arrangements, by Individual

Name

Nir Zuk

Title

Executive Vice President, Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

April 1, 2024

Arrangement Duration

465 days

Aggregate Available

432,000

Other Income, Net (Notes)

9 Months Ended

Apr. 30, 2024

Other Income and Expenses [Abstract]

Other Income, Net

The following table sets forth the components of other income, net (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Interest income	$	78.3	$	65.9	$	234.8	$	151.9
Foreign currency exchange gains (losses), net	4.3		(2.2)		2.9		(5.1)
Other, net	(5.8)		(3.6)		(5.9)		(9.3)
Total other income, net	$	76.8	$	60.1	$	231.8	$	137.5

Commitments and Contingencies (Tables)

9 Months Ended

Apr. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of future non-cancelable purchase commitments

The following table presents details of the aggregate future non-cancelable purchase commitments under these agreements as of April 30, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2024		2025		2026		2027		2028		2029 and Thereafter
Cloud	$	4,338.4	$	1.0	$	251.8	$	581.1	$	518.1	$	585.6	$	2,400.8
Manufacturing	210.6		54.8		115.8		40.0		—		—		—
Other	48.5		—		15.6		13.2		6.3		6.7		6.7
Total purchase commitments	$	4,597.5	$	55.8	$	383.2	$	634.3	$	524.4	$	592.3	$	2,407.5

Financing Receivables (Notes)

9 Months Ended

Apr. 30, 2024

Receivables [Abstract]

Financing Receivables

The following table summarizes our short-term and long-term financing receivables as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024		July 31, 2023
Short-term financing receivables, gross	$	649.5	$	435.1
Unearned income	(67.4)		(42.9)
Allowance for credit losses	(9.8)		(3.4)
Short-term financing receivables, net	$	572.3	$	388.8
Long-term financing receivables, gross	$	951.3	$	698.6
Unearned income	(59.9)		(39.2)
Allowance for credit losses	(8.9)		(6.1)
Long-term financing receivables, net	$	882.5	$	653.3

Our financing receivables portfolio primarily consisted of high-quality investment-grade receivables as of April 30, 2024 and July 31, 2023. There was no significant activity in allowance for credit losses during the three and nine months ended April 30, 2024 and 2023. Past due amounts on financing receivables were not material as of April 30, 2024 and July 31, 2023.

Equity Award Plans (Allocation of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 263.5	$ 277.2	$ 809.8	$ 833.1
Cost of revenue \| Product
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	1.6	2.5	6.3	7.5
Cost of revenue \| Subscription and support
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	30.0	32.0	91.3	91.5
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	128.2	125.4	386.9	373.1
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	74.3	80.5	229.1	256.3
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense	$ 29.4	$ 36.8	$ 96.2	$ 104.7

Cash Equivalents and Investments (Available-for-Sale Securities) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Debt Securities, Available-for-sale
Amortized Cost	$ 5,056.8
Fair Value	5,023.6
Cash equivalents:
Debt Securities, Available-for-sale
Amortized Cost	2.5	$ 151.4
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	2.5	151.4
Cash equivalents: \| Commercial paper
Debt Securities, Available-for-sale
Amortized Cost	2.5	151.4
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	2.5	151.4
Investments:
Debt Securities, Available-for-sale
Amortized Cost	5,054.3	4,339.1
Unrealized Gains	3.5	1.5
Unrealized Losses	(36.7)	(38.0)
Fair Value	5,021.1	4,302.6
Investments: \| Commercial paper
Debt Securities, Available-for-sale
Amortized Cost	171.0	214.1
Unrealized Gains	0.0	0.0
Unrealized Losses	(0.1)	(0.3)
Fair Value	170.9	213.8
Investments: \| Certificates of deposit
Debt Securities, Available-for-sale
Amortized Cost	25.5	48.1
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	25.5	48.1
Investments: \| Corporate debt securities
Debt Securities, Available-for-sale
Amortized Cost	3,803.5	3,313.5
Unrealized Gains	2.6	1.3
Unrealized Losses	(28.8)	(32.5)
Fair Value	3,777.3	3,282.3
Investments: \| U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	85.0	214.2
Unrealized Gains	0.0	0.0
Unrealized Losses	(0.4)	(1.6)
Fair Value	84.6	212.6
Investments: \| Non-U.S. government and agency securities
Debt Securities, Available-for-sale
Amortized Cost	87.9	37.2
Unrealized Gains	0.0	0.0
Unrealized Losses	(0.9)	(0.6)
Fair Value	87.0	36.6
Investments: \| Asset-backed securities
Debt Securities, Available-for-sale
Amortized Cost	881.4	512.0
Unrealized Gains	0.9	0.2
Unrealized Losses	(6.5)	(3.0)
Fair Value	$ 875.8	$ 509.2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Revenue:
Revenue:	$ 1,984.8	$ 1,720.9	$ 5,838.0	$ 4,939.4
Cost of revenue:
Cost of revenue:	513.6	474.8	1,485.5	1,402.9
Total gross profit	1,471.2	1,246.1	4,352.5	3,536.5
Operating expenses:
Research and development	457.2	413.7	1,314.6	1,189.6
Sales and marketing	718.7	639.5	2,052.2	1,880.0
General and administrative	118.6	114.2	540.2	333.1
Total operating expenses	1,294.5	1,167.4	3,907.0	3,402.7
Operating income	176.7	78.7	445.5	133.8
Interest expense	(2.3)	(7.8)	(8.0)	(21.5)
Other income, net	76.8	60.1	231.8	137.5
Income before income taxes	251.2	131.0	669.3	249.8
Provision for (benefit from) income taxes	(27.6)	23.2	(1,550.6)	37.8
Net income	$ 278.8	$ 107.8	$ 2,219.9	$ 212.0
Net income per share, basic (in usd per share)	$ 0.86	$ 0.35	$ 6.99	$ 0.70
Net income per share, diluted (in usd per share)	$ 0.79	$ 0.31	$ 6.27	$ 0.63
Weighted-average shares used to compute net income per share, basic (in shares)	322.9	303.9	317.5	302.0
Weighted-average shares used to compute net income per share, diluted (in shares)	354.6	344.7	354.0	338.1
Product
Revenue:
Revenue:	$ 391.0	$ 388.1	$ 1,122.8	$ 1,071.0
Cost of revenue:
Cost of revenue:	77.9	93.4	243.5	314.0
Subscription and support
Revenue:
Revenue:	1,593.8	1,332.8	4,715.2	3,868.4
Cost of revenue:
Cost of revenue:	$ 435.7	$ 381.4	$ 1,242.0	$ 1,088.9

Equity Award Plans (Valuation Assumptions) (Details) - PSUs subject to service, performance, and market conditions	9 Months Ended
	Apr. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award
Volatility, minimum	40.80%
Volatility, maximum	43.40%
Dividend yield	0.00%
Risk-free interest rate, minimum	4.40%
Risk-free interest rate, maximum	5.30%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term (in years)	10 months 24 days
Grant-date fair value per share (in usd per share)	$ 346.92
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term (in years)	2 years 10 months 24 days
Grant-date fair value per share (in usd per share)	$ 621.21

Debt (Note Hedges) (Details) - 2025 Note Hedges - USD ($) shares in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Jun. 03, 2020	Apr. 30, 2024	Apr. 30, 2024
Schedule of Note Hedge Transactions
Initial number of shares (in shares)	20.1
Aggregate proceeds	$ 370.8
Common stock shares received from exercise of note hedges (in shares)		4.6	5.7

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Pay vs Performance Disclosure
Net income	$ 278.8	$ 107.8	$ 2,219.9	$ 212.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Share (Notes)

9 Months Ended

Apr. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed by dividing net income by basic weighted-average shares outstanding during the period. Diluted net income per share is computed by dividing net income by diluted weighted-average shares outstanding during the period giving effect to all potentially dilutive securities to the extent they are dilutive. Potentially dilutive securities include shares issuable upon conversion of our convertible senior notes using the if-converted method, warrants related to the issuance of convertible senior notes, and equity awards under our employee equity incentive plans using the treasury stock method.

The following table presents the computation of basic and diluted net income per share of common stock (in millions, except per share data):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Net income	$	278.8	$	107.8	$	2,219.9	$	212.0

Weighted-average shares used to compute net income per share, basic	322.9		303.9		317.5		302.0
Weighted-average effect of potentially dilutive securities:
Convertible senior notes	9.5		19.3		11.4		17.4
Warrants related to the issuance of convertible senior notes	11.0		10.0		13.2		7.3
Employee equity incentive plans	11.2		11.5		11.9		11.4
Weighted-average shares used to compute net income per share, diluted	354.6		344.7		354.0		338.1

Net income per share, basic	$	0.86	$	0.35	$	6.99	$	0.70
Net income per share, diluted	$	0.79	$	0.31	$	6.27	$	0.63

The following securities were excluded from the computation of diluted net income per share of common stock as their effect would have been antidilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the applicable period (in millions):


	Three Months Ended April 30,		Nine Months Ended April 30,
	2024	2023	2024	2023


Employee equity incentive plans	2.4	3.2	2.4	5.0

Revenue (Remaining Performance Obligations) (Details) $ in Billions	Apr. 30, 2024 USD ($)
Remaining Performance Obligations, Expected Timing of Satisfaction
Remaining performance obligations	$ 11.3
Remaining Performance Obligations, Expected Timing of Satisfaction, Start Date: 2024-05-01
Remaining Performance Obligations, Expected Timing of Satisfaction
Remaining performance obligations	$ 5.4
Remaining performance obligations, expected timing of satisfaction, period	12 months

Net Income Per Share (Tables)

9 Months Ended

Apr. 30, 2024

Earnings Per Share [Abstract]

Computation of basic and diluted net income per share of common stock

The following table presents the computation of basic and diluted net income per share of common stock (in millions, except per share data):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Net income	$	278.8	$	107.8	$	2,219.9	$	212.0

Weighted-average shares used to compute net income per share, basic	322.9		303.9		317.5		302.0
Weighted-average effect of potentially dilutive securities:
Convertible senior notes	9.5		19.3		11.4		17.4
Warrants related to the issuance of convertible senior notes	11.0		10.0		13.2		7.3
Employee equity incentive plans	11.2		11.5		11.9		11.4
Weighted-average shares used to compute net income per share, diluted	354.6		344.7		354.0		338.1

Net income per share, basic	$	0.86	$	0.35	$	6.99	$	0.70
Net income per share, diluted	$	0.79	$	0.31	$	6.27	$	0.63

Schedule of antidilutive securities excluded from the computation of net income per share


	Three Months Ended April 30,		Nine Months Ended April 30,
	2024	2023	2024	2023


Employee equity incentive plans	2.4	3.2	2.4	5.0

Cash Equivalents and Investments (Notes)

9 Months Ended

Apr. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Investments

Available-for-sale Debt Securities

The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	2.5	$	—	$	—	$	2.5



Total available-for-sale cash equivalents	$	2.5	$	—	$	—	$	2.5
Investments:
Certificates of deposit	$	25.5	$	—	$	—	$	25.5
Commercial paper	171.0		—		(0.1)		170.9
Corporate debt securities	3,803.5		2.6		(28.8)		3,777.3
U.S. government and agency securities	85.0		—		(0.4)		84.6
Non-U.S. government and agency securities	87.9		—		(0.9)		87.0
Asset-backed securities	881.4		0.9		(6.5)		875.8
Total available-for-sale investments	$	5,054.3	$	3.5	$	(36.7)	$	5,021.1


	July 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	151.4	$	—	$	—	$	151.4



Total available-for-sale cash equivalents	$	151.4	$	—	$	—	$	151.4
Investments:
Certificates of deposit	$	48.1	$	—	$	—	$	48.1
Commercial paper	214.1		—		(0.3)		213.8
Corporate debt securities	3,313.5		1.3		(32.5)		3,282.3
U.S. government and agency securities	214.2		—		(1.6)		212.6
Non-U.S. government and agency securities	37.2		—		(0.6)		36.6
Asset-backed securities	512.0		0.2		(3.0)		509.2
Total available-for-sale investments	$	4,339.1	$	1.5	$	(38.0)	$	4,302.6

As of April 30, 2024, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $30.3 million, which were related to $3.4 billion of available-for-sale debt securities, and the gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months were $6.4 million, which were related to $722.1 million of available-for-sale debt securities. As of July 31, 2023 the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $30.7 million, which were related to $3.4 billion of available-for-sale debt securities, and the gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months were $7.3 million, which were related to $481.8 million of available-for-sale debt securities.

Unrealized losses related to our available-for-sale debt securities are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three and nine months ended April 30, 2024 and 2023.

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of April 30, 2024, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,524.4	$	1,519.2
Due between one and three years	2,125.5		2,109.2
Due between three and five years	1,134.1		1,124.7
Due between five and ten years	158.5		157.1
Due after ten years	114.3		113.4
Total	$	5,056.8	$	5,023.6

Marketable Equity Securities

Marketable equity securities consist of money market funds and are included in cash and cash equivalents on our condensed consolidated balance sheets. As of April 30, 2024 and July 31, 2023, the carrying values of our marketable equity securities were $763.9 million and $476.1 million, respectively. There were no unrealized gains or losses recognized for these securities during the three and nine months ended April 30, 2024 and 2023.

Financing Receivables (Tables)

9 Months Ended

Apr. 30, 2024

Receivables [Abstract]

Short- and long-term financing receivables

The following table summarizes our short-term and long-term financing receivables as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024		July 31, 2023
Short-term financing receivables, gross	$	649.5	$	435.1
Unearned income	(67.4)		(42.9)
Allowance for credit losses	(9.8)		(3.4)
Short-term financing receivables, net	$	572.3	$	388.8
Long-term financing receivables, gross	$	951.3	$	698.6
Unearned income	(59.9)		(39.2)
Allowance for credit losses	(8.9)		(6.1)
Long-term financing receivables, net	$	882.5	$	653.3

Equity Award Plans (Notes)

9 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Award Plans

Restricted Stock Unit (“RSU”) and Performance-Based Stock Unit (“PSU”) Activities

The following table summarizes the RSU and PSU activity under our stock plans during the nine months ended April 30, 2024 (in millions, except per share amounts):


	RSUs Outstanding			PSUs Outstanding
	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value		Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value
Balance—July 31, 2023	12.1	$	142.61	$	3,013.0	5.0	$	128.64	$	1,242.3
Granted(1)	3.8	$	271.65			2.2	$	182.79
Vested	(4.6)	$	131.05			(1.5)	$	116.51
Forfeited	(1.0)	$	161.26			(0.5)	$	135.54
Balance—April 30, 2024	10.3	$	194.03	$	2,979.7	5.2	$	154.42	$	1,497.3

(1)For PSUs, shares granted represent the aggregate maximum number of shares that may be earned and issued with respect to these awards over their full terms.

Our RSUs generally vest over a period of three to four years from the date of grant. Until vested, RSUs do not have the voting and dividend participation rights of common stock and the shares underlying the awards are not considered issued and outstanding.

Our PSUs generally vest over a period of one to four years from the date of grant. The number of PSUs eligible to vest is determined based on the level of achievement against certain performance conditions, market conditions, and a combination thereof.

During the nine months ended April 30, 2024, we granted 2.1 million shares of PSUs that contain service, performance, and market conditions. The service conditions are satisfied after a period of one to three years. The performance conditions are based on revenue growth or billing growth. The market condition is measured based on our total shareholder return (“TSR”) relative to the TSR of the companies listed in the Standard & Poor’s 500 index. As of April 30, 2024, we have approved 2.7 million shares of PSUs, which will be granted upon the performance condition being established during the next two fiscal years.

The fair value of the PSUs subject to market conditions is estimated on the grant date using a Monte Carlo simulation model. The following table summarizes the assumptions used and the resulting grant-date fair value of our PSUs subject to market conditions granted during the nine months ended April 30, 2024:


	Nine Months Ended April 30, 2024


Volatility	40.8% - 43.4%
Expected term (in years)	0.9 - 2.9
Dividend yield	0.0	%
Risk-free interest rate	4.4% - 5.3%
Grant-date fair value per share	$346.92 - $621.21

Performance Stock Option (“PSO”) Activities

We have granted PSOs with both service and market conditions. The market conditions were achieved when certain stock price targets were met. As of April 30, 2024, all of our outstanding PSOs have been fully vested. The maximum contractual term of our outstanding PSOs is seven and a half years from the date of grant in fiscal year 2018 and 2019.

The following table summarizes the PSO activity under our stock plans during the nine months ended April 30, 2024 (in millions, except per share amounts):



	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance—July 31, 2023	6.4	$	65.20	2.2	$	1,184.6

Exercised	(1.2)	$	64.85

Balance—April 30, 2024	5.2	$	65.29	1.5	$	1,168.4
Exercisable—April 30, 2024	5.2	$	65.29	1.5	$	1,168.4

Share-Based Compensation

The following table summarizes share-based compensation included in costs and expenses (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Cost of product revenue	$	1.6	$	2.5	$	6.3	$	7.5
Cost of subscription and support revenue	30.0		32.0		91.3		91.5
Research and development	128.2		125.4		386.9		373.1
Sales and marketing	74.3		80.5		229.1		256.3
General and administrative	29.4		36.8		96.2		104.7
Total share-based compensation	$	263.5	$	277.2	$	809.8	$	833.1

As of April 30, 2024, total compensation cost related to unvested share-based awards not yet recognized was $2.2 billion. This cost is expected to be amortized over a weighted-average period of approximately 2.7 years.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,373.7	$ 1,135.3
Short-term investments	1,516.7	1,254.7
Accounts receivable, net of allowance for credit losses of $8.2 and $7.8 as of April 30, 2024 and July 31, 2023, respectively	1,715.4	2,463.2
Short-term financing receivables, net	572.3	388.8
Short-term deferred contract costs	337.0	339.2
Prepaid expenses and other current assets	403.7	466.8
Total current assets	5,918.8	6,048.0
Property and equipment, net	350.3	354.5
Operating lease right-of-use assets	369.7	263.3
Long-term investments	3,504.4	3,047.9
Long-term financing receivables, net	882.5	653.3
Long-term deferred contract costs	511.2	547.1
Goodwill	3,372.7	2,926.8
Intangible assets, net	407.9	315.4
Deferred tax assets	2,291.9	23.1
Other assets	321.4	321.7
Total assets	17,930.8	14,501.1
Current liabilities:
Accounts payable	108.9	132.3
Accrued compensation	385.9	548.3
Accrued and other liabilities	412.6	390.8
Deferred revenue	5,014.9	4,674.6
Convertible senior notes, net	1,162.5	1,991.5
Total current liabilities	7,084.8	7,737.5
Long-term deferred revenue	5,152.7	4,621.8
Deferred tax liabilities	503.0	28.1
Long-term operating lease liabilities	369.8	279.2
Other long-term liabilities	352.7	86.1
Total liabilities	13,463.0	12,752.7
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock; $0.0001 par value; 100.0 shares authorized; none issued and outstanding as of April 30, 2024 and July 31, 2023	0.0	0.0
Common stock and additional paid-in capital; $0.0001 par value; 1,000.0 shares authorized; 323.4 and 308.3 shares issued and outstanding as of April 30, 2024 and July 31, 2023, respectively	3,530.7	3,019.0
Accumulated other comprehensive loss	(55.4)	(43.2)
Retained earnings (accumulated deficit)	992.5	(1,227.4)
Total stockholders’ equity	4,467.8	1,748.4
Total liabilities and stockholders’ equity	$ 17,930.8	$ 14,501.1

Income Taxes (Notes)	9 Months Ended
Income Taxes (Notes)	Apr. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended April 30, 2024, our benefit from income taxes reflected an effective tax rate of negative 11.0% and negative 231.7%, respectively. Our effective tax rates for the three months ended April 30, 2024 differed from the U.S. statutory tax rate primarily due to excess tax benefits from share-based compensation and the release of our valuation allowance. Our effective tax rates for the nine months ended April 30, 2024 differed from the U.S. statutory tax rate primarily due to the release of our valuation allowance. We regularly assess the need for a valuation allowance on our deferred tax assets. In making this assessment, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all the deferred tax assets will not be realized. Based on our analysis of all positive and negative evidence during the fiscal quarter ended January 31, 2024, we concluded it is more likely than not that our U.S. federal, U.S. states other than California, and United Kingdom deferred tax assets will be realizable based on our recent profitability and continued forecasted income. In making these judgments, we considered our recent and expected ongoing profitability, which supports our conclusion of the realization of the deferred tax assets. We continue to maintain a valuation allowance for our California deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not met the “more likely than not” realization criterion. We expect future research and development tax credit generation in California to exceed our ability to use the existing tax credits. As a result of the valuation allowance release, during the three and nine months ended April 30, 2024, we recognized a deferred tax benefit of $40.0 million and $3.3 billion, respectively, for the U.S. federal, U.S. states other than California, and United Kingdom deferred tax assets. Our U.S. federal and state deferred tax assets largely consist of capitalized research expenditures and accelerated recognition of deferred revenue for tax purposes. U.S. tax carryforwards (including net operating losses and tax credits) are expected to be fully utilized to the extent allowable by law. Our United Kingdom deferred tax assets largely consist of basis differences in intangible assets and related net operating losses expected to be utilized in the future. In addition, during the three and nine months ended April 30, 2024, we recognized a deferred tax expense of $7.4 million and $1.7 billion, respectively, for the U.S. federal indirect effect of foreign deferred taxes consistent with our policy to record deferred tax assets for basis differences relating to our global intangible low-taxed income. Accordingly, during the three and nine months ended April 30, 2024, we recognized a net tax benefit of $32.6 million and $1.6 billion, respectively, relating to our valuation allowance release. We will continue to monitor the need for a valuation allowance on our deferred tax assets. For the three and nine months ended April 30, 2023, our provision for income taxes reflected an effective tax rate of 17.7% and 15.1%, respectively. Our income taxes for the three and nine months ended April 30, 2023 were primarily due to U.S. federal and state income taxes, withholding taxes, and foreign income taxes. Our effective tax rates differed from the U.S. statutory tax rate primarily due to an increase in current taxes driven by capitalization of research and development expenditures with no offsetting deferred benefit as a result of our valuation allowance. This increase was offset by a tax benefit from a release of tax reserves related to uncertain tax positions resulting from an agreement with a non-U.S. tax authority to pay $28.9 million to settle a tax audit during the nine months ended April 30, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Equity Award Plans (RSU and PSU Activities) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Apr. 30, 2024	Jul. 31, 2023
RSUs
RSUs and PSUs, Outstanding Roll Forward
Balance, beginning (in shares)	12.1
Granted (in shares)	3.8
Vested (in shares)	(4.6)
Forfeited (in shares)	(1.0)
Balance, ending (in shares)	10.3
RSUs and PSUs, Outstanding, Weighted-Average Grant-Date Fair Value Per Share
Balance, beginning (in usd per share)	$ 142.61
Granted (in usd per share)	271.65
Vested (in usd per share)	131.05
Forfeited (in usd per share)	161.26
Balance, ending (in usd per share)	$ 194.03
RSUs and PSUs, Additional Disclosures
Aggregate intrinsic value	$ 2,979.7	$ 3,013.0
PSUs
RSUs and PSUs, Outstanding Roll Forward
Balance, beginning (in shares)	5.0
Granted (in shares)	2.2
Vested (in shares)	(1.5)
Forfeited (in shares)	(0.5)
Balance, ending (in shares)	5.2
RSUs and PSUs, Outstanding, Weighted-Average Grant-Date Fair Value Per Share
Balance, beginning (in usd per share)	$ 128.64
Granted (in usd per share)	182.79
Vested (in usd per share)	116.51
Forfeited (in usd per share)	135.54
Balance, ending (in usd per share)	$ 154.42
RSUs and PSUs, Additional Disclosures
Aggregate intrinsic value	$ 1,497.3	$ 1,242.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 278.8	$ 107.8	$ 2,219.9	$ 212.0
Other comprehensive income, net of tax:
Change in unrealized gains (losses) on investments	(39.3)	1.8	2.6	7.5
Change in unrealized gains (losses)	(15.1)	(17.7)	(28.4)	2.9
Net realized (gains) losses reclassified into earnings	5.5	6.3	13.6	24.5
Net change on cash flow hedges	(9.6)	(11.4)	(14.8)	27.4
Other comprehensive income (loss)	(48.9)	(9.6)	(12.2)	34.9
Comprehensive income	$ 229.9	$ 98.2	$ 2,207.7	$ 246.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cover Page - shares shares in Millions	9 Months Ended
Cover Page - shares shares in Millions	Apr. 30, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	001-35594
Entity Registrant Name	PALO ALTO NETWORKS, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2530195
Entity Address, Address Line One	3000 Tannery Way
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	753-4000
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	PANW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		323.8
Entity Central Index Key	0001327567
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Fiscal Year End Date	--07-31

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 33.4	$ 25.8	$ 86.7	$ 79.7

Financing Receivables (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Receivables [Abstract]
Short-term financing receivables, gross	$ 649.5	$ 435.1
Unearned income	(67.4)	(42.9)
Allowance for credit losses	(9.8)	(3.4)
Short-term financing receivables, net	572.3	388.8
Long-term financing receivables, gross	951.3	698.6
Unearned income	(59.9)	(39.2)
Allowance for credit losses	(8.9)	(6.1)
Long-term financing receivables, net	$ 882.5	$ 653.3

Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value of financial assets and liabilities

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2024 and July 31, 2023 (in millions):


	April 30, 2024								July 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents:
Money market funds	$	763.9	$	—	$	—	$	763.9	$	476.1	$	—	$	—	$	476.1

Commercial paper	—		2.5		—		2.5		—		151.4		—		151.4



Total cash equivalents	763.9		2.5		—		766.4		476.1		151.4		—		627.5


	April 30, 2024								July 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Short-term investments:
Certificates of deposit	—		25.5		—		25.5		—		48.1		—		48.1
Commercial paper	—		170.9		—		170.9		—		213.8		—		213.8
Corporate debt securities	—		1,251.4		—		1,251.4		—		798.0		—		798.0
U.S. government and agency securities	—		34.4		—		34.4		—		190.6		—		190.6
Non-U.S. government and agency securities	—		34.0		—		34.0		—		—		—		—
Asset-backed securities	—		0.5		—		0.5		—		4.2		—		4.2
Total short-term investments	—		1,516.7		—		1,516.7		—		1,254.7		—		1,254.7
Long-term investments:

Corporate debt securities	—		2,525.9		—		2,525.9		—		2,484.3		—		2,484.3
U.S. government and agency securities	—		50.2		—		50.2		—		22.0		—		22.0
Non-U.S. government and agency securities	—		53.0		—		53.0		—		36.6		—		36.6
Asset-backed securities	—		875.3		—		875.3		—		505.0		—		505.0
Total long-term investments	—		3,504.4		—		3,504.4		—		3,047.9		—		3,047.9
Prepaid expenses and other current assets:
Foreign currency forward contracts	—		4.2		—		4.2		—		19.1		—		19.1
Total prepaid expenses and other current assets	—		4.2		—		4.2		—		19.1		—		19.1
Other assets:
Foreign currency forward contracts	—		0.3		—		0.3		—		1.7		—		1.7
Total other assets	—		0.3		—		0.3		—		1.7		—		1.7
Total assets measured at fair value	$	763.9	$	5,028.1	$	—	$	5,792.0	$	476.1	$	4,474.8	$	—	$	4,950.9

Accrued and other liabilities:
Foreign currency forward contracts	$	—	$	25.3	$	—	$	25.3	$	—	$	18.7	$	—	$	18.7
Total accrued and other liabilities	—		25.3		—		25.3		—		18.7		—		18.7
Other long-term liabilities:
Foreign currency forward contracts	—		3.5		—		3.5		—		1.6		—		1.6
Total other long-term liabilities	—		3.5		—		3.5		—		1.6		—		1.6
Total liabilities measured at fair value	$	—	$	28.8	$	—	$	28.8	$	—	$	20.3	$	—	$	20.3

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Dec. 28, 2023	Dec. 05, 2023	Jul. 31, 2023
Business Acquisition
Goodwill	$ 3,372.7			$ 2,926.8
Dig Security Solutions Ltd
Business Acquisition
Goodwill			$ 192.2
Identified intangible assets			45.4
Cash and restricted cash			22.1
Net liabilities assumed			(4.3)
Total			$ 255.4
Talon Cyber Security Ltd
Business Acquisition
Goodwill		$ 253.7
Identified intangible assets		131.4
Cash and restricted cash		53.9
Net assets acquired		19.6
Total		$ 458.6

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Cash Equivalents and Investments (Marketable Equity Securities) (Details) - Cash and cash equivalents - Marketable equity securities - Money market funds - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Jul. 31, 2023
Debt and Equity Securities, FV-NI
Carrying value	$ 763,900,000		$ 763,900,000		$ 476,100,000
Unrealized gains or losses recognized	$ 0	$ 0	$ 0	$ 0

Stockholders' Equity (Notes)

9 Months Ended

Apr. 30, 2024

Equity [Abstract]

Stockholders’ Equity

Share Repurchase Program

In February 2019, our board of directors authorized a $1.0 billion share repurchase program, which is funded from available working capital. In December 2020, August 2021, August 2022, and November 2023, our board of directors authorized additional $700.0 million, $676.1 million, $915.0 million, and $316.7 million increases to this share repurchase program, respectively, bringing the total authorization under this share repurchase program to $3.6 billion (our “current authorization”). The expiration date of our current authorization was extended to December 31, 2024, and our repurchase program may be suspended or discontinued at any time. Repurchases may be made at management’s discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing.

The following table summarizes the share repurchase activity under our share repurchase program (in millions, except per share amounts):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Number of shares repurchased	1.7		—		2.0		1.8
Weighted average price per share(1)	$	293.91	$	—	$	284.00	$	138.65
Aggregate purchase price(1)	$	500.0	$	—	$	566.7	$	250.0

(1) Includes transaction costs

In addition to the share repurchase activity summarized in the table above, during the nine months ended April 30, 2023, we paid $22.7 million related to share repurchases of our common stock that were not settled as of July 31, 2022.

As of April 30, 2024, $500.0 million remained available for future share repurchases under our current repurchase authorization. The total price of the shares repurchased and related transaction costs are reflected as a reduction to common stock and additional paid-in capital on our condensed consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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+ Details

Subsequent Event (Notes)	9 Months Ended
Subsequent Event (Notes)	Apr. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event 2025 Notes Conversion Subsequent to April 30, 2024, $123.2 million in aggregate principal amount of the 2025 Notes was converted or had been submitted by the holders for conversion and will settle during the fiscal quarter ending July 31, 2024. Acquisition On May 15, 2024, we entered into a definitive agreement with International Business Machines Corporation to acquire certain QRadar assets including intellectual property, customer relationships, and customer contracts. We agreed to pay $500.0 million in cash upon closing, and may make additional post-closing payments contingent upon the migration of QRadar on-premise customers to Cortex XSIAM through December 31, 2027. We expect the acquisition will help accelerate the growth of our Cortex XSIAM platform. The proposed acquisition is expected to close during our first quarter of fiscal 2025, subject to the satisfaction of regulatory approvals and other customary closing conditions.

Debt (Tables)

9 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Components of convertible senior notes

The following table sets forth the net carrying amount of our 2025 Notes (in millions):


	April 30, 2024		July 31, 2023


Principal	$	1,165.2		$	1,999.3
Less: debt issuance costs, net of amortization	(2.7)			(7.8)
Net carrying amount	$	1,162.5		$	1,991.5

Schedule of interest expense recognized related to the convertible senior notes

The following table sets forth interest expense recognized related to the Notes (dollars in millions):


	Three Months Ended April 30,																Nine Months Ended April 30,
	2024								2023								2024								2023
	2023 Notes			2025 Notes			Total		2023 Notes			2025 Notes			Total		2023 Notes			2025 Notes			Total		2023 Notes			2025 Notes			Total
Contractual interest expense	$	—		$	1.5		$	1.5	$	3.2		$	1.8		$	5.0	$	—		$	5.1		$	5.1	$	9.6		$	5.6		$	15.2
Amortization of debt issuance costs	—			0.8			0.8		0.7			1.1			1.8		—			2.9			2.9		2.1			3.2			5.3
Total interest expense	$	—		$	2.3		$	2.3	$	3.9		$	2.9		$	6.8	$	—		$	8.0		$	8.0	$	11.7		$	8.8		$	20.5
Effective interest rate	—		%	0.6		%			0.9		%	0.6		%			—		%	0.6		%			0.9		%	0.6		%

Schedule of warrants

The following table presents details of our Warrants (in millions, except per share data):


	Initial Number of Shares	Strike Price per Share		Aggregate Proceeds
2023 Warrants	19.1	$	139.27	$	145.4
2025 Warrants	20.1	$	136.16	$	202.8

Equity Award Plans (Allocation of Share-based Compensation, Additional Information) (Details) $ in Billions	9 Months Ended
	Apr. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Unvested share-based awards not yet recognized	$ 2.2
Weighted-average recognition period	2 years 8 months 12 days

Equity Award Plans (PSO Activities) (Details) - PSOs - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Apr. 30, 2024	Jul. 31, 2023
PSOs, Outstanding Roll Forward
Balance, beginning (in shares)	6.4
Exercised (in shares)	(1.2)
Balance, ending (in shares)	5.2	6.4
Options exercisable (in shares)	5.2
PSOs, Outstanding, Weighted-Average Exercise Price Roll Forward
Balance, beginning (in usd per share)	$ 65.20
Exercised (in usd per share)	64.85
Balance, ending (in usd per share)	65.29	$ 65.20
Options exercisable, weighted-average exercise price (in usd per share)	$ 65.29
PSOs, Additional Disclosures
Weighted-average remaining contractual life (in years)	1 year 6 months	2 years 2 months 12 days
Options exercisable, weighted-average remaining contractual term (in years)	1 year 6 months
Aggregate intrinsic value	$ 1,168.4	$ 1,184.6
Options exercisable, aggregate intrinsic value	$ 1,168.4

Goodwill and Intangible Assets (Goodwill) (Details) $ in Millions	9 Months Ended
	Apr. 30, 2024 USD ($)
Goodwill Rollforward
Balance as of July 31, 2023	$ 2,926.8
Goodwill acquired	445.9
Balance as of April 30, 2024	$ 3,372.7

- Definition

+ References + Details

Revenue (Tables)

9 Months Ended

Apr. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of evenue from external customers by geographic areas

The following table presents revenue by geographic theater (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Revenue:
Americas
United States	$	1,271.1	$	1,105.2	$	3,723.6	$	3,153.8
Other Americas	88.5		74.0		256.8		213.1
Total Americas	1,359.6		1,179.2		3,980.4		3,366.9
Europe, the Middle East, and Africa (“EMEA”)	399.2		332.1		1,170.9		981.5
Asia Pacific and Japan (“APAC”)	226.0		209.6		686.7		591.0
Total revenue	$	1,984.8	$	1,720.9	$	5,838.0	$	4,939.4

Schedule of revenue from external customers by products and services

The following table presents revenue for groups of similar products and services (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Revenue:
Product	$	391.0	$	388.1	$	1,122.8	$	1,071.0
Subscription and support
Subscription	1,045.6		838.1		3,061.0		2,417.5
Support	548.2		494.7		1,654.2		1,450.9
Total subscription and support	1,593.8		1,332.8		4,715.2		3,868.4
Total revenue	$	1,984.8	$	1,720.9	$	5,838.0	$	4,939.4

Goodwill and Intangible Assets (Purchased Intangible Assets by Major Class) (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Intangible assets subject to amortization:
Gross carrying amount	$ 1,013.9	$ 830.8
Total purchased intangible assets, gross carrying amount	1,013.9	834.7
Accumulated amortization	(606.0)	(519.3)
Total	407.9	311.5
Total purchased intangible assets, net carrying amount	407.9	315.4
In-process research and development
Intangible assets not subject to amortization:
In-process research and development	0.0	3.9
Developed technology
Intangible assets subject to amortization:
Gross carrying amount	813.9	633.2
Accumulated amortization	(498.7)	(429.4)
Total	315.2	203.8
Customer relationships
Intangible assets subject to amortization:
Gross carrying amount	172.7	172.7
Accumulated amortization	(89.9)	(73.9)
Total	82.8	98.8
Acquired intellectual property
Intangible assets subject to amortization:
Gross carrying amount	17.0	14.6
Accumulated amortization	(7.4)	(6.2)
Total	9.6	8.4
Trade name and trademarks
Intangible assets subject to amortization:
Gross carrying amount	9.4	9.4
Accumulated amortization	(9.4)	(9.4)
Total	0.0	0.0
Other
Intangible assets subject to amortization:
Gross carrying amount	0.9	0.9
Accumulated amortization	(0.6)	(0.4)
Total	$ 0.3	$ 0.5

Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Apr. 30, 2023	Apr. 30, 2024	Nov. 30, 2023	Aug. 31, 2022	Aug. 31, 2021	Dec. 31, 2020	Feb. 28, 2019
Equity [Abstract]
Share repurchase, authorized amount		$ 3,600.0	$ 316.7	$ 915.0	$ 676.1	$ 700.0	$ 1,000.0
Payments for stock, unsettled	$ 22.7
Stock repurchase, remaining authorized repurchase amount		$ 500.0

Commitments and Contingencies (Additional Information) (Details) $ in Millions		3 Months Ended	9 Months Ended
	Jan. 22, 2024 patent	Apr. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)
Long-Term Purchase Commitment
Patents infringed \| patent	4
Patents in pending review \| patent	3
Verdict				$ 151.5
Accrued amount for verdict		$ 180.5	$ 180.5
Verdict amount, expensed in period		$ 3.7	180.5
Service Provider
Long-Term Purchase Commitment
Minimum purchase commitment			$ 146.7

Commitments and Contingencies (Notes)

9 Months Ended

Apr. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

We have entered into various non-cancelable agreements with cloud service providers, under which we are committed to minimum or fixed purchases of certain cloud services. In addition, in order to reduce manufacturing lead times and plan for adequate supply, we have entered into agreements with manufacturing partners and component suppliers to procure inventory based on our demand forecasts. The following table presents details of the aggregate future non-cancelable purchase commitments under these agreements as of April 30, 2024 (in millions):


			Fiscal years ending July 31,
	Total		Remaining 2024		2025		2026		2027		2028		2029 and Thereafter
Cloud	$	4,338.4	$	1.0	$	251.8	$	581.1	$	518.1	$	585.6	$	2,400.8
Manufacturing	210.6		54.8		115.8		40.0		—		—		—
Other	48.5		—		15.6		13.2		6.3		6.7		6.7
Total purchase commitments	$	4,597.5	$	55.8	$	383.2	$	634.3	$	524.4	$	592.3	$	2,407.5

Additionally, we have a $146.7 million minimum purchase commitment with a cloud service provider through September 2027 with no specified annual commitments.

Guarantee

In October 2023, we established a multi-currency notional cash pool for a certain number of our entities with a third-party bank. As part of the notional cash pool agreement, the bank extends overdraft credit to our participating entities as needed, provided that the overall notionally pooled balance of all accounts in the pool at the end of each day is positive. In the unlikely event of a default, any overdraft balances incurred would be guaranteed by our collective entities participating in the pool.

Litigation

We are subject to legal proceedings, claims, tax matters, and litigation arising in the ordinary course of business, including, for instance, intellectual property and patent litigation. We accrue for contingencies when we believe that a loss is probable and that we can reasonably estimate the amount of any such loss.

Legal matters could include speculative, substantial, or indeterminate monetary amounts. Significant judgment is required to determine both the likelihood of there being a loss and the estimated amount of a loss related to such matters, and we may be unable to estimate the reasonably possible loss or range of loss. The outcomes of outstanding legal matters are inherently unpredictable, and could, either individually or in aggregate, have a material adverse effect on us and our results of operations. To the extent there is a reasonable possibility that a loss exceeding any amounts already recognized may be incurred, we will either disclose the estimated additional loss or state that such an estimate cannot be made.

The following matters arose in the ordinary course of business.

Centripetal Networks, Inc. v. Palo Alto Networks

On March 12, 2021, Centripetal Networks, Inc., filed a lawsuit against us in the United States District Court for the Eastern District of Virginia. The lawsuit alleges that our products infringe multiple Centripetal patents. We successfully challenged certain of these patents, which were found unpatentable by the U.S. Patent and Trademark Office (“PTO”). The case went to jury trial on January 22, 2024, on four patents, with three stayed pending review in the PTO. On January 31, 2024, the jury returned a verdict of non-willful infringement with a lump sum amount of $151.5 million, plus statutory interest. We have filed motions to overturn the verdict and seek a new trial, which is pending before the court. In addition, Centripetal filed infringement contentions on certain of their patents in the European Patent Office in Germany, to which we filed invalidity challenges. Those matters are still pending.

As of April 30, 2024, we accrued $180.5 million for the verdict amount and estimated interest, which is recorded in other long-term liabilities on our condensed consolidated balance sheets. The corresponding charge was $3.7 million and $180.5 million for the three and nine months ended April 30, 2024, respectively, which is included in general and administrative expense on our condensed consolidated statements of operations.

Finjan, Inc. v. Palo Alto Networks

On November 4, 2014, Finjan, Inc., filed a lawsuit against us in the United States District Court for the Northern District of California. The lawsuit alleges that our products infringe multiple Finjan patents. The complaint requests injunctive relief, monetary damages, and attorneys fees. On March 11, 2024, the case was reassigned to a new judge and the October 21, 2024 trial date was vacated. A new trial date has not yet been set. We are unable, at this time, to reasonably estimate a possible loss or potential range of loss, if any.

Taasera v. Palo Alto Networks

On March 22, 2022, we filed a declaratory judgment action in the United States District Court for the Southern District of New York seeking a ruling that we are not infringing various Taasera patents. The parties have resolved all pending matters between them as of December 2023. The amounts paid by us to resolve these matters were not material.

Lionra Technologies v. Palo Alto Networks

On August 29, 2022, Lionra Technologies filed a lawsuit against us in the United States District Court for the Eastern District of Texas. The lawsuit alleges that our products infringe multiple Lionra patents. The complaint requests injunctive relief, monetary damages and attorneys fees. The patents at issue are currently under review by the U.S. Patent and Trademark Office. The May 20, 2024 trial date was vacated. A new trial date has not yet been set, but may be rescheduled to take place in the fourth quarter of fiscal 2024. We are unable, at this time, to reasonably estimate a possible loss or potential range of loss, if any.

Equity Award Plans (Tables)

9 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of RSU and PSU activities

The following table summarizes the RSU and PSU activity under our stock plans during the nine months ended April 30, 2024 (in millions, except per share amounts):


	RSUs Outstanding			PSUs Outstanding
	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value		Number of Shares	Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value
Balance—July 31, 2023	12.1	$	142.61	$	3,013.0	5.0	$	128.64	$	1,242.3
Granted(1)	3.8	$	271.65			2.2	$	182.79
Vested	(4.6)	$	131.05			(1.5)	$	116.51
Forfeited	(1.0)	$	161.26			(0.5)	$	135.54
Balance—April 30, 2024	10.3	$	194.03	$	2,979.7	5.2	$	154.42	$	1,497.3

(1)For PSUs, shares granted represent the aggregate maximum number of shares that may be earned and issued with respect to these awards over their full terms.

Schedule of assumptions used and resulting grant-date fair values

The following table summarizes the assumptions used and the resulting grant-date fair value of our PSUs subject to market conditions granted during the nine months ended April 30, 2024:


	Nine Months Ended April 30, 2024


Volatility	40.8% - 43.4%
Expected term (in years)	0.9 - 2.9
Dividend yield	0.0	%
Risk-free interest rate	4.4% - 5.3%
Grant-date fair value per share	$346.92 - $621.21

Schedule of PSO activity

The following table summarizes the PSO activity under our stock plans during the nine months ended April 30, 2024 (in millions, except per share amounts):



	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance—July 31, 2023	6.4	$	65.20	2.2	$	1,184.6

Exercised	(1.2)	$	64.85

Balance—April 30, 2024	5.2	$	65.29	1.5	$	1,168.4
Exercisable—April 30, 2024	5.2	$	65.29	1.5	$	1,168.4

Schedule of allocation of share-based compensation expense

The following table summarizes share-based compensation included in costs and expenses (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Cost of product revenue	$	1.6	$	2.5	$	6.3	$	7.5
Cost of subscription and support revenue	30.0		32.0		91.3		91.5
Research and development	128.2		125.4		386.9		373.1
Sales and marketing	74.3		80.5		229.1		256.3
General and administrative	29.4		36.8		96.2		104.7
Total share-based compensation	$	263.5	$	277.2	$	809.8	$	833.1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Current assets:
Allowance for doubtful accounts	$ 8.2	$ 7.8
Stockholders’ equity:
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000.0	100,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	323,400,000	308,300,000
Common stock, shares outstanding (in shares)	323,400,000	308,300,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Cash flows from operating activities
Net income	$ 2,219.9	$ 212.0
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation for equity-based awards	806.5	820.3
Deferred income taxes	(1,818.3)	5.3
Depreciation and amortization	207.2	212.9
Amortization of deferred contract costs	324.7	297.4
Amortization of debt issuance costs	2.9	5.3
Reduction of operating lease right-of-use assets	40.7	36.7
Amortization of investment premiums, net of accretion of purchase discounts	(46.5)	(34.4)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	748.9	699.3
Financing receivables, net	(412.7)	(332.2)
Deferred contract costs	(285.2)	(250.5)
Prepaid expenses and other assets	47.2	(169.4)
Accounts payable	(20.5)	(36.3)
Accrued compensation	(165.0)	(119.2)
Accrued and other liabilities	227.4	(78.7)
Deferred revenue	867.7	1,094.9
Net cash provided by operating activities	2,744.9	2,363.4
Cash flows from investing activities
Purchases of investments	(2,486.5)	(4,461.4)
Proceeds from sales of investments	500.8	875.0
Proceeds from maturities of investments	1,364.3	1,503.6
Business acquisitions, net of cash and restricted cash acquired	(610.6)	(204.5)
Purchases of property, equipment, and other assets	(109.4)	(109.1)
Net cash used in investing activities	(1,341.4)	(2,396.4)
Cash flows from financing activities
Repayments of convertible senior notes	(834.1)	0.0
Repurchases of common stock	(566.7)	(272.7)
Proceeds from sales of shares through employee equity incentive plans	259.7	198.7
Payments for taxes related to net share settlement of equity awards	(22.7)	(17.5)
Net cash used in financing activities	(1,163.8)	(91.5)
Net increase (decrease) in cash, cash equivalents, and restricted cash	239.7	(124.5)
Cash, cash equivalents, and restricted cash - beginning of period	1,142.2	2,124.8
Cash, cash equivalents, and restricted cash - end of period	1,381.9	2,000.3
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	1,373.7	1,992.9
Restricted cash included in prepaid expenses and other current assets	8.2	7.4
Total cash, cash equivalents, and restricted cash	1,381.9	2,000.3
Non-cash investing and financing activities
Equity consideration for business acquisitions	$ (27.4)	$ (0.3)

Debt (Notes)

9 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Debt

Convertible Senior Notes

In July 2018, we issued $1.7 billion aggregate principal amount of 0.75% Convertible Senior Notes due 2023 (the “2023 Notes”) and in June 2020, we issued $2.0 billion aggregate principal amount of 0.375% Convertible Senior Notes due 2025 (the “2025 Notes,” and together with the 2023 Notes, the “Notes”). The 2023 Notes were converted prior to or settled on the maturity date of July 1, 2023 in accordance with their terms. The 2025 Notes bear interest at a fixed rate of 0.375% per year, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The 2025 Notes are governed by an indenture between us, as the issuer, and U.S. Bank National Association, as Trustee (the “Indenture”). The 2025 Notes are unsecured, unsubordinated obligations and the Indenture governing the 2025 Notes does not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness, or the issuance or repurchase of securities by us or any of our subsidiaries. The 2025 Notes mature on June 1, 2025. We may redeem for cash all or any portion of the 2025 Notes, at our option, on or after June 5, 2023 and prior to the 31st scheduled trading day immediately preceding the maturity date if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period ending on and including the trading day preceding the date on which we provide notice of redemption. The redemption will be at a price equal to 100% of the principal amount of the 2025 Notes and adjusted for interest. If we call any or all of the 2025 Notes for redemption, holders may convert such 2025 Notes called for redemption at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date.

The 2025 Notes are convertible for an initial 20.1 million shares of our common stock at a conversion rate of approximately 10.0806 shares of common stock per $1,000 principal amount, which is equal to an initial conversion price of approximately $99.20 per share of common stock, subject to adjustments. Holders of the 2025 Notes may surrender their 2025 Notes for conversion at their option at any time prior to the close of business on the business day immediately preceding March 1, 2025 only under the following circumstances:

•during any fiscal quarter commencing after the fiscal quarters ending on October 31, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the 2025 Notes on each applicable trading day (the “sale price condition”);

•during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the 2025 Notes on each such trading day; or

•upon the occurrence of specified corporate events.

On or after March 1, 2025, holders may surrender all or any portion of their 2025 Notes for conversion at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions, and such conversions will be settled upon the maturity date. Upon conversion, holders of the 2025 Notes will receive cash equal to the aggregate principal amount of the 2025 Notes to be converted, and, at our election, cash and/or shares of our common stock for any amounts in excess of the aggregate principal amount of the 2025 Notes being converted.

The conversion price will be subject to adjustment in some events. Holders of the 2025 Notes who convert their 2025 Notes in connection with certain corporate events that constitute a “make-whole fundamental change” under the Indenture are, under certain circumstances, entitled to an increase in the conversion rate. Additionally, upon the occurrence of a corporate event that constitutes a “fundamental change” under the Indenture, holders of the 2025 Notes may require us to repurchase for cash all or a portion of the 2025 Notes at a repurchase price equal to 100% of the principal amount of the 2025 Notes plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Holders of the 2025 Notes were able to early convert their 2025 Notes during the fiscal quarter ended April 30, 2024 as the sales price condition had been met during the fiscal quarter ended January 31, 2024. During the three and nine months ended April 30, 2024, holders of the 2025 Notes converted $661.8 million and $834.1 million, respectively, in aggregate principal amount of the 2025 Notes, which we repaid in cash. We also issued 4.6 million and 5.7 million shares of our common stock to the holders of the 2025 Notes during the three and nine months ended April 30, 2024, respectively, for the conversion value in excess of the principal amount. These shares were fully offset by shares we received from the corresponding exercise of the note hedges. Refer to Note 16. Subsequent Event for additional information regarding conversion of the 2025 Notes after April 30, 2024 through the filing date of this Quarterly Report on Form 10-Q.

The sale price condition for the 2025 Notes was met during the fiscal quarter ended April 30, 2024 and as a result, holders may convert their 2025 Notes during the fiscal quarter ending July 31, 2024. The net carrying amount of the 2025 Notes was classified as a current liability on our condensed consolidated balance sheet as of April 30, 2024.

The following table sets forth the net carrying amount of our 2025 Notes (in millions):


	April 30, 2024		July 31, 2023


Principal	$	1,165.2		$	1,999.3
Less: debt issuance costs, net of amortization	(2.7)			(7.8)
Net carrying amount	$	1,162.5		$	1,991.5

The total estimated fair value of the 2025 Notes was $3.4 billion as of April 30, 2024 and $5.0 billion as of July 31, 2023. The fair value was determined based on the closing trading price per $100 of the 2025 Notes as of the last day of trading for the period. We consider the fair value of the 2025 Notes as of April 30, 2024 and July 31, 2023 to be a Level 2 measurement. The fair value of the 2025 Notes is primarily affected by the trading price of our common stock and market interest rates.

The following table sets forth interest expense recognized related to the Notes (dollars in millions):


	Three Months Ended April 30,																Nine Months Ended April 30,
	2024								2023								2024								2023
	2023 Notes			2025 Notes			Total		2023 Notes			2025 Notes			Total		2023 Notes			2025 Notes			Total		2023 Notes			2025 Notes			Total
Contractual interest expense	$	—		$	1.5		$	1.5	$	3.2		$	1.8		$	5.0	$	—		$	5.1		$	5.1	$	9.6		$	5.6		$	15.2
Amortization of debt issuance costs	—			0.8			0.8		0.7			1.1			1.8		—			2.9			2.9		2.1			3.2			5.3
Total interest expense	$	—		$	2.3		$	2.3	$	3.9		$	2.9		$	6.8	$	—		$	8.0		$	8.0	$	11.7		$	8.8		$	20.5
Effective interest rate	—		%	0.6		%			0.9		%	0.6		%			—		%	0.6		%			0.9		%	0.6		%

Note Hedges

To minimize the impact of potential economic dilution upon conversion of our convertible senior notes, we entered into separate convertible note hedge transactions (the “2023 Note Hedges,” with respect to the 2023 Notes, the “2025 Note Hedges,” with respect to the 2025 Notes, and the 2023 Note Hedges together with 2025 Note Hedges, the “Note Hedges”) with respect to our common stock concurrent with the issuance of each series of the Notes.

Upon the settlement of the 2023 Notes, we exercised the corresponding portion of our 2023 Note Hedges during the year ended July 31, 2023 and received shares of our common stock that fully offset the shares issued in excess of the principal amount of the converted 2023 Notes. The 2023 Note Hedges expired upon maturity of the 2023 Notes.

The 2025 Note Hedges cover up to 20.1 million shares of our common stock at a strike price per share that corresponds to the initial conversion price of the 2025 Notes, which are also subject to adjustment, and are exercisable upon conversion of the 2025 Notes. The 2025 Note Hedges will expire upon maturity of the 2025 Notes. The 2025 Note Hedges are separate transactions and are not part of the terms of the 2025 Notes. Holders of the 2025 Notes will not have any rights with respect to the 2025 Note Hedges. Any shares of our common stock receivable by us under the 2025 Note Hedges are excluded from the calculation of diluted earnings per share as they are antidilutive. We paid an aggregate amount of $370.8 million for the 2025 Note Hedges, which is included in additional paid-in capital on our condensed consolidated balance sheets.

As a result of the conversions of the 2025 Notes settled during the three and nine months ended April 30, 2024, we exercised the corresponding portion of our 2025 Note Hedges and received 4.6 million and 5.7 million shares of our common stock during the respective periods.

Warrants

Separately, but concurrently with the issuance of each series of our convertible senior notes, we entered into transactions whereby we sold warrants (the “2023 Warrants,” with respect to the 2023 Notes, the “2025 Warrants,” with respect to the 2025 Notes, and the 2023 Warrants together with the 2025 Warrants, the “Warrants”) to acquire shares of our common stock, subject to anti-dilution adjustments. The 2023 Warrants and 2025 Warrants are exercisable over 60 scheduled trading days beginning October 2023 and September 2025, respectively.

The following table presents details of our Warrants (in millions, except per share data):


	Initial Number of Shares	Strike Price per Share		Aggregate Proceeds
2023 Warrants	19.1	$	139.27	$	145.4
2025 Warrants	20.1	$	136.16	$	202.8

The shares issuable under the Warrants are included in the calculation of diluted earnings per share when the average market value per share of our common stock for the reporting period exceeds the applicable strike price for such series of Warrants. The Warrants are separate transactions and are not part of either series of Notes or Note Hedges and are not remeasured through earnings each reporting period. Holders of the Notes of either series will not have any rights with respect to the Warrants. The aggregate proceeds received from the sale of the Warrants are included in additional paid-in capital on our condensed consolidated balance sheets.

During the nine months ended April 30, 2024, we net settled all of the 2023 Warrants with 9.0 million shares of our common stock with a fair value of $2.4 billion. The number of net shares issued was determined based on the number of 2023 Warrants exercised multiplied by the difference between the strike price of the 2023 Warrants and their daily volume-weighted-average stock price.

Revolving Credit Facility

On April 13, 2023, we entered into a credit agreement (the “Credit Agreement”) with certain institutional lenders that provides for a $400.0 million unsecured revolving credit facility (the “Credit Facility”), with an option to increase the amount of the Credit Facility by up to an additional $350.0 million, subject to certain conditions. The Credit Facility matures on April 13, 2028.

The borrowings under the Credit Facility bear interest, at our option, at a base rate plus a spread of 0.000% to 0.375%, or an adjusted term Secured Overnight Financing Rate (“SOFR”) plus a spread of 1.000% to 1.375%, in each case with such spread being determined based on our leverage ratio. We are obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.090% to 0.150%, depending on our leverage ratio. The interest rates and commitment fees are also subject to upward and downward adjustments based on our progress towards the achievement of certain sustainability goals related to greenhouse gas emissions.

As of April 30, 2024, there were no amounts outstanding and we were in compliance with all covenants under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Other Income, Net (Details) - USD ($) $ in Millions	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Other Income and Expenses [Abstract]
Interest income	$ 78.3	$ 65.9	$ 234.8	$ 151.9
Foreign currency exchange gains (losses), net	4.3	(2.2)	2.9	(5.1)
Other, net	(5.8)	(3.6)	(5.9)	(9.3)
Total other income, net	$ 76.8	$ 60.1	$ 231.8	$ 137.5

Equity Award Plans (Narrative) (Details) shares in Millions	9 Months Ended
Equity Award Plans (Narrative) (Details) shares in Millions	Apr. 30, 2024 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	3.8
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	3 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	2.2
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	1 year
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period	4 years
PSUs subject to service, performance, and market conditions
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	2.1
Approved for future grant (in shares)	2.7
PSUs subject to service, performance, and market conditions \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Service period	1 year
PSUs subject to service, performance, and market conditions \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Service period	3 years
PSOs \| Maximum \| Fiscal Year 2018
Share-based Compensation Arrangement by Share-based Payment Award
Service period	7 years 6 months
PSOs \| Maximum \| Fiscal Year 2019
Share-based Compensation Arrangement by Share-based Payment Award
Service period	7 years 6 months

Other Income, Net (Tables)

9 Months Ended

Apr. 30, 2024

Other Income and Expenses [Abstract]

Schedule of components of other income, net

The following table sets forth the components of other income, net (in millions):


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
Interest income	$	78.3	$	65.9	$	234.8	$	151.9
Foreign currency exchange gains (losses), net	4.3		(2.2)		2.9		(5.1)
Other, net	(5.8)		(3.6)		(5.9)		(9.3)
Total other income, net	$	76.8	$	60.1	$	231.8	$	137.5