SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
	Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person* Jenkins William D Jr (Last) (First) (Middle) C/O PALO ALTO NETWORKS INC. 3000 TANNERY WAY (Street) SANTA CLARA CA 95054 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Palo Alto Networks Inc [ PANW ] Foreign Trading Symbol	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) Other (specify below) President
	3. Date of Earliest Transaction (Month/Day/Year) 11/03/2026
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/03/2026		S(1)		1,200	D	$347.9739(2)	254,131	D
Common Stock	11/03/2026		S(1)		1,240	D	$349.2616(3)	252,891	D
Common Stock	11/03/2026		S(1)		3,313	D	$350.1364(4)	249,578	D
Common Stock	11/03/2026		S(1)		1,120	D	$351.0016(5)	248,458	D
Common Stock	11/03/2026		S(1)		1,242	D	$352.0262(6)	247,216	D
Common Stock	11/03/2026		S(1)		1,440	D	$353.1287(7)	245,776	D
Common Stock	11/03/2026		S(1)		440	D	$354.4643(8)	245,336	D
Common Stock	11/03/2026		S(1)		2,109	D	$355.3579(9)	243,227	D
Common Stock	11/03/2026		S(1)		1,931	D	$356.2481(10)	241,296	D
Common Stock	11/03/2026		S(1)		1,760	D	$357.4158(11)	239,536	D
Common Stock	11/03/2026		S(1)		2,240	D	$358.3966(12)	237,296	D
Common Stock	11/03/2026		S(1)		800	D	$359.2235(13)	236,496	D
Common Stock	11/03/2026		S(1)		120	D	$360.1133(14)	236,376	D
Common Stock	11/04/2026		S(1)		80	D	$342.13(15)	236,296	D
Common Stock	11/04/2026		S(1)		280	D	$343.7543(16)	236,016	D
Common Stock	11/04/2026		S(1)		200	D	$344.61(17)	235,816	D
Common Stock	11/04/2026		S(1)		280	D	$346.3957(18)	235,536	D
Common Stock	11/04/2026		S(1)		685	D	$347.5028(19)	234,851	D
Common Stock	11/04/2026		S(1)		3,592	D	$348.3911(20)	231,259	D
Common Stock	11/04/2026		S(1)		4,404	D	$349.3589(21)	226,855	D
Common Stock	11/04/2026		S(1)		2,316	D	$350.3289(22)	224,539	D
Common Stock	11/04/2026		S(1)		3,302	D	$351.3829(23)	221,237	D
Common Stock	11/04/2026		S(1)		858	D	$352.373(24)	220,379	D
Common Stock	11/04/2026		S(1)		1,035	D	$353.5657(25)	219,344	D
Common Stock	11/04/2026		S(1)		205	D	$354.6298(26)	219,139	D
Common Stock	11/04/2026		S(1)		520	D	$356.13(27)	218,619	D
Common Stock	11/04/2026		S(1)		80	D	$357.16(28)	218,539	D
Common Stock	11/04/2026		S(1)		440	D	$358.82(29)	218,099	D
Common Stock	11/04/2026		S(1)		320	D	$359.7063(30)	217,779	D
Common Stock	11/04/2026		S(1)		440	D	$360.9164(31)	217,339	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 28, 2026.

2. This sale price represents the weighted average sale price of the shares sold ranging from $347.56 to $348.50 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

3. This sale price represents the weighted average sale price of the shares sold ranging from $348.65 to $349.64 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

4. This sale price represents the weighted average sale price of the shares sold ranging from $349.65 to $350.61 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

5. This sale price represents the weighted average sale price of the shares sold ranging from $350.65 to $351.63 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

6. This sale price represents the weighted average sale price of the shares sold ranging from $351.65 to $352.64 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

7. This sale price represents the weighted average sale price of the shares sold ranging from $352.70 to $353.64 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

8. This sale price represents the weighted average sale price of the shares sold ranging from $353.88 to $354.82 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

9. This sale price represents the weighted average sale price of the shares sold ranging from $354.89 to $355.87 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

10. This sale price represents the weighted average sale price of the shares sold ranging from $355.89 to $356.88 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

11. This sale price represents the weighted average sale price of the shares sold ranging from $356.91 to $357.88 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

12. This sale price represents the weighted average sale price of the shares sold ranging from $357.91 to $358.90 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

13. This sale price represents the weighted average sale price of the shares sold ranging from $358.91 to $359.82 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

14. This sale price represents the weighted average sale price of the shares sold ranging from $360.10 to $360.12 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

15. This sale price represents the weighted average sale price of the shares sold ranging from $342.05 to $342.21 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

16. This sale price represents the weighted average sale price of the shares sold ranging from $343.22 to $344.16 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

17. This sale price represents the weighted average sale price of the shares sold ranging from $344.25 to $344.99 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

18. This sale price represents the weighted average sale price of the shares sold ranging from $345.84 to $346.81 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

19. This sale price represents the weighted average sale price of the shares sold ranging from $346.88 to $347.84 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

20. This sale price represents the weighted average sale price of the shares sold ranging from $347.88 to $348.86 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

21. This sale price represents the weighted average sale price of the shares sold ranging from $348.89 to $349.885 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

22. This sale price represents the weighted average sale price of the shares sold ranging from $ 349.90 to $350.88 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

23. This sale price represents the weighted average sale price of the shares sold ranging from $350.90 to $351.88 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

24. This sale price represents the weighted average sale price of the shares sold ranging from $351.93 to $352.88 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

25. This sale price represents the weighted average sale price of the shares sold ranging from $353.29 to $354.27 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

26. This sale price represents the weighted average sale price of the shares sold ranging from $354.29 to $354.98 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

27. This sale price represents the weighted average sale price of the shares sold ranging from $355.68 to $356.61 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

28. This sale price represents the weighted average sale price of the shares sold ranging from $356.72 to $357.60 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

29. This sale price represents the weighted average sale price of the shares sold ranging from $358.32 to $359.25 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

30. This sale price represents the weighted average sale price of the shares sold ranging from $359.32 to $360.19 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

31. This sale price represents the weighted average sale price of the shares sold ranging from $360.39 to $361.26 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

	/s/ Elizabeth Villalobos, Attorney-in-fact	11/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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