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Palo Alto Networks Executive Compensation (FY25)

PANW · Santa Clara, CA · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): December 11, 2025
224 figures on this page: 217 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
Nikesh Arora, Chief Executive Officer and Chairman, received $99,736,336 in total compensation for fiscal 2025, and Arora's total moved 71.8% higher from the $58,036,875 reported for fiscal 2024. The disclosed chief executive pay ratio for fiscal 2025 is 442:1, against median employee compensation of $225,828. The say-on-pay proposal drew 46.1% of votes cast including abstentions in favor at the meeting held December 9, 2025 for fiscal 2025. Companies named in the disclosed peer group include Adobe Inc., Akamai Technologies, Inc., Autodesk, Inc., Cadence Design Systems, Inc. and CrowdStrike Holdings, Inc., among others.
Chief executive, fiscal 2025
◇
Nikesh Arora
Latest say-on-pay support
=
December 9, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Nikesh Arora: $58,036,875 → $99,736,336 (71.8% higher)
CEO pay ratio: 269:1 → 442:1 (64.3% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Palo Alto Networks' chief executive and what were they paid?
Nikesh Arora, Chief Executive Officer and Chairman, received $99,736,336 in total compensation for fiscal 2025. Arora's total moved 71.8% higher from the $58,036,875 reported for fiscal 2024.
What was Palo Alto Networks' say-on-pay result?
The say-on-pay proposal drew 46.1% of votes cast including abstentions in favor at the meeting held December 9, 2025 for fiscal 2025.
Which companies are in Palo Alto Networks' peer group?
Companies named in the disclosed peer group include Adobe Inc., Akamai Technologies, Inc., Autodesk, Inc., Cadence Design Systems, Inc. and CrowdStrike Holdings, Inc., among others.
What is Palo Alto Networks' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 442:1, against median employee compensation of $225,828.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nir Zuk
Chief Technology Officer and Director
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nikesh Arora
Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Lee Klarich
Chief Product and Technology Officer
◇—◇—◇—◇◇
William Jenkins
President
◇—◇—◇—◇◇
Dipak Golechha
Chief Financial Officer
◇—◇—◇—◇◇
Nir Zuk
Founder Emeritus and Former Chief Technology Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nikesh Arora
Chairman and Chief Executive Officer
◇—◇—◇—◇◇
Lee Klarich
Chief Product and Technology Officer
◇—◇—◇—◇◇
William Jenkins
President
◇—◇—◇—◇◇
Dipak Golechha
Chief Financial Officer
◇—◇—◇—◇◇
Nir Zuk
Former Chief Technology Officer
Departed during or after this year
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Nikesh Arora
Chief Executive Officer and Chairman
◇—◇—◇—◇◇
William Jenkins
President
◇—◇—◇—◇◇
Lee Klarich
Chief Product and Technology Officer
◇—◇—◇—◇◇
Dipak Golechha
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Nir Zuk
Founder Emeritus; Former Chief Technology Officer and Former Director
Departed during or after this year
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Dipak GolechhaPSU◇— withheld◇—◇—◇
Dipak GolechhaPSU◇— withheld◇—◇—◇
Dipak GolechhaPSU◇— withheld◇—◇—◇
Lee KlarichPSU◇— withheld◇—◇—◇
Lee KlarichPSU◇— withheld◇—◇—◇
Lee KlarichPSU◇— withheld◇—◇—◇
Nikesh AroraPSU◇— withheld◇—◇—◇
Nikesh AroraPSU◇— withheld◇—◇—◇
Nikesh AroraPSU◇— withheld◇—◇—◇
Nir ZukPSU◇— withheld◇—◇—◇
Nir ZukPSU◇— withheld◇—◇—◇
William JenkinsPSU◇— withheld◇—◇—◇
William JenkinsPSU◇— withheld◇—◇—◇
William JenkinsPSU◇— withheld◇—◇—◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Dipak GolechhaRSU◇◇——
RSU◇◇——
RSU◇◇——
Nikesh AroraRSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇12/6/25
RSU◇◇——
William JenkinsRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Lee KlarichRSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇4/19/26
Nir ZukRSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Helle Thorning-Schmidt
—◇————◇
Ralph Hamers
—◇————◇
John M. Donovan
Lead independent director
—◇————◇
Rt Hon Sir John Key
—◇————◇
Mary Pat McCarthy
—◇————◇
Aparna Bawa
—◇————◇
Lorraine Twohill
—◇————◇
Dr. Helene D. Gayle
—◇————◇
Carl Eschenbach
—◇————◇
James J. Goetz, Nikesh Arora and Lee Klarich served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Adobe Inc. ADBE
  • Akamai Technologies, Inc. AKAM
  • Autodesk, Inc. ADSK
  • Cadence Design Systems, Inc. CDNS
  • CrowdStrike Holdings, Inc. CRWD
  • Fortinet, Inc. FTNT
  • Intuit Inc. INTU
  • Keysight Technologies, Inc. KEYS
  • NetApp, Inc. NTAP
  • Paychex, Inc. PAYX
  • Roper Technologies, Inc. ROP
  • ServiceNow, Inc. NOW
  • Snowflake Inc. SNOW
  • SS&C Technologies Holdings, Inc. SSNC
  • Synopsys, Inc. SNPS
  • Workday, Inc. WDAY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025December 9, 2025=◇◇◇
2024December 10, 2024=◇◇◇
2023December 12, 2023=◇◇◇
2022December 13, 2022=◇◇◇
2021December 14, 2021=◇◇◇
2020December 9, 2020=◇◇◇
2019December 9, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Palo Alto Networks disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Palo Alto Networks sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Say-on-pay responsiveness
Palo Alto Networks recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
224 figures on this page: 217 cited to the filing that reported them, 7 calculated from figures it prints.
217 cited to the filing
7 calculated from the filing

Documents cited

  1. 0001193125-25-315915
    Item 5.07 Submission of Matters to a Vote of Security Holders.
  2. 0001308179-25-000624
    CEO Pay Ratio · Director Compensation · Fiscal 2025 Director Compensation Table · Fiscal 2025 Outstanding Equity Awards at Fiscal Year-End · and 2 more sections
  3. 0001193125-24-277082
  4. 0001308179-24-000770
    Fiscal 2024 Summary Compensation Table
  5. 0001193125-23-295527
  6. 0001308179-23-001049
    Fiscal 2023 Summary Compensation Table
  7. 0001193125-22-307346
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-21-358074
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001193125-20-314920
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-19-310251
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Palo Alto Networks executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PANW (accessed 2026).
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Tech — Software rankings

Chief executive pay — Tech — SoftwareCEO pay ratio — Tech — SoftwareSay-on-pay support — Tech — Software

Peers Palo Alto Networks discloses

The companies named in PANW's own disclosed peer group.

Adobe Inc.Autodesk, Inc.Cadence Design Systems, Inc.CrowdStrike Holdings, Inc.Fortinet, Inc.Intuit Inc.NetApp, Inc.ServiceNow, Inc.Snowflake Inc.SS&C Technologies Holdings, Inc.Synopsys, Inc.Workday, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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