{
  "ticker": "PANW",
  "company": "Palo Alto Networks Inc.",
  "filing_type": "10-K",
  "year_current": "2026",
  "year_prior": "2025",
  "summary": {
    "added": 12,
    "removed": 8,
    "modified": 31,
    "unchanged": 9,
    "total_current": 52,
    "total_prior": 48
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/panw/2026-vs-2025/",
  "markdown_url": "https://riskdiff.com/panw/2026-vs-2025/index.md",
  "json_url": "https://riskdiff.com/panw/2026-vs-2025/index.json",
  "access": "public_preview",
  "source_filings": [
    {
      "label": "2026 10-K filing on SEC EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/1327567/000132756726000023/0001327567-26-000023-index.htm"
    },
    {
      "label": "2025 10-K filing on SEC EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/1327567/000132756725000027/0001327567-25-000027-index.htm"
    }
  ],
  "generated": "2026-09-28",
  "ai_summary": "New risks around competition, cloud reliance, usage volatility, and regulatory approvals broaden exposure, while dropped supply and trade risks partly offset the shift.",
  "ai_brief": {
    "executive_summary": "New risks around competition, cloud reliance, usage volatility, and regulatory approvals broaden exposure, while dropped supply and trade risks partly offset the shift.",
    "direction": "more_concerning",
    "top_themes": [
      "Artificial Intelligence",
      "Regulatory & Legal",
      "Cybersecurity"
    ]
  },
  "risks": [
    {
      "status": "ADDED",
      "current_title": "Cloud infrastructure providers and advanced AI companies increasingly offer native security and observability capabilities that compete directly with our offerings.",
      "prior_title": null,
      "severity": {
        "deterministic": 10,
        "ai_bump": 0,
        "total": 10,
        "tier": "high",
        "signal_hits": [
          "ai",
          "cyber",
          "workforce"
        ]
      },
      "current_body": "The major public cloud infrastructure providers increasingly offer native security, identity, and observability capabilities that compete with our products and subscriptions. These providers have significant resources and may bundle native capabilities with their cloud infrastructure services at low or no incremental cost to customers, may leverage privileged access to their platforms and telemetry, and may design their native offerings to integrate more seamlessly with their infrastructure than third-party solutions can. As customers increasingly deploy workloads across multiple cloud environments, or as cloud providers expand the scope and depth of their native security and observability capabilities, demand for our offerings could be adversely affected. We may also face pricing pressure as competitors utilize cloud provider economics or offer bundled solutions at reduced total cost of ownership. In addition, frontier or foundational AI model providers, or similar companies with advanced large language model capabilities, have entered or may enter the cybersecurity and observability markets, whether directly, through partnerships, or by enabling third parties to build competing security applications on top of their models. These companies possess substantial capital, technical talent, and have developed, or proprietary access to, foundational or frontier AI models. Their ability to rapidly iterate on model capabilities, attract AI research talent, and leverage significant compute infrastructure may allow them to introduce competing security capabilities more quickly or at lower cost than we can. If these or other AI companies develop and commercialize security products or embed security functionality into their broader AI platforms, customers may choose to consolidate their security spend with such providers rather than purchase our solutions, which could adversely affect our revenue, market share, and competitive position."
    }
  ],
  "full_url": "https://riskdiff.com/panw/2026-vs-2025/full/"
}