0001327567 2025-08-01 2026-07-31 0001327567 2024-08-01 2025-07-31 0001327567 2023-08-01 2024-07-31 0001327567 2022-08-01 2023-07-31 0001327567 2021-08-01 2022-07-31 0001327567 panw:LessGrantDateFairValueOfEquityAwardsReportedInSCTForTheCoveredFiscalYearMember ecd:PeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusFairValueOfEquityAwardsGrantedInTheCoveredFiscalYearThatAreUnvestedAndOutstandingAsOfTheEndOfTheCoveredFiscalYearMember ecd:PeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusChangeInFairValueOfEquityAwardsGrantedInAnyPriorFiscalYearThatAreOutstandingAndUnvestedAsOfTheEndOfTheCoveredFiscalYearMember ecd:PeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusFairValueAsOfTheVestingDateOfEquityAwardsThatAreGrantedAndVestedInTheCoveredFiscalYearComputedInAccordanceWithASCTopic718Member ecd:PeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusChangeInFairValueOfEquityAwardsGrantedInAnyPriorFiscalYearThatVestedInTheCoveredFiscalYearComputedInAccordanceWithASCTopic718Member ecd:PeoMember 2025-08-01 2026-07-31 0001327567 panw:LessFairValueOfEquityAwardsGrantedInAnyPriorFiscalYearThatFailedToMeetTheApplicableVestingConditionsInTheCoveredFiscalYearComputedInAccordanceWithASCTopic718Member ecd:PeoMember 2025-08-01 2026-07-31 0001327567 ecd:PeoMember 2025-08-01 2026-07-31 0001327567 panw:LessGrantDateFairValueOfEquityAwardsReportedInSCTForTheCoveredFiscalYearMember ecd:NonPeoNeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusFairValueOfEquityAwardsGrantedInTheCoveredFiscalYearThatAreUnvestedAndOutstandingAsOfTheEndOfTheCoveredFiscalYearMember ecd:NonPeoNeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusChangeInFairValueOfEquityAwardsGrantedInAnyPriorFiscalYearThatAreOutstandingAndUnvestedAsOfTheEndOfTheCoveredFiscalYearMember ecd:NonPeoNeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusFairValueAsOfTheVestingDateOfEquityAwardsThatAreGrantedAndVestedInTheCoveredFiscalYearComputedInAccordanceWithASCTopic718Member ecd:NonPeoNeoMember 2025-08-01 2026-07-31 0001327567 panw:PlusChangeInFairValueOfEquityAwardsGrantedInAnyPriorFiscalYearThatVestedInTheCoveredFiscalYearComputedInAccordanceWithASCTopic718Member ecd:NonPeoNeoMember 2025-08-01 2026-07-31 0001327567 panw:LessFairValueOfEquityAwardsGrantedInAnyPriorFiscalYearThatFailedToMeetTheApplicableVestingConditionsInTheCoveredFiscalYearComputedInAccordanceWithASCTopic718Member ecd:NonPeoNeoMember 2025-08-01 2026-07-31 0001327567 ecd:NonPeoNeoMember 2025-08-01 2026-07-31 0001327567 1 2025-08-01 2026-07-31 0001327567 2 2025-08-01 2026-07-31 0001327567 3 2025-08-01 2026-07-31 0001327567 4 2025-08-01 2026-07-31 0001327567 5 2025-08-01 2026-07-31 iso4217:USD 0001327567 DEF 14A false Palo Alto Networks, Inc. true <div style="margin-bottom:5pt"><span style="color:#fa582d;font-family:'TT Hoves DemiBold',sans-serif;font-size:13pt;font-weight:700;line-height:120%">Policies and Practices Related to Grants of Stock Options or Similar Awards</span></div><div style="margin-bottom:16pt"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Except with respect to options that we have assumed in connection with certain mergers and acquisitions, we have not granted options, stock appreciation rights, or other similar option-like instruments since 2020. However, it is our policy not to time any grants of equity awards in relation to the release of material non-public information.</span></div> Except with respect to options that we have assumed in connection with certain mergers and acquisitions, we have not granted options, stock appreciation rights, or other similar option-like instruments since 2020. we have not granted options, stock appreciation rights, or other similar option-like instruments since 2020. However, it is our policy not to time any grants of equity awards in relation to the release of material non-public information. false <div style="margin-bottom:2pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:16pt;font-weight:400;line-height:120%">Pay vs. Performance</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation and certain financial performance measures of the Company. For further information concerning the Company’s pay-</span><span style="font-family:'null',sans-serif;font-size:9pt;font-weight:400;line-height:130%"></span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">for-</span><span style="font-family:'null',sans-serif;font-size:9pt;font-weight:400;line-height:130%"></span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">performance philosophy and how executive compensation aligns with the Company’s performance, please see the “</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:130%">Executive Compensation—Compensation Discussion and Analysis</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">” section of this Proxy Statement.</span></div><div><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:15pt;font-weight:700;line-height:120%">Pay vs. Performance Table</span></div><div style="margin-bottom:4pt;margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:7.079%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.474%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.091%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.269%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.393%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.806%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.628%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.461%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.616%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.079%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.782%"></td><td style="width:0.1%"></td></tr><tr style="height:39pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Summary</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Comp Table</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Total for</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">PEO</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="6" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Compensation</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Actually Paid</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">to PEO</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="6" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Average</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Summary</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Comp Table</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Total for Non-</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">PEO NEOs</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="6" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Average</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Compensation</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Actually Paid</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">to Non-</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">PEO NEOs</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="border-bottom:1pt solid #fa582d;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Value of initial fixed $100<br/>investment based on</span></td><td colspan="6" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Net</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Income</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">(Loss) (in</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">millions)</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td colspan="3" rowspan="2" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Company Selected Measure: Annual</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">NGS</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">ARR (in billions)</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(8)</span></div></td></tr><tr style="height:33pt"><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Year</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #fa582d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Company</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">TSR</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td><td colspan="6" style="border-top:1pt solid #fa582d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Peer</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Group</span></div><div style="text-align:right"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">TSR</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:5.2pt;font-weight:700;line-height:130%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #fa582d;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:700;line-height:130%">2026</span></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">80,270,519 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">813,879,588 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">16,053,492 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">100,647,684 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">498.93 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">252.91 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">306.6 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">9.1 </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:700;line-height:130%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">99,736,336 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">267,474,290 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">23,541,480 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">61,685,286 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">261.02 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">200.37 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">1,133.9 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">5.6 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:700;line-height:130%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">58,036,875 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">105,275,811 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">16,323,792 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">14,485,907 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">244.13 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">162.04 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">2,577.6 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">4.2 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:700;line-height:130%">2023</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">151,425,203 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">266,368,755 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">12,145,914 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">31,768,696 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">187.92 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">119.86 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">439.7 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">3.0 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:700;line-height:130%">2022</span></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">10,410,477 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">208,514,831 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">8,058,186 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">56,805,285 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">125.07 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">94.49 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">-267.0 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">1.9 </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 80270519 813879588 16053492 100647684 498.93 252.91 306600000 9100000000 99736336 267474290 23541480 61685286 261.02 200.37 1133900000 5600000000 58036875 105275811 16323792 14485907 244.13 162.04 2577600000 4200000000 151425203 266368755 12145914 31768696 187.92 119.86 439700000 3000000000.0 10410477 208514831 8058186 56805285 125.07 94.49 -267000000.0 1900000000 <span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%;padding-left:9.4pt">During each of the years presented, our PEO was Nikesh Arora. During each of the years presented, our non-PEO NEOs were Dipak Golechha, William “BJ” Jenkins, Lee Klarich, and Nir Zuk.</span> Nikesh Arora Nikesh Arora Nikesh Arora Nikesh Arora Nikesh Arora <span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%;padding-left:8.28pt">“Compensation actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The table below sets forth the adjustments made during our fiscal 2026 presented in the table to calculate the “Compensation Actually Paid” to our PEO, Mr. Arora, for fiscal 2026.</span><div style="padding-left:13.5pt"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:12pt;font-weight:700;line-height:120%">PEO</span></div><div style="margin-bottom:4pt;margin-top:10pt;padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.913%"><tr><td style="width:1.0%"></td><td style="width:84.091%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.073%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #fa582d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Total Reported in SCT for the covered fiscal year</span></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:112%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:112%">80,270,519</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%"> </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Less, grant date fair value of equity awards reported in SCT for the covered fiscal year</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(75,937,806)</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, fair value (as of the end of the covered fiscal year) of equity awards granted in the covered fiscal year that are unvested and outstanding as of the end of the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">325,831,336 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, change in fair value (from the end of the prior fiscal year to the end of the covered fiscal year) of equity awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">428,091,764 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, fair value (as of the vesting date) of equity awards that are granted and vested in the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">- </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, change in fair value (from the end of the prior fiscal year to the vesting date) of equity awards granted in any prior fiscal year that vested in the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">55,623,775 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Less, fair value (as of the end of the prior fiscal year) of equity awards granted in any prior fiscal year that failed to meet the applicable vesting conditions in the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">- </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Total Adjustments</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">733,609,069 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Compensation Actually Paid</span></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:112%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:112%">813,879,588</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%"> </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr></table></div> 80270519 -75937806 325831336 428091764 0 55623775 0 733609069 813879588 <span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%;padding-left:8.34pt">“Compensation actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The table below sets forth the adjustments made during our fiscal 2026 presented in the table to calculate the “Average Compensation Actually Paid” to our non-PEO NEOs for fiscal 2026.</span><div style="margin-bottom:3pt;padding-left:14.4pt"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Non-PEO NEOs</span></div><div style="margin-bottom:4pt;margin-top:10pt;padding-left:14.4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.913%"><tr><td style="width:1.0%"></td><td style="width:83.613%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.117%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #fa582d;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Average Total Reported in SCT for the covered fiscal year</span></td><td colspan="3" style="border-top:1pt solid #fa582d;padding:0 1pt"></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:112%">$</span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:112%">16,053,492</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%"> </span></td><td style="border-top:1pt solid #fa582d;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Less, average grant date fair value of equity awards reported in SCT for the covered fiscal year</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(14,993,067)</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, average fair value (as of the end of the covered fiscal year) of equity awards granted in the covered fiscal year that are unvested and outstanding as of the end of the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">57,113,283 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, average change in fair value (from the end of the prior fiscal year to the end of the covered fiscal year) of equity awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">30,163,503 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, average fair value (as of the vesting date) of equity awards that are granted and vested in the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">- </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Plus, average change in fair value (from the end of the prior fiscal year to the vesting date) of equity awards granted in any prior fiscal year that vested in the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">15,379,793 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Less, average fair value (as of the end of the prior fiscal year) of equity awards granted in any prior fiscal year that failed to meet the applicable vesting conditions in the covered fiscal year, computed in accordance with ASC Topic 718</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(3,069,320)</span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%">Total Adjustments</span></td><td colspan="3" style="border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:112%">84,594,192 </span></td><td style="border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:700;line-height:130%">Average Compensation Actually Paid</span></td><td colspan="3" style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:0 1pt"></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">$</span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:700;line-height:130%">100,647,684</span><span style="color:#000000;font-family:'TT Hoves DemiBold',sans-serif;font-size:8pt;font-weight:400;line-height:130%"> </span></td><td style="border-bottom:1pt solid #fa582d;border-top:0.5pt solid #b3b3b3;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 16053492 -14993067 57113283 30163503 0 15379793 -3069320 84594192 100647684 <span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%;padding-left:8.23pt">Pursuant to Item 402(v) of Regulation S-K, assumes $100 was invested on July 31, 2021 in the stocks represented by the peer group and reinvestment of dividends. The peer group consists of the S&amp;P 500 Information Technology Index, an independently prepared index, which is the peer group we used for the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended July 31, 2026.</span> <span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:8pt;font-weight:400;line-height:130%;padding-left:8.23pt">We have selected NGS ARR as the Company-Selected Measure because NGS ARR is an operating metric that we use to assess the strength and trajectory of our business. Given this, NGS ARR was utilized as a financial performance measure in the PSUs granted in fiscal 2026. NGS ARR represents the annualized allocated revenue of all active contracts as of the final day of the reporting period related to all product, subscription and support offerings, excluding revenue from hardware products, and legacy attached subscriptions, support offerings and professional services. The scope of products, subscriptions, and support offerings that contribute to NGS ARR will generally increase over time as we introduce or acquire new next-generation products, subscriptions, and support offerings.</span> NGS ARR <div style="margin-bottom:4pt;padding-left:10.8pt;text-indent:-10.8pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">•</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%;padding-left:6.84pt">Relative TSR Percentile Rank, which is how the Company’s TSR compares to the TSRs of the companies that are a component of the S&amp;P 500 Index on the last day of the applicable performance period</span></div><div style="margin-bottom:4pt;padding-left:10.8pt;text-indent:-10.8pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">•</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%;padding-left:6.84pt">NGS ARR</span></div><div style="margin-bottom:4pt;padding-left:10.8pt;text-indent:-10.8pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">•</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%;padding-left:6.84pt">Annual Non-GAAP EPS </span></div><div style="margin-bottom:4pt;padding-left:10.8pt;text-indent:-10.8pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">•</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%;padding-left:6.84pt">Organic Revenue</span></div><div style="margin-bottom:16pt;padding-left:10.8pt;text-indent:-10.8pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%">•</span><span style="color:#000000;font-family:'TT Hoves',sans-serif;font-size:9pt;font-weight:400;line-height:130%;padding-left:6.84pt">Organic Operating Margin</span></div> Relative TSR Percentile Rank, which is how the Company’s TSR compares to the TSRs of the companies that are a component of the S&P 500 Index on the last day of the applicable performance period NGS ARR Annual Non-GAAP EPS Organic Revenue Organic Operating Margin <div style="margin-bottom:3pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:11pt;font-weight:400;line-height:120%">CAP vs. TSR</span></div><div style="margin-bottom:12pt;text-align:center"><img alt="03_PANW_CAP VS TSR.jpg" id="i-561" src="panw-20261027_g209.jpg" style="height:374px;margin-bottom:5pt;vertical-align:text-bottom;width:648px"/></div> <div style="margin-bottom:3pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:11pt;font-weight:400;line-height:109%">CAP vs. Net Income (Loss)</span></div><div style="margin-bottom:12pt;text-align:center"><img alt="03_PANW_CAP VS NET INCOME.jpg" id="i-563" src="panw-20261027_g210.jpg" style="height:364px;margin-bottom:5pt;vertical-align:text-bottom;width:648px"/></div> <div style="margin-bottom:12pt"><span style="color:#fa582d;font-family:'TT Hoves',sans-serif;font-size:11pt;font-weight:400;line-height:120%">CAP vs NGS ARR</span></div>