Palo Alto Networks Inc (PANW) reported a total of $99.74 million for Chairman & Chief Executive Officer Nikesh Arora in the Summary Compensation Table of its latest filed proxy, covering fiscal year 2025. That figure is the full package as the proxy presents it: salary, bonus, stock and option awards and all other compensation.
Against that, the Form 4 record shows 2 open-market purchases totalling $9,999,705. The most recent transaction on file is dated October 17th, 2026. Those are code P buys, which means shares paid for in the market rather than shares delivered by the company.
The composition matters more than the headline total. Base salary for the fiscal year was $1,000,000, which is a small fraction of the reported package. The remainder is made up of the other elements the proxy lists, chiefly equity and other compensation, and the value of equity in a Summary Compensation Table is a grant-date accounting figure rather than cash banked by the executive.
Arora has held the top job at the Technology Services company since June 6th, 2018. That is a long tenure by the standards of large-cap software and security leadership, and it gives the share price record a reasonable sample. Since the start of his tenure, the stock has returned roughly 910.9%.
There is one more distinction worth keeping straight when reading an insider record like this one. Awards vest, options get exercised, and both show up on Form 4, but neither is a purchase. Only code P entries are open-market buys, and in this case those entries add up to $9,999,705 across 2 transactions. Everything else in the compensation total arrived because the board and the compensation committee decided it should.
What none of this shows is intent. A Form 4 records a trade, a date and an amount. It does not record why the trade happened, whether it was part of a plan, or what the buyer expects next. Compensation disclosure is similarly limited: a large Summary Compensation Table total is not a verdict on performance, good or bad, and a small one is not either. Both are outputs of a process, and both are useful mainly as context for each other. The sensible read is narrow. Palo Alto Networks paid its chief executive $99.74 million for fiscal 2025 on a $1,000,000 salary base, and separately, the open-market record shows him putting $9,999,705 into the stock across 2 purchases.
Sources: the company's proxy statement and SEC Form 4 filings via EDGAR, reviewed by InsiderBuying.com.
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