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Palo Alto Networks, Inc. 2025-2026 Proxy Voting Records

Compiled from SEC Form N-PX filings and Palo Alto Networks, Inc.’s Form 8-K, filed 2025-12-11 (Item 5.07 on EDGAR). Page generated 02 October 2026.

24Reported items
1,406Asset managers
10,330Fund votes
2025-12-09Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore Palo Alto Networks, Inc. in the interactive database Compare manager voting policies

Official 2025-2026 meeting results reported by Palo Alto Networks, Inc.

These tallies are Palo Alto Networks, Inc.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2025-12-11 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

Palo Alto Networks, Inc. — official shareholder meeting results, meeting held 2025-12-09
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Elect Director: John M. Donovan	376,253,404	100,772,985	2,410,262	--	99,483,700	Majority: yes
Elect Director: James J. Goetz	448,899,907	29,604,761	931,983	--	99,483,700	Majority: yes
Elect Director: Helle Thorning-Schmidt	475,853,088	2,525,395	1,058,168	--	99,483,700	Majority: yes
Proposal 2: The Company's shareholders ratified the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending July 31, 2026.	563,913,034	13,982,420	1,024,897	--	--	Majority: yes
Proposal 3: The shareholders cast their votes with respect to an advisory resolution on named executive officer compensation as follows:	221,211,579	253,792,757	4,432,315	--	99,483,700	Majority: no
Proposal 4: An amendment to the 2021 Plan to increase the number of shares reserved for future issuance under the 2021 Plan was approved.	452,562,682	22,624,650	4,249,319	--	99,483,700	Majority: yes

This meeting is also recorded here as 2025-11-13; both records come from the same filing, so the date should be checked against it.

Source: Palo Alto Networks, Inc., Form 8-K, filed with the SEC on 2025-12-11 — read the filing on EDGAR.

How asset managers voted at the Palo Alto Networks, Inc. 2025-2026 meeting

Each item below shows how the 1,406 asset managers that disclosed a Palo Alto Networks, Inc. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of Palo Alto Networks, Inc.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. To approve, on an advisory basis, the compensation of our named executive officers.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: no

Meeting held 2025-12-09.

Combines 19 wordings of this item as funds reported it.

46.6% Majority: no · of votes cast

FOR 46.6%AGAINST 53.4%

FOR: 221,211,579AGAINST: 253,792,757

Palo Alto Networks, Inc.’s own tally for this item (“Proposal 3: The shareholders cast their votes with respect to an advisory resolution on named executive officer compensation as follows:”): 221,211,579 for, 253,792,757 against, per its Form 8-K filed 2025-12-11 (Item 5.07). FOR was not more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 692,000,000 outstanding shares: 32% for, 37% against (69% of the company cast a for/against vote).

The 1,361 asset managers below cast 52.7% of the shares they voted on this item FOR (216,310,034 for, 193,805,071 against).

FOR 52.7%AGAINST 47.2%

FOR: 216,310,034 (52.7%)AGAINST: 193,805,071 (47.2%)ABSTAIN: 362,756 (0.1%)NOT VOTED: 321,654 (0.1%)UNKNOWN: 11,074 (0.0%)NO VOTE: 279 (0.0%)

Largest asset managers voting on “To approve, on an advisory basis, the compensation of our named executive officers.” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	64,758,355	881,500	8	For
BlackRock	40,397,169	1,339,487	0	For
Fidelity	25,369,877	46,406	0	For
State Street	18,678	17,075,775	0	Against
GEODE CAPITAL MANAGEMENT, LLC	15,421,877	0	0	For
Charles Schwab	6,592	9,356,605	0	Against
T. Rowe Price	7,246,917	215,353	0	For
Nuveen	7,388,815	6,098	0	For
TIAA	7,204,613	0	0	For
UBS	0	7,124,546	0	Against
JPMorgan	6,432,659	0	0	For
Northern Trust	6,003,364	235,108	0	For
First Trust	10	5,930,944	0	Against
Clearbridge Investments, LLC	0	5,580,826	0	Against
BANK OF AMERICA NA	0	4,847,618	0	Against
Amundi	0	3,740,486	0	Against
Victory Capital	0	3,507,277	0	Against
FRANKLIN ADVISERS INC	0	3,440,000	0	Against
Legal & General Investment Management Ltd	0	3,358,091	0	Against
Columbia Threadneedle	3,236,780	101,725	0	For
APG Asset Management US Inc.	0	3,329,545	0	Against
Goldman Sachs	3,147,026	16,197	0	For
RBC Dominion Securities Inc.	0	3,131,475	0	Against
WELLS FARGO CLEARING SERVICES, LLC	0	3,076,407	0	Against
Invesco	0	2,869,199	0	Against

Showing the 25 largest of 1,361 asset managers. See all 1,361 in the interactive database.

2. To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year ending July 31, 2026.

AUDIT-RELATEDMajority of the votes cast: yes

Meeting held 2025-12-09.

Combines 12 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 563,913,034AGAINST: 13,982,420

Palo Alto Networks, Inc.’s own tally for this item (“Proposal 2: The Company's shareholders ratified the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending July 31, 2026.”): 563,913,034 for, 13,982,420 against, per its Form 8-K filed 2025-12-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 692,000,000 outstanding shares: 81% for, 2% against (84% of the company cast a for/against vote).

The 221 asset managers below cast 99.8% of the shares they voted on this item FOR (162,450,740 for, 186,552 against).

FOR 99.7%

FOR: 162,450,740 (99.8%)AGAINST: 186,552 (0.1%)ABSTAIN: 166,434 (0.1%)UNKNOWN: 1,074 (0.0%)NOT VOTED: 514 (0.0%)

Largest asset managers voting on “To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for our fi” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	59,265,447	19	1	For
BlackRock	19,920,155	0	0	For
Fidelity	19,376,989	0	0	For
TIAA	7,166,277	0	0	For
State Street	7,108,345	0	0	For
JPMorgan	6,344,873	0	0	For
First Trust	5,290,548	0	0	For
Charles Schwab	4,610,449	0	0	For
Columbia Threadneedle	3,227,542	0	0	For
Franklin Custodian Funds	2,437,738	0	0	For
Legg Mason	2,248,374	0	0	For
T. Rowe Price	2,155,001	0	0	For
Victory Capital	1,721,358	0	0	For
Capital Group	1,302,298	0	0	For
MASTER INVESTMENT PORTFOLIO	1,012,590	0	0	For
ProShares	923,907	0	0	For
Jackson National	892,795	0	0	For
Equitable	794,143	0	0	For
Invesco	768,248	0	0	For
Global X	700,101	0	0	For
Amplify ETF Trust	662,012	0	0	For
Six Circles Trust	594,813	0	0	For
AMCAP FUND	574,482	0	0	For
Transamerica	539,976	0	0	For
Tidal Trust III	464,200	0	0	For

Showing the 25 largest of 221 asset managers. See all 221 in the interactive database.

3. Election of Class II Directors: Helle Thorning-Schmidt

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-12-09.

Combines 9 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 475,853,088AGAINST: 2,525,395

Palo Alto Networks, Inc.’s own tally for this item (“Elect Director: Helle Thorning-Schmidt”): 475,853,088 for, 2,525,395 against, per its Form 8-K filed 2025-12-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 692,000,000 outstanding shares: 69% for, 0.4% against (69% of the company cast a for/against vote).

The 218 asset managers below cast 99.9% of the shares they voted on this item FOR (162,523,709 for, 86,945 against).

FOR 99.8%

FOR: 162,523,709 (99.8%)AGAINST: 86,945 (0.1%)ABSTAIN: 166,434 (0.1%)UNKNOWN: 1,074 (0.0%)NOT VOTED: 514 (0.0%)

Largest asset managers voting on “Election of Class II Directors: Helle Thorning-Schmidt” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	59,265,463	3	1	For
BlackRock	19,916,121	4,034	0	For
Fidelity	19,376,989	0	0	For
TIAA	7,166,277	0	0	For
State Street	7,108,345	0	0	For
JPMorgan	6,344,873	0	0	For
First Trust	5,290,548	0	0	For
Charles Schwab	4,610,449	0	0	For
Columbia Threadneedle	3,227,542	0	0	For
Franklin Custodian Funds	2,437,738	0	0	For
Legg Mason	2,248,374	0	0	For
T. Rowe Price	2,155,001	0	0	For
Victory Capital	1,721,358	0	0	For
Capital Group	1,302,298	0	0	For
MASTER INVESTMENT PORTFOLIO	1,012,590	0	0	For
ProShares	923,907	0	0	For
Jackson National	892,795	0	0	For
Equitable	794,143	0	0	For
Invesco	768,248	0	0	For
Global X	700,101	0	0	For
Amplify ETF Trust	662,012	0	0	For
Six Circles Trust	594,813	0	0	For
AMCAP FUND	574,482	0	0	For
Transamerica	539,976	0	0	For
Tidal Trust III	464,200	0	0	For

Showing the 25 largest of 218 asset managers. See all 218 in the interactive database.

4. Election of Class II Directors: James J. Goetz

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-12-09.

Combines 11 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%

FOR: 448,899,907AGAINST: 29,604,761

Palo Alto Networks, Inc.’s own tally for this item (“Elect Director: James J. Goetz”): 448,899,907 for, 29,604,761 against, per its Form 8-K filed 2025-12-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 692,000,000 outstanding shares: 65% for, 4% against (69% of the company cast a for/against vote).

The 218 asset managers below cast 98% of the shares they voted on this item FOR (159,135,750 for, 3,474,904 against).

FOR 98%

FOR: 159,135,750 (97.8%)AGAINST: 3,474,904 (2.1%)ABSTAIN: 166,434 (0.1%)UNKNOWN: 1,074 (0.0%)NOT VOTED: 514 (0.0%)

Largest asset managers voting on “Election of Class II Directors: James J. Goetz” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	59,265,417	49	1	For
BlackRock	19,920,155	0	0	For
Fidelity	19,046,968	330,021	0	For
TIAA	7,166,277	0	0	For
State Street	7,108,345	0	0	For
JPMorgan	6,344,873	0	0	For
First Trust	5,290,548	0	0	For
Charles Schwab	4,610,449	0	0	For
Columbia Threadneedle	3,227,542	0	0	For
Franklin Custodian Funds	2,437,738	0	0	For
Legg Mason	2,248,374	0	0	For
T. Rowe Price	0	2,155,001	0	Against
Victory Capital	1,721,358	0	0	For
Capital Group	1,302,298	0	0	For
MASTER INVESTMENT PORTFOLIO	1,012,590	0	0	For
ProShares	923,907	0	0	For
Jackson National	891,397	1,398	0	For
Equitable	794,143	0	0	For
Invesco	768,248	0	0	For
Global X	700,101	0	0	For
Amplify ETF Trust	0	662,012	0	Against
Six Circles Trust	594,813	0	0	For
AMCAP FUND	574,482	0	0	For
Transamerica	539,976	0	0	For
Tidal Trust III	464,200	0	0	For

Showing the 25 largest of 218 asset managers. See all 218 in the interactive database.

5. Election of Class II Directors: John M. Donovan

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-12-09.

Combines 11 wordings of this item as funds reported it.

79% Majority: yes · of votes cast

FOR 79%AGAINST 21%

FOR: 376,253,404AGAINST: 100,772,985

Palo Alto Networks, Inc.’s own tally for this item (“Elect Director: John M. Donovan”): 376,253,404 for, 100,772,985 against, per its Form 8-K filed 2025-12-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 692,000,000 outstanding shares: 54.4% for, 15% against (69% of the company cast a for/against vote).

The 218 asset managers below cast 87% of the shares they voted on this item FOR (140,884,780 for, 21,725,872 against).

FOR 87%13%

FOR: 140,884,780 (86.5%)AGAINST: 21,725,872 (13.3%)ABSTAIN: 166,436 (0.1%)UNKNOWN: 1,074 (0.0%)NOT VOTED: 514 (0.0%)

Largest asset managers voting on “Election of Class II Directors: John M. Donovan” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	59,246,670	18,795	3	For
BlackRock	19,912,565	7,590	0	For
Fidelity	19,046,968	330,021	0	For
TIAA	7,166,277	0	0	For
State Street	0	7,108,345	0	Against
JPMorgan	6,344,873	0	0	For
First Trust	5,290,548	0	0	For
Charles Schwab	3,296	4,607,153	0	Against
Columbia Threadneedle	3,227,542	0	0	For
Franklin Custodian Funds	0	2,437,738	0	Against
Legg Mason	2,248,374	0	0	For
T. Rowe Price	0	2,155,001	0	Against
Victory Capital	1,721,358	0	0	For
Capital Group	1,302,298	0	0	For
MASTER INVESTMENT PORTFOLIO	1,012,590	0	0	For
ProShares	923,907	0	0	For
Jackson National	225,004	667,791	0	Against
Equitable	459,978	334,165	0	For
Invesco	768,248	0	0	For
Global X	0	700,101	0	Against
Amplify ETF Trust	0	662,012	0	Against
Six Circles Trust	594,813	0	0	For
AMCAP FUND	574,482	0	0	For
Transamerica	520,303	19,673	0	For
Tidal Trust III	464,200	0	0	For

Showing the 25 largest of 218 asset managers. See all 218 in the interactive database.

6. To approve an amendment to the Palo Alto Networks, Inc. 2021 Equity Incentive Plan.

COMPENSATIONMajority of the votes cast: yes

Meeting held 2025-12-09.

Combines 4 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 452,562,682AGAINST: 22,624,650

Palo Alto Networks, Inc.’s own tally for this item (“Proposal 4: An amendment to the 2021 Plan to increase the number of shares reserved for future issuance under the 2021 Plan was approved.”): 452,562,682 for, 22,624,650 against, per its Form 8-K filed 2025-12-11 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 692,000,000 outstanding shares: 65% for, 3% against (69% of the company cast a for/against vote).

The 218 asset managers below cast 99.3% of the shares they voted on this item FOR (154,588,421 for, 967,931 against).

FOR 99.2%

FOR: 154,588,421 (99.3%)AGAINST: 967,931 (0.6%)ABSTAIN: 166,440 (0.1%)UNKNOWN: 1,074 (0.0%)NOT VOTED: 514 (0.0%)

Largest asset managers voting on “To approve an amendment to the Palo Alto Networks, Inc. 2021 Equity Incentive Plan.” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	59,265,430	29	7	For
BlackRock	19,920,155	0	0	For
Fidelity	19,330,583	46,406	0	For
TIAA	7,166,277	0	0	For
State Street	7,108,345	0	0	For
First Trust	5,290,356	0	0	For
Charles Schwab	4,610,449	0	0	For
Columbia Threadneedle	3,227,542	0	0	For
Franklin Custodian Funds	2,437,738	0	0	For
Legg Mason	2,248,374	0	0	For
T. Rowe Price	2,155,001	0	0	For
Victory Capital	1,721,358	0	0	For
Capital Group	1,302,298	0	0	For
MASTER INVESTMENT PORTFOLIO	1,012,590	0	0	For
ProShares	923,907	0	0	For
Jackson National	892,795	0	0	For
Invesco	768,248	0	0	For
Equitable	707,820	0	0	For
Global X	700,101	0	0	For
Amplify ETF Trust	662,012	0	0	For
Six Circles Trust	594,813	0	0	For
AMCAP FUND	574,482	0	0	For
Transamerica	535,938	1,413	0	For
Tidal Trust III	464,200	0	0	For
Eaton Vance	451,445	0	0	For

Showing the 25 largest of 218 asset managers. See all 218 in the interactive database.

7. To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding a policy addressing the impact of share repurchases on financial performance metrics.

OTHER SOCIAL ISSUES

Meeting held 2025-12-09.

Combines 3 wordings of this item as funds reported it.

0.7% fund support · no official result

AGAINST 99.2%

The 209 asset managers below cast 0.7% of the shares they voted on this item FOR (966,889 for, 154,385,264 against).

FOR: 966,889 (0.6%)AGAINST: 154,385,264 (99.3%)ABSTAIN: 166,442 (0.1%)NOT VOTED: 514 (0.0%)

Largest asset managers voting on “To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding a pol” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	17	59,265,439	9	Against
BlackRock	0	19,920,155	0	Against
Fidelity	0	19,376,989	0	Against
TIAA	0	7,166,277	0	Against
State Street	0	7,108,345	0	Against
First Trust	0	5,290,356	0	Against
Charles Schwab	0	4,610,449	0	Against
Columbia Threadneedle	0	3,227,542	0	Against
Franklin Custodian Funds	0	2,437,738	0	Against
Legg Mason	0	2,248,374	0	Against
T. Rowe Price	0	2,155,001	0	Against
Victory Capital	0	1,721,358	0	Against
Capital Group	0	1,302,298	0	Against
MASTER INVESTMENT PORTFOLIO	0	1,012,590	0	Against
ProShares	0	923,907	0	Against
Jackson National	0	892,795	0	Against
Invesco	0	768,248	0	Against
Equitable	0	707,820	0	Against
Global X	0	700,101	0	Against
Amplify ETF Trust	662,012	0	0	For
Six Circles Trust	0	594,813	0	Against
AMCAP FUND	0	574,482	0	Against
Transamerica	0	537,351	0	Against
Tidal Trust III	0	464,200	0	Against
Eaton Vance	0	451,445	0	Against

Showing the 25 largest of 209 asset managers. See all 209 in the interactive database.

8. To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding electing each of our directors annually.

OTHER SOCIAL ISSUES

Meeting held 2025-12-09.

Combines 3 wordings of this item as funds reported it.

99% fund support · no official result

FOR 99%

The 209 asset managers below cast 99% of the shares they voted on this item FOR (153,342,771 for, 1,874,067 against).

FOR: 153,342,771 (98.6%)AGAINST: 1,874,067 (1.2%)ABSTAIN: 275,577 (0.2%)NOT VOTED: 514 (0.0%)

Largest asset managers voting on “To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding elect” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	59,243,114	22,345	9	For
BlackRock	19,920,155	0	0	For
Fidelity	19,376,989	0	0	For
TIAA	7,166,277	0	0	For
State Street	7,108,345	0	0	For
First Trust	5,290,356	0	0	For
Charles Schwab	4,607,153	3,296	0	For
Columbia Threadneedle	3,227,542	0	0	For
Franklin Custodian Funds	2,437,738	0	0	For
Legg Mason	2,248,374	0	0	For
T. Rowe Price	2,155,001	0	0	For
Victory Capital	1,721,358	0	0	For
Capital Group	1,302,298	0	0	For
MASTER INVESTMENT PORTFOLIO	1,012,590	0	0	For
ProShares	923,907	0	0	For
Jackson National	873,295	19,500	0	For
Invesco	768,248	0	0	For
Equitable	707,820	0	0	For
Global X	700,101	0	0	For
Amplify ETF Trust	662,012	0	0	For
Six Circles Trust	594,813	0	0	For
AMCAP FUND	574,482	0	0	For
Transamerica	537,351	0	0	For
Tidal Trust III	0	464,200	0	Against
Eaton Vance	451,445	0	0	For

Showing the 25 largest of 209 asset managers. See all 209 in the interactive database.

9. Adjust Executive Compensation Metrics for Share Buybacks

COMPENSATION

Meeting held 2025-12-09.

Combines 2 wordings of this item as funds reported it.

0.1% fund support · no official result

AGAINST 99.9%

The 19 asset managers below cast 0.1% of the shares they voted on this item FOR (133 for, 7,192,682 against).

FOR: 133 (0.0%)AGAINST: 7,192,682 (100.0%)

Largest asset managers voting on “Adjust Executive Compensation Metrics for Share Buybacks” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
JPMorgan	0	6,344,873	Against
Erste Asset Management GmbH	0	272,030	Against
GROUPAMA ASSET MANAGMENT	0	220,195	Against
Empower	0	131,080	Against
Equitable	0	86,323	Against
Maj Invest Holding A/S	0	68,499	Against
Dorsey Wright & Associates	0	18,370	Against
WORMSER FRERES GESTION	0	11,054	Against
CLEARWATER INVESTMENT TRUST	0	10,200	Against
Lincoln Financial	0	8,804	Against
Arjuna Capital	0	7,778	Against
HC CAPITAL TRUST	0	6,284	Against
Transamerica	0	2,625	Against
Nationwide	0	2,240	Against
Canopy Partners, LLC	0	1,311	Against
DSM CAPITAL PARTNERS LLC	0	957	Against
Synergy Investment Management, LLC	133	0	For
Brighthouse	0	47	Against
Colony Family Offices, LLC	0	12	Against

10. Amend Omnibus Stock Plan

COMPENSATIONMajority of the votes cast: yes

Meeting held 2025-12-09.

Combines 2 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 452,562,682AGAINST: 22,624,650

The 15 asset managers below cast 99% of the shares they voted on this item FOR (6,928,957 for, 84,983 against).

FOR 99%

FOR: 6,928,957 (98.8%)AGAINST: 84,983 (1.2%)

Largest asset managers voting on “Amend Omnibus Stock Plan” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
JPMorgan	6,344,873	0	For
Erste Asset Management GmbH	272,030	0	For
Empower	131,080	0	For
Equitable	86,323	0	For
Maj Invest Holding A/S	0	68,499	Against
Insight Holdings Group, LLC	50,200	0	For
Dorsey Wright & Associates	18,370	0	For
WORMSER FRERES GESTION	11,054	0	For
CLEARWATER INVESTMENT TRUST	0	10,200	Against
Lincoln Financial	8,804	0	For
HC CAPITAL TRUST	0	6,284	Against
Transamerica	2,625	0	For
Nationwide	2,240	0	For
Canopy Partners, LLC	1,311	0	For
Brighthouse	47	0	For

11. Declassify the Board of Directors

CORPORATE GOVERNANCE

Meeting held 2025-12-09.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 12 asset managers below cast 100% of the shares they voted on this item FOR (6,893,930 for, 0 against).

FOR: 6,893,930 (100.0%)

Largest asset managers voting on “Declassify the Board of Directors” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Vote
JPMorgan	6,344,873	For
Erste Asset Management GmbH	272,030	For
Empower	131,080	For
Equitable	86,323	For
Dorsey Wright & Associates	18,370	For
WORMSER FRERES GESTION	11,054	For
CLEARWATER INVESTMENT TRUST	10,200	For
Lincoln Financial	8,804	For
HC CAPITAL TRUST	6,284	For
Transamerica	2,625	For
Nationwide	2,240	For
Brighthouse	47	For

12. Amend Stock Compensation Plan

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2025-12-09.

95% Majority: yes · of votes cast

FOR 95%

FOR: 452,562,682AGAINST: 22,624,650

The 6 asset managers below cast 90% of the shares they voted on this item FOR (26,646 for, 2,798 against).

FOR 90%10%

FOR: 26,646 (90.5%)AGAINST: 2,798 (9.5%)

Largest asset managers voting on “Amend Stock Compensation Plan” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
McGowan Group Asset Management, Inc.	13,724	0	For
TEALWOOD ASSET MANAGEMENT INC	6,591	0	For
NORTHERN LIGHTS FUND TRUST II	6,309	0	For
LEAVELL INVESTMENT MANAGEMENT, INC.	0	2,798	Against
Cove Private Wealth, LLC	22	0	For
NWI MANAGEMENT LP	0	0	--

13. To approve, on an advisory basis, the compensation of our named executive officers.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2024-12-10 (outside the 2025-2026 season's 1 July to 30 June window; reported in this season's filings).

Combines 2 wordings of this item as funds reported it.

50.9% Majority: yes · of votes cast

FOR 50.9%AGAINST 49.1%

FOR: 116,025,828AGAINST: 112,096,969

Palo Alto Networks, Inc.’s own tally for this item (“4.An advisory resolution to approve named executive officer compensation was approved.”): 116,025,828 for, 112,096,969 against, per its Form 8-K filed 2024-12-12 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 692,000,000 outstanding shares: 17% for, 16% against (33% of the company cast a for/against vote).

The 6 asset managers below cast 75% of the shares they voted on this item FOR (51,527 for, 17,154 against).

FOR 75%AGAINST 25%

FOR: 51,527 (75.0%)AGAINST: 17,154 (25.0%)

Largest asset managers voting on “To approve, on an advisory basis, the compensation of our named executive officers.” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC	49,028	0	For
PENSIOENFONDS RAIL & OV	0	10,500	Against
Investment Management Corp of Ontario	0	5,310	Against
Hodges Capital Management Inc.	2,217	0	For
FIRST UNITED BANK & TRUST	0	1,344	Against
NORRIS PERNE & FRENCH LLP/MI	282	0	For

14. To approve, on an advisory basis, the frequency of holding future advisory votes on named executive officer compensation.

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2024-12-10 (outside the 2025-2026 season's 1 July to 30 June window; reported in this season's filings).

Combines 2 wordings of this item as funds reported it.

— fund support · no official result

3 YEARS 71%1 YEAR 21%8%

No shares were cast for or against this item by the managers below — every disclosed position was an abstention or was not voted.

3 YEARS: 49,028 (71.4%)1 YEAR: 14,343 (20.9%)ONE YEAR: 5,310 (7.7%)

Largest asset managers voting on “To approve, on an advisory basis, the frequency of holding future advisory votes on named executive officer co” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC	0	0	0	0	3 Years
PENSIOENFONDS RAIL & OV	0	0	0	0	1 Year
Investment Management Corp of Ontario	0	0	0	0	One Year
Hodges Capital Management Inc.	0	0	0	0	1 Year
FIRST UNITED BANK & TRUST	0	0	0	0	1 Year
NORRIS PERNE & FRENCH LLP/MI	0	0	0	0	1 Year

15. Amendment to the 2021 Equity Incentive Plan

COMPENSATIONMajority of the votes cast: yes

Meeting held 2025-12-09.

Combines 2 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 452,562,682AGAINST: 22,624,650

The 5 asset managers below cast 100% of the shares they voted on this item FOR (2,989,525 for, 0 against).

FOR 100%

FOR: 2,989,525 (100.0%)

Largest asset managers voting on “Amendment to the 2021 Equity Incentive Plan” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Vote
Union Investment Management GmbH	2,736,410	For
Cardano Risk Management B.V.	252,156	For
Northern Lights Fund Trust IV	761	For
PACE SELECT ADVISORS TRUST	184	For
Pandi, LLC	14	For

16. To approve, on an advisory basis, the compensation of our named executive officers.

SECTION 14A SAY-ON-PAY VOTES

Reported under meeting date 2025-10-15; no official results on file for that date.

99.6% fund support · no official result

FOR 99.2%

The 4 asset managers below cast 99.6% of the shares they voted on this item FOR (2,054,853 for, 6,187 against).

FOR: 2,054,853 (99.3%)AGAINST: 6,187 (0.3%)NOT VOTED: 9,004 (0.4%)

Largest asset managers voting on “To approve, on an advisory basis, the compensation of our named executive officers.” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
SCHRODER INVESTMENT MANAGEMENT GROUP	2,053,031	0	For
Spinnaker ETF Series	0	4,995	Against
Robertson Stephens Wealth Management, LLC	1,822	0	For
GLOBALT Investments LLC / GA	0	1,192	Against

17. Shareholder Proposal Regarding Excluding Share Repurchases in Executive Compensation

COMPENSATION

Meeting held 2025-12-09.

8% fund support · no official result

8%AGAINST 92%

The 4 asset managers below cast 8% of the shares they voted on this item FOR (252,156 for, 2,737,355 against).

FOR: 252,156 (8.4%)AGAINST: 2,737,355 (91.6%)

Largest asset managers voting on “Shareholder Proposal Regarding Excluding Share Repurchases in Executive Compensation” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
Union Investment Management GmbH	0	2,736,410	Against
Cardano Risk Management B.V.	252,156	0	For
Northern Lights Fund Trust IV	0	761	Against
PACE SELECT ADVISORS TRUST	0	184	Against

18. S/H Proposal - Corporate Governance

CORPORATE GOVERNANCE

Meeting held 2025-12-09.

Combines 2 wordings of this item as funds reported it.

1% fund support · no official result

AGAINST 99%

The 3 asset managers below cast 1% of the shares they voted on this item FOR (163 for, 12,900 against).

FOR: 163 (1.2%)AGAINST: 12,900 (98.8%)

Largest asset managers voting on “S/H Proposal - Corporate Governance” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
TEALWOOD ASSET MANAGEMENT INC	0	6,591	Against
NORTHERN LIGHTS FUND TRUST II	0	6,309	Against
Members Trust Co	163	0	For

19. Election of Directors (Majority Voting)

DIRECTOR ELECTIONS

Meeting held 2025-12-09.

All nominees (reported as one line). These filers reported the election of directors as a single line covering every nominee. It is not attributed to any one director, and no share total is shown for it.

100% fund support · no official result

FOR 100%

The 3 asset managers below cast 100% of the shares they voted on this item FOR.

FOR: 100.0%

Largest asset managers voting on “Election of Directors (Majority Voting)” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Vote
McGowan Group Asset Management, Inc.	13,724	For
TEALWOOD ASSET MANAGEMENT INC	6,591	For
NORTHERN LIGHTS FUND TRUST II	6,309	For

20. Say on Pay

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: no

Meeting held 2025-12-09.

46.6% Majority: no · of votes cast

FOR 46.6%AGAINST 53.4%

FOR: 221,211,579AGAINST: 253,792,757

The 3 asset managers below cast 33% of the shares they voted on this item FOR (28,552 for, 57,060 against).

FOR 33%AGAINST 67%

FOR: 28,552 (33.4%)AGAINST: 57,060 (66.6%)

Largest asset managers voting on “Say on Pay” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Vote
Empower	0	57,060	Against
Ramsay, Stattman, Vela & Price, Inc.	28,550	0	For
CHELSEA COUNSEL CO	2	0	For

21. Shareholder Proposal Regarding Board Declassification

SHAREHOLDER RIGHTS AND DEFENSES

Meeting held 2025-12-09.

100% fund support · no official result

FOR 100%

The 3 asset managers below cast 100% of the shares they voted on this item FOR (253,101 for, 0 against).

FOR: 253,101 (100.0%)

Largest asset managers voting on “Shareholder Proposal Regarding Board Declassification” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Vote
Cardano Risk Management B.V.	252,156	For
Northern Lights Fund Trust IV	761	For
PACE SELECT ADVISORS TRUST	184	For

22. To approve, on an advisory basis, the compensation of our named executive officers. More Details

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: no

Meeting held 2025-12-09.

46.6% Majority: no · of votes cast

FOR 46.6%AGAINST 53.4%

FOR: 221,211,579AGAINST: 253,792,757

The 2 asset managers below cast 100% of the shares they voted on this item FOR (1,770 for, 0 against).

FOR 100%

FOR: 1,770 (100.0%)

Largest asset managers voting on “To approve, on an advisory basis, the compensation of our named executive officers. More Details” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
MSS Series Trust	1,700	0	0	0	For
Blueprint Financial Advisors LLC	70	0	0	0	For

23. COMPENSATION

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: no

Meeting held 2025-12-09.

46.6% Majority: no · of votes cast

FOR 46.6%AGAINST 53.4%

FOR: 221,211,579AGAINST: 253,792,757

The 2 asset managers below cast 100% of the shares they voted on this item FOR (7,059 for, 0 against).

FOR 100%

FOR: 7,059 (100.0%)

Largest asset managers voting on “COMPENSATION” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
Capital Group	6,896	0	0	0	For
Members Trust Co	163	0	0	0	For

24. To Approve, By An Advisory Vote, The Compensation Of The Company's Named Executives

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: no

Meeting held 2025-12-09.

46.6% Majority: no · of votes cast

FOR 46.6%AGAINST 53.4%

FOR: 221,211,579AGAINST: 253,792,757

The 2 asset managers below cast 0% of the shares they voted on this item FOR (0 for, 352 against).

AGAINST 100%

AGAINST: 352 (100.0%)

Largest asset managers voting on “To Approve, By An Advisory Vote, The Compensation Of The Company's Named Executives” at Palo Alto Networks, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
Modern Wealth Management, LLC	0	176	0	0	Against
Tandem Financial, LLC	0	176	0	0	Against

Largest Palo Alto Networks, Inc. shareholders voting in 2025-2026

Ranked by the number of Palo Alto Networks, Inc. shares each manager voted on the most widely held ballot item of the 2025-2026 meeting, shown as a share of the 692,000,000 shares outstanding at the time of that meeting.

Top Palo Alto Networks, Inc. shareholders by shares voted, 2025-2026
#	Asset manager	% of shares outstanding
1	Vanguard	9.49%
2	BlackRock	6.03%
3	Fidelity	3.67%
4	State Street	2.47%
5	GEODE CAPITAL MANAGEMENT, LLC	2.23%
6	Charles Schwab	1.35%
7	T. Rowe Price	1.08%
8	Nuveen	1.07%
9	TIAA	1.04%
10	UBS	1.03%

Reported Palo Alto Networks, Inc. ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

Palo Alto Networks, Inc. beneficial owners on record for the 2025-2026 proxy season
Holder	% outstanding	Disclosure
BlackRock	10.47%	13F
Vanguard Group	9.82%	13F
State Street	5.13%	13F
Morgan Stanley	4.40%	13F
JPMorgan Chase	1.95%	13F
Northern Trust	1.25%	13F
FMR (Fidelity)	1.17%	13F
Citadel Advisors	1.01%	13F
Goldman Sachs	1.00%	13F
Nir Zuk	0.48%	DEF14A

Percentages above are of 692,000,000 shares outstanding, as reported by Palo Alto Networks, Inc. on its Form 10-Q dated 2025-10-31 (see the filing on EDGAR). This is the count contemporaneous with the 2025-2026 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from Palo Alto Networks, Inc.’s 10-Q dated 2025-10-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At Palo Alto Networks, Inc.'s shareholder meeting held 2025-12-09, in the 2025-2026 proxy season, 1,406 asset managers reported how they voted in their SEC Form N-PX filings, covering 10,330 separate fund positions. Their filings are grouped here into 24 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. On the most widely held item on that ballot — To approve, on an advisory basis, the compensation of our named executive officers. — FOR was 46.6% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is not more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: Palo Alto Networks, Inc.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2025-12-11.

Palo Alto Networks, Inc. proxy season coverage: 2023-2024 · 2024-2025 · 2025-2026 (this page).