Palo Alto Networks Inc. (NASDAQ: PANW) announced its board of directors approved a $1 billion stock repurchase authorization on March 10, 2026. The authorization increases the company's existing buyback program, which previously had no remaining funds available as of March 6, 2026.

The cybersecurity company repurchased $1 billion of its common stock during February 20 and February 24, 2026, acquiring approximately 6.8 million shares at an average price of $147.69 per share through open market transactions.

The new authorization allows Palo Alto Networks to repurchase shares opportunistically using available working capital. The company may execute buybacks through open market purchases, privately negotiated transactions, block purchase techniques, 10b5-1 trading plans, or combinations of these methods.

The repurchase program will expire on December 31, 2026, and may be suspended or discontinued without prior notice. As of March 6, 2026, Palo Alto Networks had approximately 811 million shares of common stock outstanding.

The current authorization represents an expansion of the company's buyback program, which was originally approved in February 2019 and has been extended multiple times, including in December 2020, August 2021, August 2022, November 2023, August 2024, and November 2025.