Revenue
Disaggregation of Revenue
The following table presents revenue by geographic theater (in millions):
| | | | | | | | | | | | | | | | | |
| Year Ended July 31, |
| 2025 | | 2024 | | 2023 |
| Revenue: | | | | | |
| Americas | | | | | |
| United States | $ | 5,786.2 | | | $ | 5,134.0 | | | $ | 4,424.2 | |
| Other Americas | 418.9 | | | 348.9 | | | 295.7 | |
| Total Americas | 6,205.1 | | | 5,482.9 | | | 4,719.9 | |
| Europe, the Middle East, and Africa (“EMEA”) | 1,917.4 | | | 1,602.0 | | | 1,359.6 | |
| Asia Pacific and Japan (“APAC”) | 1,099.0 | | | 942.6 | | | 813.2 | |
| Total revenue | $ | 9,221.5 | | | $ | 8,027.5 | | | $ | 6,892.7 | |
The following table presents revenue for groups of similar products and services (in millions):
| | | | | | | | | | | | | | | | | |
| Year Ended July 31, |
| 2025 | | 2024 | | 2023 |
| Revenue: | | | | | |
| Product | $ | 1,801.9 | | | $ | 1,603.3 | | | $ | 1,578.4 | |
| Subscription and support | | | | | |
| Subscription | 4,974.4 | | | 4,188.5 | | | 3,335.4 | |
| Support | 2,445.2 | | | 2,235.7 | | | 1,978.9 | |
| Total subscription and support | 7,419.6 | | | 6,424.2 | | | 5,314.3 | |
| Total revenue | $ | 9,221.5 | | | $ | 8,027.5 | | | $ | 6,892.7 | |
Deferred Revenue
During the years ended July 31, 2025 and 2024, we recognized approximately $5.5 billion and $4.6 billion of revenue pertaining to amounts that were deferred as of July 31, 2024 and 2023, respectively.
Remaining Performance Obligations
Remaining performance obligations were $15.8 billion as of July 31, 2025, of which we expect to recognize as revenue approximately $7.0 billion over the next 12 months and the remainder thereafter.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.