Palo Alto Networks
Q2 2023 Earnings Call
Feb 21, 2023, 4:30 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Clay Bilby
Good day, everyone, and welcome to Palo Alto Networks' fiscal second quarter 2023 earnings conference call. I am Clay Bilby, head of Palo Alto Networks Investor Relations. Please note that this call is being recorded today, Tuesday, February 21st, 2023, at 1:30 p.m. Pacific Time.
With me on today's call are Nikesh Arora, our chairman and chief executive officer; and Dipak Golechha, our chief financial officer. Our chief product officer, Lee Klarich, will join us in the Q&A session following the prepared remarks. You can find the press release and information to supplement today's discussion on our website at investors.paloaltonetworks.com. While there, please click on the link for events and presentations where you will find the investor presentation and supplemental information.
During the course of today's call, we will make forward-looking statements and projections regarding the company's business operations and financial performance. These statements made today are subject to risks and uncertainties. We assume no obligation to update them. Please review the press release and our recent SEC filings to see these risks and uncertainties.
We will also refer to non-GAAP financial measures. These measures should not be considered a substitute for financial measures prepared in accordance with GAAP. The most directly comparable GAAP financial metrics and reconciliations are in the press release and the appendix of the investor presentation. All results and comparisons are on a fiscal year-over-year basis unless specifically noted otherwise.
We would also like to note that management is scheduled to participate in the Morgan Stanley TMT Conference and JMP Securities Technology Conference in March. I will now turn the call over to Nikesh.
Nikesh Arora -- Chairman and Chief Executive Officer
Thank you, Clay. Good afternoon, and thank you, everyone, for joining us today for our earnings call. I'm pleased to report that we had another strong quarter with the balance of top-line growth, significant expansion in non-GAAP operating margin, and strong free cash flow. Billings and revenue each grew 26% year over year.
Our RPO grew 39% as we continue to sign large multiyear deals with our customers. We also delivered an acceleration in our operating leverage in Q2 as we focused on driving profitable growth. Our non-GAAP operating income grew 55% year over year, supported by a non-GAAP operating margin, which exceeded 22% for the quarter, up over 440 basis points year over year. This translated to another quarter of profitability on a GAAP basis.