Welcome to the Palo Alto Networks, Inc. 2023 Annual Meeting of Stockholders. I will now turn the meeting over to Nikesh Arora, Chairman and Chief Executive Officer of Palo Alto Networks.
Good afternoon, ladies and gentlemen. It is a pleasure to welcome you to our 2023 Annual Meeting of Stockholders. I will be presiding as chairman of the meeting. We are holding our annual meeting virtually this year. I would also like to welcome the members of our board of directors and management team for attending today's annual meeting. Also with us today are representatives from Ernst & Young LLP, our independent registered public accounting firm. Before we proceed, I would like to say a few words about our company and our performance. Fiscal 2023 was another year of strong financial performance, in which we delivered notable growth, met our commitments, and advanced our long-term strategy. Our billings grew 23% year-over-year to $9.19 billion.
Our revenue grew 25% year-over-year to $6.89 billion, and our Next-Generation Security ARR grew 56% year-over-year to $2.95 billion. In June, we joined the S&P 500, which reflects our consistent top line and bottom line execution. As always, innovation drives our success. During the past fiscal year, we deployed 74 major product releases across our three platforms, covering network security, cloud security, and security operations, and we invested over $1.6 billion in research and development. These investments keep us on the cutting edge of cybersecurity and uniquely prepare us to harness the power of a new generation of artificial intelligence tools. In short, we delivered impressive returns for our investors while delivering our customers best-of-breed products, backed by industry-leading AI and automation.
Of course, none of these accomplishments are possible without the dedication and engagement of our more than 14,000 employees. Our employees are the heart and soul of Palo Alto Networks and are dedicated to delivering stellar value to our customers and stockholders. The agenda and rules of conduct are posted on the web portal for today's meeting. To ensure that the business of the meeting proceeds efficiently, we ask that you observe these rules. I now turn over the meeting to Bruce Byrd, our General Counsel and Corporate Secretary, who will conduct the formal business of the meeting.
Thank you. The meeting is now called to order. I have an affidavit certifying the mailing of the proxy materials on or about October 27, 2023, to all stockholders of record at the close of business on October 16, 2023. As authorized by our board of directors, I hereby appoint Kathy Blackwell as the Inspector of Election for this annual meeting. The Inspector of Election has signed an Oath of Office. The Affidavit of Distribution and the Oath of Inspector of Election will be filed with the meeting, with the minutes of this meeting. The Inspector of Election has advised me that we have present, virtually and by proxy, a sufficient number of shares to constitute a quorum, such that the meeting is duly constituted.
If you have previously sent in your proxy or voted via telephone or internet, and you do not intend to change your vote, it is not necessary that you take any further action. Your vote will be counted. If you are eligible to vote and have not done so, or if you want to change your vote, you may vote by clicking on the voting button on the web portal and following the instructions there. The first item of formal business is the election of Nikesh Arora, Aparna Bawa, Carl Eschenbach, and Lorraine Twohill as Class III directors. The second item of formal business is to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending July 31, 2024. The third item of formal business is to approve, on an advisory basis, the compensation of our named executive officers.
The last item of formal business is to approve an amendment to our 2021 Palo Alto Networks, Inc. Equity Incentive Plan to increase the number of plan shares reserved for issuance. The board of directors unanimously recommends that stockholders vote in favor of each of these proposals. The proxies solicited by the board of directors will be voted in favor of these proposals unless otherwise instructed by the stockholder. We will proceed to vote. The time is now 11:08 A.M. Pacific Time, and the polls are open for voting. If you are eligible to vote and have not done so, or if you want to change your vote, you may vote by clicking on the voting button on the web portal and following the instructions there. If you are voting, please make sure you have submitted your vote.
The time is now 11:09 A.M. Pacific Time, and the polls are now closed. The Inspector of Election will count the votes. At this time, I would like the Inspector of Election to report on the preliminary results of the voting.
Thank you. The nominees for election to the board have been duly elected. The ratification of Ernst & Young has been approved. The advisory vote regarding the compensation of the named executive officers has not been approved, and the amendment of the 2021 Equity Incentive Plan has been approved.
The Inspector of Election will conduct a final count of all votes on these matters, and the final results will be included in the minutes of this meeting and in our current report on Form 8-K, announcing the results of this meeting.
Thank you, Bruce and Kathy. This concludes the formal business of the meeting. I now declare the meeting adjourned. I want to thank all of you for attending today's virtual meeting and for the interest you have shown in the affairs of our company. We appreciate your attendance, and as always, thank you for your support.
This now concludes the meeting.
Happy holidays.
This now concludes the meeting. Thank you for joining, and have a pleasant day.