Welcome to the Palo Alto Networks Inc. 2024 Annual Meeting of Shareholders. I now turn the meeting over to Nikesh Arora, Chair and Chief Executive Officer of Palo Alto Networks.
Good morning, and thank you, everyone, for joining us today for our 2024 Annual Meeting of Shareholders. I would also like to welcome the members of our Board of Directors and Management Team for attending today's meeting, as well as representatives from Ernst & Young, our independent registered public accounting firm. I will be presiding as Chair of the meeting. Before we proceed, I would like to say a few words about our company and performance. Fiscal 2024 was yet another year of strong financial performance. Our revenue grew 16% year-over-year to $8 billion. Our NGS ARR grew 43% year-over-year to $4.2 billion, and our RPO grew 20% year-over-year to $12.7 billion, demonstrating that our strategy is deeply resonating with our customers. At the heart of this performance is the continued broad adoption of our three platforms: Network Security, Cloud Security, and Security Operations.
In Network Security, our firewalls as a platform billings grew 17% year-over-year, driven by our SASE and Software Firewall offerings. Our Cloud Security platform became the first pure-play cybersecurity cloud business to achieve $700 million in ARR. In Security Operations, our Cortex platform exceeded $900 million in ARR with its strength driven by XSIAM. In Fiscal 2024, we also embarked on our ambitious plan to accelerate platformization, our strategy to accelerate customer adoption for our platforms across our portfolio. I am pleased with the early momentum we have achieved in this strategy. As always, innovation drives our success, and in Fiscal 2024, we accelerated our efforts to innovate with the arrival of generative AI. We introduced several new offerings such as XSIAM 2.0, Prisma SASE 3.0, and our Secure AI by Design product offerings powered by Precision AI.
Investments such as these keep us on the cutting edge of cybersecurity innovation. In short, we delivered our investors impressive returns while providing our customers best-of-breed products backed by industry-leading artificial intelligence. Of course, none of these accomplishments are possible without the dedication and engagement of our more than 15,000 employees located around the world. We believe our success depends on our employees and continue to prioritize an employee-centric people strategy built on our core values. The agenda and rules of conduct for today's meetings are posted on the web portal. To ensure that the business of the meeting proceeds efficiently, we ask that you observe those rules. I now turn the meeting over to Bruce Byrd, our General Counsel and Corporate Secretary, who will conduct the formal business of the meeting.
The meeting is now called to order. I have an affidavit certifying the mailing of the proxy materials for today's meeting, commencing on October 29, 2024, to shareholders of record at the close of business on October 18, 2024. 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 election. The affidavit of distribution and the oath of Inspector of Election will be filed at 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 available there. The first item of formal business is the election of Class 1 directors. The nominees for reelection are the Right Honorable Sir John Key, Mary Pat McCarthy, and Nir Zuk. 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, 2025.
The third item of formal business is to approve, on an advisory basis, the frequency of holding future advisory votes on named executive officer compensation. The fourth item of formal business is to approve, on an advisory basis, the compensation of our named executive officers. The fifth item of formal business is to approve an amendment to our Palo Alto Networks Inc. 2021 Executive Incentive Plan to increase the number of plan shares reserved for issuance. The Board of Directors recommends that shareholders vote in favor of proposals 1, 2, 4, and 5. The Board of Directors recommends that shareholders vote one year on proposal 3. The proxies received by the company will be voted in accordance with the board's recommendations unless otherwise instructed by the shareholder.
The sixth and final item of formal business, if properly presented, is to consider and vote upon a shareholder proposal regarding a report on climate risks to retirement plan beneficiaries. The shareholder proponent's representative, As You Sow, has prepared a pre-recorded message to present this proposal at today's meeting. The remarks in the statement are the shareholders' own and have not been reviewed for accuracy, edited, or endorsed by the company. We will now play the pre-recorded statement from the representative from As You Sow.
Good morning. Thank you for the opportunity to present this proposal. I'm Grant Bradski from the shareholder representative, As You Sow. This shareholder resolution is of the utmost importance as it asks the critical question, how will Palo Alto Networks protect its employees' life savings from the economic consequences of climate change? Climate change poses material risk to retirement plan beneficiaries. The CDP reports that 215 global companies, including Palo Alto Networks, have almost $1 trillion at risk from climate impacts, with many losses expected within the next five years. Over half of Palo Alto Networks' retirement plan assets are invested in the company's Fidelity default target date option, which is heavily exposed to high carbon and deforestation-intensive industries.
These investments contribute to climate change, create systemic portfolio risk, and are poor long-term investments, particularly for younger beneficiaries whose retirement benefits are likely to be harmed due to climate-related financial losses. Palo Alto Networks knows we must address climate risk head-on. It's why shareholders are proud of our company's climate goals, including a goal to reduce absolute Scope 1 and 2 emissions by 90% by 2040. Yet, how will we meet these goals if Palo Alto Networks is at the same time directing over $43 million of our employee 401(k) savings into fossil fuels and burning down the Amazon? These investments undermine the company's climate goals, expose employee savings to financial risk, harm the company's reputation on climate, and could expose the company to litigation risk, as occurred recently.
Just as Palo Alto Networks has taken operational climate action, shareholders ask that Palo Alto Networks now begin to address its target date funds and the millions of dollars of our employee retirement plan funds invested in fossil fuels. This will not only protect our company from the economic impacts of climate change but also protect our employees' life savings. Thank you.
Thank you for your remarks. For the reasons stated in the company's proxy statement for this meeting, the Board of Directors recommends that shareholders vote against the shareholder proposal, which is Proposal 6. As mentioned, the proxies received by the company will be voted in accordance with the board's recommendations unless otherwise instructed by the shareholder. We will proceed to vote. The current time is 2:00. I'm sorry, 11:11 A.M. Pacific time, and the polls are now 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. The polls will remain open for voting until 2:30 P.M. Pacific time today. At that time, we will report on the preliminary results of the voting.
We will.
The host has ended this call. Goodbye.