I don't know the answer, but it strikes me as a good question. After reduction, the Pd/C is Pd(0). This is the so called "bastard" reactive. Adding Pd/C to a reaction is sufficiently reactive to ignite solvents if one is not careful, but it strikes me that it is also not reactive as the reduced form after reduction. You can generally weight it out without it igniting.
Since PdO will reduce to Pd(0) + H2O, I shouldn't be surprised if some of the Pd/C is really in an oxidized state. The more exposure your catalyst has to air, the more it may oxidize. But, after a short(?) initiation/reduction process, it shouldn't make any difference in the long run.