Technology · Information Technology Services

Fortinet, Inc.

NASDAQFTNT ISINUS34959E1091 SEC CIK0001262039 Listed on NASDAQ · USD

$127.04 -1.06 (-0.83%) Pre-market $127.30 (-0.62%) ≈ ₹11,923 a share

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Price, last 12 months+56.62% in a year

Key numbers

Market value: $93.34B
P/E (TTM): 41.4
Forward P/E: 35.2
EPS (TTM): $3.07
Dividend yield: —
Beta: 1.04
Day range: $124.51 – $127.49
52-week range: $73.55 – $197.13
Volume: 636,283
10-day avg volume: $8.13M
Revenue (TTM): $7.88B
EBITDA (TTM): $2.75B
Gross margin: 79.8%
Net margin: 29.0%
Return on equity: 153.1%
Debt / equity: 22.1%
Price / sales: 11.84
Shares out: 734.71M

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Quarterly results

Results for each quarter

Last 12 quarters from 10-Q and 10-K filings with the US SEC. Q4 = full year minus the first three quarters. Hover a bar to see the number.

Revenue and net income

$1.42B$385.40M$310.90M

Dec 23

$1.35B$321.20M$299.30M

Mar 24

$1.43B$437.20M$379.80M

Jun 24

$1.51B$470.90M$539.90M

Sep 24

$1.66B$574.10M$526.20M

Dec 24

$1.54B$453.80M$433.40M

Mar 25

$1.63B$458.00M$440.10M

Jun 25

$1.72B$547.30M$473.90M

Sep 25

$1.91B$625.60M$506.00M

Dec 25

$1.85B$580.00M$534.50M

Mar 26

$2.05B$689.30M$606.30M

Jun 26

$2.08B$704.30M$635.50M

Sep 26

Revenue · QoQ (vs last quarter)

—-4.4%+6.0%+5.1%+10%-7.3%+5.9%+5.8%+10%-2.9%+11%+1.5%

Revenue · YoY (vs a year ago)

————+17%+14%+14%+14%+15%+20%+26%+20%

Net income · QoQ (vs last quarter)

—-3.7%+27%+42%-2.5%-18%+1.5%+7.7%+6.8%+5.6%+13%+4.8%

Net income · YoY (vs a year ago)

————+69%+45%+16%-12%-3.8%+23%+38%+34%

RevenueOperating incomeNet incomeLine = trend

US$	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Revenue	$1.42B	$1.35B	$1.43B	$1.51B	$1.66B	$1.54B	$1.63B	$1.72B	$1.91B	$1.85B	$2.05B	$2.08B
Cost of revenue	$315.90M	$304.70M	$275.00M	$263.40M	$314.50M	$293.10M	$314.90M	$331.70M	$389.20M	$364.50M	$404.70M	$437.50M
Gross profit	$1.10B	$1.05B	$1.16B	$1.24B	$1.35B	$1.25B	$1.32B	$1.39B	$1.52B	$1.49B	$1.64B	$1.64B
Gross margin	77.7%	77.5%	80.8%	82.5%	81.1%	81.0%	80.7%	80.8%	79.6%	80.3%	80.2%	79.0%
Research & development	$152.50M	$173.00M	$165.40M	$187.30M	$191.10M	$198.60M	$209.50M	$202.40M	$205.00M	$214.00M	$225.00M	$213.40M
Operating income	$385.40M	$321.20M	$437.20M	$470.90M	$574.10M	$453.80M	$458.00M	$547.30M	$625.60M	$580.00M	$689.30M	$704.30M
Operating margin	27.2%	23.7%	30.5%	31.2%	34.6%	29.5%	28.1%	31.7%	32.8%	31.4%	33.7%	33.9%
Interest expense	$5.40M	$5.10M	$5.00M	$5.00M	—	$4.90M	$4.60M	$6.20M	—	$4.20M	$3.20M	$3.00M
Pre-tax income	$415.60M	$345.40M	$468.30M	$626.40M	$618.40M	$519.30M	$517.30M	$594.80M	$650.80M	$656.60M	$720.20M	$755.00M
Income tax	$95.20M	$39.50M	$76.50M	$81.20M	$86.70M	$96.50M	$77.10M	$120.70M	$144.80M	$122.00M	$115.00M	$119.50M
Net income	$310.90M	$299.30M	$379.80M	$539.90M	$526.20M	$433.40M	$440.10M	$473.90M	$506.00M	$534.50M	$606.30M	$635.50M
Net margin	22.0%	22.1%	26.5%	35.8%	31.7%	28.1%	27.0%	27.5%	26.6%	28.9%	29.6%	30.6%
EPS (diluted)	—	$0.39	$0.49	$0.70	—	$0.56	$0.57	$0.62	—	$0.72	$0.82	$0.86

Income statement

Results for each year

8 fiscal years from the company's 10-K filings with the US SEC.

Revenue, gross profit and net income

$1.80B$1.35B$334.90M

FY18

$2.16B$1.66B$331.70M

FY19

$2.59B$2.02B$488.50M

FY20

$3.34B$2.56B$606.80M

FY21

$4.42B$3.33B$857.30M

FY22

$5.30B$4.07B$1.15B

FY23

$5.96B$4.80B$1.75B

FY24

$6.80B$5.47B$1.85B

FY25

Revenue · YoY (vs a year ago)

—+20%+20%+29%+32%+20%+12%+14%

Net income · YoY (vs a year ago)

—-1.0%+47%+24%+41%+34%+52%+6.2%

RevenueGross profitNet incomeLine = trend

$1.92

FY18

$1.90

FY19

$0.58

FY20

$0.73

FY21

$1.06

FY22

$1.46

FY23

$2.26

FY24

$2.42

FY25

EPS (diluted) · YoY (vs a year ago)

—-1.0%-69%+26%+45%+38%+55%+7.1%

EPS (diluted)Line = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.80B	$2.16B	$2.59B	$3.34B	$4.42B	$5.30B	$5.96B	$6.80B
Revenue growth	—	19.9%	19.9%	28.8%	32.2%	20.1%	12.3%	14.2%
Cost of revenue	$450.40M	$505.90M	$570.00M	$783.00M	$1.08B	$1.24B	$1.16B	$1.33B
Gross profit	$1.35B	$1.66B	$2.02B	$2.56B	$3.33B	$4.07B	$4.80B	$5.47B
Gross margin	75.0%	76.6%	78.0%	76.6%	75.4%	76.7%	80.6%	80.5%
Research & development	$244.50M	$277.10M	$341.40M	$424.20M	$512.40M	$613.80M	$716.80M	$815.50M
Operating income	$234.40M	$351.00M	$531.80M	$650.40M	$969.60M	$1.24B	$1.80B	$2.08B
Operating margin	13.0%	16.2%	20.5%	19.5%	21.9%	23.4%	30.3%	30.7%
Depreciation & amortisation	$55.70M	$61.60M	$68.80M	$84.40M	$104.30M	$113.40M	$122.80M	$152.00M
Interest expense	—	$0	$0	$14.90M	$18.00M	$21.00M	$20.00M	$20.10M
Pre-tax income	$254.30M	$386.00M	$541.70M	$628.40M	$955.50M	$1.33B	$2.06B	$2.28B
Income tax	$-80.60M	$54.30M	$53.20M	$14.10M	$30.80M	$143.80M	$283.90M	$439.10M
Tax rate	-31.7%	14.1%	9.8%	2.2%	3.2%	10.8%	13.8%	19.2%
Net income	$334.90M	$331.70M	$488.50M	$606.80M	$857.30M	$1.15B	$1.75B	$1.85B
Net margin	18.6%	15.3%	18.8%	18.2%	19.4%	21.6%	29.3%	27.3%
EPS (diluted)	$1.92	$1.90	$0.58	$0.73	$1.06	$1.46	$2.26	$2.42

Balance sheet

Assets and debt

At each fiscal year end.

Equity, debt and cash

$1.03B$1.65B

FY18

$1.34B$2.07B

FY19

$856.00M$0$1.84B

FY20

$781.70M$988.40M$1.32B

FY21

$-281.60M$990.40M$1.68B

FY22

$-463.40M$992.30M$1.40B

FY23

$1.49B$994.30M$2.88B

FY24

$1.24B$996.30M$2.50B

FY25

Shareholders' equity · YoY (vs a year ago)

—+31%-36%-8.7%-136%-65%+422%-17%

Shareholders' equityTotal debtCash + short-term investmentsLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & equivalents	$1.11B	$1.22B	$1.06B	$1.32B	$1.68B	$1.40B	$2.88B	$2.50B
Short-term investments	$537.20M	$843.10M	$775.50M	—	—	—	—	—
Current assets	$2.22B	$2.77B	$2.74B	$3.60B	$3.81B	$4.43B	$5.97B	$5.90B
Total assets	$3.08B	$3.88B	$4.04B	$5.92B	$6.23B	$7.26B	$9.76B	$10.39B
Current liabilities	$1.26B	$1.46B	$1.83B	$2.32B	$3.08B	$3.72B	$4.06B	$5.03B
Long-term debt	—	—	$0	$988.40M	$990.40M	$992.30M	$994.30M	$496.60M
Short-term debt	—	—	$0	—	—	—	$0	$499.70M
Total debt	—	—	$0	$988.40M	$990.40M	$992.30M	$994.30M	$996.30M
Total liabilities	$2.07B	$2.54B	$3.19B	$5.12B	$6.51B	$7.72B	$8.27B	$9.15B
Shareholders' equity	$1.03B	$1.34B	$856.00M	$781.70M	$-281.60M	$-463.40M	$1.49B	$1.24B
Current ratio	1.77	1.90	1.50	1.55	1.24	1.19	1.47	1.17
Debt / equity	—	—	0.00	1.26	—	—	0.67	0.81
Return on equity	32.7%	24.7%	57.1%	77.6%	—	—	116.8%	149.8%

Cash flow

Cash coming in and going out

Free cash flow = cash from operations minus capital spending. Shareholder returns = dividends + buybacks.

Free cash flow and shareholder returns

$638.90M$585.90M$211.80M

FY18

$808.00M$715.80M$145.10M

FY19

$1.08B$957.80M$1.08B

FY20

$1.50B$1.20B$741.80M

FY21

$1.73B$1.45B$1.99B

FY22

$1.94B$1.73B$1.50B

FY23

$2.26B$1.88B$600.00K

FY24

$2.59B$2.23B$2.29B

FY25

Operating cash flow · YoY (vs a year ago)

—+26%+34%+38%+15%+12%+17%+15%

Free cash flow · YoY (vs a year ago)

—+22%+34%+26%+20%+19%+8.5%+18%

Operating cash flowFree cash flowDividends + buybacksLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash from operations	$638.90M	$808.00M	$1.08B	$1.50B	$1.73B	$1.94B	$2.26B	$2.59B
Capital spending	$-53.00M	$-92.20M	$-125.90M	$-295.90M	$-281.20M	$-204.10M	$-378.90M	$-364.80M
Free cash flow	$585.90M	$715.80M	$957.80M	$1.20B	$1.45B	$1.73B	$1.88B	$2.23B
FCF margin	32.5%	33.1%	36.9%	36.0%	32.8%	32.6%	31.6%	32.7%
Stock-based pay	$162.90M	$174.10M	$191.70M	$207.90M	$217.30M	$249.00M	$257.90M	$279.50M
Cash from investing	$-134.90M	$-502.30M	$-72.80M	$-1.33B	$763.90M	$-649.30M	$-727.40M	$-599.10M
Cash from financing	$-202.60M	$-195.60M	$-1.17B	$82.80M	$-2.13B	$-1.57B	$-50.10M	$-2.37B
Share buybacks	$-211.80M	$-145.10M	$-1.08B	$-741.80M	$-1.99B	$-1.50B	$-600.00K	$-2.29B

About

About Fortinet, Inc.

Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California. It develops and sells security products including firewalls, endpoint security and intrusion detection systems. Fortinet has offices in the US, Canada, and UK.

From Wikipedia (CC BY-SA 4.0).

Company details

Company name: Fortinet, Inc.
Ticker: FTNT
Exchange: NASDAQ
ISIN: US34959E1091
SEC CIK: 0001262039
Sector: Technology
Industry: Information Technology Services
SEC industry (SIC): Computer Peripheral Equipment, Nec (3577)
Incorporated in: Delaware
Financial year ends: 31 December
Filer type: Large accelerated filer
Latest annual report (10-K): 25 Feb 2026
CEO: Ken Xie
Chair: Ken Xie
Headquarters: Sunnyvale
Address: 909 Kifer Road, Sunnyvale, Ca 94086
Founded: 2000
Employees: 15,109
Trades in: US dollars (USD)
Website: fortinet.com

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Fortinet, Inc.

Key numbers

Quarterly results

Revenue and net income

Income statement

Revenue, gross profit and net income

Balance sheet

Equity, debt and cash

Cash flow

Free cash flow and shareholder returns

About

Company details

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