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Fortinet (FTNT)

Nasdaq Information Technology Systems Software S&P 500Nasdaq-100
$118.84
-3.67 (-3.00%)
Close of Nov 06, 2026 · end-of-day data
Source: Fortinet's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue$1.28B$1.49B$1.80B$2.16B$2.59B$3.34B$4.42B$5.30B$5.96B$6.80B
Cost of revenue$337.80M$385.30M$450.40M$505.90M$570.00M$783.00M$1.08B$1.24B$1.16B$1.33B
Gross profit$937.60M$1.11B$1.35B$1.66B$2.02B$2.56B$3.33B$4.07B$4.80B$5.47B
Research & development$183.10M$210.60M$244.50M$277.10M$341.40M$424.20M$512.40M$613.80M$716.80M$815.50M
Operating income$42.90M$109.80M$234.40M$351.00M$531.80M$650.40M$969.60M$1.24B$1.80B$2.08B
Interest expense———$0$0$14.90M$18.00M$21.00M$20.00M$20.10M
Pre-tax income$43.10M$124.00M$254.30M$386.00M$541.70M$628.40M$955.50M$1.33B$2.06B$2.28B
Income tax$10.90M$92.60M-$80.60M$54.30M$53.20M$14.10M$30.80M$143.80M$283.90M$439.10M
Net income$32.20M$31.40M$334.90M$331.70M$488.50M$606.80M$857.30M$1.15B$1.75B$1.85B
EBITDA$91.40M$165.30M$290.10M$412.60M$600.60M$734.80M$1.07B$1.35B$1.93B$2.24B
EPS (basic)$0.19$0.18$1.98$1.94$0.60$0.74$1.08$1.47$2.28$2.45
EPS (diluted)$0.18$0.18$1.92$1.90$0.58$0.73$1.06$1.46$2.26$2.42
Diluted shares176.30M178.10M174.20M175.00M838.30M835.30M805.30M788.20M771.90M764.60M
Gross margin73.5%74.2%75.0%76.6%78.0%76.6%75.4%76.7%80.6%80.5%
Operating margin3.4%7.3%13.0%16.2%20.5%19.5%21.9%23.4%30.3%30.7%
Net margin2.5%2.1%18.6%15.3%18.8%18.2%19.4%21.6%29.3%27.3%

Balance sheet

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash & equivalents$709.00M$811.00M$1.11B$1.22B$1.06B$1.32B$1.68B$1.40B$2.88B$2.50B
Short-term investments$376.52M$440.30M$537.20M$843.10M$775.50M—————
Receivables$313.00M$348.20M$444.50M$544.30M$720.00M$807.70M$1.26B$1.40B$1.46B$1.69B
Inventory$106.89M$77.30M$90.00M$117.90M$139.80M$175.80M$264.60M$484.80M$315.50M$399.50M
Total current assets$1.54B$1.72B$2.22B$2.77B$2.74B$3.60B$3.81B$4.43B$5.97B$5.90B
Goodwill$14.55M$14.60M$38.20M$67.20M$93.00M$125.10M$128.00M$126.50M$235.40M$257.40M
Total assets$2.14B$2.26B$3.08B$3.88B$4.04B$5.92B$6.23B$7.26B$9.76B$10.39B
Total current liabilities$829.44M$1.03B$1.26B$1.46B$1.83B$2.32B$3.08B$3.72B$4.06B$5.03B
Short-term debt————$0———$0$499.70M
Long-term debt————$0$988.40M$990.40M$992.30M$994.30M$496.60M
Total debt————$0$988.40M$990.40M$992.30M$994.30M$996.30M
Total liabilities$1.30B$1.67B$2.07B$2.54B$3.19B$5.12B$6.51B$7.72B$8.27B$9.15B
Shareholders' equity$837.70M$602.00M$1.03B$1.34B$856.00M$781.70M-$281.60M-$463.40M$1.49B$1.24B

Cash flow

fiscal years · USD
Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow$345.70M$594.40M$638.90M$808.00M$1.08B$1.50B$1.73B$1.94B$2.26B$2.59B
Capital expenditures$67.20M$135.30M$53.00M$92.20M$125.90M$295.90M$281.20M$204.10M$378.90M$364.80M
Free cash flow$278.50M$459.10M$585.90M$715.80M$957.80M$1.20B$1.45B$1.73B$1.88B$2.23B
Investing cash flow-$74.10M-$76.80M-$134.90M-$502.30M-$72.80M-$1.33B$763.90M-$649.30M-$727.40M-$599.10M
Financing cash flow-$105.90M-$415.60M-$202.60M-$195.60M-$1.17B$82.80M-$2.13B-$1.57B-$50.10M-$2.37B
Share buybacks$110.80M$446.30M$211.80M$145.10M$1.08B$741.80M$1.99B$1.50B$600.00K$2.29B
Stock-based compensation$122.40M$137.20M$162.90M$174.10M$191.70M$207.90M$217.30M$249.00M$257.90M$279.50M
Depreciation & amortization$48.50M$55.50M$55.70M$61.60M$68.80M$84.40M$104.30M$113.40M$122.80M$152.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.