FTNT · Fortinet, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.85B | - | $1.72B | $1.63B | $1.54B | - | $1.51B | $1.43B | $1.35B | - |
| Cost of Revenue | $364.50M | - | $331.70M | $314.90M | $293.10M | - | $263.40M | $275.00M | $304.70M | - |
| Gross Profit | $1.49B | - | $1.39B | $1.32B | $1.25B | - | $1.24B | $1.16B | $1.05B | - |
| R&D | $214.00M | - | $202.40M | $209.50M | $198.60M | - | $187.30M | $165.40M | $173.00M | - |
| SG&A | $56.20M | - | $61.40M | $56.90M | $57.80M | - | $71.70M | $56.60M | $54.40M | - |
| Total Operating Expenses | $905.10M | - | $845.90M | $857.10M | $792.80M | - | $773.80M | $722.10M | $727.40M | - |
| D&A | $39.80M | - | $29.80M | $29.20M | $35.80M | - | $24.50M | $25.90M | $28.60M | - |
| Operating Income | $580.00M | - | $547.30M | $458.00M | $453.80M | - | $470.90M | $437.20M | $321.20M | - |
| Interest Expense | $4.20M | - | $6.20M | $4.60M | $5.10M | - | $5.40M | $5.00M | $5.10M | - |
| Income Tax | $122.00M | - | $120.70M | $77.10M | $96.50M | - | $81.20M | $76.50M | $39.50M | - |
| Net Income | $534.50M | - | $473.90M | $440.10M | $433.40M | - | $539.90M | $379.80M | $299.30M | - |
| EPS - Basic | $0.72 | - | $0.63 | $0.57 | $0.56 | - | $0.71 | $0.50 | $0.39 | - |
| EPS - Diluted | $0.72 | - | $0.62 | $0.57 | $0.56 | - | $0.70 | $0.49 | $0.39 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.22B | $2.50B | $2.00B | $3.37B | $3.60B | $2.88B | $2.49B | $2.20B | $1.93B | $1.40B |
| Accounts Receivable | $1.49B | $1.69B | $1.17B | $1.22B | $1.17B | $1.46B | $1.04B | $1.08B | $996.20M | $1.40B |
| Inventory | $369.60M | $399.50M | $426.60M | $405.20M | $362.70M | $315.50M | $354.30M | $383.20M | $439.50M | $484.80M |
| Accounts Payable | $238.70M | $230.80M | $221.30M | $245.20M | $224.50M | $190.90M | $177.90M | $132.10M | $135.20M | $204.30M |
| Current Assets | $5.33B | $5.90B | $4.91B | $6.35B | $6.44B | $5.97B | $5.22B | $4.92B | $4.56B | $4.43B |
| Total Assets | $9.88B | $10.39B | $9.36B | $10.64B | $10.41B | $9.76B | $8.85B | $8.05B | $7.66B | $7.26B |
| Current Liabilities | $4.62B | $5.03B | $4.79B | $4.78B | $4.73B | $4.06B | $3.88B | $3.73B | $3.80B | $3.72B |
| Long-term Debt | $496.80M | $496.60M | $496.50M | $496.30M | $496.20M | $994.30M | $993.80M | $993.30M | $992.80M | $992.30M |
| Total Liabilities | $8.89B | $9.15B | $8.63B | $8.58B | $8.44B | $8.27B | $7.94B | $7.76B | $7.80B | $7.72B |
| Stockholders' Equity | $989.70M | $1.24B | $735.10M | $2.06B | $1.96B | $1.49B | $908.10M | $288.20M | ($137.50M) | ($463.40M) |
| Retained Earnings | ($782.00M) | ($507.90M) | ($958.50M) | $364.40M | $316.30M | ($117.10M) | ($643.30M) | ($1.18B) | ($1.56B) | ($1.86B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.08B | - | - | - | $863.30M | - | - | - | $830.40M | - |
| Investing Cash Flow | ($5.70M) | - | - | - | ($110.80M) | - | - | - | ($270.30M) | - |
| Financing Cash Flow | ($1.34B) | - | - | - | ($32.70M) | - | - | - | ($30.30M) | - |
| CapEx | $70.60M | - | $87.70M | $23.10M | $66.50M | - | - | - | $221.90M | - |
| Free Cash Flow | $1.01B | - | - | - | $796.80M | - | - | - | $608.50M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 80.3% | - | 80.8% | 80.7% | 81.0% | - | 82.5% | 80.8% | 77.5% | - |
| Operating margin | 31.4% | - | 31.7% | 28.1% | 29.5% | - | 31.2% | 30.5% | 23.7% | - |
| EBITDA margin | 33.5% | - | 33.5% | 29.9% | 31.8% | - | 32.8% | 32.3% | 25.8% | - |
| Net margin | 28.9% | - | 27.5% | 27.0% | 28.1% | - | 35.8% | 26.5% | 22.1% | - |
| Free cash flow margin | 54.4% | - | - | - | 51.8% | - | - | - | 45.0% | - |
| FCF / Net income | 1.88 | - | - | - | 1.84 | - | - | - | 2.03 | - |
| R&D / Revenue | 11.6% | - | 11.7% | 12.9% | 12.9% | - | 12.4% | 11.5% | 12.8% | - |
| SG&A / Revenue | 3.0% | - | 3.6% | 3.5% | 3.8% | - | 4.8% | 3.9% | 4.0% | - |
| Effective tax rate | 18.6% | - | 20.3% | 14.9% | 18.2% | - | 13.1% | 16.8% | 11.7% | - |
| Return on assets | 5.4% | - | 5.1% | 4.1% | 4.2% | - | 6.1% | 4.7% | 3.9% | - |
| Return on equity | 54.0% | - | 64.5% | 21.4% | 22.1% | - | 59.5% | 131.8% | -217.7% | - |
| Return on invested capital | 31.8% | - | 35.4% | 15.2% | 15.1% | - | 21.5% | 28.4% | 33.2% | - |
| Liquidity | ||||||||||
| Current ratio | 1.15 | 1.17 | 1.03 | 1.33 | 1.36 | 1.47 | 1.34 | 1.32 | 1.20 | 1.19 |
| Quick ratio | 1.07 | 1.09 | 0.94 | 1.24 | 1.29 | 1.39 | 1.25 | 1.22 | 1.08 | 1.06 |
| Cash ratio | 0.48 | 0.50 | 0.42 | 0.71 | 0.76 | 0.71 | 0.64 | 0.59 | 0.51 | 0.38 |
| Leverage | ||||||||||
| Debt / Equity | 0.50 | 0.40 | 0.68 | 0.24 | 0.25 | 0.67 | 1.09 | 3.45 | -7.22 | -2.14 |
| Debt / Assets | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.10 | 0.11 | 0.12 | 0.13 | 0.14 |
| Debt / EBITDA | 0.80 | - | 0.86 | 1.02 | 1.01 | - | 2.01 | 2.14 | 2.84 | - |
| Interest coverage | 138.1x | - | 88.3x | 99.6x | 89.0x | - | 87.2x | 87.4x | 63.0x | - |
| Equity multiplier | 9.99 | 8.40 | 12.73 | 5.16 | 5.30 | 6.54 | 9.75 | 27.94 | -55.72 | -15.66 |
| Liabilities / Assets | 0.90 | 0.88 | 0.92 | 0.81 | 0.81 | 0.85 | 0.90 | 0.96 | 1.02 | 1.06 |
| Efficiency | ||||||||||
| Asset turnover | 0.19 | - | 0.18 | 0.15 | 0.15 | - | 0.17 | 0.18 | 0.18 | - |
| Inventory turnover | 0.99 | - | 0.78 | 0.78 | 0.81 | - | 0.74 | 0.72 | 0.69 | - |
| Days sales outstanding | 293d | - | 247d | 272d | 278d | - | 253d | 276d | 269d | - |
| Days inventory outstanding | 370d | - | 469d | 470d | 452d | - | 491d | 509d | 526d | - |
| Days payable outstanding | 239d | - | 244d | 284d | 280d | - | 247d | 175d | 162d | - |
| Cash conversion cycle | 424d | - | 473d | 458d | 450d | - | 497d | 609d | 633d | - |
| Valuation | ||||||||||
| P / E | 113.5x | - | 135.6x | 185.5x | 171.9x | - | 110.8x | 123.0x | 175.2x | - |
| P / B | 61.3x | - | 87.1x | 39.6x | 38.1x | - | 65.9x | 161.0x | - | - |
| P / S | 32.8x | - | 37.1x | 50.1x | 48.6x | - | 39.7x | 32.4x | 38.9x | - |
| EV / EBITDA | 95.2x | - | 108.3x | 161.8x | 146.4x | - | 117.8x | 97.6x | 147.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 20.1% | - | 14.4% | 13.6% | 13.8% | - | 13.0% | 10.9% | 7.2% | - |
| Revenue CAGR (3y) | 13.6% | - | 14.5% | 16.5% | 17.3% | - | 20.3% | 21.4% | 24.0% | - |
| Revenue CAGR (5y) | 21.1% | - | 21.5% | 21.5% | 21.7% | - | 27.1% | 22.4% | 23.4% | - |
| Gross profit growth (YoY) | 19.1% | - | 11.9% | 13.4% | 18.9% | - | 22.4% | 16.3% | 9.9% | - |
| Operating income growth (YoY) | 27.8% | - | 16.2% | 4.8% | 41.3% | - | 55.3% | 56.7% | 17.4% | - |
| Net income growth (YoY) | 23.3% | - | -12.2% | 15.9% | 44.8% | - | 67.2% | 42.6% | 20.8% | - |
| EPS growth (YoY) | 28.6% | - | -11.4% | 16.3% | 43.6% | - | 70.7% | 48.5% | 25.8% | - |
| EPS CAGR (3y) | 32.4% | - | 28.8% | 39.5% | -12.6% | - | -10.3% | -15.8% | -15.2% | - |
| EPS CAGR (5y) | 2.4% | - | -3.7% | -3.5% | -1.4% | - | 8.8% | 3.1% | 2.8% | - |
| FCF growth (YoY) | 26.3% | - | - | - | 30.9% | - | - | - | -6.0% | - |
| FCF CAGR (5y) | 30.7% | - | - | - | 22.3% | - | - | - | 26.3% | - |
| Book value growth (YoY) | -49.6% | -17.2% | -19.1% | 614.9% | - | - | 1125.5% | -10.3% | - | -64.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$6.80B totalReportable Segment$6.80B · 100.0%
Product / service
$11.38B totalService$4.58B · 40.3%
Security Subscription$2.63B · 23.1%
Product$2.22B · 19.5%
Technical Support And Other$1.95B · 17.1%
Geographic
$9.50B totalEurope Middle East And Africa$2.83B · 29.8%
Americas$2.70B · 28.4%
US$1.93B · 20.3%
Asia Pacific And Japan$1.26B · 13.3%
Other Americas$770.90M · 8.1%
Peer comparison
Same SIC group: Computer Peripheral Equipment, NEC
Comparing Fortinet against the 5 most active filers in the same SIC group.