FTNT Fortinet, Inc.
NasdaqTechnologyComputer Peripheral Equipment, NECSunnyvale, CAFY ends December 31
FY2025 at a glance
Fundamentals from SEC filings, not quotes- Revenue
- $6.8BYoYup 14.17%ended Dec 31, 2025
- Net income
- $1.85B27.3% margin
- Diluted EPS
- $2.42YoYup 7.08%
- Free cash flow
- —
- Cash
- $2.5BNet cash $1.5B
- Total debt
- $996MD/E 0.81×
Overview
Fortinet, Inc. (FTNT) is listed on Nasdaq; the SEC classifies it under "Computer Peripheral Equipment, NEC".
For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $6.8B, up 14.2% from fiscal 2024.
Net income was $1.85B, a net margin of 27.3%.
At fiscal year end it had total assets of $10.39B and stockholders' equity of $1.24B (11.9% of assets).
- Fiscal years shown
- FY2016–FY2025 (10 years)
- Latest 10-K
- Feb 25, 2026
- Latest filing
- 10-QOct 30, 2026
Charts
Revenue and net income
| Period | Revenue | Net income | Net margin |
|---|---|---|---|
| FY2016 | $1.28B | $32.2M | 2.5% |
| FY2017 | $1.49B | $31.4M | 2.1% |
| FY2018 | $1.8B | $332M | 18.4% |
| FY2019 | $2.16B | $327M | 15.1% |
| FY2020 | $2.59B | $489M | 18.8% |
| FY2021 | $3.34B | $607M | 18.2% |
| FY2022 | $4.42B | $857M | 19.4% |
| FY2023 | $5.3B | $1.15B | 21.6% |
| FY2024 | $5.96B | $1.75B | 29.3% |
| FY2025 | $6.8B | $1.85B | 27.3% |
Gross, operating and net margin
| Period | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 73.5% | 3.4% | 2.5% |
| FY2017 | 74.2% | 7.3% | 2.1% |
| FY2018 | 75.0% | 12.8% | 18.4% |
| FY2019 | 76.5% | 16.0% | 15.1% |
| FY2020 | 78.0% | 20.5% | 18.8% |
| FY2021 | 76.6% | 19.5% | 18.2% |
| FY2022 | 75.4% | 21.9% | 19.4% |
| FY2023 | 76.7% | 23.4% | 21.6% |
| FY2024 | 80.6% | 30.3% | 29.3% |
| FY2025 | 80.5% | 30.7% | 27.3% |
Diluted EPS
| Period | EPS (diluted) |
|---|---|
| FY2016 | $0.18 |
| FY2017 | $0.18 |
| FY2018 | $1.91 |
| FY2019 | $1.87 |
| FY2020 | $2.91 |
| FY2021 | $3.63 |
| FY2022 | $1.06 |
| FY2023 | $1.46 |
| FY2024 | $2.26 |
| FY2025 | $2.42 |
Diluted shares
| Period | Diluted shares (weighted) |
|---|---|
| FY2016 | 176M |
| FY2017 | 178M |
| FY2018 | 174M |
| FY2019 | 175M |
| FY2020 | 168M |
| FY2021 | 167M |
| FY2022 | 805M |
| FY2023 | 788M |
| FY2024 | 772M |
| FY2025 | 765M |
Cash vs total debt
| Period | Cash & equivalents | Total debt |
|---|---|---|
| FY2016 | $709M | — |
| FY2017 | $811M | — |
| FY2018 | $1.11B | — |
| FY2019 | $1.22B | — |
| FY2020 | $1.06B | — |
| FY2021 | $1.32B | $988M |
| FY2022 | $1.68B | $990M |
| FY2023 | $1.4B | $992M |
| FY2024 | $2.88B | $994M |
| FY2025 | $2.5B | $996M |
Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.
Ratios
Profitability
- Gross margin
- 80.5%
- Operating margin
- 30.7%
- Net margin
- 27.3%
- Return on equity
- 135.7%
- Return on assets
- 18.4%
Growth
| Metric | 1y | 3y CAGR | 5y CAGR |
|---|---|---|---|
| Revenue | up 14.17% | up 15.46% | up 21.25% |
| EPS (diluted) | up 7.08% | up 31.67% | — |
| Free cash flow | — | — | — |
- Change in share count
- -0.95%
Financial strength
- Current ratio
- 1.17×
- Debt / equity
- 0.81×
- Liabilities / assets
- 88.1%
- Net debt
- -$1.5B
- Interest coverage
- 104×
- Equity / assets
- 11.9%
Shareholder returns
- Buybacks
- $2.29B
- Stock comp. / revenue
- 4.1%
Quality screens
Piotroski F-Score
5 of 9 checks passed
FY2025 vs FY2024
- PassPositive return on assets19.0%
- PassPositive operating cash flow$2.59B
- FailReturn on assets improved19.0% vs 24.0%
- PassOperating cash flow above net income26.5% vs 19.0%
- PassLong-term debt / assets fell4.8% vs 10.2%
- FailCurrent ratio improved1.17× vs 1.47×
- PassNo increase in share count765M vs 772M
- FailGross margin improved80.5% vs 80.6%
- FailAsset turnover improved0.7× vs 0.82×
Altman Z''-Score
FY2025
| Components | Ratio | Weight | Points |
|---|---|---|---|
| Working capital / assets | 0.083 | ×6.56 | 0.55 |
| Retained earnings / assets | -0.049 | ×3.26 | -0.16 |
| Operating income / assets | 0.201 | ×6.72 | 1.35 |
| Equity / liabilities | 0.135 | ×1.05 | 0.14 |
| Z'' | 1.88 | ||
Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.
Financial statements
USD millions, except per-share figures (USD). Share counts in millions.
Income statement
| Metric | FY2025Dec 31, 2025 | FY2024Dec 31, 2024 | FY2023Dec 31, 2023 | FY2022Dec 31, 2022 | FY2021Dec 31, 2021 | FY2020Dec 31, 2020 | FY2019Dec 31, 2019 | FY2018Dec 31, 2018 | FY2017Dec 31, 2017 | FY2016Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,800 | 5,956 | 5,305 | 4,417 | 3,342 | 2,594 | 2,156 | 1,801 | 1,495 | 1,275 |
| YoY (Revenue) | +14.17% | +12.27% | +20.09% | +32.17% | +28.82% | +20.32% | — | +20.49% | +17.21% | — |
| Gross profit | 5,471 | 4,798 | 4,068 | 3,333 | 2,559 | 2,024 | 1,650 | 1,351 | 1,110 | 938 |
| Research & development | 816 | 717 | 614 | 512 | 424 | 341 | 277 | 245 | 211 | 183 |
| Operating income | 2,085 | 1,803 | 1,241 | 970 | 650 | 532 | 344 | 231 | 110 | 42.9 |
| Interest expense | 20.1 | 20 | 21 | 18 | 14.9 | — | — | — | — | — |
| Pretax income | 2,282 | 2,059 | 1,334 | 956 | 628 | 542 | 379 | 251 | 124 | 43.1 |
| Income tax | 439 | 284 | 144 | 30.8 | 14.1 | 53.2 | 52.7 | -81.3 | 92.6 | 11 |
| Net income | 1,853 | 1,745 | 1,148 | 857 | 607 | 489 | 327 | 332 | 31.4 | 32.2 |
| YoY (Net income) | +6.20% | +52.05% | +33.89% | +41.28% | +24.22% | +49.62% | -1.72% | +958.00% | -2.45% | — |
| EPS (basic) | 2.45 | 2.28 | 1.47 | 1.08 | 3.72 | 2.98 | 1.91 | 1.96 | 0.18 | 0.19 |
| EPS (diluted) | 2.42 | 2.26 | 1.46 | 1.06 | 3.63 | 2.91 | 1.87 | 1.91 | 0.18 | 0.18 |
| YoY (EPS (diluted)) | +7.08% | +54.79% | +37.74% | — | +24.74% | +55.61% | -2.09% | +961.11% | 0.00% | — |
| Diluted shares (weighted) | 765 | 772 | 788 | 805 | 167 | 168 | 175 | 174 | 178 | 176 |
Balance sheet
| Metric | FY2025Dec 31, 2025 | FY2024Dec 31, 2024 | FY2023Dec 31, 2023 | FY2022Dec 31, 2022 | FY2021Dec 31, 2021 | FY2020Dec 31, 2020 | FY2019Dec 31, 2019 | FY2018Dec 31, 2018 | FY2017Dec 31, 2017 | FY2016Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | 2,495 | 2,876 | 1,398 | 1,683 | 1,319 | 1,062 | 1,223 | 1,112 | 811 | 709 |
| Receivables | 1,691 | 1,463 | 1,402 | 1,262 | 808 | 720 | 544 | 445 | 348 | 313 |
| Inventory | 400 | 316 | 485 | 265 | 176 | 140 | 118 | 90 | 77.3 | 107 |
| Current assets | 5,900 | 5,972 | 4,428 | 3,810 | 3,601 | 2,740 | 2,769 | 2,221 | 1,717 | 1,539 |
| Goodwill | 257 | 235 | 127 | 128 | 125 | 93 | 67.2 | 38.2 | 14.6 | 14.6 |
| Intangible assets | 97.3 | 115 | 35.3 | 56 | 63.6 | 31.6 | 31.1 | 22.1 | 16.3 | 24.8 |
| Total assets | 10,389 | 9,763 | 7,259 | 6,228 | 5,919 | 4,045 | 3,886 | 3,078 | 2,258 | 2,140 |
| Current liabilities | 5,034 | 4,061 | 3,719 | 3,078 | 2,318 | 1,830 | 1,474 | 1,256 | 1,027 | 829 |
| Short-term debt | 500 | — | — | — | — | — | — | — | — | — |
| Long-term debt | 497 | 994 | 992 | 990 | 988 | — | — | — | — | — |
| Total liabilities | 9,152 | 8,269 | 7,722 | 6,510 | 5,121 | 3,189 | 2,564 | 2,068 | 1,669 | 1,302 |
| Retained earnings | -508 | -117 | -1,862 | -1,546 | -468 | -352 | 140 | -57.5 | -320 | 37.6 |
| Stockholders' equity | 1,238 | 1,494 | -463 | -282 | 782 | 856 | 1,322 | 1,010 | 589 | 838 |
| Shares outstanding | 743 | 767 | 761 | 782 | 162 | 163 | 172 | 170 | 168 | 173 |
Cash flow
| Metric | FY2025Dec 31, 2025 | FY2024Dec 31, 2024 | FY2023Dec 31, 2023 | FY2022Dec 31, 2022 | FY2021Dec 31, 2021 | FY2020Dec 31, 2020 | FY2019Dec 31, 2019 | FY2018Dec 31, 2018 | FY2017Dec 31, 2017 | FY2016Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2,591 | 2,258 | 1,936 | 1,731 | 1,500 | 1,084 | 808 | 639 | 594 | 346 |
| Depreciation & amortization | 152 | 123 | 113 | 104 | 84.4 | 68.8 | 61.6 | 55.7 | 55.5 | 48.5 |
| Stock-based compensation | 280 | 258 | 249 | 217 | 208 | 192 | 174 | 163 | 137 | 122 |
| Share repurchases | 2,290 | 0.6 | 1,501 | 1,991 | 742 | 1,080 | 145 | 212 | 446 | 111 |
Key financials (annual, 10-K)
Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.
Filing timeline
- 10-QNewQuarterly report· Sep 30, 2026(SEC EDGAR)
- 8-KCurrent report· Oct 28, 2026(SEC EDGAR)
- 2.02Results of operations
- 9.01Financial statements and exhibits
- 10-QQuarterly report· Jun 30, 2026(SEC EDGAR)
- 8-KCurrent report· Jul 29, 2026(SEC EDGAR)
- 2.02Results of operations
- 9.01Financial statements and exhibits
- 8-KCurrent report· Jun 12, 2026(SEC EDGAR)
- 5.07Shareholder vote results
- 10-QQuarterly report· Mar 31, 2026(SEC EDGAR)
- 8-KCurrent report· May 6, 2026(SEC EDGAR)
- 2.02Results of operations
- 9.01Financial statements and exhibits
- DEF 14AProxy statement· Jun 12, 2026(SEC EDGAR)
- 10-KAnnual report· Dec 31, 2025(SEC EDGAR)
- 8-KCurrent report· Feb 5, 2026(SEC EDGAR)
- 2.02Results of operations
- 9.01Financial statements and exhibits
Peers (same SIC code)
| Ticker | Revenue (FY) | YoY | Net margin | ROE | F-Score | 5y revenue |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks Inc | $11.5B | — | 2.7% | — | — | — |
| FTNTFortinet, Inc. (This company) | $6.8B | up 14.17% | 27.3% | 135.7% | 5/9 | |
| Peer median | $11.5B | — | 2.7% | — | — | — |
Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.
Frequently asked questions
What does Fortinet, Inc. do?
The SEC classifies Fortinet, Inc. under Standard Industrial Classification (SIC) code 3577, "Computer Peripheral Equipment, NEC". It is headquartered in Sunnyvale, CA. It is incorporated in DE. In fiscal 2025 it reported revenue of $6.8B and net income of $1.85B in its annual 10-K report.
What was Fortinet, Inc.'s revenue in 2025?
Fortinet, Inc. reported revenue of $6.8B for fiscal 2025, which ended Dec 31, 2025, up 14.2% from $5.96B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 25, 2026.
What was Fortinet, Inc.'s net income in 2025?
Fortinet, Inc. reported net income of $1.85B for fiscal 2025, a net margin of 27.3% of revenue.
Where is Fortinet, Inc. listed?
According to the SEC, Fortinet, Inc.'s ticker FTNT is listed on Nasdaq.
When does Fortinet, Inc.'s fiscal year end?
According to the SEC, Fortinet, Inc.'s fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.
Source: SEC EDGAR · Last updated:
Ver en españolNot investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.