Financials · FTNT

Fortinet Inc. (FTNT) financials

For the twelve months ended Sep 30, 2026, Fortinet Inc. reported $7.88B of revenue and $2.28B of net income.

Revenue, TTM
$7.88B
Revenue growth, YoY
+20.2%
Net income, TTM
$2.28B
Net income growth, YoY
+21.8%
Net margin
29.0%
Free cash flow, TTM
$3.43B
EPS, diluted, TTM
$3.07
EPS growth, YoY
+26.3%
Cash
$3.75B
Total debt
$497.10M
P/E
38.26
P/S
11.08
Market cap
$87.31B
Annual revenue$6.80B
FY2016FY2025
Annual net income$1.85B
FY2016FY2025
Annual free cash flow$2.23B
FY2016FY2025

FTNT revenue and earnings growth

FTNT revenueQ3 2026$2.08B

Quarter YoY
+20.5%
QoQ
+1.5%
FY YoY
+14.2%
5Y CAGR
+21.3%
10Y CAGR
+21.0%

FTNT revenue was $2.08B in fiscal Q3 2026 (ended Sep 30, 2026), up 20.5% from a year earlier and up 1.5% from the prior quarter. For the full fiscal 2025 it was $6.80B, up 14.2% from fiscal 2024. Compound annual growth was +21.3% over 5 years and +21.0% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

FTNT net incomeQ3 2026$635.50M

Quarter YoY
+34.1%
QoQ
+4.8%
FY YoY
+6.2%
5Y CAGR
+30.6%
10Y CAGR
+72.4%

FTNT net income was $635.50M in fiscal Q3 2026 (ended Sep 30, 2026), up 34.1% from a year earlier and up 4.8% from the prior quarter. For the full fiscal 2025 it was $1.85B, up 6.2% from fiscal 2024. Compound annual growth was +30.6% over 5 years and +72.4% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

FTNT EPSQ3 2026$0.86

Quarter YoY
+38.7%
QoQ
+4.9%
FY YoY
+7.1%
5Y CAGR
+33.1%
10Y CAGR
+73.1%

FTNT diluted EPS was $0.86 in fiscal Q3 2026 (ended Sep 30, 2026), up 38.7% from a year earlier and up 4.9% from the prior quarter. For the full fiscal 2025 it was $2.42, up 7.1% from fiscal 2024. Compound annual growth was +33.1% over 5 years and +73.1% over 10 years.

FTNT free cash flowQ3 2026$881.80M

Quarter YoY
+55.4%
QoQ
-8.7%
FY YoY
+18.4%
5Y CAGR
+18.4%
10Y CAGR
+24.7%

FTNT free cash flow was $881.80M in fiscal Q3 2026 (ended Sep 30, 2026), up 55.4% from a year earlier and down 8.7% from the prior quarter. For the full fiscal 2025 it was $2.23B, up 18.4% from fiscal 2024. Compound annual growth was +18.4% over 5 years and +24.7% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$6.80B$5.96B$5.30B$4.42B$3.34B$2.59B$2.16B$1.80B$1.49B$1.28B
Cost of revenue$1.33B$1.16B$1.24B$1.08B$783.00M$570.00M$505.90M$450.40M$385.30M$337.80M
Gross profit$5.47B$4.80B$4.07B$3.33B$2.56B$2.02B$1.66B$1.35B$1.11B$937.60M
Research and development$815.50M$716.80M$613.80M$512.40M$424.20M$341.40M$277.10M$244.50M$210.60M$183.10M
Selling, general and admin$233.40M$237.80M$211.30M$169.00M$143.50M$119.50M$102.10M$93.00M$87.90M$81.10M
Operating income$2.08B$1.80B$1.24B$969.60M$650.40M$531.80M$351.00M$234.40M$109.80M$42.90M
Interest expense$20.10M$20.00M$21.00M$18.00M$14.90M$0$0---
Pre-tax income$2.28B$2.06B$1.33B$955.50M$628.40M$541.70M$386.00M$254.30M$124.00M$43.10M
Income tax$439.10M$283.90M$143.80M$30.80M$14.10M$53.20M$54.30M-$80.60M$92.60M$10.90M
Net income$1.85B$1.75B$1.15B$857.30M$606.80M$488.50M$331.70M$334.90M$31.40M$32.20M
EPS, basic$2.45$2.28$1.47$1.08$0.74$0.60$0.39$0.40$0.04$0.04
EPS, diluted$2.42$2.26$1.46$1.06$0.73$0.58$0.38$0.38$0.04$0.04
Diluted shares764.6M771.9M788.2M805.3M835.3M838.3M875.0M871.0M890.5M881.5M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$2.50B$2.88B$1.40B$1.68B$1.32B$1.06B$1.22B$1.11B$811.00M$709.00M
Short-term investments-----$775.50M$843.10M$537.20M$440.30M$376.52M
Receivables$1.69B$1.46B$1.40B$1.26B$807.70M$720.00M$544.30M$444.50M$348.20M$313.00M
Inventory$399.50M$315.50M$484.80M$264.60M$175.80M$139.80M$117.90M$90.00M$77.30M$106.89M
Current assets$5.90B$5.97B$4.43B$3.81B$3.60B$2.74B$2.77B$2.22B$1.72B$1.54B
Goodwill$257.40M$235.40M$126.50M$128.00M$125.10M$93.00M$67.20M$38.20M$14.60M$14.55M
Total assets$10.39B$9.76B$7.26B$6.23B$5.92B$4.04B$3.88B$3.08B$2.26B$2.14B
Current liabilities$5.03B$4.06B$3.72B$3.08B$2.32B$1.83B$1.46B$1.26B$1.03B$829.44M
Short-term debt$499.70M$0---$0----
Long-term debt$496.60M$994.30M$992.30M$990.40M$988.40M$0----
Total debt$996.30M$994.30M$992.30M$990.40M$988.40M$0----
Total liabilities$9.15B$8.27B$7.72B$6.51B$5.12B$3.19B$2.54B$2.07B$1.67B$1.30B
Shareholders' equity$1.24B$1.49B-$463.40M-$281.60M$798.40M$856.00M$1.34B$1.03B$602.00M$837.70M

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$2.59B$2.26B$1.94B$1.73B$1.50B$1.08B$808.00M$638.90M$594.40M$345.70M
Capital expenditures$364.80M$378.90M$204.10M$281.20M$295.90M$125.90M$92.20M$53.00M$135.30M$67.20M
Free cash flow$2.23B$1.88B$1.73B$1.45B$1.20B$957.80M$715.80M$585.90M$459.10M$278.50M
Investing cash flow-$599.10M-$727.40M-$649.30M$763.90M-$1.33B-$72.80M-$502.30M-$134.90M-$76.80M-$74.10M
Financing cash flow-$2.37B-$50.10M-$1.57B-$2.13B$82.80M-$1.17B-$195.60M-$202.60M-$415.60M-$105.90M
Share repurchases$2.29B$600.0K$1.50B$1.99B$741.80M$1.08B$145.10M$211.80M$446.30M$110.80M
Stock-based compensation$279.50M$257.90M$249.00M$217.30M$207.90M$191.70M$174.10M$162.90M$137.20M$122.40M
Depreciation and amortization$152.00M$122.80M$113.40M$104.30M$84.40M$68.80M$61.60M$55.70M$55.50M$48.50M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY14.2%12.3%20.1%32.2%28.8%19.9%19.9%20.7%17.2%26.4%
Net income growth, YoY6.2%52.0%33.9%41.3%24.2%47.3%-1.0%966.6%-2.5%303.2%
EPS growth, YoY7.1%54.8%37.7%45.2%25.9%52.6%-1.0%966.7%0.0%260.0%
Gross margin80.5%80.6%76.7%75.4%76.6%78.0%76.6%75.0%74.2%73.5%
Operating margin30.7%30.3%23.4%21.9%19.5%20.5%16.2%13.0%7.3%3.4%
Net margin27.3%29.3%21.6%19.4%18.2%18.8%15.3%18.6%2.1%2.5%
Free cash flow margin32.7%31.6%32.6%32.8%36.0%36.9%33.1%32.5%30.7%21.8%
Return on equity149.8%116.8%--76.0%57.1%24.7%32.7%5.2%3.8%
Return on assets17.8%17.9%15.8%13.8%10.3%12.1%8.6%10.9%1.4%1.5%
Current ratio1.171.471.191.241.551.501.901.771.671.86
Debt to equity0.810.67--1.240.00----

Source: XBRL data Fortinet Inc. files with the SEC, latest filing dated Oct 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 5-for-1, first reported Aug 5, 2022.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

FTNT peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
FTNT$7.88B+20.2%$2.28B29.0%$87.31B
CSCO$63.33B+11.8%$13.27B21.0%$370.01B
PANW$11.48B+24.5%$307.00M2.7%$256.86B
CHKP$2.73B+6.3%$1.06B38.8%$14.72B

FTNT FAQ

9 questions
  • What is FTNT revenue?
    Fortinet Inc. (FTNT) reported $7.88B of revenue for the twelve months ended Sep 30, 2026. That is up 20.2% from the year before. Revenue for fiscal 2025 was $6.80B.
  • Is FTNT profitable?
    Yes. Fortinet Inc. earned $2.28B in net income for the twelve months ended Sep 30, 2026, a net margin of 29.0%.
  • How much cash and debt does FTNT have?
    Fortinet Inc. reported $3.75B in cash and cash equivalents and $497.10M of debt on its most recent balance sheet in SEC filings.
  • How fast is FTNT revenue growing?
    Fortinet Inc.'s revenue changed +14.2% in fiscal 2025, to $6.80B. Its compound annual growth rate was +21.3% over 5 years and +21.0% over 10 years.
  • What is FTNT gross margin?
    Fortinet Inc.'s gross profit was $6.29B on $7.88B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 79.7%.
  • What is FTNT free cash flow?
    Fortinet Inc. generated $3.43B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $3.69B less capital expenditures.
  • What is FTNT earnings per share?
    Diluted earnings per share were $3.07 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did FTNT last report financial results?
    The latest statements here come from Fortinet Inc.'s 10-Q filed on Oct 30, 2026, covering the period ended Sep 30, 2026.
  • Where does this FTNT financial data come from?
    Quantisnow builds these statements from the structured XBRL data Fortinet Inc. files with the SEC. It is provided for information only and is not investment advice.