Fortinet, Inc. FTNT
Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our mission is to secure people, devices and data everywhere. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge ("SASE") and artificial intelligence ("AI")-driven security operations ("SecOps"). As of December 31, 2025, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology ("OT") market verticals, communication and security service providers, and government organizations. As a global company headquartered in Sunnyvale, California, our research and development is centered in the United States and Canada with a global footprint of support and centers of excellence around the world. As of December 31, 2025, we held 1,064 U.S. patents and a total of 1,405 global patents, including 321 AI-related patents. We have been recognized in over 140 enterprise analyst reports demonstrating both our vision and execution across security and networking products.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $783.0M | $570.0M | $505.9M | $450.4M | $385.3M | $337.8M |
| Gross profit | $5.47B | $4.80B | $4.07B | $3.33B | $2.56B | $2.02B | $1.66B | $1.35B | $1.11B | $937.6M |
| R&D | $815.5M | $716.8M | $613.8M | $512.4M | $424.2M | $341.4M | $277.1M | $244.5M | $210.6M | $183.1M |
| SG&A | $233.4M | $237.8M | $211.3M | $169.0M | $143.5M | $119.5M | $102.1M | $93.0M | $87.9M | $81.1M |
| Total operating expenses | $3.39B | $2.99B | $2.83B | $2.36B | $1.91B | $1.49B | $1.31B | $1.12B | $999.8M | $894.7M |
| Operating income | $2.08B | $1.80B | $1.24B | $969.6M | $650.4M | $531.8M | $351.0M | $234.4M | $109.8M | $42.9M |
| Interest expense | $20.1M | $20.0M | $21.0M | $18.0M | $14.9M | $0 | $0 | — | — | — |
| Pre-tax income | $2.28B | $2.06B | $1.33B | $955.5M | $628.4M | $541.7M | $386.0M | $254.3M | $124.0M | $43.1M |
| Income tax | $439.1M | $283.9M | $143.8M | $30.8M | $14.1M | $53.2M | $54.3M | $80.6M | $92.6M | $10.9M |
| Net income | $1.85B | $1.75B | $1.15B | $857.3M | $606.8M | $488.5M | $331.7M | $334.9M | $31.4M | $32.2M |
| EPS, basic | 2.45 | 2.28 | 1.47 | 1.08 | 0.74 | 0.60 | 1.94 | 1.98 | 0.18 | 0.19 |
| EPS, diluted | 2.42 | 2.26 | 1.46 | 1.06 | 0.73 | 0.58 | 1.90 | 1.92 | 0.18 | 0.18 |
| Shares, diluted (wtd. avg.) | $764.6M | $771.9M | $788.2M | $805.3M | $835.3M | $838.3M | $175.0M | $174.2M | $178.1M | $176.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.50B | $2.88B | $1.40B | $1.68B | $1.32B | $1.06B | $1.22B | $1.11B | $811.0M | $709.0M |
| Short-term investments | — | — | — | — | — | $775.5M | $843.1M | $537.2M | $440.3M | $376.5M |
| Receivables | $1.69B | $1.46B | $1.40B | $1.26B | $807.7M | $720.0M | $544.3M | $444.5M | $348.2M | $313.0M |
| Inventory | $399.5M | $315.5M | $484.8M | $264.6M | $175.8M | $139.8M | $117.9M | $90.0M | $77.3M | $106.9M |
| Total current assets | $5.90B | $5.97B | $4.43B | $3.81B | $3.60B | $2.74B | $2.77B | $2.22B | $1.72B | $1.54B |
| Property, plant and equipment | $1.62B | $1.35B | $1.04B | $898.5M | $687.6M | $448.0M | $344.3M | $271.4M | $245.4M | $137.2M |
| Goodwill | $257.4M | $235.4M | $126.5M | $128.0M | $125.1M | $93.0M | $67.2M | $38.2M | $14.6M | $14.6M |
| Other intangibles | $97.3M | $115.0M | $35.3M | $56.0M | $63.6M | $31.6M | $31.1M | $22.1M | $16.3M | $24.8M |
| Total assets | $10.39B | $9.76B | $7.26B | $6.23B | $5.92B | $4.04B | $3.88B | $3.08B | $2.26B | $2.14B |
| Accounts payable | $230.8M | $190.9M | $204.3M | $243.4M | $148.4M | $141.6M | $96.4M | $86.4M | $70.0M | $56.7M |
| Short-term debt | $499.7M | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $5.03B | $4.06B | $3.72B | $3.08B | $2.32B | $1.83B | $1.46B | $1.26B | $1.03B | $829.4M |
| Long-term debt | $496.6M | $994.3M | $992.3M | $990.4M | $988.4M | $0 | — | — | — | — |
| Total liabilities | $9.15B | $8.27B | $7.72B | $6.51B | $5.12B | $3.19B | $2.54B | $2.07B | $1.67B | $1.30B |
| Retained earnings | -$507.9M | -$117.1M | -$1.86B | -$1.55B | -$467.9M | -$352.1M | $160.8M | -$57.5M | -$319.6M | $37.6M |
| Total equity | $1.24B | $1.49B | -$463.4M | -$281.6M | $798.4M | $856.0M | $1.34B | $1.03B | $602.0M | $837.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.59B | $2.26B | $1.94B | $1.73B | $1.50B | $1.08B | $808.0M | $638.9M | $594.4M | $345.7M |
| Depreciation and amortisation | $152.0M | $122.8M | $113.4M | $104.3M | $84.4M | $68.8M | $61.6M | $55.7M | $55.5M | $48.5M |
| Stock-based compensation | $279.5M | $257.9M | $249.0M | $217.3M | $207.9M | $191.7M | $174.1M | $162.9M | $137.2M | $122.4M |
| Capital expenditure | $364.8M | $378.9M | $204.1M | $281.2M | $295.9M | $125.9M | $92.2M | $53.0M | $135.3M | $67.2M |
| Investing cash flow | -$599.1M | -$727.4M | -$649.3M | $763.9M | -$1.33B | -$72.8M | -$502.3M | -$134.9M | -$76.8M | -$74.1M |
| Financing cash flow | -$2.37B | -$50.1M | -$1.57B | -$2.13B | $82.8M | -$1.17B | -$195.6M | -$202.6M | -$415.6M | -$105.9M |
| Buybacks | $2.29B | $600.0K | $1.50B | $1.99B | $741.8M | $1.08B | $145.1M | $211.8M | $446.3M | $110.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002077096-26-000106.
Others in SIC 3577
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| MITK | MITEK SYSTEMS INC | $837.9M | 97.7x | 4.4% |
| XRX | Xerox Holdings Corp | $436.0M | — | 12.9% |
| IMMR | IMMERSION CORP | $255.9M | 55.1x | 11.2% |
| ALOT | AstroNova, Inc. | $224.6M | — | -0.5% |