Fortinet (FTNT) Financials

$113.86 -1.58 (-1.36%)

As of 02:52 PM Eastern

Annual Income Statements for Fortinet

This table shows Fortinet's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7.99	32	31	335	332	489	607	857	1,148	1,745	1,853
Consolidated Net Income / (Loss)	7.99	32	31	335	332	489	607	857	1,148	1,745	1,853
Net Income / (Loss) Continuing Operations	7.99	32	31	335	332	489	607	857	1,148	1,745	1,853
Total Pre-Tax Income	17	43	124	254	386	542	628	956	1,334	2,059	2,282
Total Operating Income	15	43	110	234	351	532	650	970	1,241	1,803	2,085
Total Gross Profit	722	938	1,110	1,354	1,657	2,024	2,559	3,333	4,068	4,798	5,471
Total Revenue	1,009	1,275	1,495	1,805	2,163	2,594	3,342	4,417	5,305	5,956	6,800
Operating Revenue	1,009	1,275	1,495	1,805	2,163	2,594	3,342	4,417	5,305	5,956	6,800
Total Cost of Revenue	287	338	385	450	506	570	783	1,085	1,237	1,158	1,329
Operating Cost of Revenue	287	338	385	450	506	570	783	1,085	1,237	1,158	1,329
Total Operating Expenses	708	895	1,000	1,120	1,306	1,493	1,909	2,363	2,827	2,995	3,386
Selling, General & Admin Expense	72	81	88	93	-	-	-	-	211	238	233
Marketing Expense	470	627	701	782	927	1,072	1,346	1,686	2,006	2,045	2,348
Research & Development Expense	158	183	211	245	277	341	424	512	614	717	816
Restructuring Charge	7.60	4.00	0.30	-	0.00	-40	-4.60	-4.60	-4.60	-4.60	-10
Total Other Income / (Expense), net	2.13	0.20	14	20	35	9.90	-22	-14	93	255	198
Interest Expense	-	-	-	-	0.00	0.00	15	18	21	20	20
Interest & Investment Income	5.30	7.30	14	27	43	18	4.50	17	120	155	162
Other Income / (Expense), net	-3.17	-7.10	0.70	-6.60	-7.50	-7.80	-12	-14	-6.10	120	55
Income Tax Expense	9.02	11	93	-81	54	53	14	31	144	284	439
Other Gains / (Losses), net	-	-	-	-	0.00	0.00	-7.60	-68	-42	-29	10
Basic Earnings per Share	$0.05	$0.19	$0.18	$1.98	$1.94	$0.60	$0.74	$1.08	$1.47	$2.28	$2.45
Weighted Average Basic Shares Outstanding	170.39M	172.60M	174.30M	169.10M	171M	821M	816.10M	791.40M	778.60M	764.40M	758M
Diluted Earnings per Share	$0.05	$0.18	$0.18	$1.92	$1.90	$0.58	$0.73	$1.06	$1.46	$2.26	$2.42
Weighted Average Diluted Shares Outstanding	176.14M	176.30M	178.10M	174.20M	175M	838.30M	835.30M	805.30M	788.20M	771.90M	764.60M
Weighted Average Basic & Diluted Shares Outstanding	159.70M	169.40M	174.40M	169.50M	172.51M	163.19M	160.82M	784.07M	763.03M	768.97M	739.92M

This table shows Fortinet's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	266	323	311	299	380	540	526	433	440	474	506
Consolidated Net Income / (Loss)	266	323	311	299	380	540	526	433	440	474	506
Net Income / (Loss) Continuing Operations	266	323	311	299	380	540	526	433	440	474	506
Total Pre-Tax Income	299	328	416	345	468	626	618	519	517	595	651
Total Operating Income	279	303	385	321	437	471	574	454	458	547	626
Total Gross Profit	997	1,017	1,099	1,049	1,159	1,245	1,346	1,247	1,315	1,393	1,516
Total Revenue	1,293	1,335	1,415	1,353	1,434	1,508	1,660	1,540	1,630	1,725	1,905
Operating Revenue	1,293	1,335	1,415	1,353	1,434	1,508	1,660	1,540	1,630	1,725	1,905
Total Cost of Revenue	296	318	316	305	275	263	315	293	315	332	389
Operating Cost of Revenue	296	318	316	305	275	263	315	293	315	332	389
Total Operating Expenses	718	714	714	727	722	774	772	793	857	846	890
Selling, General & Admin Expense	50	54	-	54	57	72	55	58	57	61	57
Marketing Expense	516	504	507	501	501	516	527	543	592	584	629
Research & Development Expense	153	157	153	173	165	187	191	199	210	202	205
Restructuring Charge	-	-	-	-1.10	-1.20	-1.10	-	-6.30	-1.30	-1.40	-1.40
Total Other Income / (Expense), net	20	25	30	24	31	156	44	66	59	48	25
Interest Expense	5.20	5.40	5.40	5.10	5.00	5.00	4.90	4.90	4.60	6.20	4.40
Interest & Investment Income	32	37	31	32	38	42	42	44	45	41	32
Other Income / (Expense), net	-6.20	-7.00	5.10	-2.90	-2.20	118	6.90	26	19	13	-2.70
Income Tax Expense	28	-0.30	95	40	77	81	87	97	77	121	145
Basic Earnings per Share	$0.34	$0.41	$0.40	$0.39	$0.50	$0.71	$0.68	$0.56	$0.57	$0.63	$0.69
Weighted Average Basic Shares Outstanding	785M	781.20M	778.60M	762.40M	763.80M	765M	764.40M	768.30M	765.50M	755.50M	758M
Diluted Earnings per Share	$0.33	$0.41	$0.40	$0.39	$0.49	$0.70	$0.68	$0.56	$0.57	$0.62	$0.67
Weighted Average Diluted Shares Outstanding	795.90M	791.20M	788.20M	770.50M	769.90M	771.90M	771.90M	776.80M	772.70M	761.20M	764.60M
Weighted Average Basic & Diluted Shares Outstanding	785.34M	767.91M	763.03M	763.94M	764.91M	766.45M	768.97M	765.42M	766.27M	743.65M	739.92M

This table details how cash moves in and out of Fortinet's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	260	166	102	301	110	-161	257	364	-285	1,478	-381
Net Cash From Operating Activities	283	346	594	639	808	1,084	1,500	1,731	1,936	2,258	2,591
Net Cash From Continuing Operating Activities	283	346	594	639	808	1,084	1,500	1,731	1,936	2,258	2,591
Net Income / (Loss) Continuing Operations	7.99	32	31	335	332	489	607	857	1,148	1,745	1,853
Consolidated Net Income / (Loss)	7.99	32	31	335	332	489	607	857	1,148	1,745	1,853
Depreciation Expense	32	49	56	56	62	69	84	104	113	123	152
Amortization Expense	7.46	4.80	2.50	90	102	139	183	228	239	245	303
Non-Cash Adjustments To Reconcile Net Income	98	125	141	162	180	198	223	309	310	166	227
Changes in Operating Assets and Liabilities, net	137	135	364	-4.00	133	190	402	233	126	-21	56
Net Cash From Investing Activities	-0.97	-74	-77	-135	-502	-73	-1,325	764	-649	-727	-599
Net Cash From Continuing Investing Activities	-0.97	-74	-77	-135	-502	-73	-1,325	764	-649	-727	-599
Purchase of Property, Plant & Equipment	-37	-67	-135	-53	-92	-126	-296	-281	-204	-379	-365
Acquisitions	-38	-22	0.00	-22	-35	-40	-235	-31	-8.50	-276	-42
Purchase of Investments	-460	-474	-669	-682	-1,332	-1,079	-2,351	-389	-1,856	-1,965	-1,996
Sale and/or Maturity of Investments	534	489	728	622	957	1,171	1,556	1,465	1,419	1,892	1,803
Other Investing Activities, net	-	-	-	0.00	0.00	1.30	0.40	0.00	0.30	0.10	0.10
Net Cash From Financing Activities	-22	-106	-416	-203	-196	-1,172	83	-2,130	-1,570	-50	-2,372
Net Cash From Continuing Financing Activities	-22	-106	-416	-203	-196	-1,172	83	-2,130	-1,570	-50	-2,372
Repayment of Debt	0.00	-1.60	0.00	-10	-4.00	-5.40	-23	-4.80	-1.20	-12	-0.10
Repurchase of Common Equity	-60	-111	-446	-212	-145	-1,080	-742	-1,991	-1,501	-0.60	-2,290
Issuance of Common Equity	67	45	76	87	50	22	26	26	44	63	45
Other Financing Activities, net	-29	-38	-45	-67	-96	-108	-168	-160	-113	-101	-126
Effect of Exchange Rate Changes	-	-	-	-	0.00	0.00	-0.10	-0.40	-0.80	-2.60	-0.60
Cash Income Taxes Paid	19	27	32	41	59	40	127	260	426	579	452

This table details how cash moves in and out of Fortinet's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	72	-190	-789	528	277	286	387	721	-228	-1,373	500
Net Cash From Operating Activities	515	551	192	830	342	608	478	863	452	655	620
Net Cash From Continuing Operating Activities	515	551	192	830	342	608	478	863	452	655	620
Net Income / (Loss) Continuing Operations	266	323	311	299	380	540	526	433	440	474	506
Consolidated Net Income / (Loss)	266	323	311	299	380	540	526	433	440	474	506
Depreciation Expense	27	28	30	29	29	30	35	36	38	38	40
Amortization Expense	60	58	59	60	60	61	64	68	73	78	84
Non-Cash Adjustments To Reconcile Net Income	75	74	78	72	80	-45	59	31	60	64	73
Changes in Operating Assets and Liabilities, net	86	68	-286	371	-207	23	-207	296	-159	1.30	-82
Net Cash From Investing Activities	-424	-111	-72	-270	-50	-327	-80	-111	-266	-176	-46
Net Cash From Continuing Investing Activities	-424	-111	-72	-270	-50	-327	-80	-111	-266	-176	-46
Purchase of Property, Plant & Equipment	-77	-70	-27	-222	-23	-36	-98	-67	-168	-88	-43
Purchase of Investments	-597	-523	-528	-436	-538	-528	-463	-503	-474	-536	-484
Sale and/or Maturity of Investments	250	490	483	393	511	478	510	470	406	448	480
Net Cash From Financing Activities	-18	-629	-910	-30	-14	3.00	-8.80	-33	-414	-1,852	-73
Net Cash From Continuing Financing Activities	-18	-629	-910	-30	-14	3.00	-8.80	-33	-414	-1,852	-73
Repurchase of Common Equity	-	-	-896	-	-	-	-	-	-	-1,832	-57
Issuance of Common Equity	8.10	6.70	7.80	13	6.20	20	23	20	11	6.30	7.10
Other Financing Activities, net	-25	-31	-22	-43	-20	-17	-21	-53	-24	-27	-23
Effect of Exchange Rate Changes	-1.20	-0.60	1.10	-1.40	-1.00	2.10	-2.30	0.90	0.40	-0.30	-1.60
Cash Income Taxes Paid	38	26	341	31	252	140	156	27	237	70	118

This table presents Fortinet's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,791	2,140	2,258	3,078	3,879	4,045	5,919	6,228	7,259	9,763	10,389
Total Current Assets	1,271	1,539	1,717	2,221	2,769	2,740	3,601	3,810	4,428	5,972	5,900
Cash & Equivalents	543	709	811	1,112	1,223	1,062	1,319	1,683	1,398	2,876	2,495
Short-Term Investments	348	377	440	537	843	776	1,233	528	1,043	1,191	1,087
Accounts Receivable	260	313	348	445	544	720	808	1,262	1,402	1,463	1,691
Inventories, net	84	107	77	90	118	140	176	265	485	316	400
Prepaid Expenses	36	33	40	37	41	43	65	73	101	126	227
Plant, Property, & Equipment, net	91	137	245	271	344	448	688	899	1,044	1,350	1,619
Total Noncurrent Assets	429	464	296	586	766	856	1,631	1,519	1,786	2,442	2,870
Long-Term Investments	273	225	98	67	144	118	441	46	-	0.00	340
Goodwill	4.69	15	15	38	67	93	125	128	127	235	257
Intangible Assets	18	25	16	22	31	32	64	56	35	115	97
Noncurrent Deferred & Refundable Income Taxes	119	183	147	255	226	245	342	569	869	1,336	1,315
Other Noncurrent Operating Assets	14	17	20	203	297	368	659	720	756	756	861
Total Liabilities & Shareholders' Equity	1,791	2,140	2,258	3,078	3,879	4,045	5,919	6,228	7,259	9,763	10,389
Total Liabilities	1,035	1,302	1,669	2,068	2,537	3,189	5,121	6,510	7,722	8,269	9,152
Total Current Liabilities	679	829	1,027	1,256	1,456	1,830	2,318	3,078	3,719	4,061	5,034
Short-Term Debt	-	-	-	-	-	-	-	-	-	0.00	500
Accounts Payable	62	57	70	86	96	142	148	243	204	191	231
Accrued Expenses	33	36	50	78	102	149	197	266	424	338	355
Current Deferred Revenue	515	645	794	966	1,156	1,393	1,777	2,349	2,849	3,276	3,636
Current Employee Benefit Liabilities	61	78	92	98	102	146	195	219	242	256	313
Total Noncurrent Liabilities	356	473	641	811	1,081	1,359	2,803	3,431	4,003	4,209	4,118
Long-Term Debt	-	-	-	-	-	0.00	988	990	992	994	497
Noncurrent Deferred Revenue	337	459	633	798	1,036	1,303	1,755	2,291	2,886	3,085	3,480
Other Noncurrent Operating Liabilities	19	14	8.60	13	45	56	59	150	125	130	141
Commitments & Contingencies	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	755	838	589	1,010	1,342	856	798	-282	-463	1,494	1,238
Total Preferred & Common Equity	755	838	589	1,010	1,342	856	782	-282	-463	1,494	1,238
Total Common Equity	755	838	589	1,010	1,342	856	782	-282	-463	1,494	1,238
Common Stock	688	801	910	1,069	1,181	1,207	1,254	1,285	1,417	1,637	1,771
Retained Earnings	68	38	-320	-58	161	-352	-468	-1,546	-1,862	-117	-508
Accumulated Other Comprehensive Income / (Loss)	-0.93	-0.77	-0.80	-0.80	1.10	0.70	-4.80	-20	-19	-26	-25

This table presents Fortinet's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	6,832	7,486	7,479	7,259	7,662	8,053	8,852	9,763	10,407	10,641	9,361
Total Current Assets	4,359	4,878	4,753	4,428	4,560	4,919	5,221	5,972	6,443	6,346	4,914
Cash & Equivalents	2,304	2,376	2,187	1,398	1,926	2,203	2,489	2,876	3,597	3,369	1,996
Short-Term Investments	575	937	982	1,043	1,097	1,136	1,211	1,191	1,184	1,194	1,128
Accounts Receivable	1,087	1,079	1,014	1,402	996	1,083	1,044	1,463	1,174	1,216	1,168
Inventories, net	303	376	468	485	440	383	354	316	363	405	427
Prepaid Expenses	90	110	103	101	101	113	122	126	125	163	195
Plant, Property, & Equipment, net	917	982	1,038	1,044	1,247	1,243	1,273	1,350	1,404	1,545	1,605
Total Noncurrent Assets	1,556	1,626	1,689	1,786	1,855	1,891	2,358	2,442	2,561	2,750	2,843
Long-Term Investments	16	4.20	1.50	-	-	-	-	-	35	112	289
Goodwill	128	126	125	127	129	128	213	235	236	259	258
Intangible Assets	51	45	40	35	34	30	112	115	121	123	110
Noncurrent Deferred & Refundable Income Taxes	650	729	789	869	943	999	1,300	1,336	1,412	1,457	1,368
Other Noncurrent Operating Assets	712	722	734	756	749	734	733	756	756	799	817
Total Liabilities & Shareholders' Equity	6,832	7,486	7,479	7,259	7,662	8,053	8,852	9,763	10,407	10,641	9,361
Total Liabilities	6,821	7,165	7,405	7,722	7,800	7,765	7,944	8,269	8,444	8,581	8,626
Total Current Liabilities	3,262	3,501	3,649	3,719	3,800	3,725	3,884	4,061	4,728	4,777	4,786
Short-Term Debt	-	-	-	-	-	-	-	-	499	499	499
Accounts Payable	238	238	254	204	135	132	178	191	225	245	221
Accrued Expenses	347	267	317	424	539	401	377	338	415	339	331
Current Deferred Revenue	2,463	2,588	2,647	2,849	2,912	2,975	3,081	3,276	3,339	3,413	3,461
Current Employee Benefit Liabilities	213	225	211	242	215	217	248	256	250	281	274
Total Noncurrent Liabilities	3,559	3,664	3,756	4,003	3,999	4,039	4,060	4,209	3,716	3,804	3,840
Long-Term Debt	991	991	992	992	993	993	994	994	496	496	497
Noncurrent Deferred Revenue	2,488	2,600	2,700	2,886	2,878	2,921	2,931	3,085	3,079	3,155	3,190
Other Noncurrent Operating Liabilities	80	73	65	125	129	125	136	130	141	153	154
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11	321	74	-463	-138	288	908	1,494	1,963	2,060	735
Total Preferred & Common Equity	11	321	74	-463	-138	288	908	1,494	1,963	2,060	735
Total Common Equity	11	321	74	-463	-138	288	908	1,494	1,963	2,060	735
Common Stock	1,328	1,377	1,398	1,417	1,450	1,500	1,569	1,637	1,670	1,717	1,715
Retained Earnings	-1,299	-1,032	-1,299	-1,862	-1,562	-1,183	-643	-117	316	364	-959
Accumulated Other Comprehensive Income / (Loss)	-18	-23	-24	-19	-25	-29	-18	-26	-23	-21	-22

This table displays calculated financial ratios and metrics derived from Fortinet's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	31.01%	26.37%	17.21%	20.72%	19.86%	19.94%	28.82%	32.17%	20.09%	12.27%	14.17%
EBITDA Growth	-41.58%	75.55%	89.11%	121.84%	35.63%	44.28%	23.86%	42.17%	23.20%	44.36%	13.25%
EBIT Growth	-79.15%	205.72%	208.66%	106.15%	50.79%	52.55%	21.91%	49.67%	29.17%	55.73%	11.27%
NOPAT Growth	-71.39%	358.68%	-13.25%	1,010.24%	-2.29%	59.00%	32.58%	47.58%	18.00%	40.41%	8.29%
Net Income Growth	-68.48%	303.16%	-2.48%	966.56%	-0.96%	47.27%	24.20%	41.19%	33.99%	52.05%	6.20%
EPS Growth	-66.67%	260.00%	0.00%	966.67%	-1.04%	47.27%	24.20%	45.21%	37.74%	54.79%	7.08%
Operating Cash Flow Growth	43.73%	22.35%	71.94%	7.49%	26.47%	34.12%	38.39%	15.40%	11.84%	16.67%	14.72%
Free Cash Flow Firm Growth	20.77%	-4.19%	228.19%	-18.95%	81.32%	53.80%	4.25%	72.58%	14.90%	-16.96%	46.83%
Invested Capital Growth	-29.50%	-15.62%	-60.71%	7.04%	-22.81%	-26.76%	-9.65%	-28.37%	-23.51%	17.43%	-6.97%
Revenue Q/Q Growth	7.75%	5.48%	3.73%	5.48%	5.37%	5.16%	6.90%	7.79%	2.55%	4.29%	3.74%
EBITDA Q/Q Growth	-6.14%	59.23%	-0.22%	22.72%	9.24%	8.50%	7.36%	14.59%	1.82%	9.60%	2.62%
EBIT Q/Q Growth	-36.93%	480.98%	-0.45%	24.75%	12.37%	9.55%	6.88%	19.02%	2.23%	10.99%	2.00%
NOPAT Q/Q Growth	-55.72%	752.81%	-64.71%	177.33%	-16.13%	7.45%	11.78%	17.24%	-4.46%	14.29%	-0.31%
Net Income Q/Q Growth	-53.92%	617.63%	-63.31%	177.69%	-16.45%	5.78%	9.39%	15.51%	-0.25%	14.07%	-1.08%
EPS Q/Q Growth	-50.00%	500.00%	-62.50%	178.26%	-18.10%	5.78%	9.39%	12.77%	-0.68%	13.00%	-0.41%
Operating Cash Flow Q/Q Growth	13.31%	10.37%	10.50%	3.68%	1.28%	10.85%	4.92%	10.28%	-14.81%	14.50%	5.83%
Free Cash Flow Firm Q/Q Growth	32.60%	24.54%	24.64%	-5.87%	-11.45%	26.27%	-5.54%	32.04%	-19.00%	15.83%	14.13%
Invested Capital Q/Q Growth	-9.26%	-5.65%	-22.29%	9.58%	8.11%	-3.60%	5.66%	-6.94%	9.17%	12.25%	-0.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.59%	73.51%	74.23%	75.04%	76.61%	78.03%	76.57%	75.44%	76.68%	80.56%	80.46%
EBITDA Margin	5.03%	6.99%	11.27%	20.71%	23.44%	28.20%	27.11%	29.16%	29.92%	38.47%	38.16%
Operating Margin	1.47%	3.36%	7.35%	12.99%	16.23%	20.50%	19.46%	21.95%	23.40%	30.28%	30.66%
EBIT Margin	1.16%	2.81%	7.39%	12.62%	15.88%	20.20%	19.11%	21.64%	23.28%	32.29%	31.47%
Profit (Net Income) Margin	0.79%	2.52%	2.10%	18.56%	15.34%	18.83%	18.15%	19.39%	21.64%	29.30%	27.26%
Tax Burden Percent	46.97%	74.71%	25.32%	131.69%	85.93%	90.18%	96.55%	89.65%	86.06%	84.78%	81.21%
Interest Burden Percent	145.22%	120.39%	112.22%	111.63%	112.37%	103.38%	98.37%	99.94%	107.99%	107.03%	106.64%
Effective Tax Rate	53.03%	25.29%	74.68%	-31.69%	14.07%	9.82%	2.24%	3.22%	10.78%	13.79%	19.24%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	1.12%	4.04%	4.40%	41.87%	28.20%	44.44%	73.34%	331.50%	-308.13%	338.74%	135.72%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.73%	1.82%	5.03%	8.54%	9.87%	13.23%	12.82%	15.74%	18.31%	22.60%	21.24%
Return on Assets (ROA)	0.50%	1.64%	1.43%	12.55%	9.54%	12.33%	12.18%	14.10%	17.02%	20.51%	18.39%
Return on Common Equity (ROCE)	1.12%	4.04%	4.40%	41.87%	28.20%	44.44%	72.60%	320.79%	-308.13%	338.74%	135.72%
Return on Equity Simple (ROE_SIMPLE)	1.06%	3.84%	5.33%	33.15%	24.71%	57.07%	77.61%	-304.19%	-247.69%	116.83%	0.00%
Net Operating Profit after Tax (NOPAT)	6.99	32	28	309	302	480	636	938	1,107	1,555	1,684
NOPAT Margin	0.69%	2.51%	1.86%	17.11%	13.94%	18.48%	19.02%	21.24%	20.87%	26.10%	24.76%
Net Nonoperating Expense Percent (NNEP)	0.09%	0.01%	0.27%	1.71%	1.53%	0.43%	-1.47%	-5.00%	2.99%	8.43%	5.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	132.39%	209.36%	62.48%	75.37%
Cost of Revenue to Revenue	28.41%	26.49%	25.77%	24.96%	23.39%	21.97%	23.43%	24.56%	23.32%	19.44%	19.54%
SG&A Expenses to Revenue	7.09%	6.36%	5.88%	5.15%	0.00%	0.00%	0.00%	0.00%	0.00%	3.99%	3.43%
R&D to Revenue	15.67%	14.36%	14.09%	13.55%	12.81%	13.16%	12.69%	11.60%	11.57%	12.04%	11.99%
Operating Expenses to Revenue	70.11%	70.15%	66.88%	62.05%	60.38%	57.53%	57.11%	53.49%	53.28%	50.28%	49.80%
Earnings before Interest and Taxes (EBIT)	12	36	111	228	344	524	639	956	1,235	1,923	2,140
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	51	89	169	374	507	732	906	1,288	1,587	2,291	2,595
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.42	1.24	2.58	2.38	2.72	5.63	15.03	0.00	0.00	48.48	47.72
Price to Tangible Book Value (P/TBV)	1.47	1.31	2.72	2.53	2.94	6.59	19.82	0.00	0.00	63.33	66.89
Price to Revenue (P/Rev)	1.06	0.82	1.02	1.33	1.69	1.86	3.52	8.65	8.47	12.16	8.68
Price to Earnings (P/E)	134.46	32.37	48.39	7.17	11.01	9.87	19.37	44.55	39.16	41.49	31.86
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.74%	3.09%	2.07%	13.96%	9.08%	10.13%	5.16%	2.24%	2.55%	2.41%	3.14%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.11	0.38	0.67	1.10	2.92	8.36	8.20	11.64	8.25
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	1.01	1.83	2.84	3.92	10.78	28.67	27.41	30.27	21.63
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	1.54	3.00	4.20	5.47	15.29	38.62	35.22	36.05	26.23
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	6.12	2.21	4.78	5.98	15.36	39.35	39.28	44.60	33.34
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.29	1.07	1.78	2.65	6.51	21.34	22.47	30.71	21.67
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.54	2.68	3.12	4.03	13.16	28.84	29.57	56.76	31.29
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	1.24	-3.52	-2.14	0.67	0.81
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	1.24	-3.52	-2.14	0.67	0.40
Financial Leverage	-1.51	-1.55	-1.86	-1.92	-1.67	-1.89	-2.39	-6.33	3.64	-4.39	-2.20
Leverage Ratio	2.25	2.47	3.08	3.34	2.96	3.60	6.02	23.50	-18.10	16.52	7.38
Compound Leverage Factor	3.26	2.97	3.46	3.72	3.32	3.73	5.92	23.49	-19.55	17.68	7.87
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	55.32%	139.73%	187.62%	39.96%	44.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.37%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	55.32%	139.73%	187.62%	39.96%	22.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.93%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	43.75%	-39.73%	-87.62%	60.04%	55.40%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	1.09	0.77	0.63	0.43	0.38
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	-2.21	-0.98	-0.91	-1.34	-1.13
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	1.09	0.77	0.63	0.43	0.19
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	1.55	1.06	0.90	0.64	0.59
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-3.15	-1.35	-1.31	-1.98	-1.74
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	1.55	1.06	0.90	0.64	0.30
Altman Z-Score	1.66	1.55	1.54	1.88	2.18	2.12	2.45	4.53	4.54	6.73	5.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.01%	3.23%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.87	1.86	1.67	1.77	1.90	1.50	1.55	1.24	1.19	1.47	1.17
Quick Ratio	1.70	1.69	1.56	1.67	1.79	1.40	1.45	1.13	1.03	1.36	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	100	96	315	255	463	712	742	1,280	1,471	1,222	1,794
Operating Cash Flow to CapEx	756.32%	514.43%	439.32%	1,205.47%	876.36%	860.76%	506.83%	615.43%	948.31%	595.96%	710.14%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	49.79	71.13	70.05	61.08	89.23
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	100.65	96.14	92.17	112.91	128.89
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	80.79	80.52	82.45	93.96	110.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.65	0.68	0.68	0.62	0.65	0.67	0.73	0.79	0.70	0.67
Accounts Receivable Turnover	4.54	4.46	4.52	4.55	4.38	4.10	4.38	4.27	3.98	4.16	4.31
Inventory Turnover	3.74	3.54	4.18	5.38	4.87	4.42	4.96	4.93	3.30	2.89	3.72
Fixed Asset Turnover	13.46	11.17	7.81	6.98	7.03	6.55	5.89	5.57	5.46	4.98	4.58
Accounts Payable Turnover	5.15	5.71	6.08	5.76	5.54	4.79	5.40	5.54	5.53	5.86	6.30
Days Sales Outstanding (DSO)	80.34	81.93	80.72	80.17	83.43	88.94	83.42	85.50	91.64	87.80	84.67
Days Inventory Outstanding (DIO)	97.59	103.06	87.24	67.79	75.00	82.51	73.56	74.08	110.54	126.17	98.19
Days Payable Outstanding (DPO)	70.92	63.88	60.03	63.37	65.94	76.20	67.59	65.91	66.04	62.30	57.91
Cash Conversion Cycle (CCC)	107.00	121.11	107.93	84.58	92.48	95.24	89.39	93.67	136.14	151.67	124.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-409	-473	-760	-706	-868	-1,100	-1,206	-1,548	-1,912	-1,578	-1,688
Invested Capital Turnover	-2.79	-2.89	-2.43	-2.46	-2.75	-2.64	-2.90	-3.21	-3.07	-3.41	-4.16
Increase / (Decrease) in Invested Capital	-93	-64	-287	54	-161	-232	-106	-342	-364	333	-110
Enterprise Value (EV)	-90	-268	170	683	1,442	2,867	9,765	36,929	43,498	69,342	56,127
Market Capitalization	1,074	1,042	1,520	2,400	3,652	4,822	11,752	38,195	44,946	72,414	59,053
Book Value per Share	$4.39	$4.84	$3.39	$5.93	$7.85	$5.27	$4.78	($0.36)	($0.60)	$1.95	$1.66
Tangible Book Value per Share	$4.26	$4.61	$3.21	$5.58	$7.27	$4.51	$3.63	($0.60)	($0.81)	$1.49	$1.19
Total Capital	755	838	589	1,010	1,342	856	1,787	709	529	2,488	2,234
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	988	990	992	994	996
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	988	990	992	994	497
Net Debt	-1,164	-1,311	-1,349	-1,717	-2,210	-1,956	-2,004	-1,266	-1,448	-3,072	-2,926
Capital Expenditures (CapEx)	37	67	135	53	92	126	296	281	204	379	365
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-299	-376	-562	-685	-752	-926	-1,269	-1,479	-1,731	-2,156	-2,217
Debt-free Net Working Capital (DFNWC)	592	709	690	965	1,313	911	1,283	732	709	1,911	1,366
Net Working Capital (NWC)	592	709	690	965	1,313	911	1,283	732	709	1,911	866
Net Nonoperating Expense (NNE)	-1.00	-0.15	-3.60	-26	-30	-8.93	29	82	-41	-191	-170
Net Nonoperating Obligations (NNO)	-1,164	-1,311	-1,349	-1,717	-2,210	-1,956	-2,004	-1,266	-1,448	-3,072	-2,926
Total Depreciation and Amortization (D&A)	39	53	58	146	164	208	267	332	352	368	455
Debt-free, Cash-free Net Working Capital to Revenue	-29.67%	-29.50%	-37.57%	-37.96%	-34.79%	-35.71%	-37.98%	-33.48%	-32.63%	-36.20%	-32.60%
Debt-free Net Working Capital to Revenue	58.64%	55.61%	46.13%	53.45%	60.71%	35.11%	38.37%	16.57%	13.37%	32.08%	20.09%
Net Working Capital to Revenue	58.64%	55.61%	46.13%	53.45%	60.71%	35.11%	38.37%	16.57%	13.37%	32.08%	12.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.05	$0.19	$0.18	$1.96	$1.91	$2.98	$3.72	$1.08	$1.47	$2.28	$2.45
Adjusted Weighted Average Basic Shares Outstanding	170.39M	172.62M	174.32M	169.10M	171M	164.20M	163.20M	791.40M	778.60M	764.40M	758M
Adjusted Diluted Earnings per Share	$0.05	$0.18	$0.18	$1.91	$1.87	$2.91	$3.63	$1.06	$1.46	$2.26	$2.42
Adjusted Weighted Average Diluted Shares Outstanding	176.14M	176.34M	178.08M	174.20M	175M	167.70M	167.10M	805.30M	788.20M	771.90M	764.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	171.60M	175.32M	168.02M	170.63M	172.51M	163.19M	160.82M	784.07M	763.03M	768.97M	739.92M
Normalized Net Operating Profit after Tax (NOPAT)	16	35	77	164	302	443	631	934	1,103	1,555	1,675
Normalized NOPAT Margin	1.56%	2.75%	5.16%	9.09%	13.94%	17.09%	18.89%	21.14%	20.80%	26.10%	24.64%
Pre Tax Income Margin	1.68%	3.38%	8.29%	14.09%	17.85%	20.88%	18.80%	21.63%	25.14%	34.56%	33.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	42.87	53.12	58.81	96.17	106.47
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	42.67	52.13	52.73	77.73	83.76
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	23.01	37.49	49.09	77.22	88.32
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	22.81	36.51	43.01	58.79	65.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	751.22%	344.10%	1,421.34%	63.24%	43.74%	221.11%	122.27%	232.45%	130.73%	0.03%	123.55%

This table displays calculated financial ratios and metrics derived from Fortinet's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.50%	16.10%	10.30%	7.21%	10.95%	13.00%	17.31%	13.77%	13.64%	14.38%	14.75%
EBITDA Growth	34.93%	9.70%	6.27%	11.36%	45.61%	77.87%	41.84%	43.45%	12.19%	-0.47%	9.73%
EBIT Growth	46.67%	11.94%	7.40%	15.54%	59.46%	98.85%	48.78%	50.77%	9.63%	-4.87%	7.21%
NOPAT Growth	31.39%	27.45%	-14.83%	12.22%	44.43%	35.05%	66.13%	29.88%	6.55%	6.44%	-1.46%
Net Income Growth	53.58%	39.72%	-0.92%	20.83%	42.62%	67.20%	69.25%	44.80%	15.88%	-12.22%	-3.84%
EPS Growth	57.14%	41.38%	0.00%	25.81%	48.48%	70.73%	70.00%	43.59%	16.33%	-11.43%	-1.47%
Operating Cash Flow Growth	59.28%	14.12%	-63.70%	22.57%	-33.61%	10.32%	149.14%	3.96%	32.13%	7.75%	29.86%
Free Cash Flow Firm Growth	352.81%	135.77%	-4.33%	-35.32%	-54.76%	-89.15%	-75.71%	-89.36%	-111.68%	205.91%	271.57%
Invested Capital Growth	-50.36%	-45.40%	-23.51%	-14.55%	-2.62%	14.52%	17.43%	14.30%	21.31%	6.52%	-6.97%
Revenue Q/Q Growth	2.42%	3.23%	6.03%	-4.37%	5.99%	5.15%	10.08%	-7.25%	5.86%	5.82%	10.44%
EBITDA Q/Q Growth	-1.42%	6.19%	25.43%	-15.18%	28.89%	29.72%	0.01%	-14.22%	0.81%	15.08%	10.27%
EBIT Q/Q Growth	-0.98%	8.58%	31.84%	-18.49%	36.66%	35.40%	-1.36%	-17.40%	-0.63%	17.49%	11.17%
NOPAT Q/Q Growth	-0.09%	19.83%	-2.10%	-4.26%	28.58%	12.05%	20.43%	-25.15%	5.49%	11.93%	11.50%
Net Income Q/Q Growth	7.51%	21.25%	-3.72%	-3.73%	26.90%	42.15%	-2.54%	-17.64%	1.55%	7.68%	6.77%
EPS Q/Q Growth	6.45%	24.24%	-2.44%	-2.50%	25.64%	42.86%	-2.86%	-17.65%	1.79%	8.77%	8.06%
Operating Cash Flow Q/Q Growth	-23.97%	7.01%	-65.22%	333.18%	-58.82%	77.81%	-21.46%	80.76%	-47.65%	44.99%	-5.34%
Free Cash Flow Firm Q/Q Growth	6.85%	3.86%	-31.20%	-15.29%	-25.27%	-75.08%	53.96%	-62.89%	-182.02%	752.74%	87.00%
Invested Capital Q/Q Growth	-5.96%	-4.95%	9.17%	-13.41%	5.07%	12.59%	12.25%	-17.71%	12.85%	-3.85%	-0.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.12%	76.20%	77.68%	77.48%	80.83%	82.53%	81.06%	80.96%	80.68%	80.77%	79.57%
EBITDA Margin	27.85%	28.65%	33.88%	30.05%	36.55%	45.09%	40.97%	37.89%	36.08%	39.24%	39.18%
Operating Margin	21.58%	22.72%	27.23%	23.73%	30.48%	31.22%	34.58%	29.47%	28.10%	31.73%	32.84%
EBIT Margin	21.10%	22.19%	27.60%	23.52%	30.33%	39.06%	35.00%	31.17%	29.26%	32.48%	32.70%
Profit (Net Income) Margin	20.60%	24.19%	21.97%	22.12%	26.48%	35.80%	31.70%	28.15%	27.00%	27.47%	26.56%
Tax Burden Percent	89.00%	98.51%	74.81%	86.65%	81.10%	86.19%	85.09%	83.46%	85.08%	79.67%	77.75%
Interest Burden Percent	109.68%	110.67%	106.43%	108.51%	107.66%	106.35%	106.44%	108.21%	108.47%	106.16%	104.48%
Effective Tax Rate	9.22%	-0.09%	22.91%	11.44%	16.34%	12.96%	14.02%	18.58%	14.90%	20.29%	22.25%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-3,626.37%	-419.43%	-308.13%	-1,902.30%	430.88%	311.53%	338.74%	205.91%	165.17%	228.04%	135.72%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	16.47%	17.92%	21.71%	17.51%	21.62%	27.31%	24.49%	21.19%	19.84%	23.38%	22.07%
Return on Assets (ROA)	16.08%	19.53%	17.28%	16.47%	18.87%	25.04%	22.18%	19.14%	18.31%	19.78%	17.92%
Return on Common Equity (ROCE)	-4,452.24%	-428.52%	-308.13%	-1,902.30%	430.88%	311.53%	338.74%	205.91%	165.17%	228.04%	135.72%
Return on Equity Simple (ROE_SIMPLE)	329.67%	1,552.90%	0.00%	-872.29%	455.55%	168.47%	0.00%	95.74%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	253	303	297	284	366	410	494	369	390	436	486
NOPAT Margin	19.59%	22.74%	21.00%	21.02%	25.50%	27.18%	29.73%	24.00%	23.91%	25.29%	25.53%
Net Nonoperating Expense Percent (NNEP)	0.79%	1.29%	1.02%	0.75%	0.60%	5.32%	1.44%	2.19%	1.67%	1.47%	0.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	56.18%	-	-	-	19.84%	12.49%	12.75%	25.20%	21.77%
Cost of Revenue to Revenue	22.88%	23.80%	22.32%	22.52%	19.17%	17.47%	18.94%	19.04%	19.32%	19.23%	20.43%
SG&A Expenses to Revenue	3.86%	4.01%	0.00%	4.02%	3.95%	4.75%	3.32%	3.75%	3.49%	3.56%	3.01%
R&D to Revenue	11.86%	11.76%	10.78%	12.78%	11.53%	12.42%	11.51%	12.90%	12.85%	11.73%	10.76%
Operating Expenses to Revenue	55.54%	53.48%	50.44%	53.75%	50.35%	51.31%	46.47%	51.49%	52.58%	49.04%	46.73%
Earnings before Interest and Taxes (EBIT)	273	296	391	318	435	589	581	480	477	560	623
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	360	382	480	407	524	680	680	583	588	677	746
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	184.79	621.91	0.00	0.00	159.76	65.32	48.48	37.71	39.27	87.64	47.72
Price to Tangible Book Value (P/TBV)	394.11	0.00	0.00	0.00	353.90	101.63	63.33	46.10	48.22	175.74	66.89
Price to Revenue (P/Rev)	11.90	8.91	8.47	9.72	8.32	10.39	12.16	12.05	12.77	9.83	8.68
Price to Earnings (P/E)	56.03	40.05	39.16	43.74	35.07	38.77	41.49	39.39	41.72	34.39	31.86
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.78%	2.50%	2.55%	2.29%	2.85%	2.58%	2.41%	2.54%	2.40%	2.91%	3.14%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	11.43	8.49	8.20	9.35	7.89	9.91	11.64	11.43	12.19	9.46	8.25
Enterprise Value to EBITDA (EV/EBITDA)	37.40	28.17	27.41	30.96	24.37	27.08	30.27	28.45	30.51	24.53	21.63
Enterprise Value to EBIT (EV/EBIT)	48.47	36.34	35.22	39.46	30.34	32.67	36.05	33.67	36.32	29.56	26.23
Enterprise Value to NOPAT (EV/NOPAT)	52.14	37.88	39.28	44.30	34.93	41.62	44.60	42.80	46.42	36.72	33.34
Enterprise Value to Operating Cash Flow (EV/OCF)	25.88	19.33	22.47	24.15	22.81	28.70	30.71	30.64	32.17	25.33	21.67
Enterprise Value to Free Cash Flow (EV/FCFF)	32.30	24.18	29.57	35.67	33.52	53.68	56.76	52.76	63.04	39.46	31.29
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.09	13.38	-2.14	-7.22	3.45	1.09	0.67	0.51	0.48	1.35	0.81
Long-Term Debt to Equity	3.09	13.38	-2.14	-7.22	3.45	1.09	0.67	0.25	0.24	0.68	0.40
Financial Leverage	56.17	5.47	3.64	31.20	-7.67	-4.97	-4.39	-3.21	-2.57	-3.12	-2.20
Leverage Ratio	-218.85	-23.36	-18.10	-114.94	25.50	16.63	16.52	9.90	7.96	11.08	7.38
Compound Leverage Factor	-240.02	-25.85	-19.27	-124.73	27.45	17.68	17.58	10.71	8.63	11.77	7.71
Debt to Total Capital	75.53%	93.05%	187.62%	116.08%	77.51%	52.25%	39.96%	33.64%	32.57%	57.53%	44.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.86%	16.33%	28.85%	22.37%
Long-Term Debt to Total Capital	75.53%	93.05%	187.62%	116.08%	77.51%	52.25%	39.96%	16.78%	16.24%	28.68%	22.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	24.47%	6.95%	-87.62%	-16.08%	22.49%	47.75%	60.04%	66.36%	67.43%	42.47%	55.40%
Debt to EBITDA	0.65	0.64	0.63	0.61	0.55	0.48	0.43	0.40	0.39	0.39	0.38
Net Debt to EBITDA	-1.53	-1.40	-0.91	-1.25	-1.31	-1.29	-1.34	-1.55	-1.45	-0.96	-1.13
Long-Term Debt to EBITDA	0.65	0.64	0.63	0.61	0.55	0.48	0.43	0.20	0.20	0.20	0.19
Debt to NOPAT	0.91	0.86	0.90	0.87	0.79	0.73	0.64	0.61	0.60	0.59	0.59
Net Debt to NOPAT	-2.13	-1.88	-1.31	-1.78	-1.88	-1.99	-1.98	-2.33	-2.21	-1.43	-1.74
Long-Term Debt to NOPAT	0.91	0.86	0.90	0.87	0.79	0.73	0.64	0.30	0.30	0.29	0.30
Altman Z-Score	5.78	4.49	4.16	4.71	4.40	5.42	6.28	6.24	6.63	5.25	4.76
Noncontrolling Interest Sharing Ratio	-22.77%	-2.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.39	1.30	1.19	1.20	1.32	1.34	1.47	1.36	1.33	1.03	1.17
Quick Ratio	1.25	1.15	1.03	1.06	1.19	1.22	1.36	1.26	1.21	0.90	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	925	961	661	560	418	104	161	60	-49	319	596
Operating Cash Flow to CapEx	670.70%	786.31%	712.64%	374.22%	1,480.52%	1,675.21%	489.34%	1,298.20%	269.31%	747.09%	1,449.07%
Free Cash Flow to Firm to Interest Expense	177.86	177.88	122.39	109.78	83.68	20.85	32.76	12.16	-10.62	51.44	135.55
Operating Cash Flow to Interest Expense	99.06	102.07	35.50	162.82	68.40	121.62	97.47	176.18	98.24	105.68	140.95
Operating Cash Flow Less CapEx to Interest Expense	84.29	89.09	30.52	119.31	63.78	114.36	77.55	162.61	61.76	91.53	131.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.81	0.79	0.74	0.71	0.70	0.70	0.68	0.68	0.72	0.67
Accounts Receivable Turnover	4.99	5.23	3.98	5.18	5.12	5.55	4.16	5.66	5.51	5.93	4.31
Inventory Turnover	4.14	3.57	3.30	3.33	3.20	2.82	2.89	2.86	3.01	3.21	3.72
Fixed Asset Turnover	5.55	5.37	5.46	4.99	4.98	4.94	4.98	4.63	4.55	4.55	4.58
Accounts Payable Turnover	5.49	5.20	5.53	6.61	6.55	5.37	5.86	6.37	6.29	6.28	6.30
Days Sales Outstanding (DSO)	73.12	69.75	91.64	70.47	71.26	65.76	87.80	64.48	66.20	61.60	84.67
Days Inventory Outstanding (DIO)	88.10	102.33	110.54	109.76	114.24	129.40	126.17	127.75	121.33	113.63	98.19
Days Payable Outstanding (DPO)	66.50	70.24	66.04	55.25	55.71	67.99	62.30	57.28	58.06	58.09	57.91
Cash Conversion Cycle (CCC)	94.72	101.85	136.14	124.98	129.79	127.18	151.67	134.95	129.47	117.14	124.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-2,005	-2,104	-1,912	-2,168	-2,058	-1,799	-1,578	-1,858	-1,619	-1,682	-1,688
Invested Capital Turnover	-2.99	-2.91	-3.07	-2.66	-2.73	-2.93	-3.41	-3.05	-3.45	-3.77	-4.16
Increase / (Decrease) in Invested Capital	-672	-657	-364	-275	-53	306	333	310	439	117	-110
Enterprise Value (EV)	57,027	43,905	43,498	50,426	43,697	56,612	69,342	70,201	77,240	62,011	56,127
Market Capitalization	59,353	46,084	44,946	52,456	46,043	59,319	72,414	74,021	80,920	64,428	59,053
Book Value per Share	$0.41	$0.09	($0.60)	($0.18)	$0.38	$1.19	$1.95	$2.55	$2.69	$0.96	$1.66
Tangible Book Value per Share	$0.19	($0.12)	($0.81)	($0.39)	$0.17	$0.76	$1.49	$2.09	$2.19	$0.48	$1.19
Total Capital	1,313	1,066	529	855	1,282	1,902	2,488	2,958	3,056	1,731	2,234
Total Debt	991	992	992	993	993	994	994	995	995	996	996
Total Long-Term Debt	991	992	992	993	993	994	994	496	496	497	497
Net Debt	-2,326	-2,179	-1,448	-2,030	-2,346	-2,707	-3,072	-3,821	-3,680	-2,417	-2,926
Capital Expenditures (CapEx)	77	70	27	222	23	36	98	67	168	88	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,936	-2,065	-1,731	-2,264	-2,145	-2,364	-2,156	-2,567	-2,495	-2,497	-2,217
Debt-free Net Working Capital (DFNWC)	1,378	1,104	709	759	1,194	1,337	1,911	2,214	2,068	627	1,366
Net Working Capital (NWC)	1,378	1,104	709	759	1,194	1,337	1,911	1,715	1,569	127	866
Net Nonoperating Expense (NNE)	-13	-19	-14	-15	-14	-130	-33	-64	-50	-38	-20
Net Nonoperating Obligations (NNO)	-2,326	-2,179	-1,448	-2,030	-2,346	-2,707	-3,072	-3,821	-3,680	-2,417	-2,926
Total Depreciation and Amortization (D&A)	87	86	89	88	89	91	99	104	111	117	123
Debt-free, Cash-free Net Working Capital to Revenue	-38.82%	-39.92%	-32.63%	-41.95%	-38.74%	-41.40%	-36.20%	-41.79%	-39.36%	-38.09%	-32.60%
Debt-free Net Working Capital to Revenue	27.62%	21.34%	13.37%	14.07%	21.56%	23.41%	32.08%	36.04%	32.63%	9.56%	20.09%
Net Working Capital to Revenue	27.62%	21.34%	13.37%	14.07%	21.56%	23.41%	32.08%	27.92%	24.76%	1.94%	12.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.41	$0.40	$0.39	$0.50	$0.71	$0.68	$0.56	$0.57	$0.63	$0.69
Adjusted Weighted Average Basic Shares Outstanding	785M	781.20M	778.60M	762.40M	763.80M	765M	764.40M	768.30M	765.50M	755.50M	758M
Adjusted Diluted Earnings per Share	$0.33	$0.41	$0.40	$0.39	$0.49	$0.70	$0.68	$0.56	$0.57	$0.62	$0.67
Adjusted Weighted Average Diluted Shares Outstanding	795.90M	791.20M	788.20M	770.50M	769.90M	771.90M	771.90M	776.80M	772.70M	761.20M	764.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	785.34M	767.91M	763.03M	763.94M	764.91M	766.45M	768.97M	765.42M	766.27M	743.65M	739.92M
Normalized Net Operating Profit after Tax (NOPAT)	253	212	297	284	365	410	494	364	389	435	485
Normalized NOPAT Margin	19.59%	15.90%	21.00%	21.02%	25.43%	27.18%	29.73%	23.66%	23.84%	25.23%	25.48%
Pre Tax Income Margin	23.14%	24.56%	29.37%	25.52%	32.65%	41.54%	37.25%	33.73%	31.74%	34.48%	34.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	52.46	54.85	72.31	62.41	87.00	117.80	118.57	97.94	103.67	90.37	141.57
NOPAT to Interest Expense	48.70	56.20	55.02	55.78	73.16	81.97	100.74	75.40	84.73	70.36	110.55
EBIT Less CapEx to Interest Expense	37.69	41.87	67.33	18.90	82.38	110.54	98.65	84.37	67.20	76.23	131.84
NOPAT Less CapEx to Interest Expense	33.94	43.22	50.04	12.27	68.54	74.71	80.82	61.83	48.25	56.22	100.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	52.52%	130.73%	0.00%	0.00%	58.62%	0.03%	0.00%	20.71%	119.16%	123.55%

Financials Breakdown Chart

Key Financial Trends

Fortinet, Inc. (NASDAQ: FTNT) has shown a pattern of solid profitability and strong cash generation over the last several quarters, with revenue level and margins remaining in the high-tech security sweet spot. Below is a concise, data-driven snapshot focusing on the latest four-year window of quarterly results, highlighting key trends for retail investors.

Revenue growth and scale: In Q4 2025, Fortinet reported operating revenue of about $1.905 billion, up from $1.660 billion in Q4 2024 (roughly a 14–15% year-over-year increase). The quarterly sequence within 2025 also shows a rising trend (Q3 2025 ≈ $1.725B, Q2 2025 ≈ $1.630B, Q1 2025 ≈ $1.540B), indicating a broadened top line.
Gross margin stability at a high level: Gross margin sits near the 80% mark. Q4 2025 gross profit was about $1.516B on $1.905B of revenue (≈79.6% gross margin), with prior 2025 quarters also in the ~80–81% range, signaling pricing power and favorable cost structure.
Operating margin remains solid: Q4 2025's operating income was about $625.6M on $1.905B in revenue, delivering an operating margin of roughly 33%. This aligns with a historically healthy profitability profile even as operating expenses rise with growth.
Robust cash flow from operations: Fortinet continues to generate substantial cash from operations, with Q4 2025 net cash from continuing operating activities at about $620.2M (Q3 2025: $655.2M; Q2 2025: $451.9M; Q1 2025: $863.3M), illustrating strong cash conversion relative to earnings.
Net income variability but positive: Net income remains solid on a quarterly basis (Q4 2025 net income ≈ $506M; Q4 2024 ≈ $526M; Q3 2025 ≈ $473.9M; long-run, 2022–2025, net income has shown fluctuations but stayed positive), indicating volatility by quarter but continued profitability.
Debt position is manageable, but leverage exists: Short-term debt ≈ $499M and long-term debt ≈ $496M as of the most recent balance sheets, implying about $1.0B of debt. This is generally manageable given the cash flow base, but investors should monitor debt levels as growth evolves.
Tax rate variability: The effective tax rate has varied quarter to quarter (e.g., 22% in Q4 2025, ~20% in Q3 2025, lower in some earlier periods), indicating some volatility in reported tax expense relative to pre-tax income.
Significant financing outflows from buybacks: Fortinet has shown sizable share repurchases in 2025, including a large move in Q3 2025 (Repurchase of Common Equity approximately $1.83B), contributing to negative net cash from financing activities in several quarters and reducing cash reserves.
Investing activities remain cash-consuming: Investing outflows—such as purchases of PPE and investments in securities—translated to negative net cash from investing activities in several quarters (e.g., Q4 2025 net cash from continuing investing activities around -$46.3M; similar patterns seen in other periods), which can press on cash balances during an aggressive buyback phase or expansions.
Balance sheet leverage and equity dynamics: The liability load is substantial relative to equity in recent periods (total liabilities around $8.6–9.0B vs. equity peaking modestly around the mid-$0.7B to $2.0B range depending on period), signaling higher leverage risk if earnings or cash flow were to deteriorate.

05/12/26 01:40 PM ETAI Generated. May Contain Errors.

Fortinet Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fortinet's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Fortinet's net income appears to be on an upward trend, with a most recent value of $1.85 billion in 2025, rising from $7.99 million in 2015. The previous period was $1.75 billion in 2024. View Fortinet's forecast to see where analysts expect Fortinet to go next.

Fortinet's total operating income in 2025 was $2.08 billion, based on the following breakdown:

Total Gross Profit: $5.47 billion
Total Operating Expenses: $3.39 billion

Over the last 10 years, Fortinet's total revenue changed from $1.01 billion in 2015 to $6.80 billion in 2025, a change of 573.7%.

Fortinet's total liabilities were at $9.15 billion at the end of 2025, a 10.7% increase from 2024, and a 784.1% increase since 2015.

In the past 10 years, Fortinet's cash and equivalents has ranged from $543.28 million in 2015 to $2.88 billion in 2024, and is currently $2.50 billion as of their latest financial filing in 2025.

Over the last 10 years, Fortinet's book value per share changed from 4.39 in 2015 to 1.66 in 2025, a change of -62.1%.

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Financial statements for NASDAQ:FTNT last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fortinet (FTNT) Financials

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