balance equationreview2018-12-31
Difference 15300000 exceeds tolerance 3078000.000. Presentation or filing-vintage differences need review.
Revenue
$6.80B
Fiscal year ended 2025-12-31Operating income
$2.08B
Fiscal year ended 2025-12-31Free cash flow
Unavailable
Fiscal year ended 2025-12-31Fortinet, Inc. (FTNT) reported revenue of $6.80B and net income of $1.85B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Fortinet, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Computer Peripheral Equipment, NEC.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Operating income | $2.08B | $1.80B | $1.24B | $969.60M | $650.40M | $531.80M | $351.00M | $234.40M | $109.80M | $42.90M |
| Net income | $1.85B | $1.75B | $1.15B | $857.30M | $606.80M | $488.50M | $331.70M | $334.90M | $31.40M | $32.20M |
| Research & development | $815.50M | $716.80M | $613.80M | $512.40M | $424.20M | $341.40M | $277.10M | $244.50M | $210.60M | $183.10M |
| Weighted-average diluted shares | shares 764.60M | shares 771.90M | shares 788.20M | shares 805.30M | shares 835.30M | shares 838.30M | shares 175.00M | shares 174.20M | shares 178.10M | shares 176.30M |
| Pretax income | $2.28B | $2.06B | $1.33B | $955.50M | $628.40M | $541.70M | $386.00M | $254.30M | $124.00M | $43.10M |
| Income tax expense | $439.10M | $283.90M | $143.80M | $30.80M | $14.10M | $53.20M | $54.30M | -$80.60M | $92.60M | $10.90M |
| Diluted EPS | $2.42 | $2.26 | $1.46 | $1.06 | $0.73 | $0.58 | $1.90 | $1.92 | $0.18 | $0.18 |
| Selling, general & administrative | $2.58B | $2.28B | $2.22B | $1.86B | $1.49B | $1.19B | $1.03B | $875.30M | $788.90M | $707.60M |
| General & administrative | $233.40M | $237.80M | $211.30M | $169.00M | $143.50M | $119.50M | $102.10M | $93.00M | $87.90M | $81.10M |
| Selling & marketing | $2.35B | $2.04B | $2.01B | $1.69B | $1.35B | $1.07B | $926.90M | $782.30M | $701.00M | $626.50M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.50B | $2.88B | $1.40B | $1.68B | $1.32B | $1.06B | $1.22B | $1.11B | $811.00M | $709.00M |
| Total assets | $10.39B | $9.76B | $7.26B | $6.23B | $5.92B | $4.04B | $3.88B | $3.08B | $2.26B | $2.14B |
| Current assets | $5.90B | $5.97B | $4.43B | $3.81B | $3.60B | $2.74B | $2.77B | $2.22B | $1.72B | $1.54B |
| Total liabilities | $9.15B | $8.27B | $7.72B | $6.51B | $5.12B | $3.19B | $2.54B | $2.07B | $1.67B | $1.30B |
| Current liabilities | $5.03B | $4.06B | $3.72B | $3.08B | $2.32B | $1.83B | $1.46B | $1.26B | $1.03B | $829.44M |
| Total equity incl. NCI | $1.24B | $1.49B | -$463.40M | -$281.60M | $798.40M | $856.00M | $1.34B | $1.03B | $602.00M | $837.70M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $399.50M | $315.50M | $484.80M | $264.60M | $175.80M | $139.80M | $117.90M | $90.00M | $77.30M | $106.89M |
| Accounts receivable | $1.69B | $1.46B | $1.40B | $1.26B | $807.70M | $720.00M | $544.30M | $444.50M | $348.20M | $313.00M |
| Goodwill | $257.40M | $235.40M | $126.50M | $128.00M | $125.10M | $93.00M | $67.20M | $38.20M | $14.60M | $14.55M |
| Long-term debt | $496.60M | $994.30M | $992.30M | $990.40M | $988.40M | $0 | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $230.80M | $190.90M | $204.30M | $243.40M | $148.40M | $141.60M | $96.40M | $86.40M | $70.00M | $56.73M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 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 |
| Net change in cash | -$380.60M | $1.48B | -$285.00M | $363.80M | $257.30M | -$160.70M | $110.10M | $301.40M | $102.00M | $165.70M |
| Stock-based compensation | $279.50M | $257.90M | $249.00M | $217.30M | $207.90M | $191.70M | $174.10M | $162.90M | $137.20M | $122.40M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $2.29B | $600.00K | $1.50B | $1.99B | $741.80M | $1.08B | $145.10M | $211.80M | $446.30M | $110.80M |
| Depreciation & amortization | $152.00M | $122.80M | $113.40M | $104.30M | $84.40M | $68.80M | $61.60M | $55.70M | $55.50M | $48.50M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | 80.5% | 80.6% | 76.7% | 75.4% | 76.6% | 78.0% | 76.6% | 75.0% | 74.2% | 73.5% |
| Operating margin | 30.7% | 30.3% | 23.4% | 21.9% | 19.5% | 20.5% | 16.2% | 13.0% | 7.3% | 3.4% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 4.1% | 4.3% | 4.7% | 4.9% | 6.2% | 7.4% | 8.0% | 9.0% | 9.2% | 9.6% |
| Current ratio | 1.17x | 1.47x | 1.19x | 1.24x | 1.55x | 1.50x | 1.90x | 1.77x | 1.67x | 1.86x |
| Revenue YoY growth | 14.2% | 12.3% | 20.1% | 32.2% | 28.8% | 19.9% | 19.9% | 20.7% | 17.2% | Unavailable |
| Net margin | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | 18.8% | 15.3% | 18.6% | 2.1% | 2.5% |
| R&D / revenue | 12.0% | 12.0% | 11.6% | 11.6% | 12.7% | 13.2% | 12.8% | 13.5% | 14.1% | 14.4% |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 0.40x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 19.2% | 13.8% | 10.8% | 3.2% | 2.2% | 9.8% | 14.1% | -31.7% | 74.7% | 25.3% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open FTNT in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-30View SEC filing
10-Q · Filed 2026-05-08View SEC filing
10-K · Filed 2026-02-25View SEC filing
10-Q · Filed 2025-11-07View SEC filing
10-Q · Filed 2025-08-08View SEC filing
10-Q · Filed 2025-05-08View SEC filing
Reconciliation checks needing review
2 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
balance equationreview2017-12-31
Difference 12600000 exceeds tolerance 2257900.000. Presentation or filing-vintage differences need review.