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Fortinet, Inc.FTNT

Sector
Technology
Industry
Computer Peripheral Equipment, NEC
Exchange
Nasdaq

Stock Price $FTNT

Latest filings

You are here#32 of 67 in Technology by market cap

Filing record · 2016–202610-K1210-Q328-K91

FTNT filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 91 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Feb ’18Feb ’18
  2. Leadership change8-K · Apr ’21Apr ’21
  3. Leadership change8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $6.80B
YoY changeLargest recent move+32.2%in FY22Latest +14.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All FTNT Financial Metrics63 metrics

Income Statement17

Balance Sheet28

Cash Flow14

Per Share4

02—Overview

Fortinet, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Fortinet fundamentally transformed its profitability profile by aggressively expanding its subscription base, pushing operating margins to a staggering 30.7%a in FY2025. This persistent margin expansion underpins a clear investment thesis: the company has successfully evolved from a traditional firewall hardware vendor into a highly lucrative, service-led cybersecurity platform capable of self-funding aggressive shareholder returns.

The financial trajectory highlights a remarkable top-line expansion. Total revenue more than doubled, climbing from $3.34 billion in FY2021 to $6.80 billionb in FY2025. This growth was heavily anchored by the shift toward recurring streams, with service revenues hitting $4.58 billion in FY2025. By prioritizing these software and subscription elements, Fortinet achieved a massive 80.6% gross margin in FY2024. The resulting cash generation has consistently funded capital deployment, highlighted by $2.29 billion in stock repurchases throughout FY2025.

The market rewarded this combination of scale and software-like margins. At the close of FY2025, Fortinet traded at a 32.8x price-to-earnings multiple, commanding a $59.0 billionc market cap with shares priced at $79.41. Furthermore, the company proved its core hardware business can still surge, delivering a 41% jump in product revenue to $645.1 million during Q1 2026. This hybrid strength in both networking appliances and high-margin services cements the company's structural financial resilience.

Recent Developments (Q4 2025 and Q1 2026)

Fortinet sustained its momentum into Q1 2026, driving total revenue up 20% year-over-year to $1.85 billiond. This expansion pushed operating income up 28% to $580.0 million, elevating the operating margin to 31.4%. The firm also repurchased $826.9 million in stock during the quarter, funded by a 25% increase in operating cash flow to $1.08 billion.

The company continues advancing its AI-driven security operations, backed by an expanding portfolio of 321 AI-related patents. Additionally, a June 2026 shareholder meeting resulted in the re-election of all nine board directors, signaling strong confidence in management. Bulls highlight the sequential growth in deferred revenue to $7.35 billione, which secures near-term earnings visibility. Conversely, bears caution that shares appear richly valued at 47.1x earnings as of May 8, 2026, leaving minimal room for execution missteps.

What to watch: gross margin fluctuations tied to product sales; the pace of AI patent commercialization

03—Filings

Recent SEC Filings

  1. 8-KFortinet, Inc. 8-K Report, Financial Results (Jul 29, 2026)Fortinet reported second-quarter 2026 results that beat the high end of its guidance. Revenue rose 26% year over year to $2.05 billion, with product revenue up 52% to $773 million. Billings grew 33% to $2.37 billion. GAAP operating margin was 33.7% and non-GAAP operating margin was 38.0%, up from 28.1% and 33.1% a year earlier. GAAP diluted EPS rose 44% to $0.82, and non-GAAP diluted EPS rose 41% to $0.90. Operating cash flow was $1.04 billion and free cash flow was $966 million, a 47.2% margin. Service revenue, at 62% of the total, grew a more modest 14%, so the growth acceleration was driven largely by product sales. Management raised full-year 2026 revenue guidance to $8.02-$8.18 billion, which the company describes as 19% growth. Billings guidance is $9.35-$9.55 billion, and non-GAAP operating margin guidance is 35-37%. Third-quarter revenue is guided to $2.01-$2.10 billion, with non-GAAP operating margin of 35-37%. Non-GAAP diluted EPS guidance for the year is $3.41-$3.47 on a diluted share count of 741-745 million. Balance sheet and capital return were also strong. Fortinet repaid $500 million of senior notes in the first half and repurchased $973 million of stock, compared with $401 million a year earlier. Total debt is now about $497 million, and cash plus short-term investments is about $4.07 billion. Diluted shares fell to 739.9 million in Q2 from 772.7 million a year earlier. Moody's upgraded the senior unsecured notes to A3. The company also announced a strategic collaboration with Intel on its Security Processor 6 (SP6) chip, which is aimed at supply-chain resilience.
  2. 8-KFortinet, Inc. 8-K Report, Shareholder Vote Results (Jun 16, 2026)Fortinet, Inc. (FTNT) filed an 8-K on June 16, 2026, reporting the results of its Annual Meeting of Stockholders held on June 12, 2026. The meeting saw strong participation, with approximately 88.15% of outstanding shares represented. Key outcomes include the overwhelming approval of all three proposals presented to shareholders. Specifically, the election of nine directors to the Board of Directors was overwhelmingly approved, with all nominees receiving significant support. Furthermore, the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was also overwhelmingly ratified. Finally, an advisory vote on the compensation of Fortinet's named executive officers also received a majority of the votes cast in favor.
  3. 8-KFortinet, Inc. 8-K Report, Financial Results (May 6, 2026)Fortinet reported a strong first quarter 2026, with revenue up 20% year over year to $1.85 billion, exceeding the high end of its guidance. Product revenue grew 41% to $645 million, and billings rose 31% to $2.09 billion. GAAP operating margin was 31.4% and non-GAAP operating margin was 35.8%. GAAP diluted EPS was $0.72, up 29%, and non-GAAP diluted EPS was $0.82, up 41%. Operating cash flow was a record $1.08 billion and free cash flow a record $1.01 billion, or 54% of revenue. Management raised its 2026 revenue guidance to $7.71–$7.87 billion, which the company describes as roughly 15% year-over-year growth. Full-year billings guidance is $8.80–$9.10 billion, and non-GAAP operating margin guidance is 33–36%. Second-quarter revenue is guided to $1.83–$1.93 billion, with billings of $2.09–$2.19 billion. Management attributes the results to networking-security convergence, FortiOS 8.0, and FortiASIC differentiation, and says its direct operations and manufacturing model helped it navigate supply chain challenges. The balance sheet shows a notable capital return and debt reduction. Fortinet repurchased $823 million of common stock and repaid $500 million of senior notes in the quarter, which reduced cash and short-term investments and contributed to a $1.34 billion net cash outflow from financing activities. GAAP stockholders' equity fell to $990 million from $1.24 billion, reflecting a $274 million increase in accumulated deficit, largely from buybacks. Deferred revenue, both current and long-term, grew to about $7.35 billion, supporting future revenue visibility.
  4. 8-KFortinet, Inc. 8-K Report, Financial Results (Feb 5, 2026)Fortinet reported a strong close to 2025, with fourth-quarter revenue up 15% year over year to $1.91 billion, product revenue up 20% to $691 million, and billings up 18% to $2.37 billion. Unified SASE billings grew 40% in the quarter. For the full year, revenue rose 14% to $6.80 billion, billings grew 16% to $7.55 billion, and free cash flow reached $2.21 billion. GAAP operating margin was 33% in Q4 and 31% for the year, while non-GAAP operating margin was 37% in Q4 and 35% for the year. Management said Fortinet exceeded the 'Rule of 45' for the sixth consecutive year. Fortinet guided 2026 revenue to $7.50 billion to $7.70 billion, implying roughly 10% to 13% growth, and billings to $8.40 billion to $8.60 billion. Non-GAAP operating margin guidance of 33% to 36% for the full year is at or above the 2025 level. First-quarter revenue guidance of $1.70 billion to $1.76 billion sits below the fourth-quarter run rate, which is typical seasonality for the company and should be weighed against the full-year outlook. Non-GAAP diluted EPS guidance for 2026 is $2.94 to $3.00, compared with $2.76 in 2025. The board also raised the share repurchase authorization by $1.0 billion, bringing the aggregate authorization to $10.25 billion through February 28, 2027, with about $1.38 billion remaining as of February 4, 2026. Capital returns were heavy in 2025, with $2.29 billion of stock repurchases. Cash and investments declined to about $3.92 billion, while total debt stood near $996 million. Investors should note that the results are furnished under Item 2.02 and are not deemed filed under the Exchange Act.
  5. 8-KFortinet, Inc. 8-K Report, Financial Results (Nov 5, 2025)Fortinet reported third-quarter 2025 results that beat its prior-year comparisons on the top line and non-GAAP profitability. Total revenue rose 14.4% year over year to $1.72 billion, with product revenue up 18% to $559.3 million and service revenue up 12.7% to $1.17 billion. Billings grew 14.3% to $1.81 billion, and non-GAAP operating margin expanded to 36.9% from 36.1%. Non-GAAP diluted EPS rose to $0.74 from $0.63. GAAP diluted EPS fell to $0.62 from $0.70, and GAAP net income declined about 12%, mainly because the prior-year quarter included a $106.3 million non-recurring gain on a bargain purchase and other income dropped sharply. Fortinet raised its full-year 2025 outlook for revenue, billings, and non-GAAP EPS relative to its guidance framework, and guided fourth-quarter revenue to $1.825 billion to $1.885 billion and billings to $2.185 billion to $2.285 billion. Management highlighted FortiSASE, where third-quarter billings more than doubled year over year, and the new Secure AI Data Center offering as key growth drivers. Balance sheet and capital allocation were the main areas of concern. Nine-month share repurchases totaled $2.23 billion, which drove cash and cash equivalents down to $2.0 billion from $2.9 billion at year-end 2024, and total stockholders' equity fell to $735 million from $1.49 billion. Third-quarter free cash flow was roughly flat at $567.5 million, as capital expenditures rose to $87.7 million from $36.3 million. Investors will want to watch how much of the company's cash generation continues to go to buybacks, and how the roughly $1.0 billion of debt coming due in the near term is addressed.
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04—See also

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