Fortinet, Inc.FTNT
Fortinet, Inc. Financial Overview 2021–2025
Updated Jul 10, 2026Fortinet fundamentally transformed its profitability profile by aggressively expanding its subscription base, pushing operating margins to a staggering 30.7% 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 billion 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 billion 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 billion. 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 billion, 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
Rev
$6.80B
FY2025
NI
$1.85B
FY2025
EPS
$2.45
FY2025
OCF
$2.59B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All FTNT Financial Metrics(63)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
Fortinet, Inc. 8-K Report, Financial Results (Jul 29, 2026)
Fortinet, Inc. has filed an 8-K report on July 29, 2026, to announce its financial results for the second quarter ended June 30, 2026. The core of this filing is the accompanying press release (Exhibit 99.1) which details the company's performance during the period. Investors should pay close attention to the figures and commentary within this press release, as it provides the most up-to-date information directly from Fortinet regarding revenue, profitability, and other key operational metrics. While the 8-K itself is procedural in nature, it serves as the official notification and public dissemination channel for Fortinet's Q2 2026 financial outcomes. It is crucial to note that the information furnished via this 8-K, specifically the press release, is not deemed "filed" for certain regulatory purposes, meaning it doesn't automatically become part of broader SEC filings unless explicitly incorporated. Therefore, direct review of the press release is essential for a comprehensive understanding of the reported results and forward-looking statements that may be present.
Fortinet, 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.
Fortinet, Inc. 8-K Report, Financial Results (May 6, 2026)
Fortinet, Inc. (FTNT) filed an 8-K on May 6, 2026, to announce its financial results for the first quarter ended March 31, 2026. The primary purpose of this filing is to furnish a press release detailing the company's performance during the quarter. Investors should note that this information, while significant, is furnished and not deemed "filed" for certain regulatory purposes, meaning it does not automatically become incorporated into future SEC filings unless specifically referenced. The press release itself, attached as Exhibit 99.1, contains the core financial details and operational commentary that investors will need to review to understand Fortinet's recent performance and outlook.
Fortinet, Inc. 8-K Report, Financial Results (Feb 5, 2026)
Fortinet, Inc. (FTNT) has filed an 8-K on February 5, 2026, to report its financial results for the fourth quarter and full year ended December 31, 2025. The filing primarily consists of a press release, furnished as Exhibit 99.1, which contains the company's operational and financial performance details. Investors should refer to this press release for specific figures related to revenue, profitability, and other key financial metrics for the period. The company also notes that this information is furnished and not deemed "filed" under Section 18 of the Exchange Act, meaning it's not automatically incorporated into prior or future SEC filings unless explicitly stated. The filing also includes the Interactive Data File in iXBRL format for the cover page.
Fortinet, Inc. 8-K Report, Financial Results (Nov 5, 2025)
Fortinet, Inc. (FTNT) filed an 8-K on November 4, 2025, to report its third quarter financial results for the period ended September 30, 2025. The key information is contained within the press release furnished as Exhibit 99.1, which details the company's performance for the quarter. Investors should refer to this press release for specific financial metrics and operational updates. This filing serves as a notification of the results release, with the actual financial data and management commentary provided in the accompanying press release. While this 8-K itself does not contain detailed financial tables, it is the official channel through which Fortinet discloses its quarterly earnings to the public. The information is not deemed 'filed' under Section 18 of the Exchange Act unless specifically incorporated by reference into another filing, which is a standard disclaimer for such 8-K filings.
View all 8-K filings →