Fortinet, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fortinet, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,275	1,495	1,805	2,163	2,594	3,342	4,417	5,305	5,956	6,800
Cost of revenue	338	385	450	506	570	783	1,085	1,237	1,158	1,329
Gross profit	938	1,110	1,354	1,657	2,024	2,559	3,333	4,068	4,798	5,471
Research and development	183	211	245	277	341	424	512	614	717	816
Selling and marketing	627	701	782	927	1,072	1,346	1,686	2,006	2,045	2,348
General and administrative	81.1	87.9	93	102	120	144	169	211	238	233
Operating expenses	895	1,000	1,120	1,306	1,493	1,909	2,363	2,827	2,995	3,386
Operating income	42.9	110	234	351	532	650	970	1,241	1,803	2,085
Interest expense				0	0	14.9	18	21	20	20.1
Other non-operating income	-7.1	0.7	-6.6	-7.5	-7.8	-11.6	-13.5	-6.1	120	55.3
Pre-tax income	43.1	124	254	386	542	628	956	1,334	2,059	2,282
Income tax	10.9	92.6	-80.6	54.3	53.2	14.1	30.8	144	284	439
Net income to minority interests				0	0	-0.1	-0.7	0	0
Net income	32.2	31.4	335	332	489	607	857	1,148	1,745	1,853
EBITDA	91.4	165	290	413	601	735	1,074	1,355	1,926	2,237
EPS, basic	0.04	0.04	0.39	0.39	0.60	0.74	1.08	1.47	2.28	2.45
EPS, diluted	0.04	0.04	0.38	0.38	0.58	0.73	1.06	1.46	2.26	2.42
Shares, basic (weighted)	866	875	848	858	821	816	791	779	764	758
Shares, diluted (weighted)	885	894	874	878	838	835	805	788	772	765

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	709	811	1,112	1,223	1,062	1,319	1,683	1,398	2,876	2,495
Short-term investments	377	440	537	843	776
Receivables	313	348	445	544	720	808	1,262	1,402	1,463	1,691
Inventory	107	77.3	90	118	140	176	265	485	316	400
Other current assets	33.3	40	36.8	41.2	43.3	65.4	73.1	101	126	227
Total current assets	1,539	1,717	2,221	2,769	2,740	3,601	3,810	4,428	5,972	5,900
Property, plant and equipment	137	245	271	344	448	688	899	1,044	1,350	1,619
Lease right-of-use assets				44.3	49.3	65.1	96.3	76	72.2	64.4
Goodwill	14.6	14.6	38.2	67.2	93	125	128	127	235	257
Intangible assets	24.8	16.3	22.1	31.1	31.6	63.6	56	35.3	115	97.3
Long-term investments	225	98	67	144	118	441	45.5	0	0	340
Other non-current assets	16.9	19.9	20.8	60	63.2	236	202	150	133	125
Total assets	2,140	2,258	3,078	3,879	4,045	5,919	6,228	7,259	9,763	10,389
Accounts payable	56.7	70	86.4	96.4	142	148	243	204	191	231
Accrued liabilities	35.6	50	77.5	102	149	197	266	424	338	355
Deferred revenue	645	794	966	1,156	1,393	1,777	2,349	2,849	3,276	3,636
Short-term debt					0				0	500
Total current liabilities	829	1,027	1,256	1,456	1,830	2,318	3,078	3,719	4,061	5,034
Long-term debt					0	988	990	992	994	497
Lease liabilities				30.6	34	40.5	62.5	45.7	46.4	29.4
Other non-current liabilities	14.3	8.6	13	44.9	56.2	59.2	150	125	130	141
Total liabilities	1,302	1,669	2,068	2,537	3,189	5,121	6,510	7,722	8,269	9,152
Total debt					0	988	990	992	994	996
Paid-in capital	801	910	1,068	1,180	1,207	1,254	1,284	1,416	1,636	1,770
Retained earnings	37.6	-320	-57.5	161	-352	-468	-1,546	-1,862	-117	-508
Other comprehensive income	-0.77	-0.8	-0.8	1.1	0.7	-4.8	-20.2	-18.9	-26.1	-25.4
Shareholders' equity	838	602	1,026	1,342	856	782	-282	-463	1,494	1,238
Minority interests					0	16.7	0
Total equity	838	602	1,026	1,342	856	798	-282	-463	1,494	1,238
Total liabilities and equity	2,140	2,258	3,078	3,879	4,045	5,919	6,228	7,259	9,763	10,389
Shares outstanding	868	842	852	861	163	810	782	761	767	743

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.2	31.4	335	332	489	607	857	1,148	1,745	1,853
Depreciation and amortization	48.5	55.5	55.7	61.6	68.8	84.4	104	113	123	152
Stock-based compensation	122	137	163	174	192	208	217	249	258	280
Deferred income tax	-15.6	29.4	-107	31.8	-7.1	-92.4	-226	-307	-223	68.3
Change in receivables	-57.9	-38.4	-82	-96.7	-176	-72.5	-457	-146	-45.4	-216
Change in inventory	-43	9.4	-33.4	-48.5	-42.2	-19.4	-109	-254	131	-90.6
Change in payables	0.1	13.1	14.6	7.7	37.4	-13.1	105	-43.1	-10.2	27.9
Cash from operations	346	594	639	808	1,084	1,500	1,731	1,936	2,258	2,591
Capital expenditures	-67.2	-135	-53	-92.2	-126	-296	-281	-204	-379	-365
Acquisitions	-22.1	0	-21.7	-34.6	-40.2	-74.9	-30.8	0	-276	-41.6
Purchases of investments	-474	-669	-682	-1,332	-1,079
Sales and maturities of investments	461	427	579	926	1,019	1,470	1,462	1,415	1,892	1,793
Cash from investing	-74.1	-76.8	-135	-502	-72.8	-1,325	764	-649	-727	-599
Debt issued				0	0	989	0	0
Stock issued	44.8	75.8	86.5	49.5	22.1	26	26.1	43.8	63.1	44.7
Share buybacks	-111	-446	-212	-145	-1,080	-742	-1,991	-1,501	-0.6	-2,290
Cash from financing	-106	-416	-203	-196	-1,172	82.8	-2,130	-1,570	-50.1	-2,372
Exchange rate effect	0			0	0	-0.1	-0.4	-0.8	-2.6	-0.6
Net change in cash	166	102	301	110	-161	257	364	-285	1,478	-381
Free cash flow	279	459	586	716	958	1,204	1,449	1,731	1,879	2,226
Interest paid						8.4	16	16	16	16
Income taxes paid	26.6	32.2	41.4	58.7	39.7	127	260	426	579	452

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $173.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	80.2%	Gross profit / revenue.
Operating margin	32.4%	Operating income / revenue.
EBITDA margin	34.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	34.8%	Pre-tax income / revenue.
Net margin	28.2%	Net income / revenue.
FCF margin	41.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.1%	Cash from operations / revenue.
Effective tax rate	19.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	136.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.5%	Net income / average total assets.
R&D / revenue	11.2%	Research and development expense / revenue.
Stock-based pay / revenue	4.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	29.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	31.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	30.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	29.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	30.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	31.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	33.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	18.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	15.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	7.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.28x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.6%	Total debt / total assets.
Liabilities / assets	85.7%	Total liabilities / total assets.
Net debt	-$2.44B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.94x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	4.43x	Revenue / average property, plant and equipment.
Inventory turnover	3.50x	Cost of revenue / average inventory.
Days inventory	104 days	365 x average inventory / cost of revenue.
Receivables turnover	5.17x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	106 days	Days inventory + days sales outstanding - days payables.
FCF conversion	147.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.17	Revenue / diluted weighted shares.
FCF per share	$4.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.59	Cash from operations / diluted weighted shares.
Book value per share	$2.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.66	Tangible book value / shares outstanding.
Cash per share	$4.00	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	91.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$127.27B	Share price x shares outstanding.
Enterprise value	$124.83B	Market cap + total debt - cash - short-term investments.
P/E	60.0x	Market cap / net income. Only when net income is positive.
P/S	16.9x	Market cap / revenue.
P/B	82.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	105x	Market cap / tangible book value, when positive.
P/FCF	40.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	37.5x	Market cap / cash from operations, when positive.
EV/Sales	16.6x	Enterprise value / revenue.
EV/EBIT	51.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	48.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	40.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.89x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Fortinet, Inc.'s revenue in fiscal 2025?

Fortinet, Inc. reported revenue of $6.80B for fiscal 2025, 14.2% higher than the year before.

Was Fortinet, Inc. profitable in fiscal 2025?

Yes. Net income was $1.85B, a net margin of 27.3%.

How much free cash flow did Fortinet, Inc. generate in fiscal 2025?

Cash from operations of $2.59B minus capital expenditures of $364.8M left free cash flow of $2.23B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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