Fortinet vs Palo Alto Networks: revenue, profit, margins and growth compared
Fortinet brought in $6.8B of revenue in fiscal 2025, Palo Alto Networks $11.5B in fiscal 2026. Revenue changed by +14.2% at Fortinet and +24.5% at Palo Alto Networks on the year before, so Palo Alto Networks grew faster. Fortinet kept 27.3% of its revenue as net profit, Palo Alto Networks 2.7%. Free cash flow was $2.2B at Fortinet and $4.1B at Palo Alto Networks.
Fiscal years as each company reports them; the two may end in different months.
Questions about Fortinet and Palo Alto Networks
Which is bigger by revenue, Fortinet or Palo Alto Networks?
Palo Alto Networks is bigger by revenue: $11.5B in fiscal 2026, against $6.8B for Fortinet in fiscal 2025.
Which keeps more of its revenue as profit, Fortinet or Palo Alto Networks?
Fortinet had a net margin of 27.3% in fiscal 2025; Palo Alto Networks had 2.7% in fiscal 2026.
Which grew revenue faster, Fortinet or Palo Alto Networks?
In their latest fiscal years revenue changed by +14.2% at Fortinet and +24.5% at Palo Alto Networks.
Where do these numbers come from?
From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.