Fortinet (FTNT) financial statements
Fortinet reported revenue of $6.8B in fiscal 2025, up 20.4% a year over 9 years.
Net income was $1.9B and the operating margin 30.7%, against 3.4% in 2016.
Free cash flow was $2.2B, and the company returned $2.3B in net buybacks.
The diluted share count fell 13% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Fortinet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.5B | $1.8B | $2.2B | $2.6B | $3.3B | $4.4B | $5.3B | $6.0B | $6.8B |
| Cost of revenue | $338M | $385M | $450M | $506M | $570M | $783M | $1.1B | $1.2B | $1.2B | $1.3B |
| Gross profit | $938M | $1.1B | $1.4B | $1.7B | $2.0B | $2.6B | $3.3B | $4.1B | $4.8B | $5.5B |
| Research and development | $183M | $211M | $244M | $277M | $341M | $424M | $512M | $614M | $717M | $816M |
| Selling, general and admin | $708M | $789M | $875M | $1.0B | $1.2B | $1.5B | $1.9B | $2.2B | $2.3B | $2.6B |
| Operating income | $43M | $110M | $234M | $351M | $532M | $650M | $970M | $1.2B | $1.8B | $2.1B |
| Interest expense | — | — | — | $0 | $0 | $15M | $18M | $21M | $20M | $20M |
| Pre-tax income | $43M | $124M | $254M | $386M | $542M | $628M | $956M | $1.3B | $2.1B | $2.3B |
| Income tax | $11M | $93M | -$81M | $54M | $53M | $14M | $31M | $144M | $284M | $439M |
| Net income | $32M | $31M | $335M | $332M | $488M | $607M | $857M | $1.1B | $1.7B | $1.9B |
| EPS (diluted) | $0.04 | $0.04 | $0.38 | $0.38 | $0.58 | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
| Diluted shares | 882M | 890M | 871M | 875M | 838M | 835M | 805M | 788M | 772M | 765M |
| Gross margin | 73.5% | 74.2% | 75.0% | 76.6% | 78.0% | 76.6% | 75.4% | 76.7% | 80.6% | 80.5% |
| Operating margin | 3.4% | 7.3% | 13.0% | 16.2% | 20.5% | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% |
| Net margin | 2.5% | 2.1% | 18.6% | 15.3% | 18.8% | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% |
Balance sheet
Fiscal years, from Fortinet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $1.3B | $1.6B | $2.1B | $1.8B | $1.3B | $1.7B | $1.4B | $2.9B | $2.5B |
| Receivables | $313M | $348M | $444M | $544M | $720M | $808M | $1.3B | $1.4B | $1.5B | $1.7B |
| Inventory | $107M | $77M | $90M | $118M | $140M | $176M | $265M | $485M | $316M | $400M |
| Total current assets | $1.5B | $1.7B | $2.2B | $2.8B | $2.7B | $3.6B | $3.8B | $4.4B | $6.0B | $5.9B |
| Property, plant and equipment | $137M | $245M | $271M | $344M | $448M | $688M | $898M | $1.0B | $1.3B | $1.6B |
| Goodwill | $15M | $15M | $38M | $67M | $93M | $125M | $128M | $126M | $235M | $257M |
| Total assets | $2.1B | $2.3B | $3.1B | $3.9B | $4.0B | $5.9B | $6.2B | $7.3B | $9.8B | $10.4B |
| Total current liabilities | $829M | $1.0B | $1.3B | $1.5B | $1.8B | $2.3B | $3.1B | $3.7B | $4.1B | $5.0B |
| Long-term debt | — | — | — | — | $0 | $988M | $990M | $992M | $994M | $497M |
| Total liabilities | $1.3B | $1.7B | $2.1B | $2.5B | $3.2B | $5.1B | $6.5B | $7.7B | $8.3B | $9.2B |
| Shareholders' equity | $838M | $602M | $1.0B | $1.3B | $856M | $782M | -$282M | -$463M | $1.5B | $1.2B |
| Net debt | -$709M | -$811M | -$1.1B | -$1.2B | -$1.1B | -$331M | -$692M | -$406M | -$1.9B | -$1.5B |
Cash flow
Fiscal years, from Fortinet's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $346M | $594M | $639M | $808M | $1.1B | $1.5B | $1.7B | $1.9B | $2.3B | $2.6B |
| Capital spending | $67M | $135M | $53M | $92M | $126M | $296M | $281M | $204M | $379M | $365M |
| Free cash flow | $278M | $459M | $586M | $716M | $958M | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| Stock-based compensation | $122M | $137M | $163M | $174M | $192M | $208M | $217M | $249M | $258M | $280M |
| Share buybacks (net) | -$111M | -$446M | -$212M | -$145M | -$1.1B | -$742M | -$2.0B | -$1.5B | -$600,000 | -$2.3B |
| Net borrowing | — | — | — | $0 | $0 | $989M | $0 | $0 | — | — |
| Free cash flow margin | 21.8% | 30.7% | 32.5% | 33.1% | 36.9% | 36.0% | 32.8% | 32.6% | 31.6% | 32.7% |
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Open FTNT in InvestinglyQuestions
What was Fortinet's revenue in 2025?
$6.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Fortinet generate?
$2.2B in fiscal 2025 (operating cash flow minus capital spending).
From Fortinet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.