Fortinet, Inc. (FTNT) Financial Statements

Fortinet, Inc.

FTNT · NASDAQ-GS

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Total Revenue	$6.80B	$5.96B	$5.30B	$4.42B	$3.34B	$2.59B	$2.16B	$1.80B
Cost of Revenue	$1.33B	$1.16B	$1.24B	$1.08B	$783.00M	$570.00M	$505.90M	$450.40M
Gross Profit	$5.47B	$4.80B	$4.07B	$3.33B	$2.56B	$2.02B	$1.66B	$1.35B
Research & Development	$815.50M	$716.80M	$613.80M	$512.40M	$424.20M	$341.40M	$277.10M	$244.50M
Selling, General & Administrative	$233.40M	$237.80M	$211.30M	$169.00M	$143.50M	$119.50M	$102.10M	$93.00M
Operating Expenses	$3.39B	$2.99B	$2.83B	$2.36B	$1.91B	$1.49B	$1.31B	$1.12B
Operating Income	$2.08B	$1.80B	$1.24B	$969.60M	$650.40M	$531.80M	$351.00M	$234.40M
Interest Expense	$20.10M	$20.00M	$21.00M	$18.00M	$14.90M	$0.00	$0.00	—
Other Income / (Expense)	$55.30M	$119.90M	-$6.10M	-$13.50M	-$11.60M	-$7.80M	-$7.50M	-$6.60M
Income Before Taxes	$2.28B	$2.06B	$1.33B	$955.50M	$628.40M	$541.70M	$386.00M	$254.30M
Provision for Income Taxes	$439.10M	$283.90M	$143.80M	$30.80M	$14.10M	$53.20M	$54.30M	-$80.60M
Net Income	$1.85B	$1.75B	$1.15B	$857.30M	$606.79M	$488.50M	$331.70M	$334.90M
Basic EPS	$2.45	$2.28	$1.47	$1.08	$0.74	$0.60	$1.94	$1.98
Diluted EPS	$2.42	$2.26	$1.46	$1.06	$0.73	$0.58	$1.90	$1.92
Basic Shares Outstanding	758.00M	764.40M	778.60M	791.40M	816.10M	821.00M	171.00M	169.10M
Diluted Shares Outstanding	764.60M	771.90M	788.20M	805.30M	835.30M	838.30M	175.00M	174.20M

Analyst Estimates

Period	Consensus EPS	Low	High	Estimates	Revisions
Dec 2026	$3.05	$2.77	$3.21	14	↑12 ↓0
Dec 2027	$3.40	$2.95	$4.16	15	↑12 ↓0
Dec 2028	$3.79	$3.57	$3.98	3	↑3 ↓0

Forward estimates are the sell-side consensus reported by Nasdaq, not a metir forecast.

Symbol: FTNT
Type: Stock
Sector: Technology
Industry: Computer peripheral equipment
Country: North America
Exchange: NASDAQ-GS

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet's solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams ('CERTs'), government entities, and academia, is a fundamental aspect of Fortinet's commitment to enhance cyber resilience globally.

Key Issues

Bullish view

The second-quarter call highlighted SASE Firewall growth, and Zacks cited expanding SASE momentum as a driver of the stronger outlook. That suggests Fortinet’s platform strategy is broadening demand beyond its traditional firewall business.

Bearish view

The evidence confirms recent SASE growth but does not establish how much of the acceleration is durable or how large the business has become. A slowdown in enterprise technology spending could make the latest growth rate difficult to sustain.

Analyst Consensus

See all

Hold

38 analysts

$166

Current

$133

Low

$170

Average

$133

High

Average target implies +2.58% versus the current price.

Earnings History

BeatMissNo estimate

Peers

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