Fortinet, Inc. (FTNT)
Q3-CY2026Q2-CY2026Q1-CY2026Q4-CY2025Q3-CY2025Q2-CY2025Q1-CY2025Q4-CY2024Q3-CY2024Q2-CY2024Q1-CY2024Q4-CY2023Q3-CY2023Q2-CY2023Q1-CY2023Q4-CY2022Q3-CY2022Q2-CY2022Q1-CY2022Q4-CY2021Q3-CY2021Q2-CY2021Q1-CY2021Q4-CY2020Q3-CY2020Q2-CY2020Q1-CY2020Q4-CY2019Q3-CY2019Q2-CY2019Q1-CY2019Q4-CY2018Q3-CY2018Q2-CY2018Q1-CY2018Q4-CY2017Q3-CY2017Q2-CY2017Q1-CY2017Q4-CY2016Q3-CY2016Q2-CY2016Q1-CY2016Q4-CY2015Q3-CY2015Q2-CY2015Q1-CY2015Q4-CY2014Q3-CY2014
Balance Sheet Date2026-Mar-312025-Dec-312025-Sep-302025-Jun-302025-Mar-312024-Dec-312024-Sep-302024-Jun-302024-Mar-312023-Dec-312023-Sep-302023-Jun-302023-Mar-312022-Dec-312022-Sep-302022-Jun-302022-Mar-312021-Dec-312021-Sep-302021-Jun-302021-Mar-312020-Dec-312020-Sep-302020-Jun-302020-Mar-312019-Dec-312019-Sep-302019-Jun-302019-Mar-312018-Dec-312018-Sep-302018-Jun-302018-Mar-312017-Dec-312017-Sep-302017-Jun-302017-Mar-312016-Dec-312016-Sep-302016-Jun-302016-Mar-312015-Dec-312015-Sep-302015-Jun-302015-Mar-312014-Dec-312014-Sep-30
Fiscal PeriodQ1-FY2026Q4-FY2025Q3-FY2025Q2-FY2025Q1-FY2025Q4-FY2024Q3-FY2024Q2-FY2024Q1-FY2024Q4-FY2023Q3-FY2023Q2-FY2023Q1-FY2023Q4-FY2022Q3-FY2022Q2-FY2022Q1-FY2022Q4-FY2021Q3-FY2021Q2-FY2021Q1-FY2021Q4-FY2020Q3-FY2020Q2-FY2020Q1-FY2020Q4-FY2019Q3-FY2019Q2-FY2019Q1-FY2019Q4-FY2018Q3-FY2018Q2-FY2018Q1-FY2018Q4-FY2017Q3-FY2017Q2-FY2017Q1-FY2017Q4-FY2016Q3-FY2016Q2-FY2016Q1-FY2016Q4-FY2015Q3-FY2015Q2-FY2015Q1-FY2015Q4-FY2014Q3-FY2014
Total Revenue1,849,600,000$1,905,000,000$1,724,900,000$1,630,000,000$1,539,700,000$1,660,100,000$1,508,100,000$1,434,300,000$1,353,300,000$1,415,100,000$1,334,600,000$1,292,800,000$1,262,300,000$1,283,000,000$1,149,500,000$1,030,100,000$954,800,000$963,600,000$867,200,000$801,100,000$710,300,000$748,000,000$651,100,000$617,600,000$577,700,000$618,100,000$548,100,000$521,700,000$472,600,000$510,400,000$453,900,000$441,300,000$399,000,000$416,600,000$374,200,000$363,500,000$340,600,000$362,787,000$316,646,000$311,391,000$284,576,000$296,529,000$260,068,000$239,785,000$212,886,000$223,969,000$193,348,000$
QoQ%(2.91%)10.44%5.82%5.87%(7.25%)10.08%5.15%5.99%(4.37%)6.03%3.23%2.42%(1.61%)11.61%11.59%7.89%(.91%)11.12%8.25%12.78%(5.04%)14.88%5.42%6.91%(6.54%)12.77%5.06%10.39%(7.41%)12.45%2.86%10.60%(4.23%)11.33%2.94%6.72%(6.12%)14.57%1.69%9.42%(4.03%)14.02%8.46%12.64%(4.95%)15.84%5.02%
YoY%20.13%14.75%14.38%13.64%13.77%17.31%13.00%10.95%7.21%10.30%16.10%25.50%32.21%33.15%32.55%28.59%34.42%28.82%33.19%29.71%22.95%21.02%18.79%18.38%22.24%21.10%20.75%18.22%18.45%22.52%21.30%21.40%17.15%14.83%18.18%16.73%19.69%22.35%21.76%29.86%33.68%32.40%34.51%30.25%26.01%23.27%24.98%
Cost Of Revenue364,500,000$389,200,000$331,700,000$314,900,000$293,100,000$314,500,000$263,400,000$275,000,000$304,700,000$315,900,000$317,700,000$295,800,000$307,800,000$297,300,000$283,000,000$250,800,000$253,800,000$228,300,000$211,200,000$186,900,000$156,600,000$167,000,000$139,200,000$135,100,000$128,700,000$140,500,000$124,100,000$128,300,000$113,000,000$128,500,000$111,600,000$113,100,000$97,200,000$105,400,000$93,600,000$95,700,000$90,600,000$90,854,000$84,799,000$84,503,000$77,644,000$81,976,000$71,701,000$69,498,000$63,602,000$65,624,000$56,885,000$
Gross Profit1,485,100,000$1,515,800,000$1,393,200,000$1,315,100,000$1,246,600,000$1,345,600,000$1,244,700,000$1,159,300,000$1,048,600,000$1,099,200,000$1,016,900,000$997,000,000$954,500,000$985,700,000$866,500,000$779,300,000$701,000,000$735,300,000$656,000,000$614,200,000$553,700,000$581,000,000$511,900,000$482,500,000$449,000,000$477,600,000$424,000,000$393,400,000$359,600,000$381,900,000$342,300,000$328,200,000$301,800,000$311,200,000$280,600,000$267,800,000$250,000,000$271,933,000$231,847,000$226,888,000$206,932,000$214,553,000$188,367,000$170,287,000$149,284,000$158,345,000$136,463,000$
Gross Margin80.29%79.57%80.77%80.68%80.96%81.06%82.53%80.83%77.49%77.68%76.20%77.12%75.62%76.83%75.38%75.65%73.42%76.31%75.65%76.67%77.95%77.67%78.62%78.13%77.72%77.27%77.36%75.41%76.09%74.82%75.41%74.37%75.64%74.70%74.99%73.67%73.40%74.96%73.22%72.86%72.72%72.36%72.43%71.02%70.12%70.70%70.58%
Operating Expenses905,100,000$890,200,000$845,900,000$857,100,000$792,800,000$771,500,000$773,800,000$722,100,000$727,400,000$713,800,000$713,700,000$718,000,000$681,000,000$627,900,000$601,000,000$584,000,000$550,000,000$520,400,000$489,600,000$466,700,000$432,100,000$411,600,000$385,000,000$363,700,000$332,300,000$355,500,000$323,400,000$318,200,000$309,000,000$293,400,000$279,500,000$277,500,000$269,400,000$269,000,000$246,900,000$239,300,000$244,600,000$226,784,000$226,359,000$230,933,000$210,624,000$201,686,000$190,207,000$167,335,000$148,386,000$138,429,000$121,012,000$
Operating Income580,000,000$625,600,000$547,300,000$458,000,000$453,800,000$574,100,000$470,900,000$437,200,000$321,200,000$385,400,000$303,200,000$279,000,000$273,500,000$357,800,000$265,500,000$195,300,000$151,000,000$214,900,000$166,400,000$147,500,000$121,600,000$169,400,000$126,900,000$118,800,000$116,700,000$122,100,000$100,600,000$75,200,000$50,600,000$88,500,000$62,800,000$50,700,000$32,400,000$42,200,000$33,700,000$28,500,000$5,400,000$45,149,000$5,488,000$(4,045,000$)(3,692,000$)12,867,000$(1,840,000$)2,952,000$898,000$19,916,000$15,451,000$
Operating Margin31.36%32.84%31.73%28.10%29.47%34.58%31.23%30.48%23.74%27.24%22.72%21.58%21.67%27.89%23.10%18.96%15.82%22.30%19.19%18.41%17.12%22.65%19.49%19.24%20.20%19.75%18.35%14.41%10.71%17.34%13.84%11.49%8.12%10.13%9.01%7.84%1.59%12.45%1.73%(1.30%)(1.30%)4.34%(.71%)1.23%.42%8.89%7.99%
Interest Income
Interest Expenses5,000,000$5,100,000$5,400,000$5,400,000$5,200,000$5,000,000$4,500,000$4,500,000$4,500,000$4,500,000$4,500,000$4,600,000$4,500,000$1,300,000$
Income Before Tax656,600,000$650,800,000$594,800,000$517,300,000$519,300,000$618,400,000$626,400,000$468,300,000$345,400,000$415,600,000$327,800,000$299,200,000$291,100,000$368,200,000$264,700,000$183,900,000$138,700,000$207,300,000$156,700,000$145,000,000$119,400,000$171,700,000$128,400,000$123,700,000$117,900,000$131,400,000$106,000,000$85,800,000$60,300,000$95,500,000$70,600,000$51,500,000$36,700,000$45,000,000$38,000,000$32,900,000$8,100,000$43,459,000$6,589,000$(3,690,000$)(3,258,000$)13,036,000$(1,160,000$)3,486,000$1,643,000$20,118,000$15,785,000$
Tax Expenses122,000,000$144,800,000$120,700,000$77,100,000$96,500,000$86,700,000$81,200,000$76,500,000$39,500,000$95,200,000$(300,000$)27,600,000$21,300,000$9,200,000$27,300,000$2,400,000$(8,100,000$)3,700,000$(9,300,000$)7,500,000$12,200,000$25,000,000$5,000,000$9,900,000$13,300,000$13,200,000$25,800,000$13,100,000$1,500,000$(89,800,000$)11,900,000$2,200,000$(4,900,000$)74,000,000$11,300,000$9,900,000$(2,600,000$)18,280,000$298,000$(2,302,000$)(5,376,000$)15,570,000$(9,329,000$)2,694,000$83,000$13,305,000$11,729,000$
Net Income534,500,000$506,000,000$473,900,000$440,100,000$433,400,000$526,200,000$539,900,000$379,800,000$299,300,000$310,900,000$322,900,000$266,300,000$247,700,000$313,800,000$231,100,000$173,400,000$138,300,000$198,800,000$163,200,000$137,500,000$107,200,000$146,700,000$123,400,000$113,800,000$104,600,000$118,200,000$80,200,000$72,700,000$58,800,000$185,300,000$58,700,000$49,300,000$41,600,000$(29,000,000$)26,700,000$23,000,000$10,700,000$25,179,000$6,291,000$(1,388,000$)2,118,000$(2,534,000$)8,169,000$792,000$1,560,000$6,813,000$4,056,000$
Profit Margin28.90%26.56%27.47%27.00%28.15%31.70%35.80%26.48%22.12%21.97%24.20%20.60%19.62%24.46%20.10%16.83%14.49%20.63%18.82%17.16%15.09%19.61%18.95%18.43%18.11%19.12%14.63%13.94%12.44%36.31%12.93%11.17%10.43%(6.96%)7.14%6.33%3.14%6.94%1.99%(.45%).74%(.86%)3.14%.33%.73%3.04%2.10%
TTM27.49%27.26%28.58%30.60%30.60%29.30%26.79%23.71%22.23%21.64%22.25%21.23%20.45%19.39%18.10%17.66%17.78%18.15%17.74%17.69%18.01%18.83%18.67%17.65%16.58%15.27%19.34%19.17%18.75%18.56%7.05%5.43%4.01%2.10%5.94%4.71%3.06%2.53%.37%.55%.79%.79%1.85%1.52%2.27%3.29%4.20%
Earnings to Minority0$(500,000$)(100,000$)(100,000$)(200,000$)100,000$
Earnings to Common Shareholders534,500,000$506,000,000$473,900,000$440,100,000$433,400,000$526,200,000$539,900,000$379,800,000$299,300,000$310,900,000$322,900,000$266,300,000$247,700,000$313,800,000$231,600,000$173,500,000$138,400,000$199,000,000$163,100,000$137,500,000$107,200,000$146,700,000$123,400,000$113,800,000$104,600,000$118,200,000$80,200,000$72,700,000$58,800,000$185,300,000$58,700,000$49,300,000$41,600,000$(29,000,000$)26,700,000$23,000,000$10,700,000$25,179,000$6,291,000$(1,388,000$)2,118,000$(2,534,000$)8,169,000$792,000$1,560,000$6,813,000$4,056,000$
QoQ%5.63%6.77%7.68%1.55%(17.64%)(2.54%)42.15%26.90%(3.73%)(3.72%)21.25%7.51%(21.06%)35.49%33.49%25.36%(30.45%)22.01%18.62%28.27%(26.93%)18.88%8.44%8.80%(11.51%)47.38%10.32%23.64%(68.27%)215.67%19.07%18.51%243.45%(208.61%)16.09%114.95%(57.50%)300.24%553.24%(165.53%)183.58%(131.02%)931.44%(49.23%)(77.10%)67.97%(33.30%)
YoY%23.33%(3.84%)(12.22%)15.88%44.81%69.25%67.20%42.62%20.83%(.92%)39.42%53.49%78.97%57.69%42.00%26.18%29.10%35.65%32.17%20.83%2.49%24.11%53.87%56.53%77.89%(36.21%)36.63%47.47%41.35%738.97%119.85%114.35%288.79%(215.18%)324.42%1,757.06%405.19%1,093.65%(22.99%)(275.25%)35.77%(137.19%)101.41%(86.98%)(81.41%)(43.30%)(63.22%)
Earnings Per Share, Basic0.72$0.68$0.63$0.57$0.56$0.69$0.71$0.50$0.39$0.41$0.41$0.34$0.32$0.40$0.29$0.22$0.17$0.14$0.20$0.17$0.66$0.05$0.76$0.70$0.61$0.69$0.47$0.42$0.35$1.09$0.35$0.29$0.25$(0.17$)0.15$0.13$0.06$0.15$0.04$(0.01$)0.01$(0.01$)0.05$0.00$0.01$0.04$0.02$
Earnings Per Share, Diluted0.72$0.68$0.62$0.57$0.56$0.68$0.70$0.49$0.39$0.40$0.41$0.33$0.31$0.40$0.29$0.21$0.17$0.13$0.19$0.16$0.64$0.05$0.75$0.69$0.60$0.67$0.46$0.42$0.34$1.05$0.33$0.28$0.24$(0.17$)0.15$0.13$0.06$0.14$0.04$(0.01$)0.01$(0.01$)0.05$0.00$0.01$0.04$0.02$
Unlevered FCF Per Share, Basic1.36$0.84$0.75$0.37$1.04$0.62$0.75$0.42$0.80$0.25$0.62$0.56$0.83$0.68$0.50$0.36$0.34$0.25$0.40$0.48$1.62$0.11$1.15$1.34$1.71$1.11$1.19$1.04$1.12$1.06$0.93$0.78$0.76$0.92$0.93$0.82$0.74$0.58$0.44$0.39$0.59$0.40$0.38$0.50$0.38$0.21$0.34$
Unlevered FCF Per Share, Diluted1.36$0.83$0.75$0.37$1.03$0.62$0.74$0.41$0.79$0.25$0.61$0.55$0.82$0.67$0.49$0.35$0.33$0.24$0.39$0.47$1.59$0.10$1.12$1.31$1.68$1.09$1.17$1.02$1.09$1.03$0.90$0.75$0.75$0.90$0.91$0.81$0.73$0.56$0.43$0.39$0.58$0.39$0.37$0.48$0.37$0.21$0.33$
Average Shares, Basic738,800,000742,700,000755,500,000765,500,000768,300,000766,400,000765,000,000763,800,000762,400,000765,000,000781,200,000785,000,000783,200,000780,600,000786,200,000795,400,000803,400,0001,467,000,000817,700,000816,700,000163,000,0002,789,700,000162,100,000161,600,000170,600,000171,400,000171,300,000171,100,000170,200,000170,300,000169,800,000168,600,000167,700,000171,500,000175,500,000175,700,000174,500,000173,245,000173,335,000172,075,000171,745,000171,885,000171,648,000169,930,000168,077,000165,478,000164,294,000
Average Shares, Diluted742,800,000747,700,000761,200,000772,700,000776,800,000775,300,000771,900,000769,900,000770,500,000772,300,000791,200,000795,900,000793,400,000791,700,000798,600,000810,100,000820,800,0001,500,800,000838,600,000835,400,000166,400,0002,848,000,000165,600,000165,400,000174,200,000175,300,000174,800,000175,100,000174,800,000175,800,000175,700,000173,500,000171,800,000175,400,000179,000,000179,700,000178,300,000180,766,000177,938,000172,075,000174,421,000176,713,000177,897,000176,234,000173,720,000170,970,000169,727,000
EBIT656,600,000$650,800,000$594,800,000$517,300,000$519,300,000$618,400,000$626,400,000$473,300,000$350,500,000$421,000,000$333,200,000$304,400,000$296,100,000$372,700,000$269,200,000$188,400,000$143,200,000$211,800,000$161,300,000$149,500,000$120,700,000$171,700,000$128,400,000$123,700,000$117,900,000$131,400,000$106,000,000$85,800,000$60,300,000$95,500,000$70,600,000$51,500,000$36,700,000$45,000,000$38,000,000$32,900,000$8,100,000$43,459,000$6,589,000$(3,690,000$)(3,258,000$)13,036,000$(1,160,000$)3,486,000$1,643,000$20,118,000$15,785,000$
EBITDA696,400,000$690,300,000$633,200,000$555,600,000$555,100,000$653,600,000$656,200,000$502,500,000$379,100,000$451,200,000$361,500,000$331,800,000$323,600,000$400,000,000$295,600,000$213,500,000$168,700,000$237,100,000$184,200,000$168,400,000$138,000,000$188,400,000$145,100,000$141,500,000$135,500,000$147,100,000$121,000,000$101,000,000$76,000,000$110,200,000$84,800,000$65,100,000$49,900,000$59,300,000$51,700,000$46,900,000$21,600,000$57,063,000$19,644,000$7,601,000$7,292,000$22,419,000$7,664,000$10,515,000$7,996,000$25,627,000$21,390,000$