FTNT
Fortinet Inc
NASDAQ: FTNT · TECHNOLOGY · SOFTWARE - INFRASTRUCTURE
$86.11
+0.45% today
Updated 2026-04-29
Market cap
$63.71B
P/E ratio
35.58
P/S ratio
9.37x
EPS (TTM)
$2.42
Dividend yield
—
52W range
$70 – $109
Volume
6.0M
Fortinet Inc (FTNT) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $123.47M | $155.37M | $211.79M | $252.12M | $324.70M | $433.58M | $533.64M | $615.30M | $770.36M | $1.01B | $1.28B | $1.49B | $1.80B | $2.16B | $2.59B | $3.34B | $4.42B | $5.30B | $5.96B | $6.80B |
| Revenue growth (YoY) | — | +25.8% | +36.3% | +19.0% | +28.8% | +33.5% | +23.1% | +15.3% | +25.2% | +31.0% | +26.4% | +17.2% | +20.7% | +19.9% | +19.9% | +28.8% | +32.2% | +20.1% | +12.3% | +14.2% |
| Cost of revenue | $40.96M | $56.65M | $65.47M | $69.97M | $85.21M | $113.60M | $147.42M | $180.64M | $231.01M | $286.78M | $337.80M | $385.30M | $450.40M | $505.90M | $570.00M | $783.00M | $1.08B | $1.24B | $1.16B | $1.30B |
| Gross profit | $82.50M | $98.71M | $146.32M | $182.14M | $239.49M | $319.98M | $386.22M | $434.65M | $539.36M | $722.49M | $937.60M | $1.11B | $1.35B | $1.66B | $2.02B | $2.56B | $3.33B | $4.07B | $4.80B | $5.50B |
| Gross margin | 66.8% | 63.5% | 69.1% | 72.2% | 73.8% | 73.8% | 72.4% | 70.6% | 70.0% | 71.6% | 73.5% | 74.2% | 75.0% | 76.6% | 78.0% | 76.6% | 75.4% | 76.7% | 80.6% | 80.8% |
| R&D | $21.45M | $27.59M | $37.03M | $42.20M | $49.80M | $63.58M | $81.08M | $102.66M | $122.88M | $158.13M | $183.10M | $210.60M | $244.50M | $277.10M | $341.40M | $424.20M | $512.40M | $613.80M | $716.80M | $815.50M |
| SG&A | $13.00M | $20.54M | $16.64M | $18.32M | $22.38M | $21.96M | $25.51M | $34.91M | $41.35M | $71.51M | $81.10M | $87.90M | $93.00M | $102.10M | $119.50M | $143.50M | $169.00M | $211.30M | $237.80M | $233.40M |
| Operating income | $-6.00M | $-21.58M | $4.93M | $25.33M | $55.34M | $88.90M | $100.47M | $72.09M | $59.32M | $14.88M | $42.90M | $109.80M | $234.40M | $351.00M | $531.80M | $650.40M | $969.60M | $1.24B | $1.80B | $2.08B |
| Operating margin | -4.9% | -13.9% | 2.3% | 10.0% | 17.0% | 20.5% | 18.8% | 11.7% | 7.7% | 1.5% | 3.4% | 7.3% | 13.0% | 16.2% | 20.5% | 19.5% | 21.9% | 23.4% | 30.3% | 30.6% |
| EBITDA | $-2.49M | $-17.42M | $9.16M | $31.27M | $61.85M | $95.89M | $112.04M | $87.71M | $81.35M | $54.07M | $95.40M | $165.60M | $290.10M | $447.60M | $610.50M | $727.70M | $1.08B | $1.24B | $2.20B | $2.46B |
| EBITDA margin | -2.0% | -11.2% | 4.3% | 12.4% | 19.0% | 22.1% | 21.0% | 14.3% | 10.6% | 5.4% | 7.5% | 11.1% | 16.1% | 20.7% | 23.5% | 21.8% | 24.4% | 23.4% | 37.0% | 36.2% |
| EBIT | $-6.00M | $-21.58M | $4.93M | $25.33M | $56.16M | $88.90M | $100.47M | $72.09M | $59.32M | $22.48M | $46.90M | $110.10M | $234.40M | $386.00M | $541.70M | $643.30M | $973.50M | $1.24B | $2.08B | $2.31B |
| Interest expense | $2.38M | $3.51M | $2.61M | $1.98M | $1.81M | $3.52M | $5.01M | $5.31M | $5.39M | $5.29M | $7.30M | $13.48M | $26.50M | $35.00M | $50.10M | $14.90M | $18.00M | $21.00M | $20.00M | $20.10M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-5.34M | $-21.84M | $7.36M | $60.18M | $41.24M | $62.49M | $66.84M | $44.27M | $25.34M | $7.99M | $32.20M | $31.40M | $334.90M | $331.70M | $488.50M | $606.80M | $857.30M | $1.15B | $1.75B | $1.85B |
| Net income growth (YoY) | — | -308.7% | +133.7% | +717.3% | -31.5% | +51.5% | +7.0% | -33.8% | -42.8% | -68.5% | +303.2% | -2.5% | +966.6% | -1.0% | +47.3% | +24.2% | +41.3% | +33.9% | +52.0% | +6.2% |
| Profit margin | -4.3% | -14.1% | 3.5% | 23.9% | 12.7% | 14.4% | 12.5% | 7.2% | 3.3% | 0.8% | 2.5% | 2.1% | 18.6% | 15.3% | 18.8% | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% |