Fortinet
FTNT · NasdaqComputer Peripheral Equipment, NEC · Fiscal year ends Dec 31
Fortinet reported revenue of $6.8B in the fiscal year ended Dec 2025, up 14.2% from the year before. Operating income was $2.1B, an operating margin of 30.7%, and net income was $1.9B. Operating cash flow of $2.6B less capital expenditure of $365M left free cash flow of $2.2B. It held more cash than debt (net cash $1.5B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.3B | $4.4B | $5.3B | $6B | $6.8B |
| Cost of revenue | $783M | $1.1B | $1.2B | $1.2B | $1.3B |
| Gross profit | $2.6B | $3.3B | $4.1B | $4.8B | $5.5B |
| Research & development | $424M | $512M | $614M | $717M | $816M |
| Operating income | $650M | $970M | $1.2B | $1.8B | $2.1B |
| Interest expense | $15M | $18M | $21M | $20M | $20M |
| Pre-tax income | $628M | $956M | $1.3B | $2.1B | $2.3B |
| Income tax | $14M | $31M | $144M | $284M | $439M |
| Net income | $607M | $857M | $1.1B | $1.7B | $1.9B |
| Diluted EPS | 0.73 | 1.06 | 1.46 | 2.26 | 2.42 |
| Diluted shares | 835M | 805M | 788M | 772M | 765M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $1.7B | $1.4B | $2.9B | $2.5B |
| Receivables | $808M | $1.3B | $1.4B | $1.5B | $1.7B |
| Inventory | $176M | $265M | $485M | $316M | $400M |
| Current assets | $3.6B | $3.8B | $4.4B | $6B | $5.9B |
| Net PP&E | $688M | $899M | $1B | $1.3B | $1.6B |
| Goodwill | $125M | $128M | $127M | $235M | $257M |
| Total assets | $5.9B | $6.2B | $7.3B | $9.8B | $10.4B |
| Payables | $148M | $243M | $204M | $191M | $231M |
| Deferred revenue | $1.8B | $2.3B | $2.8B | $3.3B | $3.6B |
| Current liabilities | $2.3B | $3.1B | $3.7B | $4.1B | $5B |
| Short-term debt | – | – | – | $0 | $500M |
| Long-term debt | $988M | $990M | $992M | $994M | $497M |
| Total liabilities | $5.1B | $6.5B | $7.7B | $8.3B | $9.2B |
| Shareholders' equity | $782M | −$282M | −$463M | $1.5B | $1.2B |
| Backlog (remaining obligations) | $3.5B | $4.7B | $5.8B | $6.4B | $7.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.7B | $1.9B | $2.3B | $2.6B |
| Capital expenditure | $296M | $281M | $204M | $379M | $365M |
| Free cash flow | $1.2B | $1.4B | $1.7B | $1.9B | $2.2B |
| Depreciation & amortisation | $84M | $104M | $113M | $123M | $152M |
| Stock-based compensation | $208M | $217M | $249M | $258M | $280M |
| Acquisitions | $75M | $31M | $0 | $276M | $42M |
| Share buybacks | $742M | $2B | $1.5B | $600,000 | $2.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.2% | 20.1% | 12.3% | 14.2% |
| Operating income growth (YoY) | – | 49.1% | 28.0% | 45.3% | 15.6% |
| EPS growth (YoY) | – | 45.2% | 37.7% | 54.8% | 7.1% |
| Gross margin | 76.6% | 75.4% | 76.7% | 80.6% | 80.5% |
| Operating margin | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% |
| Net margin | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% |
| Return on equityBlank when equity is negative | 77.6% | – | – | 116.8% | 149.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.1% | 30.8% | 35.1% | 31.6% | 38.9% |
| Free cash flow margin | 36.0% | 32.8% | 32.6% | 31.6% | 32.7% |
| Cash conversion (CFO ÷ net income) | 2.47x | 2.02x | 1.69x | 1.29x | 1.40x |
| Receivable days | 88 | 104 | 96 | 90 | 91 |
| Inventory days | 82 | 89 | 143 | 99 | 110 |
| Payable days | 69 | 82 | 60 | 60 | 63 |
| Interest cover | 43.7x | 53.9x | 59.1x | 90.2x | 104x |
| Debt ÷ equity | 1.26x | – | – | 0.67x | 0.81x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$331M | −$693M | −$406M | −$1.9B | −$1.5B |
| Current ratio | 1.55x | 1.24x | 1.19x | 1.47x | 1.17x |
Recent filings
More in Computer Peripheral Equipment, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.