Saturday 17 October 2026 Export FTNT’s income statement to Excel — free account

Fortinet, Inc.

Fortinet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 14.2% from fiscal 2024. In the quarter to June 2026, revenue grew 25.6%, EPS grew 45.6%, free cash flow grew 239.9% and total debt fell 50.1%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for ten.

169.13 12.78 −7.03%

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Market cap: $133.5B
P/E: 59.1×
Fwd P/E: 52.1×
Dividend yield: —
F-score: 5/9
Altman Z: 5.29
Beneish M: −2.64
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 136.24

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	—	—	3	—	—	8	2	—	3	2	—

Insider Ownership 17.13%

Capital & Financial Ratios $m

Market Cap 133,470.00

Revenue 7,527.40

Net Income 2,120.70

Free Cash Flow 3,117.00

Net Debt (3,572.70)

Current Ratio 1.28

Debt/Equity 0.32

P/E ratio 59.14

Fwd P/E 52.10

P/S ratio 16.47

P/B ratio 79.94

Past 5Y EPS Growth 32.98%

This Y EPS Growth 25.09%

Next Y EPS Growth 9.37%

Next Y revenue growth 19.40%

Next 5Y EPS Growth 15.67%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 53.78%

10-year low 10-year high

P/S against its own 10 years 95.58%

10-year low 10-year high

P/B against its own 10 years 80.71%

10-year low 10-year high

EV/Sales against its own 10 years 96.02%

10-year low 10-year high

EV/FCF against its own 10 years 88.39%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,440	4,067	3,583	4,070
Receivables	1,402	1,463	1,691	1,456
Inventory	485	316	400	426
Other	—	—	—	—
	4,428	5,972	5,900	6,208

	2023	2024	2025	Q'26
Payables	204	191	231	283
ST’ Debt	—	—	500	—
Other	—	—	—	—
	3,719	4,061	5,034	4,841

Compound Annual Growth %

	10y	5y	3y
Sales	21.02%	21.25%	15.46%
Cash Flow	24.80%	19.04%	14.39%
Earnings	72.41%	30.56%	29.30%
Book Value	5.06%	7.65%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,850	2,048	—	—	—
’25	1,540	1,630	1,725	1,905	6,800
’24	1,353	1,434	1,508	1,660	5,956
’23	1,262	1,293	1,335	1,415	5,305
’22	955	1,030	1,150	1,283	4,417
’21	710	801	867	964	3,342
’20	578	618	651	748	2,594

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,077	1,044	—	—	—
’25	863	452	655	620	2,591
’24	830	342	608	478	2,258
’23	678	515	551	192	1,936
’22	396	323	483	528	1,731
’21	316	418	399	367	1,500
’20	319	247	221	297	1,084

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,007	966	—	—	—
’25	797	284	568	577	2,226
’24	609	319	572	380	1,879
’23	647	438	481	165	1,731
’22	274	284	395	497	1,449
’21	264	395	330	216	1,204
’20	292	216	186	264	958

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.72	0.82	—	—	—
’25	0.56	0.57	0.62	0.68	2.42
’24	0.39	0.49	0.70	0.68	2.26
’23	0.31	0.33	0.41	0.40	1.46
’22	0.17	0.21	0.29	0.40	1.06
’21	0.13	0.16	0.19	0.24	0.73
’20	0.12	0.14	0.15	0.18	0.58

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	4.63	5.98	8.70	13.01	14.04	27.46	42.61	44.12	54.57	70.12	Analyst estimates 2026–2028 Powerpack
	High	7.50	9.13	18.87	22.06	30.67	74.35	72.42	81.24	100.59	114.82
People
People	Employees	4,665	5,066	5,845	7,082	8,238	10,195	12,595	13,568	14,138	15,109
	Revenue/emp, $m	0.27	0.30	0.31	0.31	0.31	0.33	0.35	0.39	0.42	0.45
Income, $m
Income, $m	Revenue	1,275	1,495	1,805	2,163	2,594	3,342	4,417	5,305	5,956	6,800
	Gross margin, %	73.51	74.23	75.04	76.61	78.03	76.57	75.44	76.68	80.56	80.46
	EBT	43	124	254	386	542	628	956	1,334	2,059	2,282
	EBT margin, %	3.38	8.29	14.09	17.85	20.88	18.80	21.63	25.14	34.56	33.56
	Net income	32	31	335	332	489	607	857	1,148	1,745	1,853
	Depreciation	53	58	146	164	208	267	332	352	368	455
Per share, $
Per share, $	Revenue	1.48	1.72	2.13	2.53	3.16	4.10	5.58	6.81	7.79	8.97
	Earnings	0.04	0.04	0.39	0.38	0.60	0.74	1.08	1.47	2.28	2.45
	Cash flow	0.40	0.68	0.76	0.95	1.32	1.84	2.19	2.49	2.95	3.42
	Capex	(0.08)	(0.16)	(0.06)	(0.11)	(0.15)	(0.36)	(0.36)	(0.26)	(0.50)	(0.48)
	Free cash flow	0.32	0.53	0.69	0.84	1.17	1.48	1.83	2.22	2.46	2.94
	Book value	0.97	0.68	1.19	1.57	1.04	0.98	(0.36)	(0.60)	1.95	1.63
	Shares, m	863	872	846	855	821	816	791	779	764	758
Valuation, ×
Valuation, ×	P/E	156.36	260.88	35.94	55.89	50.19	96.61	44.84	39.04	41.26	32.55
	P/S	4.07	5.17	6.60	8.44	9.40	17.55	8.69	8.48	12.13	8.85
	P/B	6.20	13.12	11.79	13.60	28.50	73.47	0.00	0.00	48.35	48.64
	EV/Sales	3.22	4.33	5.69	7.51	8.71	17.09	8.42	8.21	11.62	8.47
	EV/FCF	14.76	14.11	17.52	22.68	23.60	47.45	25.67	25.17	36.81	25.88
Cash, $m
Cash, $m	Operating cash flow	346	594	639	808	1,084	1,500	1,731	1,936	2,258	2,591
	Capex	(67)	(135)	(53)	(92)	(126)	(296)	(281)	(204)	(379)	(365)
	Free cash flow	279	459	586	716	958	1,204	1,449	1,731	1,879	2,226
Balance, $m
Balance, $m	Working capital	709	690	965	1,313	911	1,283	732	709	1,911	866
	Total debt	—	—	—	47	53	1,014	1,023	992	994	996
	Net debt	(1,086)	(1,251)	(1,650)	(2,019)	(1,784)	(1,537)	(1,188)	(1,448)	(3,072)	(2,586)
	Shareholders’ equity	838	589	1,010	1,342	856	798	(282)	(463)	1,494	1,238
Returns, %
Returns, %	ROA	1.64	1.43	12.55	9.54	12.33	12.18	14.12	17.02	20.51	18.39
	ROIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	4.04	4.40	41.87	28.20	44.44	73.36	331.77	(308.13)	338.74	135.72

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ORCL Oracle Corporation	$406.6B	19.8×	33.3×	+29.61% (above 0%: growing)	+51.92% (above 0%: growing)	−1,390.61% (below 0%: shrinking)	60.03%	34.78%	Compare
PANW Palo Alto Networks, Inc.	$302.9B	645×	135×	+34.46% (above 0%: growing)	n/m	+34.26% (above 0%: growing)	67.57%	5.04%	Compare
CRWD CrowdStrike	$250.4B	6,460×	1,100×	+25.83% (above 0%: growing)	n/m	+32.03% (above 0%: growing)	74.57%	(2.26%)	Compare
FTNT Fortinet, Inc.	$133.5B	59.1×	52.1×	+25.64% (above 0%: growing)	+45.61% (above 0%: growing)	+239.88% (above 0%: growing)	80.24%	33.66%
NET Cloudflare, Inc.	$112.6B	— (loss-making)	— (loss-making)	+35.87% (above 0%: growing)	n/m	+69.42% (above 0%: growing)	71.76%	(29.55%)	Compare
SNPS Synopsys, Inc.	$89.7B	79.8×	173×	+42.37% (above 0%: growing)	+88.74% (above 0%: growing)	+18.01% (above 0%: growing)	72.57%	14.43%	Compare
NBIS Nebius Group N.V.	$51.2B	636×	34.8×	+454.04% (above 0%: growing)	n/m	−399.28% (below 0%: shrinking)	77.06%	(30.21%)	Compare
XYZ Block, Inc.	$48.0B	134×	29.7×	+9.30% (above 0%: growing)	−82.95% (below 0%: shrinking)	+181.80% (above 0%: growing)	47.84%	6.75%	Compare
NTAP NetApp, Inc.	$42.2B	28.4×	23.4×	+29.89% (above 0%: growing)	+64.66% (above 0%: growing)	−35.32% (below 0%: shrinking)	70.07%	23.90%	Compare
Median of peers	$101.2B	134×	34.8×	+32.18%	+58.29%	+25.02%	70.92%	5.90%

All 173 Software Infrastructure stocks →

Fortinet, Inc. (FTNT) key facts

Strength: Fortinet, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.8 billion, up 14.2% from fiscal 2024.
Fortinet, Inc. (FTNT) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, FTNT traded at $169.13, a market capitalization of $133.5 billion.
Return on equity was 135.7% and debt-to-equity 0.32.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 5.29 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 29 September 2026

Fortinet reported $6.8 billion of revenue, $1.9 billion of net income and $2.2 billion of free cash flow in FY2025. In Q2 FY2026, revenue was $2.0 billion, operating income was $689.3 million and net income was $606.3 million.

Revenue in the TTM to Q2 FY2026 was $7.5 billion, while free cash flow in the TTM to Q2 FY2026 was $3.1 billion. Net debt was −$3.6 billion in Q2 FY2026, and the P/E was 61.7× as of September 28, 2026.

Read the full analysis →