Wednesday 28 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.

185.20 1.87 +1.02%

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Market cap: $135.7B
P/E: 64.8×
Fwd P/E: 58.6×
Dividend yield: —
F-score: 5/9
Altman Z: 5.29
Beneish M: −2.64
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Fortinet, Inc. (FTNT) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Reportable Segment	6,800	100.00%
Gross margin		80.46%
Operating margin		30.66%
Pre-tax margin		33.56%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Security subscription	2,633 38.73%	2,317 38.90%	1,898 35.78%	1,427 32.30%	1,125 33.66%	919 35.41%	751 34.71%	606 33.59%	505 33.77%
Product	2,218 32.63%	1,909 32.05%	1,927 36.33%	1,781 40.31%	1,255 37.55%	916 35.32%	789 36.45%	674 37.37%	577 38.61%
Technical support and other	1,948 28.65%	1,730 29.05%	1,479 27.89%	1,210 27.39%	962 28.79%	759 29.27%	624 28.83%	524 29.04%	—
Technical Support	—	—	—	—	—	—	—	—	413 27.62%
Service	4,581	4,047	3,378	2,637	2,087	1,678	1,375	1,130	918
Revenue	6,800	5,956	5,305	4,417	3,342	2,594	2,163	1,805	1,495

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Product	‡	‡	‡	‡	‡	‡	‡	‡	‡
Service	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Reportable Segment	6,800 100.00%	5,956 100.00%	5,305 100.00%	4,417 100.00%
Revenue	6,800	5,956	5,305	4,417

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
EMEA	2,834 41.68%	2,396 40.23%	2,073 39.08%	1,692 38.30%	1,276 38.18%	992 38.23%	817 37.75%	679 37.64%	555 37.10%	477 37.43%	366 36.27%	271 35.12%	209 33.96%	184 34.51%	152 35.15%	122 37.45%	96 38.03%
United States	1,930 28.38%	1,779 29.87%	1,606 30.27%	1,325 30.00%	1,007 30.12%	813 31.35%	696 32.15%	578 32.05%	497 33.24%	426 33.43%	348 34.47%	200 26.00%	162 26.38%	145 27.24%	120 27.78%	92 28.36%	73 29.02%
APAC	1,265 18.60%	1,117 18.76%	1,057 19.92%	941 21.29%	708 21.17%	525 20.25%	426 19.71%	361 20.00%	298 19.93%	261 20.49%	208 20.61%	175 22.74%	154 24.95%	132 24.81%	109 25.07%	79 24.37%	64 25.23%
Other Americas	771 11.34%	663 11.14%	569 10.73%	460 10.41%	352 10.53%	264 10.17%	225 10.39%	186 10.31%	145 9.73%	66 5.17%	33 3.29%	42 5.50%	32 5.16%	72 13.43%	52 12.00%	32 9.81%	19 7.71%
California	—	—	—	—	—	—	—	—	—	44 3.47%	54 5.36%	82 10.64%	59 9.54%	—	—	—	—
Americas	2,700	2,442	2,175	1,785	1,359	1,077	920	764	642	537	435	325	253	217	172	124	93
Revenue	6,800	5,956	5,305	4,417	3,342	2,594	2,163	1,805	1,495	1,275	1,009	770	615	534	434	325	252

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q2 FY2026	$7.7B	$6.6B	+16.42%
Total billings	Q4 FY2025	$2.4B	$2.0B	+18.37%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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Total billings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.