Fortinet FTNT
Public, NASDAQ, reports in USD. Founded 2000.
Theme: Internet.
Firewalls.
2025-08-01 — Firewall
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 6.8bn USD | 14.2 % | 80.5 % | 12.0 % | 2.1bn USD | 30.7 % | 1.9bn USD | 2.42 | 44.8 | approx |
| 2024 | 6.0bn USD | 12.3 % | 80.6 % | 12.0 % | 1.8bn USD | 30.3 % | 1.7bn USD | 2.26 | 42.5 | |
| 2023 | 5.3bn USD | 20.1 % | 76.7 % | 11.6 % | 1.2bn USD | 23.4 % | 1.1bn USD | 1.46 | 43.5 | |
| 2022 | 4.4bn USD | – | 75.4 % | 11.6 % | 970m USD | 22.0 % | 857m USD | 1.06 | – | |
| 2026-Q2 | 2.0bn USD | 25.6 % | 80.2 % | 11.0 % | 689m USD | 33.7 % | 606m USD | 0.82 | 59.3 | |
| 2026-Q1 | 1.8bn USD | – | 80.3 % | 11.6 % | 580m USD | 31.4 % | 534m USD | 0.72 | – | |
| 2025-Q4 | 1.9bn USD | – | 79.6 % | 10.8 % | 626m USD | 32.8 % | 506m USD | 0.68 | – | |
| 2025-Q3 | 1.7bn USD | – | 80.8 % | 11.7 % | 547m USD | 31.7 % | 474m USD | 0.62 | – | |
| 2025-Q2 | 1.6bn USD | – | 80.7 % | 12.9 % | 458m USD | 28.1 % | 440m USD | 0.57 | – |
Sources
- 2025: https://investor.fortinet.com/news-releases/news-release-details/fortinet-reports-strong-fourth-quarter-and-full-year-2025 — Fortinet 6.8 USD 1 FY2025 (to 31 Dec 2025) revenue grew 14% to $6.80bn: | Fortinet 2.108 (formula =M84*0.31 in cell) USD DERIVED - APPROXIMATE FY2025 GAAP operating margin stated as 31%; exact GAAP operating income not in the release summary. Replace with reported figure when available.
- 2024: yfinance
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 2.0bn USD | 1.6bn USD | +418m (+26 %) |
| Op. margin | 33.7 % | 28.1 % | +5.6 pts |
| FCF | 966m USD | 284m USD | +682m (+240 %) |
| Op. income | 689m USD | ||
| Net income | 606m USD | ||
| EPS (diluted) | 0.82 | 43.9 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.6bn USD | 365m USD | 2.2bn USD | 32.7 % | 139.8 % | 1.7bn USD | 1.5bn USD | – | -380m USD |
| 2024 | 2.3bn USD | 379m USD | 1.9bn USD | 31.6 % | 129.4 % | 1.6bn USD | 1.3bn USD | – | 1.5bn USD |
| 2023 | 1.9bn USD | 204m USD | 1.7bn USD | 32.6 % | 168.6 % | 1.1bn USD | 1.1bn USD | 1.7bn USD | -284m USD |
| 2022 | 1.7bn USD | 281m USD | 1.4bn USD | 32.8 % | 201.9 % | 938m USD | 994m USD | 1.4bn USD | 364m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 173.98 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 127.7bn USD | 2026-09-15 | |
| 52w high | 173.89 USD | 2026-09-15 | |
| 52w low | 73.55 USD | 2026-09-15 | |
| Off 52w high % | 0.1 % | ||
| P/S | 18.8 | ||
| Lifetime CAGR | 7.4 % |
Notes
- 2025-08-01 opinion Firewall