Top Bucket AI

Business Description

Fortinet, Inc. is an American cybersecurity company that develops and sells integrated security solutions to enterprises, service providers, and government organizations globally. Headquartered in Sunnyvale, California, the company is best known for its FortiGate firewalls and its Unified Threat Management (UTM) platform.

Financial Statements

In thousands, USD

	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	6,799,600	5,955,800	5,304,800	4,417,400
Cost of Sales	1,328,900	1,157,600	1,237,200	1,084,900
Gross Profit	5,470,700	4,798,200	4,067,600	3,332,500
Selling, General & Administrative Expenses	2,580,900	2,282,600	2,217,300	1,855,100
Research & Development Expenses	815,500	716,800	613,800	512,400
Other Operating Expenses	(10,400)	(4,600)	(4,600)	(4,600)
Operating Profit	2,084,700	1,803,400	1,241,100	969,600
Interest and Investment Income	162,300	155,200	119,700	17,400
Interest Expense	(20,100)	(20,000)	(21,000)	(18,000)
Non-Operating Income	55,300	119,900	(6,100)	(13,500)
Total Non-Operating Income	197,500	255,100	92,600	(14,100)
Income Before Provision for Income Taxes	2,282,200	2,058,500	1,333,700	955,500
Provision for Income Taxes	439,100	283,900	143,800	30,800
Consolidated Net Income	1,843,100	1,774,600	1,189,900	924,700
Net Income Attributable to Minority Interests and Other	(10,300)	29,400	42,100	67,400
Net Income Attributable to Common Shareholders	1,853,400	1,745,200	1,147,800	856,600
Basic EPS	2.45	2.28	1.47	1.08
Diluted EPS	2.42	2.26	1.46	1.06
Basic Weighted Average Shares Outstanding	758,000	764,400	778,600	791,400
Diluted Weighted Average Shares Outstanding	764,600	771,900	788,200	805,300
Shares Outstanding	743,000	767,000	761,000	781,500

	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	2,495,300	2,875,900	1,397,900	1,682,900
Short-Term Investments	1,087,200	1,190,600	1,042,500	528,100
Total Cash and Cash Equivalents	3,582,500	4,066,500	2,440,400	2,211,000
Accounts Receivable	1,691,200	1,463,400	1,402,000	1,261,700
Total Trade Receivables	1,691,200	1,463,400	1,402,000	1,261,700
Inventories	399,500	315,500	484,800	264,600
Other Current Assets	227,000	126,100	101,100	73,100
Total Current Assets	5,900,200	5,971,500	4,428,300	3,810,400
Net Property, Plant & Equipment	1,619,000	1,349,500	1,044,400	898,500
Net Intangible Assets	97,300	115,000	35,300	56,000
Goodwill	257,400	235,400	126,500	128,000
Long-Term Investments	339,700	—	—	45,500
Other Long-Term Assets	2,175,600	2,091,700	1,624,400	1,289,600
Total Assets	10,389,200	9,763,100	7,258,900	6,228,000
Accounts Payable	230,800	190,900	204,300	243,400
Accrued Expenses	667,500	593,600	666,000	485,700
Current Portion of Long-Term Debt	499,700	—	—	—
Unearned Revenue	3,636,000	3,276,200	2,848,700	2,349,300
Total Current Liabilities	5,034,000	4,060,700	3,719,000	3,078,400
Long-Term Debt	496,600	994,300	992,300	990,400
Other Long-Term Liabilities	3,621,100	3,214,300	3,011,000	2,440,800
Total Long-Term Liabilities	4,117,700	4,208,600	4,003,300	3,431,200
Total Liabilities	9,151,700	8,269,300	7,722,300	6,509,600
Common Stock	700	800	800	800
Additional Paid-in Capital	1,770,100	1,636,200	1,416,400	1,284,200
Accumulated Other Comprehensive Income	(25,400)	(26,100)	(18,900)	(20,200)
Retained Earnings	(507,900)	(117,100)	(1,861,700)	(1,546,400)
Total Common Shareholders' Equity	1,237,500	1,493,800	(463,400)	(281,600)
Total Shareholders' Equity	1,237,500	1,493,800	(463,400)	(281,600)
Total Liabilities and Shareholders' Equity	10,389,200	9,763,100	7,258,900	6,228,000

	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	1,853,400	1,745,200	1,147,800	856,600
Depreciation & Amortization	488,300	416,500	379,700	327,600
Share-Based Compensation Expense	279,500	257,900	249,000	217,300
Other Adjustments	(86,400)	(140,900)	32,900	96,100
Changes in Trade Receivables	(215,900)	(45,400)	(146,400)	(456,700)
Changes in Inventories	(90,600)	131,200	(253,500)	(109,100)
Changes in Accounts Payable	27,900	(10,200)	(43,100)	105,200
Changes in Accrued Expenses	68,300	(106,700)	160,800	80,200
Changes in Unearned Revenue	754,200	577,800	1,095,300	1,177,500
Changes in Other Operating Activities	(488,100)	(567,300)	(687,000)	(564,100)
Cash from Operating Activities	2,590,600	2,258,100	1,935,500	1,730,600
Capital Expenditure	(364,800)	(378,900)	(204,100)	(281,200)
Purchases of Investments	(1,996,100)	(1,965,300)	(1,864,300)	(389,100)
Proceeds from Sale of Investments	1,803,300	1,892,200	1,418,800	1,465,000
Payments for Business Acquisitions	(41,600)	(275,500)	—	(30,800)
Other Investing Activities	100	100	300	—
Cash from Investing Activities	(599,100)	(727,400)	(649,300)	763,900
Issuance of Common Shares	44,700	63,100	43,800	26,100
Repurchases of Common Shares	(2,289,800)	(600)	(1,500,500)	(1,991,200)
Net Issuance / (Repurchases) of Common Shares	(2,245,100)	62,500	(1,456,700)	(1,965,100)
Other Financing Activities	(126,400)	(112,600)	(113,700)	(165,200)
Cash from Financing Activities	(2,371,500)	(50,100)	(1,570,400)	(2,130,300)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(600)	(2,600)	(800)	(400)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(380,600)	1,478,000	(285,000)	363,800

Key Metrics & Ratios

Metric	Value
Market Cap	$59.00B
P/E	32.81x
P/S	8.68x
EV/EBITDA	21.93x
Return on Equity	135.0%
Return on Invested Capital	38.3%
Current Ratio	1.17x
Free Cash Flow Margin	32.7%

Margins

Gross margin

80.5%

Operating margin

30.7%

Net margin

27.3%

Quarterly Trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q2 2026	$2.05B	+25.6%	33.7%	$689M
Q1 2026	$1.85B	+20.1%	31.4%	$580M
Q4 2025	$1.91B	+14.8%	32.8%	$626M
Q3 2025	$1.72B	+14.4%	31.7%	$547M
Q2 2025	$1.63B	—	28.1%	$458M
Q1 2025	$1.54B	—	29.5%	$454M
Q4 2024	$1.66B	—	34.6%	$574M
Q3 2024	$1.51B	—	31.2%	$471M

See how Top Bucket AI works for your firm

Request Demo

Top Bucket AI Research

Stay ahead of private markets

Research and market intelligence for private-markets professionals.

✓

You're subscribed.

Thanks for signing up.

Fortinet, Inc. financials