Revenue
2.08 billion USD
2026 Q3 · USD
Exact inputs and evidence
- Revenue: 2078400000 USD Source
Fundies. English
FORTINET, INC.
EDGARAnnual consolidated revenue for 2025: about USD 6.8B, using the latest reported figures. The previous period, 2024, was about USD 5.956B.
Latest quarter
Operating margin
33.89%
2026 Q3 · %
Operating cash flow
946 million USD
2026 Q3 · USD
Free cash flow
882 million USD
2026 Q3 · USD
- Cash and cash equivalents
- 3.75 billion USD Source
Exact value
3750600000 USD
- Long-term debt including current maturities
- 988 million USD Source
Exact value
987500000 USD
- Shares outstanding
- 735 million shares Source
Exact value
734600000 shares
Reported share-count change
-1.12% · -8.3 million shares
Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.
Trailing twelve months
The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.
Revenue
7.88 billion USD
2025-10-01 – 2026-09-30
Exact inputs and evidence
Net income
2.28 billion USD
2025-10-01 – 2026-09-30
Exact inputs and evidence
Operating cash flow
3.69 billion USD
2025-10-01 – 2026-09-30
Exact inputs and evidence
- Operating cash flow: 2590600000 USD · 2025-01-01 – 2025-12-31 Source
- Operating cash flow: 1970400000 USD · 2025-01-01 – 2025-09-30 Source
- Operating cash flow: 1077100000 USD · 2026-01-01 – 2026-03-31 Source
- Operating cash flow: 2120700000 USD · 2026-01-01 – 2026-06-30 Source
- Operating cash flow: 1077100000 USD · 2026-01-01 – 2026-03-31 Source
- Operating cash flow: 3066700000 USD · 2026-01-01 – 2026-09-30 Source
- Operating cash flow: 2120700000 USD · 2026-01-01 – 2026-06-30 Source
Includes later revisions to earlier periods. Annual charts exclude incomplete years.
Latest filing recorded: 2026-10-30.
Financial data available through: 2025-12-31.
Coverage by financial measure
- Revenue: 11 of 11 periods available· newest 2025-12-31
- Operating income: 11 of 11 periods available· newest 2025-12-31
- Net income: 11 of 11 periods available· newest 2025-12-31
- Operating cash flow: 11 of 11 periods available· newest 2025-12-31
- capital expenditure: No compatible figures in this window
- Total assets: 11 of 11 periods available· newest 2025-12-31
- Total liabilities: 11 of 11 periods available· newest 2025-12-31
- Current assets: 11 of 11 periods available· newest 2025-12-31
- Current liabilities: 11 of 11 periods available· newest 2025-12-31
- Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
- long term debt: No compatible figures in this window
- Shares outstanding: 11 of 11 periods available· newest 2025-12-31
Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.
What changed year over year
Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.
Revenue
+14.2%Prior period
USD 5.96 billion
–
Current period
USD 6.8 billion
–
Exact inputs and evidence
6799600000 − 5955800000 = 843800000 USD
5955800000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source6799600000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Net income
+6.2%Prior period
USD 1.75 billion
–
Current period
USD 1.85 billion
–
Exact inputs and evidence
1853400000 − 1745200000 = 108200000 USD
1745200000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source1853400000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Operating cash flow
+14.7%Prior period
USD 2.26 billion
–
Current period
USD 2.59 billion
–
Exact inputs and evidence
2590600000 − 2258100000 = 332500000 USD
2258100000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source2590600000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Comparable inputs unavailable for: Capital expenditure.
Where revenue goes
How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.
2025 2025-01-01 – 2025-12-31
- Revenue USD 6.8 billion 100% of revenue
- Cost of revenue USD 1.33 billion 20% of revenue
- Operating expenses USD 3.39 billion 50% of revenue
- Operating income USD 2.08 billion 31% of revenue
- Tax, interest and other Derived USD 231.3 million 3.4% of revenue
- Net income USD 1.85 billion 27% of revenue
Cash
- Operating cash flow USD 2.59 billion 38% of revenue
- Capital expenditure Unavailable An input is unavailable.
- Free cash flow Derived Unavailable An input is unavailable.
Share of revenue by period
- Net income
- Tax, interest and other
- Operating costs
- 2016 97%
- 2017 93%
- 2018 Net income was higher than operating income, so the split is not drawn.
- 2019 15%84%
- 2020 19%80%
- 2021 18%81%
- 2022 19%78%
- 2023 22%77%
- 2024 29%70%
- 2025 27%69%
Values and sources
| Period | Revenue | Operating costs | Operating income | Tax, interest and other | Net income | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| 2016 2016-01-01 – 2016-12-31 | 1275400000 | 1232500000 Derived | 42900000 | 10700000 Derived | 32200000 | Unavailable | Source
|
| 2017 2017-01-01 – 2017-12-31 | 1494900000 | 1385100000 Derived | 109800000 | 78400000 Derived | 31400000 | Unavailable | Source
|
| 2018 2018-01-01 – 2018-12-31 | 1804600000 | 1570200000 Derived | 234400000 | -100500000 Derived | 334900000 | Unavailable | Source
|
| 2019 2019-01-01 – 2019-12-31 | 2163000000 | 1812000000 Derived | 351000000 | 19300000 Derived | 331700000 | Unavailable | Source
|
| 2020 2020-01-01 – 2020-12-31 | 2594400000 | 2062600000 Derived | 531800000 | 43300000 Derived | 488500000 | Unavailable | Source
|
| 2021 2021-01-01 – 2021-12-31 | 3342200000 | 2691800000 Derived | 650400000 | 43600000 Derived | 606800000 | Unavailable | Source
|
| 2022 2022-01-01 – 2022-12-31 | 4417400000 | 3447800000 Derived | 969600000 | 112300000 Derived | 857300000 | Unavailable | Source
|
| 2023 2023-01-01 – 2023-12-31 | 5304800000 | 4063700000 Derived | 1241100000 | 93300000 Derived | 1147800000 | Unavailable | Source
|
| 2024 2024-01-01 – 2024-12-31 | 5955800000 | 4152400000 Derived | 1803400000 | 58200000 Derived | 1745200000 | Unavailable | Source
|
| 2025 2025-01-01 – 2025-12-31 | 6799600000 | 4714900000 Derived | 2084700000 | 231300000 Derived | 1853400000 | Unavailable | Source
|
Amounts are exact, in USD.
Growth
Sales over time and how quickly they are changing.
Revenue
Revenue reported for each complete financial period.
USD 6.8B 2025
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2016 | Revenue | 1275400000 |
|
| 2017 | Revenue | 1494900000 |
|
| 2018 | Revenue | 1804600000 |
|
| 2019 | Revenue | 2163000000 |
|
| 2020 | Revenue | 2594400000 |
|
| 2021 | Revenue | 3342200000 |
|
| 2022 | Revenue | 4417400000 |
|
| 2023 | Revenue | 5304800000 |
|
| 2024 | Revenue | 5955800000 |
|
| 2025 | Revenue | 6799600000 |
|
Revenue growth
Change in revenue from the same financial period one year earlier.
14.2% 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2016 | Year over year | 26.4% |
|
| 2017 | Year over year | 17.2% |
|
| 2018 | Year over year | 20.7% |
|
| 2019 | Year over year | 19.9% |
|
| 2020 | Year over year | 19.9% |
|
| 2021 | Year over year | 28.8% |
|
| 2022 | Year over year | 32.2% |
|
| 2023 | Year over year | 20.1% |
|
| 2024 | Year over year | 12.3% |
|
| 2025 | Year over year | 14.2% |
|
Profit and cash
How much revenue becomes profit, and how much cash operations generate.
Profit margins
Operating income, net income and free cash flow as a share of revenue.
Operating margin 30.7% 2025
Net margin 27.3% 2025
- Operating margin
- Net margin
- Free cash flow margin
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2016 | Operating margin | 3.4% |
|
| 2017 | Operating margin | 7.3% |
|
| 2018 | Operating margin | 13% |
|
| 2019 | Operating margin | 16.2% |
|
| 2020 | Operating margin | 20.5% |
|
| 2021 | Operating margin | 19.5% |
|
| 2022 | Operating margin | 21.9% |
|
| 2023 | Operating margin | 23.4% |
|
| 2024 | Operating margin | 30.3% |
|
| 2025 | Operating margin | 30.7% |
|
| 2016 | Net margin | 2.5% |
|
| 2017 | Net margin | 2.1% |
|
| 2018 | Net margin | 18.6% |
|
| 2019 | Net margin | 15.3% |
|
| 2020 | Net margin | 18.8% |
|
| 2021 | Net margin | 18.2% |
|
| 2022 | Net margin | 19.4% |
|
| 2023 | Net margin | 21.6% |
|
| 2024 | Net margin | 29.3% |
|
| 2025 | Net margin | 27.3% |
|
| 2016 | Free cash flow margin | Not reported |
|
| 2017 | Free cash flow margin | Not reported |
|
| 2018 | Free cash flow margin | Not reported |
|
| 2019 | Free cash flow margin | Not reported |
|
| 2020 | Free cash flow margin | Not reported |
|
| 2021 | Free cash flow margin | Not reported |
|
| 2022 | Free cash flow margin | Not reported |
|
| 2023 | Free cash flow margin | Not reported |
|
| 2024 | Free cash flow margin | Not reported |
|
| 2025 | Free cash flow margin | Not reported |
|
Operating cash flow
Cash generated by the company’s normal business operations.
USD 2.6B 2025
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2016 | Operating cash flow | 345700000 |
|
| 2017 | Operating cash flow | 594400000 |
|
| 2018 | Operating cash flow | 638900000 |
|
| 2019 | Operating cash flow | 808000000 |
|
| 2020 | Operating cash flow | 1083700000 |
|
| 2021 | Operating cash flow | 1499700000 |
|
| 2022 | Operating cash flow | 1730600000 |
|
| 2023 | Operating cash flow | 1935500000 |
|
| 2024 | Operating cash flow | 2258100000 |
|
| 2025 | Operating cash flow | 2590600000 |
|
Free cash flow
Operating cash flow minus capital expenditure for the same period and unit.
Not enough comparable data to show this history.
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2016 | Free cash flow | Unavailable |
|
| 2017 | Free cash flow | Unavailable |
|
| 2018 | Free cash flow | Unavailable |
|
| 2019 | Free cash flow | Unavailable |
|
| 2020 | Free cash flow | Unavailable |
|
| 2021 | Free cash flow | Unavailable |
|
| 2022 | Free cash flow | Unavailable |
|
| 2023 | Free cash flow | Unavailable |
|
| 2024 | Free cash flow | Unavailable |
|
| 2025 | Free cash flow | Unavailable |
|
Balance sheet
Liabilities and short-term ability to meet obligations at each period end.
Liabilities to assets
Total liabilities as a share of total assets.
88.1% 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2016 | Liabilities / assets | 60.9% |
|
| 2017 | Liabilities / assets | 73.9% |
|
| 2018 | Liabilities / assets | 67.2% |
|
| 2019 | Liabilities / assets | 65.4% |
|
| 2020 | Liabilities / assets | 78.8% |
|
| 2021 | Liabilities / assets | 86.5% |
|
| 2022 | Liabilities / assets | 104.5% |
|
| 2023 | Liabilities / assets | 106.4% |
|
| 2024 | Liabilities / assets | 84.7% |
|
| 2025 | Liabilities / assets | 88.1% |
|
Current assets to current liabilities
Current assets divided by current liabilities.
1.17× 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2016 | Current assets / current liabilities | 1.86× |
|
| 2017 | Current assets / current liabilities | 1.67× |
|
| 2018 | Current assets / current liabilities | 1.77× |
|
| 2019 | Current assets / current liabilities | 1.9× |
|
| 2020 | Current assets / current liabilities | 1.5× |
|
| 2021 | Current assets / current liabilities | 1.55× |
|
| 2022 | Current assets / current liabilities | 1.24× |
|
| 2023 | Current assets / current liabilities | 1.19× |
|
| 2024 | Current assets / current liabilities | 1.47× |
|
| 2025 | Current assets / current liabilities | 1.17× |
|
Cash generation
Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.
| Period | Net income | Operating cash flow | Capital expenditure | Free cash flow |
|---|---|---|---|---|
| 2016 2016-01-01 – 2016-12-31 | USD 32.2 million Exact valueExact value: 32200000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 345.7 million Exact valueExact value: 345700000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2017 2017-01-01 – 2017-12-31 | USD 31.4 million Exact valueExact value: 31400000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 594.4 million Exact valueExact value: 594400000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2018 2018-01-01 – 2018-12-31 | USD 334.9 million Exact valueExact value: 334900000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 638.9 million Exact valueExact value: 638900000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2019 2019-01-01 – 2019-12-31 | USD 331.7 million Exact valueExact value: 331700000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 808 million Exact valueExact value: 808000000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2020 2020-01-01 – 2020-12-31 | USD 488.5 million Exact valueExact value: 488500000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 1.08 billion Exact valueExact value: 1083700000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2021 2021-01-01 – 2021-12-31 | USD 606.8 million Exact valueExact value: 606800000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 1.5 billion Exact valueExact value: 1499700000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2022 2022-01-01 – 2022-12-31 | USD 857.3 million Exact valueExact value: 857300000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 1.73 billion Exact valueExact value: 1730600000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2023 2023-01-01 – 2023-12-31 | USD 1.15 billion Exact valueExact value: 1147800000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 1.94 billion Exact valueExact value: 1935500000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2024 2024-01-01 – 2024-12-31 | USD 1.75 billion Exact valueExact value: 1745200000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 2.26 billion Exact valueExact value: 2258100000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2025 2025-01-01 – 2025-12-31 | USD 1.85 billion Exact valueExact value: 1853400000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 2.59 billion Exact valueExact value: 2590600000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.
Dataset coverage and company identifiers
Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.
339 filings · 5,598 latest values · 5,598 originally reported values
Dataset published . Source filing dates and reporting periods are shown separately.
Identifiers: 0001262039, 1262039, FTNT, edgar:1262039
Also known as FORTINET INC, FORTINET, INC., Fortinet, Inc.