FTNT

MKT CAP:$63B

Fortinet, Inc.

Market Cap

$63B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$84.52+$6.64 (+8.53%)

Apr 24, 2026

Company Details

Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and ne...

CEO

Ken Xie

IPO Date

Nov 18, 2009

Website

www.fortinet.com

Key Metrics TTM

Revenue

$6.8B

+14.2% YoY

Net Income

$1.9B

EPS (Diluted)

$2.43

Free Cash Flow

$2.2B

Revenue / Share

$9.09

Gross Margin

80.8%

Operating Margin

30.6%

Net Margin

27.3%

FCF Margin

32.7%

P/S

9.2x

P/E

33.9x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 24, 2026

$6.8B+14.2%EPS $2.43

Q4 2025

Feb 24, 2026

$1.9B+14.8%EPS $0.68

Q3 2025

Nov 6, 2025

$1.7B+14.4%EPS $0.62

Q2 2025

Aug 7, 2025

$1.6B+13.6%EPS $0.57

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$955M	$701M	$151M
Q2 22	$1.0B	$779M	$195M
Q3 22	$1.1B	$867M	$266M
Q4 22	$1.3B	$986M	$358M
Q1 23	$1.3B	$955M	$274M
Q2 23	$1.3B	$997M	$279M
Q3 23	$1.3B	$1.0B	$303M
Q4 23	$1.4B	$1.1B	$385M
Q1 24	$1.4B	$1.0B	$321M
Q2 24	$1.4B	$1.2B	$437M
Q3 24	$1.5B	$1.2B	$471M
Q4 24	$1.7B	$1.3B	$574M
Q1 25	$1.5B	$1.2B	$454M
Q2 25	$1.6B	$1.3B	$457M
Q3 25	$1.7B	$1.4B	$546M
Q4 25	$1.9B	$1.5B	$626M

Valuation

Quarter	P/S	P/E
Q1 22	15.2x	85.3x
Q2 22	12.3x	69.4x
Q3 22	9.7x	53.6x
Q4 22	8.8x	45.1x
Q1 23	11.0x	53.9x
Q2 23	11.7x	55.1x
Q3 23	8.7x	39.0x
Q4 23	8.8x	40.7x
Q1 24	9.6x	43.2x
Q2 24	8.3x	34.9x
Q3 24	10.4x	38.9x
Q4 24	12.2x	41.8x
Q1 25	12.0x	39.4x
Q2 25	12.8x	41.9x
Q3 25	9.9x	34.6x
Q4 25	9.1x	33.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$396M	$274M
Q2 22	$323M	$284M
Q3 22	$483M	$395M
Q4 22	$528M	$497M
Q1 23	$678M	$647M
Q2 23	$515M	$438M
Q3 23	$551M	$481M
Q4 23	$192M	$165M
Q1 24	$830M	$609M
Q2 24	$342M	$319M
Q3 24	$608M	$572M
Q4 24	$478M	$380M
Q1 25	$863M	$797M
Q2 25	$452M	$284M
Q3 25	$655M	$568M
Q4 25	$620M	$577M

Capital Expenditures

Quarter	CapEx
Q1 22	$123M
Q2 22	$40M
Q3 22	$88M
Q4 22	$31M
Q1 23	$30M
Q2 23	$77M
Q3 23	$70M
Q4 23	$27M
Q1 24	$222M
Q2 24	$23M
Q3 24	$36M
Q4 24	$98M
Q1 25	$67M
Q2 25	$168M
Q3 25	$88M
Q4 25	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+34.4%	+36.5%
Q2 22	+28.6%	+27.7%
Q3 22	+32.6%	+26.1%
Q4 22	+33.1%	+23.6%
Q1 23	+32.2%	+23.0%
Q2 23	+25.5%	+21.4%
Q3 23	+16.1%	+16.7%
Q4 23	+10.3%	+11.3%
Q1 24	+7.2%	+4.4%
Q2 24	+10.9%	-1.6%
Q3 24	+13.0%	+0.6%
Q4 24	+17.3%	+5.5%
Q1 25	+13.8%	+5.2%
Q2 25	+13.6%	+17.7%
Q3 25	+14.4%	+13.7%
Q4 25	+14.8%	+17.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$53M	5.6%
Q2 22	$55M	5.3%
Q3 22	$55M	4.8%
Q4 22	$55M	4.3%
Q1 23	$56M	4.5%
Q2 23	$65M	5.0%
Q3 23	$64M	4.8%
Q4 23	$63M	4.5%
Q1 24	$62M	4.6%
Q2 24	$64M	4.5%
Q3 24	$66M	4.4%
Q4 24	$66M	4.0%
Q1 25	$66M	4.3%
Q2 25	$69M	4.2%
Q3 25	$72M	4.2%
Q4 25	$73M	3.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$125M	$39M	$388M
Q2 22	$124M	$45M	$416M
Q3 22	$134M	$41M	$427M
Q4 22	$129M	$44M	$456M
Q1 23	$151M	$53M	$478M
Q2 23	$153M	$50M	$516M
Q3 23	$157M	$54M	$504M
Q4 23	$153M	$55M	$507M
Q1 24	$173M	$54M	$501M
Q2 24	$165M	$57M	$501M
Q3 24	$187M	$72M	$516M
Q4 24	$191M	$55M	$527M
Q1 25	$199M	$58M	$543M
Q2 25	$210M	$57M	$592M
Q3 25	$202M	$61M	$584M
Q4 25	$205M	$57M	$629M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	34.4%	17.7%	52.1
Q2 22	28.6%	20.7%	49.3
Q3 22	32.6%	25.7%	58.3
Q4 22	33.1%	31.2%	64.3
Q1 23	32.2%	25.6%	57.8
Q2 23	25.5%	25.7%	51.2
Q3 23	16.1%	27.1%	43.2
Q4 23	10.3%	31.9%	42.2
Q1 24	7.2%	28.0%	35.2
Q2 24	10.9%	35.0%	46.0
Q3 24	13.0%	43.8%	56.8
Q4 24	17.3%	39.7%	57.0
Q1 25	13.8%	36.4%	50.1
Q2 25	13.6%	34.4%	48.0
Q3 25	14.4%	37.1%	51.4
Q4 25	14.8%	36.5%	51.2

Rule of 40

Revenue Segments

Quarter	Product	Security Subscription	Technical Support and Other
Q1 22	$371M	$313M	$271M
Q2 22	$401M	$340M	$289M
Q3 22	$469M	$370M	$311M
Q4 22	$540M	$404M	$339M
Q1 23	$501M	$422M	$340M
Q2 23	$473M	$457M	$363M
Q3 23	$466M	$495M	$374M
Q4 23	$488M	$525M	$403M
Q1 24	$409M	$537M	$408M
Q2 24	$452M	$559M	$424M
Q3 24	$474M	$596M	$438M
Q4 24	$574M	$625M	$461M
Q1 25	$459M	$623M	$458M
Q2 25	$509M	$644M	$477M
Q3 25	$559M	$672M	$494M
Q4 25	$691M	$694M	$520M

Revenue by Geography

Quarter	Americas	Asia Pacific and Japan	Europe, Middle East and Africa
Q1 22	$383M	$226M	$346M
Q2 22	$414M	$225M	$392M
Q3 22	$468M	$238M	$444M
Q4 22	$521M	$252M	$510M
Q1 23	$524M	$261M	$478M
Q2 23	$537M	$249M	$507M
Q3 23	$546M	$277M	$512M
Q4 23	$569M	$270M	$576M
Q1 24	$557M	$257M	$539M
Q2 24	$595M	$274M	$565M
Q3 24	$624M	$285M	$599M
Q4 24	$666M	$302M	$692M
Q1 25	$630M	$282M	$628M
Q2 25	$659M	$304M	$667M
Q3 25	$681M	$331M	$714M
Q4 25	$731M	$349M	$825M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$924M	$1.2B	$2.1B
Q2 22	$710M	$1.0B	$1.8B
Q3 22	$964M	$766M	$1.7B
Q4 22	$1.7B	$528M	$2.2B
Q1 23	$2.3B	$575M	$2.9B
Q2 23	$2.4B	$937M	$3.3B
Q3 23	$2.2B	$982M	$3.2B
Q4 23	$1.4B	$1.0B	$2.4B
Q1 24	$1.9B	$1.1B	$3.0B
Q2 24	$2.2B	$1.1B	$3.3B
Q3 24	$2.5B	$1.2B	$3.7B
Q4 24	$2.9B	$1.2B	$4.1B
Q1 25	$3.6B	$1.2B	$4.8B
Q2 25	$3.4B	$1.2B	$4.6B
Q3 25	$2.0B	$1.1B	$3.1B
Q4 25	$2.5B	$1.1B	$3.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	821M	-1.7%	-1.3%
Q2 22	810M	-1.3%	-3.0%
Q3 22	799M	-1.4%	-4.8%
Q4 22	792M	-0.9%	-5.2%
Q1 23	793M	+0.2%	-3.4%
Q2 23	796M	+0.3%	-1.8%
Q3 23	791M	-0.6%	-0.9%
Q4 23	772M	-2.4%	-2.5%
Q1 24	771M	-0.2%	-2.9%
Q2 24	770M	-0.1%	-3.3%
Q3 24	772M	+0.3%	-2.4%
Q4 24	775M	+0.4%	+0.4%
Q1 25	777M	+0.2%	+0.8%
Q2 25	775M	-0.3%	+0.6%
Q3 25	770M	-0.6%	-0.2%
Q4 25	748M	-2.9%	-3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$93.7K	10K
Q2 22	$101.0K	10K
Q3 22	$112.8K	10K
Q4 22	$101.9K	13K
Q1 23	$100.2K	13K
Q2 23	$102.6K	13K
Q3 23	$106.0K	13K
Q4 23	$104.3K	14K
Q1 24	$99.7K	14K
Q2 24	$105.7K	14K
Q3 24	$111.2K	14K
Q4 24	$117.4K	14K
Q1 25	$108.9K	14K
Q2 25	$115.3K	14K
Q3 25	$122.0K	14K
Q4 25	$126.1K	15K

Revenue / Employee