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FTNT (Fortinet, Inc.) Stock Financials & Earnings | Market Cap Arena
FTNT
Fortinet, Inc.
Mkt Cap
$63B
Technology
·
Software - Infrastructure
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$6.8B
Net Income (TTM)
$1.9B
EPS (TTM)
$2.43
Free Cash Flow (TTM)
$2.2B
Gross Margin
80.8%
Op. Margin
30.6%
Net Margin
27.3%
FCF Margin
32.7%
P/S Ratio (TTM)
9.2x
P/E Ratio (TTM)
33.9x
YoY Rev Growth
+14.2%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
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
marketcaparena.com
Revenue Breakdown
FTNT
Fortinet, Inc.
Revenue Breakdown
Q4 2025
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
13.3x
65.1x
Q2 23
12.6x
59.4x
Q3 23
12.2x
54.6x
Q4 23
11.9x
54.8x
Q1 24
11.7x
52.4x
Q2 24
11.4x
47.9x
Q3 24
11.0x
41.1x
Q4 24
10.6x
36.0x
Q1 25
10.2x
33.5x
Q2 25
9.9x
32.4x
Q3 25
9.6x
33.6x
Q4 25
9.2x
33.9x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
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
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
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
$43M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
+32.2%
+23.0%
Q2 23
+25.5%
+21.4%
Q3 23
+16.1%
+16.7%
Q4 23
+10.3%
+11.3%
Q1 24
+7.2%
+4.4%
Q2 24
+10.9%
-1.6%
Q3 24
+13.0%
+0.6%
Q4 24
+17.3%
+5.5%
Q1 25
+13.8%
+5.2%
Q2 25
+13.6%
+17.7%
Q3 25
+14.4%
+13.7%
Q4 25
+14.8%
+17.8%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
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%
marketcaparena.com
OpEx Breakdown
R&D
G&A
S&M
Quarter
R&D
G&A
S&M
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
marketcaparena.com
Rule of 40
Rule of 40
Quarter
Rev Growth %
EBITDA Margin %
Rule of 40
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
marketcaparena.com
Revenue Segments
Product
Security Subscription
Technical Support and Other
Quarter
Product
Security Subscription
Technical Support and Other
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
marketcaparena.com
Revenue by Geography
Americas
Asia Pacific and Japan
Europe, Middle East and Africa
Quarter
Americas
Asia Pacific and Japan
Europe, Middle East and Africa
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
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
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
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
793M
+0.2%
Q2 23
796M
+0.3%
Q3 23
791M
-0.6%
Q4 23
772M
-2.4%
Q1 24
771M
-0.2%
Q2 24
770M
-0.1%
Q3 24
772M
+0.3%
Q4 24
775M
+0.4%
Q1 25
777M
+0.2%
Q2 25
775M
-0.3%
Q3 25
770M
-0.6%
Q4 25
748M
-2.9%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$270K
3K
FY 15
$251K
4K
FY 16
$273K
5K
FY 17
$295K
5K
FY 18
$309K
6K
FY 19
$305K
7K
FY 20
$315K
8K
FY 21
$328K
10K
FY 22
$351K
13K
FY 23
$391K
14K
FY 24
$421K
14K
FY 25
$450K
15K
marketcaparena.com