FTNT (Fortinet, Inc.) Stock Financials & Earnings | Market Cap Arena

FTNT (Fortinet, Inc.) Stock Financials & Earnings | Market Cap Arena

FTNTFortinet, 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 Margin80.8%

Op. Margin30.6%

Net Margin27.3%

FCF Margin32.7%

P/S Ratio (TTM)9.2x

P/E Ratio (TTM)33.9x

YoY Rev Growth+14.2%

Employees—

Earnings Reports

Revenue & Profitability

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

Revenue Breakdown

Valuation

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

Operating 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

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

OpEx vs Revenue Growth (YoY)

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%

Stock-Based Compensation

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%

OpEx Breakdown

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

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

Revenue Segments

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

Revenue by Geography

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

War Chest

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

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%

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