FTNT FY 2024 Earnings Report — Fortinet, Inc. Revenue & Financial Results | Market Cap Arena

Fortinet, Inc.FTNT

FY 2024 Earnings

Reported February 21, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2024	Prior Q	FY 2023	QoQ Change	YoY Change
Revenue	$6.0B	—	$5.3B	—	12.3%
Op. Income	$1.8B	—	$1.2B	—	45.3%
Gross Margin	80.6%	—	76.7%	—	3.9pp
Net Margin	29.3%	—	21.6%	—	7.7pp
EPS (Diluted)	$2.26	—	$1.46	—	54.8%
Free Cash Flow	$1.9B	—	$1.7B	—	8.5%

Revenue Flow

Item	Amount
REVENUE	$6.0B
Cost of Revenue	$1.2B
GROSS PROFIT	$4.8B
R&D Expenses	$717M
Selling & Marketing	$2.0B
General & Administrative	$238M
SG&A Expenses	$2.3B
Other Expenses	-$5M
Operating Expenses	$3.0B
Cost & Expenses	$4.2B
OPERATING INCOME	$1.8B
Interest Income	$155M
Interest Expense	$20M
Other Income/Expenses	$226M
INCOME BEFORE TAX	$2.0B
Income Tax Expense	$284M
Net Income from Continuing Ops	$1.7B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.7B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.7B
D&A	$123M
EBIT	$2.1B
EBITDA	$2.2B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$6.0B
Cost of Revenue	$1.2B
GROSS PROFIT	$4.8B
R&D Expenses	$717M
Selling & Marketing	$2.0B
General & Administrative	$238M
SG&A Expenses	$2.3B
Other Expenses	-$5M
Operating Expenses	$3.0B
Cost & Expenses	$4.2B
OPERATING INCOME	$1.8B
Interest Income	$155M
Interest Expense	$20M
Other Income/Expenses	$226M
INCOME BEFORE TAX	$2.0B
Income Tax Expense	$284M
Net Income from Continuing Ops	$1.7B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.7B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.7B
D&A	$123M
EBIT	$2.1B
EBITDA	$2.2B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.7B
Depreciation & Amortization	$123M
Stock-Based Compensation	$258M
Deferred Income Tax	$0
Other Non-Cash Items	$153M
Change in Working Capital	-$21M
OPERATING CASH FLOW	$2.3B
Capital Expenditure	-$379M
Acquisitions (Net)	-$276M
Purchases of Investments	-$2.0B
Sales/Maturities of Investments	$1.9B
Other Investing Activities	$100.0K
NET CASH FROM INVESTING	-$727M
Net Debt Issuance	$0
Common Stock Repurchased	-$600.0K
Common Dividends Paid	$0
Other Financing Activities	-$113M
NET CASH FROM FINANCING	-$50M
FREE CASH FLOW	$1.9B
Net Change in Cash	$1.5B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.9B
Short-Term Investments	$1.2B
Net Receivables	$1.5B
Inventory	$316M
Other Current Assets	$126M
TOTAL CURRENT ASSETS	$6.0B
PP&E (Net)	$1.3B
Goodwill	$235M
Intangible Assets	$115M
Long-Term Investments	$0
Tax Assets	$1.3B
Other Non-Current Assets	$756M
TOTAL NON-CURRENT ASSETS	$3.8B
TOTAL ASSETS	$9.8B
Account Payables	$191M
Short-Term Debt	$0
Deferred Revenue	$3.3B
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$4.1B
Long-Term Debt	$994M
Deferred Revenue NC	$3.1B
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$130M
TOTAL NON-CURRENT LIABILITIES	$4.2B
TOTAL LIABILITIES	$8.3B
Common Stock	$800.0K
Additional Paid-In Capital	$1.6B
Retained Earnings	-$117M
Treasury Stock	$0
Accum. Other Comp. Income	-$26M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.5B
Minority Interest	$0
TOTAL EQUITY	$1.5B
TOTAL LIABILITIES & EQUITY	$9.8B
Total Debt	$994M
Net Debt	-$1.9B