FTNT FY 2025 Earnings Report — Fortinet, Inc. Revenue & Financial Results | Market Cap Arena

Fortinet, Inc.FTNT

FY 2025 Earnings

Reported February 24, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$6.8B	—	$6.0B	—	14.2%
Op. Income	$2.1B	—	$1.8B	—	15.4%
Gross Margin	80.8%	—	80.6%	—	0.3pp
Net Margin	27.3%	—	29.3%	—	-2.0pp
EPS (Diluted)	$2.43	—	$2.26	—	7.5%
Free Cash Flow	$2.2B	—	$1.9B	—	18.4%

Revenue Flow

Item	Amount
REVENUE	$6.8B
Cost of Revenue	$1.3B
GROSS PROFIT	$5.5B
R&D Expenses	$816M
Selling & Marketing	$2.3B
General & Administrative	$233M
SG&A Expenses	$2.6B
Other Expenses	$20M
Operating Expenses	$3.4B
Cost & Expenses	$4.7B
OPERATING INCOME	$2.1B
Interest Income	$162M
Interest Expense	$20M
Other Income/Expenses	$210M
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$439M
Net Income from Continuing Ops	$1.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.9B
D&A	$152M
EBIT	$2.3B
EBITDA	$2.5B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$6.8B
Cost of Revenue	$1.3B
GROSS PROFIT	$5.5B
R&D Expenses	$816M
Selling & Marketing	$2.3B
General & Administrative	$233M
SG&A Expenses	$2.6B
Other Expenses	$20M
Operating Expenses	$3.4B
Cost & Expenses	$4.7B
OPERATING INCOME	$2.1B
Interest Income	$162M
Interest Expense	$20M
Other Income/Expenses	$210M
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$439M
Net Income from Continuing Ops	$1.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.9B
D&A	$152M
EBIT	$2.3B
EBITDA	$2.5B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.9B
Depreciation & Amortization	$336M
Stock-Based Compensation	$280M
Deferred Income Tax	$66M
Other Non-Cash Items	$66M
Change in Working Capital	-$10M
OPERATING CASH FLOW	$2.6B
Capital Expenditure	-$365M
Acquisitions (Net)	-$42M
Purchases of Investments	-$2.0B
Sales/Maturities of Investments	$1.8B
Other Investing Activities	$100.0K
NET CASH FROM INVESTING	-$599M
Net Debt Issuance	$0
Common Stock Repurchased	-$2.3B
Common Dividends Paid	$0
Other Financing Activities	-$126M
NET CASH FROM FINANCING	-$2.4B
FREE CASH FLOW	$2.2B
Net Change in Cash	-$381M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.5B
Short-Term Investments	$1.1B
Net Receivables	$1.7B
Inventory	$400M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$5.9B
PP&E (Net)	$1.6B
Goodwill	$355M
Intangible Assets	$0
Long-Term Investments	$340M
Tax Assets	$0
Other Non-Current Assets	$2.2B
TOTAL NON-CURRENT ASSETS	$4.5B
TOTAL ASSETS	$10.4B
Account Payables	$231M
Short-Term Debt	$500M
Deferred Revenue	$0
Other Current Liabilities	$3.6B
TOTAL CURRENT LIABILITIES	$5.0B
Long-Term Debt	$497M
Deferred Revenue NC	$3.5B
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$141M
TOTAL NON-CURRENT LIABILITIES	$4.1B
TOTAL LIABILITIES	$9.2B
Common Stock	$700.0K
Additional Paid-In Capital	$1.8B
Retained Earnings	-$508M
Treasury Stock	$0
Accum. Other Comp. Income	-$25M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$0
TOTAL EQUITY	$1.2B
TOTAL LIABILITIES & EQUITY	$10.4B
Total Debt	$996M
Net Debt	-$1.5B