Fortinet, Inc. (FTNT)

Nasdaq: FTNT · Computer Peripheral Equipment, NEC · Sunnyvale, CA · filing with the SEC since 2003

Grade7.5

◀ Past 8.6● Present 7.6▶ Future 6.4

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Income statement, as filed

In thousands of US dollars (USD), as filed; per-share figures in US dollars; share counts in millions. The fiscal year ends in December.

Income statement, by fiscal year, newest first
Fiscal year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Report filed	Feb 25, 2026	Feb 21, 2025	Feb 26, 2024	Feb 24, 2023	Feb 25, 2022	Feb 19, 2021	Feb 26, 2020	Feb 27, 2019	Feb 26, 2018	Mar 1, 2017
Revenue	6,799,600	5,955,800	5,304,800	4,417,400	3,342,200	2,594,400	2,163,000^r	1,804,600^r	1,494,900	1,275,400^r
Cost of revenue	1,328,900	1,157,600	1,237,200	1,084,900	783,000	570,000	505,900	450,400	385,300^r	337,800^r
Gross profit	5,470,700	4,798,200	4,067,600	3,332,500	2,559,200	2,024,400	1,657,100^r	1,354,200^r	1,109,600^r	937,600^r
Research and development	815,500	716,800	613,800	512,400	424,200	341,400	277,100	244,500	210,600^r	183,100^r
Sales and marketing	2,347,500	2,044,800	2,006,000	1,686,100	1,345,700	1,071,900	926,900	782,300	701,000^r	626,500^r
General and administrative	233,400	237,800	211,300	169,000	143,500	119,500	102,100	93,000	87,900^r	81,100^r
Total operating expenses	3,386,000	2,994,800	2,826,500	2,362,900	1,908,800	1,492,600	1,306,100	1,119,800	999,800^r	894,700^r
Operating income	2,084,700	1,803,400	1,241,100	969,600	650,400	531,800	351,000^r	234,400^r	109,800^r	42,900^r
Interest expense	20,100	20,000	21,000	18,000	14,900	0	0	·	·	·
Interest and investment income	162,300	155,200	119,700	17,400	4,500	17,700	42,500	26,500	13,500^r	7,300^r
Share of profit of equity-method investments	10,300	-29,400	-42,100	-68,100	-7,600	0	0	·	·	·
Other income (expense), net	55,300	119,900^r	-6,100	-13,500	-11,600	-7,800	-7,500	-6,600	700^r	-7,100^r
Income before income taxes	2,282,200	2,058,500	1,333,700	955,500	628,400	541,700	386,000^r	254,300^r	124,000^r	43,100^r
Income tax expense	439,100	283,900	143,800	30,800	14,100	53,200	54,300^r	-80,600^r	92,600^r	10,900^r
Net income including non-controlling interests	·	1,745,200	1,147,800	856,600	606,700	488,500	331,700	·	·	·
Net income to non-controlling interests	·	0	0	-700	-100	0	0	·	·	·
Net income	1,853,400	1,745,200	1,147,800	857,300	606,800	488,500	331,700^r	334,900^r	31,400^r	32,200^r
Earnings per share, basic	2.45	2.28	1.47	1.08	0.74^r	0.60^r	0.388^rb	0.396^rb	0.036^b	0.038^b
Earnings per share, diluted	2.42	2.26	1.46	1.06	0.73^r	0.58^r	0.38^rb	0.384^rb	0.036^b	0.036^b
Weighted average shares, basic	758.0	764.4	778.6	791.4	816.1^r	821.0^r	855.0^b	845.5^b	871.5^rb	863.0^rb
Weighted average shares, diluted	764.6	771.9	788.2	805.3	835.3^r	838.3^r	875.0^b	871.0^b	890.5^rb	881.5^rb

As filed with the SEC, each figure from the newest report that carries it, and linked to it. Nothing here is computed.Share counts and per-share figures are on the newest report's basis, after the 5-for-1 split of Apr 2022.A dot is a line not tagged for that period. ^r restated by the company in a later report; ^b a share figure put on the newest basis or filed in the wrong unit. Hover a figure for its filing and note.

What each line is, and the XBRL concept behind it

Revenue what customers paid for what it sold

us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
us-gaap:SalesRevenueNet

Cost of revenue what it cost to make or buy what it soldus-gaap:CostOfGoodsAndServicesSold

Gross profit revenue less the cost of what it soldus-gaap:GrossProfit

Research and development spent on inventing what it sells nextus-gaap:ResearchAndDevelopmentExpense

Sales and marketing the cost of finding and serving customersus-gaap:SellingAndMarketingExpense

General and administrative the cost of running the company itselfus-gaap:GeneralAndAdministrativeExpense

Total operating expenses the running costs togetherus-gaap:OperatingExpenses

Operating income profit from running the business, before interest and taxus-gaap:OperatingIncomeLoss

Interest expense what its borrowing costus-gaap:InterestExpense

Interest and investment income what its cash and investments earnedus-gaap:InvestmentIncomeNet

Share of profit of equity-method investments its share of companies it partly ownsus-gaap:IncomeLossFromEquityMethodInvestments

Other income (expense), net gains and costs outside the businessus-gaap:OtherNonoperatingIncomeExpense

Income before income taxes profit before taxus-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Income tax expense tax charged on the period's profitus-gaap:IncomeTaxExpenseBenefit

Net income including non-controlling interests the whole group's profit, minority holders' share includedus-gaap:ProfitLoss

Net income to non-controlling interests the share that belongs to minority holdersus-gaap:NetIncomeLossAttributableToNoncontrollingInterest

Net income the profit or loss that belongs to the company's shareholdersus-gaap:NetIncomeLoss

Earnings per share, basic net income per share outstandingus-gaap:EarningsPerShareBasic

Earnings per share, diluted net income per share, counting every share that could be issuedus-gaap:EarningsPerShareDiluted

Weighted average shares, basic the average count of shares outstandingus-gaap:WeightedAverageNumberOfSharesOutstandingBasic

Weighted average shares, diluted the average count with every share that could be issuedus-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

SI Assistanton FTNT · research, not advice