Fortinet, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $6.8B | $6.0B | $5.3B | $4.4B | $3.3B |
| Cost of revenue | $1.3B | $1.2B | $1.2B | $1.1B | $783.0M |
| Gross profit | $5.5B | $4.8B | $4.1B | $3.3B | $2.6B |
| Research and development | $815.5M | $716.8M | $613.8M | $512.4M | $424.2M |
| Operating expenses | $3.4B | $3.0B | $2.8B | $2.4B | $1.9B |
| Operating income | $2.1B | $1.8B | $1.2B | $969.6M | $650.4M |
| Interest expense | $20.1M | $20.0M | $21.0M | $18.0M | $14.9M |
| Pretax income | $2.3B | $2.1B | $1.3B | $955.5M | $628.4M |
| Income tax expense | $439.1M | $283.9M | $143.8M | $30.8M | $14.1M |
| Net income | $1.9B | $1.7B | $1.1B | $857.3M | $606.8M |
| Balance Sheet | |||||
| Cash and equivalents | $2.5B | $2.9B | $1.4B | $1.7B | $1.3B |
| Current assets | $5.9B | $6.0B | $4.4B | $3.8B | $3.6B |
| Total assets | $10.4B | $9.8B | $7.3B | $6.2B | $5.9B |
| Current liabilities | $5.0B | $4.1B | $3.7B | $3.1B | $2.3B |
| Total liabilities | $9.2B | $8.3B | $7.7B | $6.5B | $5.1B |
| Total debt | $1.0B | $1.0B | $1.0B | $1.0B | $1.0B |
| Stockholders' equity | $1.2B | $1.5B | -$463.4M | -$281.6M | $781.7M |
| Cash Flow Statement | |||||
| Cash from operations | $2.6B | $2.3B | $1.9B | $1.7B | $1.5B |
| Depreciation and amortization | $152.0M | $122.8M | $113.4M | $104.3M | $84.4M |
| Stock-based compensation | $279.5M | $257.9M | $249.0M | $217.3M | $207.9M |
| Capital expenditure | $364.8M | $378.9M | $204.1M | $281.2M | $295.9M |
| Free cash flow | $2.2B | $1.9B | $1.7B | $1.4B | $1.2B |
| Share repurchases | $2.3B | $600,000 | $1.5B | $2.0B | $741.8M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 732.6M · Free float 82.4%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.