Fortinet Income Statement
FTNT / Information Technology|15 years of annual SEC 10-K data (FY2011-FY2025)
Line items include revenue, cost of goods sold, gross profit, operating expenses, interest, taxes, and net income with per-share data across 15 fiscal years. All figures from audited SEC 10-K filings.
Fortinet reported $6.8B in revenue and $1.9B in net income for FY2025. Revenue has grown at a 21.7% compound annual rate over the past 14 years.
Based on SEC 10-K filings.
Key Data Points
- Strong profit margin: 28.6%
- High earnings quality (cash-backed earnings)
- Strong return on equity: 254.9%
Data sourced from SEC EDGAR filings. Not investment advice.
| Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8B | $6.0B | $3.3B | $2.6B | $2.2B | $2.6B | $2.2B | $1.8B | $1.5B | $1.3B | $1.0B | $770.4M | $615.3M | $324.7M | $433.6M |
| Cost of Revenue | $1.3B | $1.2B | $783.0M | $570.0M | $505.9M | $570.0M | $505.9M | $450.4M | $385.3M | $337.8M | $286.8M | $231.0M | $180.6M | $85.2M | $113.6M |
| Gross Profit | $5.5B | $4.8B | $2.6B | $2.0B | $1.7B | $2.0B | $1.7B | $1.4B | $1.1B | $937.6M | $722.5M | $539.4M | $434.7M | $239.5M | $320.0M |
| SG&A Expense | $233.4M | $237.8M | $143.5M | $119.5M | $102.1M | $119.5M | $102.1M | $93.0M | $87.9M | $81.1M | $71.5M | $41.3M | $34.9M | $22.4M | $22.0M |
| R&D Expense | $815.5M | $716.8M | $424.2M | $341.4M | $277.1M | $341.4M | $277.1M | $244.5M | $210.6M | $183.1M | $158.1M | $122.9M | $102.7M | $49.8M | $63.6M |
| Operating Income | $2.1B | $1.8B | $650.4M | $531.8M | $351.0M | $531.8M | $351.0M | $234.4M | $109.8M | $42.9M | $14.9M | $59.3M | $72.1M | $55.3M | $88.9M |
| Interest Expense | $20.1M | $20.0M | $14.9M | $0 | $0 | $0 | $0 | - | - | - | - | - | - | - | - |
| Income Tax | $439.1M | $283.9M | $14.1M | $53.2M | $54.3M | $53.2M | $54.3M | -$80.6M | $92.6M | $10.9M | $9.0M | $36.2M | $31.7M | $15.1M | $29.6M |
| Net Income | $1.9B | $1.7B | $606.8M | $488.5M | $331.7M | $488.5M | $331.7M | $334.9M | $31.4M | $32.2M | $8.0M | $25.3M | $44.3M | $41.2M | $62.5M |
| EPS (Basic) | $2.45 | $2.28 | $0.74 | $0.60 | $1.94 | $1.98 | $0.18 | $0.19 | $0.05 | $0.19 | $0.27 | $0.15 | $0.27 | $0.29 | $0.41 |
| EPS (Diluted) | $2.42 | $2.26 | $0.73 | $0.58 | $1.90 | $1.92 | $0.18 | $0.18 | $0.05 | $0.18 | $0.26 | $0.15 | $0.26 | $0.26 | $0.38 |
| Shares Outstanding | 743.0M | 767.0M | 781.5M | 810.0M | 162.5M | 171.7M | 169.8M | 167.9M | 173.1M | 173.1M | 166.4M | 166.4M | 161.5M | 155.0M | 163.8M |
| Gross Margin | 80.5% | 80.6% | 76.6% | 78.0% | 76.6% | 78.0% | 76.6% | 75.0% | 74.2% | 73.5% | 71.6% | 70.0% | 70.6% | 73.8% | 73.8% |
| Operating Margin | 30.7% | 30.3% | 19.5% | 20.5% | 16.2% | 20.5% | 16.2% | 13.0% | 7.3% | 3.4% | 1.5% | 7.7% | 11.7% | 17.0% | 20.5% |
| Profit Margin | 27.3% | 29.3% | 18.2% | 18.8% | 15.3% | 18.8% | 15.3% | 18.6% | 2.1% | 2.5% | 0.8% | 3.3% | 7.2% | 12.7% | 14.4% |