Company / R&D Expense
Fortinet R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$815.5M
FY2025
5-year range
$277.1M / $815.5M
FY2021-FY2025
Trend
+13.8%
vs FY2024
Sector context
#44 of 264
Information Technology
What the data says
Fortinet's r&d expense of $816M is higher than 83% of companies in the Information Technology sector (FY2025). R&D Expense has increased for 4 consecutive years, from $277M in FY2021 to $816M in FY2025.
Based on SEC 10-K filings.
$816M in FY2025 with a 5-year CAGR of +19.0%. Top quartile in the Information Technology sector.
Improved from $424M to $816M over the past 2 years.
Information Technology sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +33.7%
- 5-Year CAGR
- +19.0%
- 10-Year CAGR
- -
Sector benchmark
-11.8% below sector average
Key checks
Key Insights
- Fortinet's r&d expense has grown for 4 consecutive years.
- 5-year CAGR of +19.0%, indicating consistent growth.
- In FY2025, r&d expense increased 13.8% year-over-year.
- Ranks #44 out of 264 companies in the Information Technology sector.
Company context
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.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $815.5M | +13.8% |
| FY2024 | $716.8M | +69.0% |
| FY2023 | $424.2M | +24.3% |
| FY2022 | $341.4M | +23.2% |
| FY2021 | $277.1M | -18.8% |
| FY2020 | $341.4M | +23.2% |
| FY2019 | $277.1M | +13.3% |
| FY2018 | $244.5M | +16.1% |
| FY2017 | $210.6M | +71.4% |
| FY2016 | $122.9M | -22.3% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026