financial statements

The full income statement, balance sheet, and cash-flow statement for Fortinet Inc. (FTNT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	6.80B YoY+14.2%	5.96B YoY+12.3%	5.30B YoY+20.1%	4.42B YoY+32.2%	3.34B YoY+28.8%
	5.47B YoY+14.0%	4.80B YoY+18.0%	4.07B YoY+22.1%	3.33B YoY+30.2%	2.56B YoY+26.4%
Cost of revenue	1.33B YoY+14.8%	1.16B YoY-6.4%	1.24B YoY+14.0%	1.08B YoY+38.6%	783M YoY+37.4%
	3.39B YoY+13.1%	2.99B YoY+6.0%	2.83B YoY+19.6%	2.36B YoY+23.8%	1.91B YoY+27.9%
Research & development	816M YoY+13.8%	717M YoY+16.8%	614M YoY+19.8%	512M YoY+20.8%	424M YoY+24.3%
Selling, general & administrative	233M YoY-1.9%	238M YoY+12.5%	211M YoY+25.0%	169M YoY+17.8%	144M YoY+20.1%
General & administrative	233M YoY-1.9%	238M YoY+12.5%	211M YoY+25.0%	169M YoY+17.8%	144M YoY+20.1%
Selling & marketing	2.35B YoY+14.8%	2.04B YoY+1.9%	2.01B YoY+19.0%	1.69B YoY+25.3%	1.35B YoY+25.5%
Amortization of intangibles	50.7M YoY+119.5%	23.1M YoY+22.2%	18.9M YoY-18.9%	23.3M YoY+25.9%	18.5M YoY+39.1%
Operating income	2.08B YoY+15.6%	1.80B YoY+45.3%	1.24B YoY+28.0%	970M YoY+49.1%	650M YoY+22.3%
Interest expense	20.1M YoY+0.5%	20.0M YoY-4.8%	21.0M YoY+16.7%	18.0M YoY+20.8%	14.9M
Other non-operating income	55.3M YoY-53.9%	120M YoY+2065.6%	-6.10M YoY+54.8%	-13.5M YoY-16.4%	-11.6M YoY-48.7%
Equity-method income	10.3M YoY+135.0%	-29.4M YoY+30.2%	-42.1M YoY+38.2%	-68.1M YoY-796.1%	-7.60M
Pre-tax income	2.28B YoY+10.9%	2.06B YoY+54.3%	1.33B YoY+39.6%	956M YoY+52.1%	628M YoY+16.0%
Income tax	439M YoY+54.7%	284M YoY+97.4%	144M YoY+366.9%	30.8M YoY+118.4%	14.1M YoY-73.5%
	1.85B YoY+6.2%	1.75B YoY+52.1%	1.15B YoY+33.9%	857M YoY+41.3%	607M YoY+24.2%
Net income to non-controlling interest	—	0.00	0.00 YoY+100.0%	-700K YoY-600.0%	-100K
	$2.42 YoY+7.1%	$2.26 YoY+54.8%	$1.46 YoY+37.7%	$1.06 YoY+45.2%	$0.73 YoY+25.9%
EPS (basic)	$2.45 YoY+7.5%	$2.28 YoY+55.1%	$1.47 YoY+36.1%	$1.08 YoY+45.9%	$0.74 YoY+23.3%
Weighted-avg shares (basic)	758M YoY-0.8%	764M YoY-1.8%	779M YoY-1.6%	791M YoY-3.0%	816M YoY-0.6%
Weighted-avg shares (diluted)	765M YoY-0.9%	772M YoY-2.1%	788M YoY-2.1%	805M YoY-3.6%	835M YoY-0.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.90B YoY-1.2%	5.97B YoY+34.8%	4.43B YoY+16.2%	3.81B YoY+5.8%	3.60B YoY+31.4%
Cash & equivalents	2.50B YoY-13.2%	2.88B YoY+105.7%	1.40B YoY-16.9%	1.68B YoY+27.6%	1.32B YoY+24.2%
Short-term investments	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+59.1%
Accounts receivable	1.69B YoY+15.6%	1.46B YoY+4.4%	1.40B YoY+11.1%	1.26B YoY+56.2%	808M YoY+12.2%
Inventory	400M YoY+26.6%	316M YoY-34.9%	485M YoY+83.2%	265M YoY+50.5%	176M YoY+25.8%
Prepaid expenses	227M YoY+80.0%	126M YoY+24.7%	101M YoY+38.3%	73.1M YoY+11.8%	65.4M YoY+51.0%
	10.4B YoY+6.4%	9.76B YoY+34.5%	7.26B YoY+16.6%	6.23B YoY+5.2%	5.92B YoY+46.3%
Property, plant & equipment	1.62B YoY+20.0%	1.35B YoY+29.2%	1.04B YoY+16.2%	899M YoY+30.7%	688M YoY+53.5%
Operating lease right-of-use	64.4M YoY-10.8%	72.2M YoY-5.0%	76.0M YoY-21.1%	96.3M YoY+47.9%	65.1M YoY+32.0%
Goodwill	257M YoY+9.3%	235M YoY+86.1%	127M YoY-1.2%	128M YoY+2.3%	125M YoY+34.5%
Intangible assets	97.3M YoY-15.4%	115M YoY+225.8%	35.3M YoY-37.0%	56.0M YoY-11.9%	63.6M YoY+101.3%
Long-term investments	340M	0.00	0.00 YoY-100.0%	45.5M YoY-89.7%	441M YoY+272.6%
Deferred tax assets	1.31B YoY-1.5%	1.34B YoY+53.7%	869M YoY+52.6%	569M YoY+66.3%	342M YoY+39.6%
Other non-current assets	125M YoY-6.0%	133M YoY-11.2%	150M YoY-25.7%	202M YoY-14.3%	236M YoY+273.1%
	5.03B YoY+24.0%	4.06B YoY+9.2%	3.72B YoY+20.8%	3.08B YoY+32.8%	2.32B YoY+26.7%
Accounts payable	231M YoY+20.9%	191M YoY-6.6%	204M YoY-16.1%	243M YoY+64.0%	148M YoY+4.8%
Accrued liabilities	355M YoY+4.9%	338M YoY-20.3%	424M YoY+59.1%	266M YoY+35.0%	197M YoY+32.2%
Deferred revenue	3.64B YoY+11.0%	3.28B YoY+15.0%	2.85B YoY+21.3%	2.35B YoY+32.2%	1.78B YoY+27.6%
Short-term & current debt	500M	0.00 YoY-100.0%	17.6M YoY+0.0%	17.6M YoY+0.0%	17.6M
Current lease liability	36.1M YoY+10.4%	32.7M YoY-2.1%	33.4M YoY+0.6%	33.2M YoY+26.2%	26.3M YoY+37.7%
	9.15B YoY+10.7%	8.27B YoY+7.1%	7.72B YoY+18.6%	6.51B YoY+27.1%	5.12B YoY+60.6%
Long-term debt	497M YoY-50.1%	994M YoY+0.2%	992M YoY+0.2%	990M YoY+0.2%	988M
Deferred revenue (non-current)	3.48B YoY+12.8%	3.08B YoY+6.9%	2.89B YoY+26.0%	2.29B YoY+36.7%	1.68B YoY+38.2%
Non-current lease liability	29.4M YoY-36.6%	46.4M YoY+1.5%	45.7M YoY-26.9%	62.5M YoY+54.3%	40.5M YoY+19.1%
Deferred tax liabilities	5.00M YoY+0.0%	5.00M YoY+0.0%	5.00M YoY+0.0%	5.00M YoY+0.0%	5.00M YoY+0.0%
Other non-current liabilities	141M YoY+9.0%	130M YoY+3.9%	125M YoY-16.8%	150M YoY+153.0%	59.2M YoY+5.3%
	1.24B YoY-17.2%	1.49B YoY+422.4%	-463M YoY-64.6%	-282M YoY-136.0%	782M YoY-8.7%
Common stock	700K YoY-12.5%	800K YoY+0.0%	800K YoY+0.0%	800K YoY+0.0%	800K YoY+300.0%
Additional paid-in capital	1.77B YoY+8.2%	1.64B YoY+15.5%	1.42B YoY+10.3%	1.28B YoY+2.4%	1.25B YoY+3.8%
Retained earnings	-508M YoY-333.7%	-117M YoY+93.7%	-1.86B YoY-20.4%	-1.55B YoY-230.5%	-468M YoY-32.9%
Treasury stock	0.00	0.00	0.00	0.00	0.00
Accumulated other comprehensive income	-25.4M YoY+2.7%	-26.1M YoY-38.1%	-18.9M YoY+6.4%	-20.2M YoY-320.8%	-4.80M YoY-785.7%
Non-controlling interest	0.00	0.00	0.00	0.00 YoY-100.0%	16.7M
Total equity incl. non-controlling	1.24B YoY-17.2%	1.49B YoY+422.4%	-463M YoY-64.6%	-282M YoY-135.3%	798M YoY-6.7%
Total liabilities & equity	10.4B YoY+6.4%	9.76B YoY+34.5%	7.26B YoY+16.6%	6.23B YoY+5.2%	5.92B YoY+46.3%
Common shares issued	743M YoY-3.1%	767M YoY+0.8%	761M YoY-2.6%	782M YoY-3.5%	810M YoY+398.5%
Common shares outstanding	743M YoY-3.1%	767M YoY+0.8%	761M YoY-2.6%	782M YoY-3.5%	810M YoY+398.5%
Shares outstanding (cover)	744M YoY-3.0%	766M YoY-0.2%	768M YoY-1.7%	781M YoY+377.8%	163M YoY+0.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.59B YoY+14.7%	2.26B YoY+16.7%	1.94B YoY+11.8%	1.73B YoY+15.4%	1.50B YoY+38.4%
Depreciation & amortization	152M YoY+23.8%	123M YoY+8.3%	113M YoY+8.7%	104M YoY+23.6%	84.4M YoY+22.7%
Share-based compensation	280M YoY+8.4%	258M YoY+3.6%	249M YoY+14.6%	217M YoY+4.5%	208M YoY+8.5%
Deferred income taxes	68.3M YoY+130.6%	-223M YoY+27.3%	-307M YoY-35.9%	-226M YoY-144.2%	-92.4M YoY-1201.4%
Change in receivables	216M YoY+375.6%	45.4M YoY-69.0%	146M YoY-67.9%	457M YoY+529.9%	72.5M YoY-58.9%
Change in inventory	90.6M YoY+169.1%	-131M YoY-151.8%	254M YoY+132.4%	109M YoY+462.4%	19.4M YoY-54.0%
Change in payables	27.9M YoY+373.5%	-10.2M YoY+76.3%	-43.1M YoY-141.0%	105M YoY+903.1%	-13.1M YoY-135.0%
	-599M YoY+17.6%	-727M YoY-12.0%	-649M YoY-185.0%	764M YoY+157.6%	-1.33B YoY-1720.2%
Capital expenditure	365M YoY-3.7%	379M YoY+85.6%	204M YoY-27.4%	281M YoY-5.0%	296M YoY+135.0%
Acquisitions	41.6M YoY-84.9%	276M	0.00 YoY-100.0%	30.8M YoY-58.9%	74.9M YoY+86.3%
Sales/maturities of investments	1.79B YoY-5.2%	1.89B YoY+33.7%	1.41B YoY-3.2%	1.46B YoY-0.6%	1.47B YoY+44.3%
Other investing activities	-100K YoY+0.0%	-100K YoY+66.7%	-300K	0.00 YoY+100.0%	-400K YoY+69.2%
	-2.37B YoY-4633.5%	-50.1M YoY+96.8%	-1.57B YoY+26.3%	-2.13B YoY-2672.8%	82.8M YoY+107.1%
Long-term debt issued	—	—	0.00	0.00 YoY-100.0%	989M
Common stock issued	44.7M YoY-29.2%	63.1M YoY+44.1%	43.8M YoY+67.8%	26.1M YoY+0.4%	26.0M YoY+17.6%
Common stock repurchased	2.29B YoY+381533.3%	600K YoY-100.0%	1.50B YoY-24.6%	1.99B YoY+168.4%	742M YoY-31.3%
Other financing activities	-100K YoY+99.1%	-11.7M YoY-875.0%	-1.20M YoY+75.0%	-4.80M YoY-380.0%	-1.00M YoY+23.1%
FX effect on cash	-600K YoY+76.9%	-2.60M YoY-225.0%	-800K YoY-100.0%	-400K YoY-300.0%	-100K
Net change in cash	-381M YoY-125.8%	1.48B YoY+618.6%	-285M YoY-178.3%	364M YoY+41.4%	257M YoY+260.1%
Interest paid	16.0M YoY+0.0%	16.0M YoY+0.0%	16.0M YoY+0.0%	16.0M YoY+90.5%	8.40M
Income taxes paid	452M YoY-22.0%	579M YoY+35.8%	426M YoY+63.8%	260M YoY+104.2%	127M YoY+220.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	59.1B YoY-18.5%	72.4B YoY+61.1%	44.9B YoY+17.7%	38.2B YoY+225.0%	11.8B YoY+143.7%
P/E	31.9× YoY-23.2%	41.5× YoY+3.9%	39.9× YoY-23.1%	51.9× YoY+168.1%	19.4× YoY+96.2%
P/S	8.7× YoY-28.6%	12.2× YoY+36.8%	8.9× YoY-5.5%	9.4× YoY+167.5%	3.5× YoY+89.2%
P/B	47.7× YoY-1.6%	48.5× YoY-92.2%	620.3×	—	15.0× YoY+166.9%
P/FCF	26.5× YoY-31.1%	38.5× YoY+73.0%	22.3× YoY-32.5%	33.0× YoY+238.2%	9.8× YoY+93.9%
Earnings yield	3.1% YoY+30.2%	2.4% YoY-3.7%	2.5% YoY+30.0%	1.9% YoY-62.7%	5.2% YoY-49.0%
FCF yield	3.8% YoY+45.2%	2.6% YoY-42.2%	4.5% YoY+48.2%	3.0% YoY-70.4%	10.2% YoY-48.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: FTNT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all FTNT filings on SEC EDGAR → Not investment advice.

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