FTNT
$170.93-0.33%
as of close, Oct 20, 2026
☾ AH $170.93 -0.33%
FTNT 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.
Shares outstanding (point-in-time)
2024-06 764.9M2024-09 766.5M2024-12 769.0M2025-03 765.4M2025-06 766.3M2025-09 743.6M2025-12 739.9M2026-03 732.6M2026-06 733.7M-4.1% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | 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+14.2% | 5.96B+12.3% | 5.30B+20.1% | 4.42B+32.2% | 3.34B+28.8% | |
| 5.47B+14.0% | 4.80B+18.0% | 4.07B+22.1% | 3.33B+30.2% | 2.56B+26.4% | ||
| Cost of revenue | 1.33B+14.8% | 1.16B-6.4% | 1.24B+14.0% | 1.08B+38.6% | 783M+37.4% | |
| 3.39B+13.1% | 2.99B+6.0% | 2.83B+19.6% | 2.36B+23.8% | 1.91B+27.9% | ||
| Research & development | 816M+13.8% | 717M+16.8% | 614M+19.8% | 512M+20.8% | 424M+24.3% | |
| Selling, general & administrative | 233M-1.9% | 238M+12.5% | 211M+25.0% | 169M+17.8% | 144M+20.1% | |
| General & administrative | 233M-1.9% | 238M+12.5% | 211M+25.0% | 169M+17.8% | 144M+20.1% | |
| Selling & marketing | 2.35B+14.8% | 2.04B+1.9% | 2.01B+19.0% | 1.69B+25.3% | 1.35B+25.5% | |
| Amortization of intangibles | 50.7M+119.5% | 23.1M+22.2% | 18.9M-18.9% | 23.3M+25.9% | 18.5M+39.1% | |
| Operating income | 2.08B+15.6% | 1.80B+45.3% | 1.24B+28.0% | 970M+49.1% | 650M+22.3% | |
| Interest expense | 20.1M+0.5% | 20.0M-4.8% | 21.0M+16.7% | 18.0M+20.8% | 14.9M | |
| Other non-operating income | 55.3M-53.9% | 120M+2065.6% | -6.10M+54.8% | -13.5M-16.4% | -11.6M-48.7% | |
| Equity-method income | 10.3M+135.0% | -29.4M+30.2% | -42.1M+38.2% | -68.1M-796.1% | -7.60M | |
| Pre-tax income | 2.28B+10.9% | 2.06B+54.3% | 1.33B+39.6% | 956M+52.1% | 628M+16.0% | |
| Income tax | 439M+54.7% | 284M+97.4% | 144M+366.9% | 30.8M+118.4% | 14.1M-73.5% | |
| 1.85B+6.2% | 1.75B+52.0% | 1.15B+33.9% | 857M+41.3% | 607M+24.2% | ||
| Net income to non-controlling interest | — | 0.00 | 0.00+100.0% | -700K-600.0% | -100K | |
| $2.42+7.1% | $2.26+54.8% | $1.46+37.7% | $1.06+45.2% | $0.73+25.9% | ||
| EPS (basic) | $2.45+7.5% | $2.28+55.1% | $1.47+36.1% | $1.08+45.9% | $0.74+23.3% | |
| Weighted-avg shares (basic) | 758M-0.8% | 764M-1.8% | 779M-1.6% | 791M-3.0% | 816M-0.6% | |
| Weighted-avg shares (diluted) | 765M-0.9% | 772M-2.1% | 788M-2.1% | 805M-3.6% | 835M-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-1.2% | 5.97B+34.8% | 4.43B+16.2% | 3.81B+5.8% | 3.60B+31.4% | ||
| Cash & equivalents | 2.50B-13.2% | 2.88B+105.7% | 1.40B-16.9% | 1.68B+27.6% | 1.32B+24.2% | |
| Accounts receivable | 1.69B+15.6% | 1.46B+4.4% | 1.40B+11.1% | 1.26B+56.2% | 808M+12.2% | |
| Inventory | 400M+26.6% | 316M-34.9% | 485M+83.2% | 265M+50.5% | 176M+25.8% | |
| Prepaid expenses | 227M+80.0% | 126M+24.7% | 101M+38.3% | 73.1M+11.8% | 65.4M+51.0% | |
| 10.4B+6.4% | 9.76B+34.5% | 7.26B+16.6% | 6.23B+5.2% | 5.92B+46.3% | ||
| Property, plant & equipment | 1.62B+20.0% | 1.35B+29.2% | 1.04B+16.2% | 899M+30.7% | 688M+53.5% | |
| Operating lease right-of-use | 64.4M-10.8% | 72.2M-5.0% | 76.0M-21.1% | 96.3M+47.9% | 65.1M+32.0% | |
| Goodwill | 257M+9.3% | 235M+86.1% | 127M-1.2% | 128M+2.3% | 125M+34.5% | |
| Intangible assets | 97.3M-15.4% | 115M+225.8% | 35.3M-37.0% | 56.0M-11.9% | 63.6M+101.3% | |
| Long-term investments | 340M | 0.00 | 0.00-100.0% | 45.5M-89.7% | 441M+272.6% | |
| Deferred tax assets | 1.31B-1.5% | 1.34B+53.7% | 869M+52.6% | 569M+66.3% | 342M+39.6% | |
| Other non-current assets | 125M-6.0% | 133M-11.2% | 150M-25.7% | 202M-14.3% | 236M+273.1% | |
| 5.03B+24.0% | 4.06B+9.2% | 3.72B+20.8% | 3.08B+32.8% | 2.32B+26.7% | ||
| Accounts payable | 231M+20.9% | 191M-6.6% | 204M-16.1% | 243M+64.0% | 148M+4.8% | |
| Accrued liabilities | 355M+4.9% | 338M-20.3% | 424M+59.1% | 266M+35.0% | 197M+32.2% | |
| Deferred revenue | 3.64B+11.0% | 3.28B+15.0% | 2.85B+21.3% | 2.35B+32.2% | 1.78B+27.6% | |
| Short-term & current debt | 500M | 0.00 | — | — | — | |
| Current lease liability | 36.1M+10.4% | 32.7M-2.1% | 33.4M+0.6% | 33.2M+26.2% | 26.3M+37.7% | |
| 9.15B+10.7% | 8.27B+7.1% | 7.72B+18.6% | 6.51B+27.1% | 5.12B+60.6% | ||
| Long-term debt | 497M-50.1% | 994M+0.2% | 992M+0.2% | 990M+0.2% | 988M | |
| Deferred revenue (non-current) | 3.48B+12.8% | 3.08B+6.9% | 2.89B+26.0% | 2.29B+36.7% | 1.68B+38.2% | |
| Non-current lease liability | 29.4M-36.6% | 46.4M+1.5% | 45.7M-26.9% | 62.5M+54.3% | 40.5M+19.1% | |
| Operating lease liability (total) | 65.5M-17.2% | 79.1M+0.0% | 79.1M-17.3% | 95.7M+43.3% | 66.8M+25.8% | |
| Other non-current liabilities | 141M+9.0% | 130M+3.9% | 125M-16.8% | 150M+153.0% | 59.2M+5.3% | |
| 1.24B-17.2% | 1.49B+422.4% | -463M-64.6% | -282M-136.0% | 782M-8.7% | ||
| Common stock | 700K-12.5% | 800K+0.0% | 800K+0.0% | 800K+0.0% | 800K+300.0% | |
| Additional paid-in capital | 1.77B+8.2% | 1.64B+15.5% | 1.42B+10.3% | 1.28B+2.4% | 1.25B+3.8% | |
| Retained earnings | -508M-333.7% | -117M+93.7% | -1.86B-20.4% | -1.55B-230.5% | -468M-32.9% | |
| Accumulated other comprehensive income | -25.4M+2.7% | -26.1M-38.1% | -18.9M+6.4% | -20.2M-320.8% | -4.80M-785.7% | |
| Non-controlling interest | — | — | — | 0.00-100.0% | 16.7M | |
| Total equity incl. non-controlling | 1.24B-17.2% | 1.49B+422.4% | -463M-64.6% | -282M-135.3% | 798M-6.7% | |
| Total liabilities & equity | 10.4B+6.4% | 9.76B+34.5% | 7.26B+16.6% | 6.23B+5.2% | 5.92B+46.3% | |
| Common shares issued | 743M-3.1% | 767M+0.8% | 761M-2.6% | 782M-3.5% | 810M-0.3% | |
| Common shares outstanding | 743M-3.1% | 767M+0.8% | 761M-2.6% | 782M-3.5% | 810M-0.3% | |
| Shares outstanding (cover) | 740M-3.8% | 769M+0.8% | 763M-2.7% | 784M-2.5% | 804M-1.5% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.59B+14.7% | 2.26B+16.7% | 1.94B+11.8% | 1.73B+15.4% | 1.50B+38.4% | ||
| Depreciation & amortization | 152M+23.8% | 123M+8.3% | 113M+8.7% | 104M+23.6% | 84.4M+22.7% | |
| Intangible amortization | 50.7M+119.5% | 23.1M+22.2% | 18.9M-18.9% | 23.3M+25.9% | 18.5M+39.1% | |
| Share-based compensation | 280M+8.4% | 258M+3.6% | 249M+14.6% | 217M+4.5% | 208M+8.5% | |
| Deferred income taxes | 68.3M+130.6% | -223M+27.3% | -307M-35.9% | -226M-144.2% | -92.4M-1201.4% | |
| Change in receivables | 216M+375.6% | 45.4M-69.0% | 146M-67.9% | 457M+529.9% | 72.5M-58.9% | |
| Change in inventory | 90.6M+169.1% | -131M-151.8% | 254M+132.4% | 109M+462.4% | 19.4M-54.0% | |
| Change in payables | 27.9M+373.5% | -10.2M+76.3% | -43.1M-141.0% | 105M+903.1% | -13.1M-135.0% | |
| -599M+17.6% | -727M-12.0% | -649M-185.0% | 764M+157.6% | -1.33B-1720.2% | ||
| Capital expenditure | 365M-3.7% | 379M+85.6% | 204M-27.4% | 281M-5.0% | 296M+135.0% | |
| Free cash flow | 2.23B+18.4% | 1.88B+8.5% | 1.73B+19.5% | 1.45B+20.4% | 1.20B+25.7% | |
| Acquisitions | 41.6M-84.9% | 276M | 0.00-100.0% | 30.8M-58.9% | 74.9M+86.3% | |
| Sales/maturities of investments | 1.79B-5.2% | 1.89B+33.7% | 1.41B-3.2% | 1.46B-0.6% | 1.47B+44.3% | |
| Other investing activities | -100K+0.0% | -100K+66.7% | -300K | 0.00+100.0% | -400K+69.2% | |
| -2.37B-4633.5% | -50.1M+96.8% | -1.57B+26.3% | -2.13B-2672.8% | 82.8M+107.1% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 989M | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 44.7M-29.2% | 63.1M+44.1% | 43.8M+67.8% | 26.1M+0.4% | 26.0M+17.6% | |
| Common stock repurchased | 2.29B+381533.3% | 600K-100.0% | 1.50B-24.6% | 1.99B+168.4% | 742M-31.3% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other financing activities | -100K+99.1% | -11.7M-875.0% | -1.20M+75.0% | -4.80M-380.0% | -1.00M+23.1% | |
| FX effect on cash | -600K+76.9% | -2.60M-225.0% | -800K-100.0% | -400K-300.0% | -100K | |
| Net change in cash | -381M-125.8% | 1.48B+618.6% | -285M-178.3% | 364M+41.4% | 257M+260.1% | |
| Interest paid | 16.0M+0.0% | 16.0M+0.0% | 16.0M+0.0% | 16.0M+90.5% | 8.40M | |
| Income taxes paid | 452M-22.0% | 579M+35.8% | 426M+63.8% | 260M+104.2% | 127M+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 | 58.8B-19.1% | 72.7B+61.6% | 44.9B+17.7% | 38.2B-33.9% | 57.8B+138.4% | |
| P/E | 31.7×-23.8% | 41.6×+6.6% | 39.1×-24.1% | 51.4×-46.0% | 95.2×+92.0% | |
| P/S | 8.6×-29.2% | 12.2×+40.4% | 8.7×-6.8% | 9.3×-46.1% | 17.3×+85.1% | |
| P/B | 47.5×-2.4% | 48.6×-92.0% | 606.6× | — | 73.9×+161.1% | |
| P/FCF | 26.4×-31.7% | 38.7×+24.7% | 31.0×-2.3% | 31.7×-33.9% | 48.0×+89.7% | |
| Earnings yield | 3.2%+31.3% | 2.4%-6.2% | 2.6%+31.7% | 1.9%+85.2% | 1.0%-47.9% | |
| FCF yield | 3.8%+46.5% | 2.6%-19.8% | 3.2%+2.3% | 3.2%+51.3% | 2.1%-47.3% | |
| 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.