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MARKETS / NASDAQ / FTNT
NASDAQ · COMPUTER PERIPHERAL EQUIPMENT, NEC · LARGE CAP

Fortinet, Inc. FTNT

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$6.8B
▲ 14.2% YoY
$1.9B
▲ 6.2% YoY
$2.2B
▲ 18.4% YoY
In brief

What this company does

Fortinet, Inc.'s integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge and AI-driven security operations. It primarily sells its products and services through a two-tier distribution model, selling to distributors that sell to resellers and to service providers and managed security service providers, who in turn sell to end-customers. As of December 31, 2025, its end-customers were located in over 100 countries and included enterprises across financial services, retail, healthcare and operational technology market verticals, communication and security service providers, and government organizations. It is headquartered in Sunnyvale, California, with research and development centered in the United States and Canada. As of December 31, 2025, it had 1,064 U.S. and a total of 1,405 global patents, and 365 pending U.S. and foreign patent applications. Approximately 87% of its hardware is manufactured in Taiwan. The Fortinet Training Institute has issued approximately two million certifications to date. It was incorporated in Delaware in November 2000.

Written from the business description in Fortinet, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth
USD 6.8B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 6.8 · Net income 1.9
2.5B5.0B200920112013201520172019202120232025
Compound annual growth
+15.5%
+21.3%
+21.0%
+22.5%
+29.3%
+30.6%
+72.4%
+28.9%
+31.7%
+4.5%
+16.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +21.3% a year over five years — but profit grew faster: net income at +30.6%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
27 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 30.7% · Net 27.3%
10%20%30%200920112013201520172019202120232025
ROE
FY2025 · ROE 135.7%
100%200%300%200920112013201520172019202120232025

Each USD of equity produced 136 cents of profit this year.

Cash & shareholders
USD 2.2B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.2
0.8B1.6B200920112013201520172019202120232025
Net buybacks $B Dividends $B
FY2025 · Dividends — · Net buybacks 2.2
0.8B1.6B200920112013201520172019202120232025

USD 2.2B in buybacks — 121% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 10.4B
EquityUSD 1.2B
CashUSD 2.5B
Gross debtUSD 996.3M
Net debtUSD -1.5B
Current ratio1.17×

The company holds more cash than debt.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B6.86.05.34.43.32.62.21.81.51.31.00.80.60.50.40.30.3
Operating income $B2.11.81.21.00.70.50.40.20.10.00.00.10.10.10.10.10.0
EBITDA $B2.21.91.41.10.70.60.40.30.20.10.00.10.10.10.10.10.0
Income tax $B0.40.30.10.00.00.10.1−0.10.10.00.00.00.00.00.00.0−0.0
Net income $B1.91.71.10.90.60.50.30.30.00.00.00.00.00.10.10.00.1
Free cash flow $B2.21.91.71.41.21.00.70.60.50.30.20.20.10.20.10.10.1
EPS, diluted $2.422.261.461.060.730.581.901.920.180.180.050.150.260.400.380.260.39
Dividend / sh $·················
Payout %·················
ROE %135.7338.7·342.974.144.428.041.24.44.01.14.08.115.421.222.042.2
Shares out B0.740.770.760.780.810.160.170.170.170.170.170.170.160.160.150.15·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityComputer Peripheral Equipment, NEC
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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