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Fortinet (FTNT)
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Fortinet Income Statement 2025-2008 | FTNT
Brief overview of financial results at Fortinet
The comparison covers a five-year financial horizon. Revenue at Fortinet moved from $2.6 billion in 2020 to $6.8 billion in 2025. The total change was +162.1%, with a CAGR of approximately 21.3%. The company expanded its revenue base at a high speed.
At the gross-profit level, the result moved from 2 billion dollars to 5.5 billion dollars, a change of +170.2%. The relationship between sales and direct costs improved over the period. At the margin level, the figure shifted from 78% to 80.5%. Improving gross profitability strengthens the quality of revenue growth.
The five-year EBITDA result moved by +299.1%: from 560 million dollars to 2.2 billion dollars. EBITDA expanded faster than the top line. The EBITDA share of revenue changed from 21.6% to 32.9%. Higher profitability strengthens the quality of operating growth.
Net profit was $488 million at the start and $1.9 billion at the end. Net profit ended the five years at a local peak.
Market value was 23.5 billion dollars at the start and 93.1 billion dollars at the end. The share-price trend was broadly consistent with improving results.
Summary assessment
The five-year financial profile is predominantly positive. The financial profile benefits from better sales economics, positive operating leverage and net-income growth. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement Fortinet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
93.1 B | 84.4 B | 85.9 B | 87.3 B | 48.5 B | 23.5 B | 20.2 B | 12.7 B | 7.97 B | 5.66 B | 4.79 B | 4.9 B | 3.6 B | 3.06 B | 3.43 B | 221 M | - | - |
Shares |
758 M | 764 M | 779 M | 791 M | 163 M | 162 M | 171 M | 169 M | 174 M | 173 M | 170 M | 164 M | 162 M | 158 M | 153 M | 141 M | 52.7 M | - |
Historical Prices |
123 | 110 | 110 | 110 | 297 | 145 | 115 | 76.6 | 46 | 33.3 | 28.1 | 29.9 | 21.2 | 23.6 | 22.8 | 1.57 | - | - |
Net Income |
1.85 B | 1.75 B | 1.15 B | 857 M | 607 M | 488 M | 326 M | 332 M | 31.4 M | 32.2 M | 7.99 M | 25.3 M | 44.3 M | 66.8 M | 62.5 M | 41.2 M | 60.2 M | - |
Revenue |
6.8 B | 5.96 B | 5.3 B | 4.42 B | 3.34 B | 2.59 B | 2.16 B | 1.8 B | 1.49 B | 1.28 B | 1.01 B | 770 M | 615 M | 534 M | 434 M | - | - | - |
Cost of Revenue |
1.33 B | 1.16 B | 1.24 B | 1.08 B | 783 M | 570 M | 506 M | 450 M | 385 M | 338 M | 287 M | 231 M | 181 M | 147 M | 114 M | 85.2 M | 70 M | - |
Gross Profit |
5.47 B | 4.8 B | 4.07 B | 3.33 B | 2.56 B | 2.02 B | 1.65 B | 1.35 B | 1.11 B | 938 M | 722 M | 539 M | 435 M | 386 M | 320 M | 239 M | 182 M | - |
Operating Income |
2.08 B | 1.8 B | 1.24 B | 970 M | 650 M | 532 M | 351 M | 234 M | 110 M | 42.9 M | 14.9 M | 59.3 M | 72.1 M | 100 M | 88.9 M | 55.3 M | 25.3 M | - |
Interest Expense |
20.1 M | 20 M | 21 M | 18 M | 14.9 M | - | - | -6.6 M | 700 K | -7.1 M | -3.17 M | -3.17 M | -1.46 M | -485 K | -354 K | -815 K | - | - |
EBITDA |
2.24 B | 1.93 B | 1.35 B | 1.07 B | 735 M | 560 M | 406 M | 287 M | 166 M | 95.5 M | 54.1 M | 81.4 M | 87.7 M | 112 M | 95.9 M | 61 M | 31.3 M | - |
Operating Expenses |
3.39 B | 2.99 B | 2.83 B | 2.36 B | 1.91 B | 1.53 B | 1.31 B | 1.12 B | 1 B | 891 M | 700 M | 480 M | 363 M | 286 M | 231 M | 184 M | 157 M | - |
General and Administrative Expenses |
233 M | 238 M | 211 M | 169 M | 144 M | 120 M | 102 M | 93 M | 87.9 M | 81.1 M | 71.5 M | 41.3 M | 34.9 M | 25.5 M | 22 M | 22.4 M | 18.3 M | - |
All numbers in USD currency
Quarterly Income Statement Fortinet
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
733 M | 739 M | 756 M | 766 M | 768 M | 767 M | 765 M | 764 M | 762 M | 761 M | 781 M | 785 M | 783 M | 782 M | 786 M | 795 M | 803 M | 810 M | 818 M | 163 M | 163 M | 162 M | 162 M | 162 M | 171 M | 172 M | 171 M | 171 M | 170 M | 170 M | 170 M | 169 M | 168 M | 168 M | 176 M | 176 M | 174 M | 173 M | 173 M | 172 M | 172 M | 171 M | 172 M | 170 M | 168 M | 166 M | 164 M | 163 M | 162 M | 162 M | 163 M | 162 M | 161 M | 160 M | 159 M | 157 M | 156 M | 155 M | 153 M | 152 M | 150 M |
Net Income |
606 M | 534 M | 474 M | 440 M | 433 M | - | 540 M | 380 M | 299 M | - | 323 M | 266 M | 248 M | - | 232 M | 174 M | 138 M | - | 163 M | 138 M | 107 M | - | 123 M | 114 M | 105 M | - | 80.2 M | 72.7 M | 58.8 M | - | 58.7 M | 49.3 M | 41.6 M | - | 26.7 M | 23 M | 10.7 M | - | 6.29 M | -1.39 M | 2.12 M | - | 8.17 M | 792 K | 1.56 M | - | 4.06 M | 6.08 M | 8.39 M | - | 11 M | 8.98 M | 12.2 M | - | 17.2 M | 14 M | 14.2 M | - | 17.9 M | 14.5 M | 13.6 M |
Revenue |
2.05 B | 1.85 B | 1.72 B | 1.63 B | 1.54 B | - | 1.51 B | 1.43 B | 1.35 B | - | 1.33 B | 1.29 B | 1.26 B | - | 1.15 B | 1.03 B | 955 M | - | 867 M | 801 M | 710 M | - | 651 M | 618 M | 578 M | - | 548 M | 522 M | 473 M | - | 454 M | 441 M | 399 M | - | 374 M | 364 M | 341 M | - | 317 M | 311 M | 285 M | - | 260 M | 240 M | 213 M | - | 193 M | 184 M | 169 M | - | 155 M | 147 M | 136 M | - | 136 M | 129 M | 117 M | - | 116 M | 103 M | 93.3 M |
Cost of Revenue |
405 M | 364 M | 332 M | 315 M | 293 M | - | 263 M | 275 M | 305 M | - | 318 M | 296 M | 308 M | - | 283 M | 251 M | 254 M | - | 211 M | 187 M | 157 M | - | 139 M | 135 M | 129 M | - | 124 M | 128 M | 113 M | - | 112 M | 113 M | 97.2 M | - | 93.6 M | 95.7 M | 90.6 M | - | 84.8 M | 84.5 M | 77.6 M | - | 71.7 M | 69.5 M | 63.6 M | - | 56.9 M | 57.8 M | 50.7 M | - | 43.9 M | 43.7 M | 39.1 M | - | 37.8 M | 37.1 M | 31 M | - | 31.1 M | 26.6 M | 23.4 M |
Gross Profit |
1.64 B | 1.49 B | 1.39 B | 1.32 B | 1.25 B | - | 1.24 B | 1.16 B | 1.05 B | - | 1.02 B | 997 M | 954 M | - | 866 M | 779 M | 701 M | - | 656 M | 614 M | 554 M | - | 512 M | 482 M | 449 M | - | 424 M | 393 M | 360 M | - | 342 M | 328 M | 302 M | - | 281 M | 268 M | 250 M | - | 232 M | 227 M | 207 M | - | 188 M | 170 M | 149 M | - | 136 M | 126 M | 118 M | - | 111 M | 104 M | 96.7 M | - | 98.5 M | 91.8 M | 86.2 M | - | 85.3 M | 76.5 M | 69.8 M |
Operating Income |
689 M | 580 M | 547 M | 458 M | 454 M | - | 471 M | 437 M | 321 M | - | 303 M | 279 M | 274 M | - | 266 M | 195 M | 151 M | - | 166 M | 148 M | 122 M | - | 127 M | 119 M | 117 M | - | 101 M | 75.2 M | 50.6 M | - | 62.8 M | 50.7 M | 32.4 M | - | 33.7 M | 28.5 M | 5.4 M | - | 5.49 M | -4.04 M | -3.69 M | - | -1.84 M | 2.95 M | 898 K | - | 15.5 M | 11.1 M | 12.8 M | - | 18.3 M | 13.8 M | 15.4 M | - | 25.8 M | 21 M | 18.7 M | - | 26.2 M | 18.8 M | 17.4 M |
Interest Expense |
900 K | 47.9 M | 13 M | 18.9 M | 26.1 M | - | 11.8 M | 5 M | -2.9 M | - | -7 M | 5.2 M | 5 M | - | 4.5 M | 4.5 M | 4.5 M | - | 4.6 M | 4.5 M | 1.3 M | - | - | - | -8 M | - | -6 M | -400 K | -500 K | - | 900 K | -5 M | -200 K | - | 400 K | 1.2 M | 300 K | - | -787 K | -1.35 M | -1.31 M | - | -653 K | -830 K | -677 K | - | -1 M | -574 K | -389 K | - | -1.15 M | -100 K | 215 K | - | -317 K | 73 K | -71 K | - | - | - | - |
EBITDA |
770 M | 620 M | 586 M | 496 M | 490 M | - | 495 M | 495 M | 350 M | - | 327 M | 302 M | 301 M | - | 342 M | 214 M | 176 M | - | 226 M | 163 M | 139 M | - | 179 M | 154 M | 134 M | - | 146 M | 106 M | 66.3 M | - | 104 M | 77.5 M | 45.6 M | - | 74.9 M | 56 M | 18.9 M | - | 40.4 M | 17.8 M | 6.86 M | - | 20.4 M | 16.3 M | 7.25 M | - | 32 M | 22.1 M | 17.2 M | - | 29.8 M | 21.1 M | 18.9 M | - | 33.8 M | 26 M | 20.8 M | - | 31.3 M | 22.1 M | 19.1 M |
Operating Expenses |
954 M | 905 M | 846 M | 857 M | 793 M | - | 774 M | 722 M | 727 M | - | 714 M | 718 M | 681 M | - | 601 M | 584 M | 550 M | - | 490 M | 467 M | 432 M | - | 385 M | 364 M | 332 M | - | 323 M | 318 M | 309 M | - | 280 M | 278 M | 269 M | - | 247 M | 239 M | 245 M | - | 226 M | 231 M | 211 M | - | 190 M | 167 M | 148 M | - | 121 M | 115 M | 105 M | - | 92.5 M | 89.9 M | 81.3 M | - | 72.7 M | 70.9 M | 67.5 M | - | 59.1 M | 57.7 M | 52.4 M |
General and Administrative Expenses |
61.1 M | 56.2 M | 61.4 M | 56.9 M | 57.8 M | - | 71.7 M | 56.6 M | 54.4 M | - | 53.5 M | 49.9 M | 52.8 M | - | 40.7 M | 45.4 M | 38.6 M | - | 35.8 M | 34.4 M | 32 M | - | 29.4 M | 28.9 M | 28.8 M | - | 26.1 M | 24.3 M | 24.5 M | - | 22.5 M | 23.5 M | 25 M | - | 21 M | 21.9 M | 22.6 M | - | 22 M | 22.2 M | 19.4 M | - | 21.2 M | 18 M | 12 M | - | 9.79 M | 10.4 M | 9.01 M | - | 9.38 M | 8.79 M | 7.99 M | - | 7.45 M | 6.24 M | 5.79 M | - | 5.36 M | 5.85 M | 5.27 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Fortinet (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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