What is Fortinet, Inc.'s earnings per share (EPS)?

Fortinet, Inc. (FTNT) reported diluted earnings per share of $2.42 for fiscal year 2025. This represents a 7.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fortinet, Inc. (FTNT) Financials

FTNT

Trailing 12 months to June 30, 2026

Revenue $7.5B +18.8% YoY

Net Income $2.1B +9.3% YoY

EPS (Diluted) $2.83 +12.7% YoY

Free Cash Flow $3.1B +53.3% YoY

Market Cap $133.5B as of Oct 16, 2026

Price / Sales 17.7x on $7.5B revenue, trailing 12 months to June 30, 2026

Price / Earnings 62.9x on $2.1B net income, trailing 12 months to June 30, 2026

Price / Book 86.0x on $1.6B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FTNT SEC filings page.

Fortinet, Inc. (FTNT) reported $7.5B in revenue over the twelve months to Jun 30, 2026, up 18.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FTNT FY2025 2026-10-03

Fortinet’s expanding operating margins combine with high cash conversion, while shareholder payouts narrow its short-term balance-sheet cushion.

From FY2021 to FY2025, free-cash-flow margin remained within a fairly narrow 31.5%-36.0% band even as profitability improved; cash generation therefore scaled with earnings rather than appearing in only one unusually strong year. In FY2025, operating cash flow of $2.59B exceeded net income of $1.85B, indicating reported earnings were accompanied by cash inflow rather than requiring cash investment to support them.

Gross margin was broadly stable in the latest two years while operating margin climbed from 19.5% in FY2021 to 30.7% in FY2025; this pattern places the main efficiency gain below production costs. That separation suggests recent profitability gains reflect better absorption or mix in operating expenses, not simply higher product pricing.

FY2025 ended with debt-to-equity at 0.4x but the current ratio at 1.2x, so lower debt has not created a large short-term buffer. The $2.29B of buybacks alongside a $2.37B financing outflow shows that capital returned to shareholders was a major use of financing cash that year.

Financial Health Signals

Financial Health Score 78/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Fortinet, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Fortinet, Inc. has an operating margin of 30.7%, meaning the company retains $31 of operating profit per $100 of revenue. This strong profitability earns a score of 90/100, reflecting efficient cost management and pricing power. This is up from 30.3% the prior year.

Growth

Fortinet, Inc.'s revenue grew 14.2% year-over-year to $6.8B, a solid pace of expansion. This earns a growth score of 72/100.

Leverage

Fortinet, Inc. carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Fortinet, Inc.'s current ratio of 1.17 is below the typical benchmark, resulting in a score of 27/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Fortinet, Inc. converts 32.7% of revenue into free cash flow ($2.2B). This strong cash generation earns a score of 95/100.

Returns

Fortinet, Inc. earns a strong 149.8% return on equity (ROE), meaning it generates $150 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 91/100. This is up from 116.8% the prior year.

Altman Z-Score Safe

10.10

Fortinet, Inc. scores 10.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($133.5B) relative to total liabilities ($9.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

Fortinet, Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.40x

For every $1 of reported earnings, Fortinet, Inc. generates $1.40 in operating cash flow ($2.6B OCF vs $1.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

103.72x

Fortinet, Inc. earns $103.72 in operating income for every $1 of interest expense ($2.1B vs $20.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.0B

YoY+25.6%

QoQ+10.7%

5Y CAGR+20.6%

10Y CAGR+20.7%

Fortinet, Inc. generated $2.0B in revenue in Q2 2026. This represents an increase of 25.6% from the same quarter a year earlier. Against the prior quarter it is up 10.7%.

EBITDA

$730.7M

YoY+47.2%

QoQ+17.9%

5Y CAGR+34.5%

10Y CAGR+58.6%

Fortinet, Inc.'s EBITDA was $730.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 47.2% from the same quarter a year earlier. Against the prior quarter it is up 17.9%.

Net Income

$606.3M

YoY+37.8%

QoQ+13.4%

5Y CAGR+34.5%

Fortinet, Inc. reported $606.3M in net income in Q2 2026. This represents an increase of 37.8% from the same quarter a year earlier. Against the prior quarter it is up 13.4%.

EPS (Diluted)

$0.82

YoY+43.9%

QoQ+13.9%

5Y CAGR+38.7%

Fortinet, Inc. earned $0.82 per diluted share (EPS) in Q2 2026. This represents an increase of 43.9% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.

Cash & Balance Sheet

Free Cash Flow

$965.6M

YoY+239.9%

QoQ-4.1%

5Y CAGR+19.6%

10Y CAGR+33.6%

Fortinet, Inc. generated $965.6M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 239.9% from the same quarter a year earlier. Against the prior quarter it is down 4.1%.

Cash & Debt

$2.9B

YoY-12.9%

QoQ+32.0%

5Y CAGR+9.3%

10Y CAGR+17.3%

Fortinet, Inc. held $2.9B in cash against $496.9M in long-term debt as of Q2 2026.

Shares Outstanding

734M

YoY-4.2%

QoQ+0.1%

5Y CAGR+35.1%

10Y CAGR+15.6%

Fortinet, Inc. had 734M shares outstanding in Q2 2026. This represents a decrease of 4.2% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

80.2%

YoY-0.4pp

QoQ0.0pp

5Y change+3.6pp

10Y change+7.4pp

Fortinet, Inc.'s gross margin was 80.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.

Operating Margin

33.7%

YoY+5.6pp

QoQ+2.3pp

5Y change+15.3pp

10Y change+35.0pp

Fortinet, Inc.'s operating margin was 33.7% in Q2 2026, reflecting core business profitability. This is up 5.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.3 percentage points.

Net Margin

29.6%

YoY+2.6pp

QoQ+0.7pp

5Y change+12.4pp

10Y change+30.1pp

Fortinet, Inc.'s net profit margin was 29.6% in Q2 2026, showing the share of revenue converted to profit. This is up 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.

Return on Equity

39.1%

YoY+17.7pp

QoQ-14.9pp

Fortinet, Inc.'s ROE was 39.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 17.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 14.9 percentage points.

Capital Allocation

R&D Spending

$225.0M

YoY+7.4%

QoQ+5.1%

5Y CAGR+16.1%

10Y CAGR+17.3%

Fortinet, Inc. invested $225.0M in research and development in Q2 2026. This represents an increase of 7.4% from the same quarter a year earlier. Against the prior quarter it is up 5.1%.

Share Buybacks

$149.8M

YoY-62.7%

QoQ-81.8%

Fortinet, Inc. spent $149.8M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 62.7% from the same quarter a year earlier. Against the prior quarter it is down 81.8%.

Capital Expenditures

$78.0M

YoY-53.5%

QoQ+10.5%

5Y CAGR+27.1%

10Y CAGR+18.4%

Fortinet, Inc. invested $78.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 53.5% from the same quarter a year earlier. Against the prior quarter it is up 10.5%.

FTNT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FTNT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$7.5B	$6.8B+14.2%	$6.0B+12.3%	$5.3B+20.1%	$4.4B+32.2%	$3.3B+28.8%	$2.6B+19.9%	$2.2B+19.9%	$1.8B+20.7%	$1.5B+17.2%	$1.3B+26.4%	$1.0B+31.0%	$770.4M+25.2%	$615.3M+15.3%	$533.6M+23.1%	$433.6M
Cost of Revenue	$1.5B	$1.3B+14.8%	$1.2B-6.4%	$1.2B+14.0%	$1.1B+38.6%	$783.0M+37.4%	$570.0M+12.7%	$505.9M+12.3%	$450.4M+16.9%	$385.3M+14.1%	$337.8M+17.8%	$286.8M+24.1%	$231.0M+27.9%	$180.6M+22.5%	$147.4M+29.8%	$113.6M
Gross Profit	$6.0B	$5.5B+14.0%	$4.8B+18.0%	$4.1B+22.1%	$3.3B+30.2%	$2.6B+26.4%	$2.0B+22.2%	$1.7B+22.4%	$1.4B+22.0%	$1.1B+18.3%	$937.6M+29.8%	$722.5M+34.0%	$539.4M+24.1%	$434.7M+12.5%	$386.2M+20.7%	$320.0M
R&D Expenses	$846.4M	$815.5M+13.8%	$716.8M+16.8%	$613.8M+19.8%	$512.4M+20.8%	$424.2M+24.3%	$341.4M+23.2%	$277.1M+13.3%	$244.5M+16.1%	$210.6M+15.0%	$183.1M+15.8%	$158.1M+28.7%	$122.9M+19.7%	$102.7M+26.6%	$81.1M+27.5%	$63.6M
SG&A Expenses	$236.0M	$233.4M-1.9%	$237.8M+12.5%	$211.3M+25.0%	$169.0M+17.8%	$143.5M+20.1%	$119.5M+17.0%	$102.1M+9.8%	$93.0M+5.8%	$87.9M+8.4%	$81.1M+13.4%	$71.5M+73.0%	$41.3M+18.4%	$34.9M+36.9%	$25.5M+16.1%	$22.0M
Operating Income	$2.4B	$2.1B+15.6%	$1.8B+45.3%	$1.2B+28.0%	$969.6M+49.1%	$650.4M+22.3%	$531.8M+51.5%	$351.0M+49.7%	$234.4M+113.5%	$109.8M+155.9%	$42.9M+188.4%	$14.9M-74.9%	$59.3M-17.7%	$72.1M-28.3%	$100.5M+13.0%	$88.9M
EBITDA	N/A	$2.2B+16.1%	$1.9B+42.2%	$1.4B+26.1%	$1.1B+46.1%	$734.8M+22.3%	$600.6M+45.6%	$412.6M+42.2%	$290.1M+75.5%	$165.3M+80.9%	$91.4M+96.7%	$46.5M-42.9%	$81.4M-7.3%	$87.7M-21.7%	$112.0M+16.8%	$95.9M
Interest Expense	$18.0M	$20.1M+0.5%	$20.0M-4.8%	$21.0M+16.7%	$18.0M+20.8%	$14.9M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$502.5M	$439.1M+54.7%	$283.9M+97.4%	$143.8M+366.9%	$30.8M+118.4%	$14.1M-73.5%	$53.2M-2.0%	$54.3M+167.4%	-$80.6M-187.0%	$92.6M+749.5%	$10.9M+20.9%	$9.0M-75.1%	$36.2M+14.3%	$31.7M-17.0%	$38.2M+29.0%	$29.6M
Net Income	$2.1B	$1.9B+6.2%	$1.7B+52.1%	$1.1B+33.9%	$857.3M+41.3%	$606.8M+24.2%	$488.5M+47.3%	$331.7M-1.0%	$334.9M+966.6%	$31.4M-2.5%	$32.2M+303.2%	$8.0M-68.5%	$25.3M-42.8%	$44.3M-33.8%	$66.8M+7.0%	$62.5M
EPS (Basic)	N/A	$2.45+7.5%	$2.28+55.1%	$1.47+36.1%	$1.08+45.9%	$0.74+23.3%	$0.60-69.1%	$1.94-2.0%	$1.98+1000.0%	$0.18-5.3%	$0.19+280.0%	$0.05-66.7%	$0.15-44.4%	$0.27-35.7%	$0.42+2.4%	$0.41
EPS (Diluted)	$2.83	$2.42+7.1%	$2.26+54.8%	$1.46+37.7%	$1.06	$0.73+25.9%	$0.58	$1.90-1.0%	$1.92+966.7%	$0.180.0%	$0.18+260.0%	$0.05-66.7%	$0.15	$0.26	$0.40+5.3%	$0.38
Diluted Shares (Avg)	N/A	765M-0.9%	772M-2.1%	788M-2.1%	805M	835M-0.4%	838M	175M+0.5%	174M-2.2%	178M+1.0%	176M+0.1%	176M+4.0%	169M	168M	166M+1.6%	164M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$2.0B+25.6%	$1.8B+20.1%	$1.9B+14.8%	$1.7B+14.4%	$1.6B+13.6%	$1.5B+13.8%	$1.7B+17.3%	$1.5B+13.0%
Cost of Revenue	$404.7M+28.5%	$364.5M+24.4%	$389.2M+23.8%	$331.7M+25.9%	$314.9M+14.5%	$293.1M-3.8%	$314.5M-0.4%	$263.4M-17.1%
Gross Profit	$1.6B+24.9%	$1.5B+19.1%	$1.5B+12.6%	$1.4B+11.9%	$1.3B+13.4%	$1.2B+18.9%	$1.3B+22.4%	$1.2B+22.4%
R&D Expenses	$225.0M+7.4%	$214.0M+7.8%	$205.0M+7.3%	$202.4M+8.1%	$209.5M+26.7%	$198.6M+14.8%	$191.1M+25.3%	$187.3M+19.4%
SG&A Expenses	$61.1M+7.4%	$56.2M-2.8%	$57.3M+4.0%	$61.4M-14.4%	$56.9M+0.5%	$57.8M+6.3%	$55.1M0.0%	$71.7M+34.0%
Operating Income	$689.3M+50.5%	$580.0M+27.8%	$625.6M+9.0%	$547.3M+16.2%	$458.0M+4.8%	$453.8M+41.3%	$574.1M+49.0%	$470.9M+55.3%
EBITDA	$730.7M+47.2%	$619.8M+26.6%	$665.1M+9.2%	$585.7M+17.0%	$496.3M+6.4%	$489.6M+40.0%	$609.3M+46.6%	$500.7M+51.0%
Interest Expense	$3.2M-30.4%	$4.2M-14.3%	$4.4M-10.2%	$6.2M+24.0%	$4.6M-8.0%	$4.9M-3.9%	$4.9M-9.3%	$5.0M-7.4%
Income Tax	$115.0M+49.2%	$122.0M+26.4%	$144.8M+67.0%	$120.7M+48.6%	$77.1M+0.8%	$96.5M+144.3%	$86.7M-8.9%	$81.2M+27166.7%
Net Income	$606.3M+37.8%	$534.5M+23.3%	$506.0M-3.8%	$473.9M-12.2%	$440.1M+15.9%	$433.4M+44.8%	$526.2M+69.3%	$539.9M+67.2%
EPS (Basic)	$0.83+45.6%	$0.72+28.6%	$0.680.0%	$0.63-11.3%	$0.57+14.0%	$0.56+43.6%	$0.68+70.0%	$0.71+73.2%
EPS (Diluted)	$0.82+43.9%	$0.72+28.6%	$0.67-1.5%	$0.62-11.4%	$0.57+16.3%	$0.56+43.6%	$0.68+65.9%	$0.70+70.7%
Diluted Shares (Avg)	740M-4.2%	743M-4.4%	N/A	761M-1.4%	773M+0.4%	777M+0.8%	N/A	772M-2.4%

FTNT Balance Sheet

FTNT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$10.4B+6.4%	$9.8B+34.5%	$7.3B+16.6%	$6.2B+5.2%	$5.9B+46.3%	$4.0B+4.3%	$3.9B+26.0%	$3.1B+36.3%	$2.3B+5.5%	$2.1B+19.5%	$1.8B+25.7%	$1.4B+21.9%	$1.2B+19.8%	$975.5M+32.8%	$734.7M
Current Assets	$5.9B-1.2%	$6.0B+34.8%	$4.4B+16.2%	$3.8B+5.8%	$3.6B+31.4%	$2.7B-1.0%	$2.8B+24.7%	$2.2B+29.4%	$1.7B+11.6%	$1.5B+21.1%	$1.3B+26.4%	$1.0B+36.7%	$735.5M+29.2%	$569.3M+8.7%	$523.6M
Cash & Equivalents	$2.5B-13.2%	$2.9B+105.7%	$1.4B-16.9%	$1.7B+27.6%	$1.3B+24.2%	$1.1B-13.1%	$1.2B+9.9%	$1.1B+37.2%	$811.0M+14.4%	$709.0M+30.5%	$543.3M+91.8%	$283.3M+144.5%	$115.9M-5.8%	$123.0M+70.8%	$72.0M
Short-Term Investments	$1.1B-8.7%	$1.2B+16.6%	$1.0B+103.2%	$502.6M-57.9%	$1.2B+54.0%	$775.5M-8.0%	$843.1M+56.9%	$537.2M+22.0%	$440.3M+16.9%	$376.5M+8.2%	$348.1M-20.3%	$436.8M+16.3%	$375.5M+29.2%	$290.7M-8.7%	$318.3M
Inventory	$399.5M+26.6%	$315.5M-34.9%	$484.8M+83.2%	$264.6M+50.5%	$175.8M+25.8%	$139.8M+18.6%	$117.9M+31.0%	$90.0M+16.4%	$77.3M-27.7%	$106.9M+27.4%	$83.9M+20.7%	$69.5M+42.7%	$48.7M+131.1%	$21.1M+29.6%	$16.2M
Accounts Receivable	$1.7B+15.6%	$1.5B+4.4%	$1.4B+11.1%	$1.3B+56.2%	$807.7M+12.2%	$720.0M+32.3%	$544.3M+22.5%	$444.5M+27.7%	$348.2M+11.2%	$313.0M+20.6%	$259.6M+40.5%	$184.7M+41.6%	$130.5M+21.2%	$107.6M+12.7%	$95.5M
Long-Term Investments	$339.7M	$0	$0-100.0%	$45.5M-89.7%	$440.8M+272.6%	$118.3M-18.0%	$144.3M+115.4%	$67.0M-31.6%	$98.0M-56.4%	$225.0M-17.6%	$273.0M+0.5%	$271.7M-22.7%	$351.7M+7.9%	$325.9M+119.6%	$148.4M
Goodwill	$257.4M+9.3%	$235.4M+86.1%	$126.5M-1.2%	$128.0M+2.3%	$125.1M+34.5%	$93.0M+38.4%	$67.2M+75.9%	$38.2M+161.6%	$14.6M+0.3%	$14.6M+210.2%	$4.7M+66.1%	$2.8M-1.7%	$2.9M	$0	N/A
Total Liabilities	$9.2B+10.7%	$8.3B+7.1%	$7.7B+18.6%	$6.5B+27.1%	$5.1B+60.6%	$3.2B+25.7%	$2.5B+22.7%	$2.1B+23.9%	$1.7B+28.1%	$1.3B+25.8%	$1.0B+38.2%	$748.8M+28.5%	$582.7M+25.4%	$464.6M+23.4%	$376.4M
Current Liabilities	$5.0B+24.0%	$4.1B+9.2%	$3.7B+20.8%	$3.1B+32.8%	$2.3B+26.7%	$1.8B+25.7%	$1.5B+15.9%	$1.3B+22.3%	$1.0B+23.8%	$829.4M+22.2%	$678.7M+36.7%	$496.5M+20.2%	$413.1M+29.4%	$319.3M+19.7%	$266.9M
Non-Current Liabilities	$4.1B-2.2%	$4.2B+5.1%	$4.0B+16.7%	$3.4B+22.4%	$2.8B+106.2%	$1.4B+25.7%	$1.1B+33.2%	$811.4M+26.5%	$641.3M+35.6%	$472.8M+32.6%	$356.5M+41.3%	$252.4M+48.8%	$169.6M+16.8%	$145.3M+32.6%	$109.5M
Long-Term Debt	$496.6M-50.1%	$994.3M+0.2%	$992.3M+0.2%	$990.4M+0.2%	$988.4M	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B-17.2%	$1.5B+422.4%	-$463.4M-64.6%	-$281.6M-136.0%	$781.7M-8.7%	$856.0M-36.2%	$1.3B+30.9%	$1.0B+70.3%	$602.0M-28.1%	$837.7M+10.9%	$755.4M+11.8%	$676.0M+15.4%	$585.8M+14.6%	$510.9M+42.6%	$358.4M
Retained Earnings	-$507.9M-333.7%	-$117.1M+93.7%	-$1.9B-20.4%	-$1.5B-230.5%	-$467.9M-32.9%	-$352.1M-319.0%	$160.8M+379.7%	-$57.5M+82.0%	-$319.6M-949.5%	$37.6M-45.1%	$68.5M-39.7%	$113.6M-6.7%	$121.9M+10.2%	$110.6M+152.7%	$43.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$10.9B+2.0%	$9.9B-5.0%	$10.4B+6.4%	$9.4B+5.8%	$10.6B+32.1%	$10.4B+35.8%	$9.8B+34.5%	$8.9B+18.4%
Current Assets	$6.2B-2.2%	$5.3B-17.2%	$5.9B-1.2%	$4.9B-5.9%	$6.3B+29.0%	$6.4B+41.3%	$6.0B+34.8%	$5.2B+9.8%
Cash & Equivalents	$2.9B-12.9%	$2.2B-38.2%	$2.5B-13.2%	$2.0B-19.8%	$3.4B+52.9%	$3.6B+86.7%	$2.9B+105.7%	$2.5B+13.8%
Short-Term Investments	$1.1B-5.0%	$1.1B-9.5%	$1.1B-8.7%	$1.1B-3.0%	$1.2B+7.1%	$1.2B+10.1%	$1.2B+16.6%	$1.2B+20.8%
Inventory	$426.3M+5.2%	$369.6M+1.9%	$399.5M+26.6%	$426.6M+20.4%	$405.2M+5.7%	$362.7M-17.5%	$315.5M-34.9%	$354.3M-24.2%
Accounts Receivable	$1.5B+19.7%	$1.5B+26.6%	$1.7B+15.6%	$1.2B+11.9%	$1.2B+12.2%	$1.2B+17.8%	$1.5B+4.4%	$1.0B+3.0%
Long-Term Investments	$399.1M+256.3%	$339.7M+865.1%	$339.7M	$289.1M	$112.0M	$35.2M	$0	$0-100.0%
Goodwill	$257.4M-0.6%	$257.4M+9.0%	$257.4M+9.3%	$258.3M+21.4%	$258.9M+102.4%	$236.2M+83.1%	$235.4M+86.1%	$212.8M+69.7%
Total Liabilities	$9.3B+8.5%	$8.9B+5.3%	$9.2B+10.7%	$8.6B+8.6%	$8.6B+10.5%	$8.4B+8.3%	$8.3B+7.1%	$7.9B+7.3%
Current Liabilities	$4.8B+1.3%	$4.6B-2.2%	$5.0B+24.0%	$4.8B+23.2%	$4.8B+28.2%	$4.7B+24.4%	$4.1B+9.2%	$3.9B+6.4%
Non-Current Liabilities	$4.5B+17.4%	$4.3B+14.9%	$4.1B-2.2%	$3.8B-5.4%	$3.8B-5.8%	$3.7B-7.1%	$4.2B+5.1%	$4.1B+8.1%
Long-Term Debt	$496.9M+0.1%	$496.8M+0.1%	$496.6M-50.1%	$496.5M-50.0%	$496.3M-50.0%	$496.2M-50.0%	$994.3M+0.2%	$993.8M+0.2%
Total Equity	$1.6B-24.7%	$989.7M-49.6%	$1.2B-17.2%	$735.1M-19.1%	$2.1B+614.9%	$2.0B+1527.6%	$1.5B+422.4%	$908.1M+1125.5%
Retained Earnings	-$316.7M-186.9%	-$782.0M-347.2%	-$507.9M-333.7%	-$958.5M-49.0%	$364.4M+130.8%	$316.3M+120.2%	-$117.1M+93.7%	-$643.3M+50.5%

FTNT Cash Flow Statement

FTNT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$3.4B	$2.6B+14.7%	$2.3B+16.7%	$1.9B+11.8%	$1.7B+15.4%	$1.5B+38.4%	$1.1B+34.1%	$808.0M+26.5%	$638.9M+7.5%	$594.4M+71.9%	$345.7M+22.4%	$282.5M+43.7%	$196.6M+33.4%	$147.4M-19.8%	$183.9M+38.4%	$132.8M
Depreciation & Amortization	N/A	$152.0M+23.8%	$122.8M+8.3%	$113.4M+8.7%	$104.3M+23.6%	$84.4M+22.7%	$68.8M+11.7%	$61.6M+10.6%	$55.7M+0.4%	$55.5M+14.4%	$48.5M+53.5%	$31.6M+43.4%	$22.0M+41.0%	$15.6M+35.1%	$11.6M+65.5%	$7.0M
Stock-Based Compensation	N/A	$279.5M+8.4%	$257.9M+3.6%	$249.0M+14.6%	$217.3M+4.5%	$207.9M+8.5%	$191.7M+10.1%	$174.1M+6.9%	$162.9M+18.7%	$137.2M+12.1%	$122.4M+28.7%	$95.1M+61.2%	$59.0M+34.4%	$43.9M+43.1%	$30.7M+61.4%	$19.0M
Capital Expenditures	$279.1M	$364.8M-3.7%	$378.9M+85.6%	$204.1M-27.4%	$281.2M-5.0%	$295.9M+135.0%	$125.9M+36.6%	$92.2M+74.0%	$53.0M-60.8%	$135.3M+101.3%	$67.2M+79.9%	$37.4M+16.0%	$32.2M+132.0%	$13.9M-37.2%	$22.1M+509.4%	$3.6M
Free Cash Flow	$3.1B	$2.2B+18.4%	$1.9B+8.5%	$1.7B+19.5%	$1.4B+20.4%	$1.2B+25.7%	$957.8M+33.8%	$715.8M+22.2%	$585.9M+27.6%	$459.1M+64.8%	$278.5M+13.6%	$245.2M+49.2%	$164.4M+23.1%	$133.5M-17.5%	$161.8M+25.2%	$129.2M
Investing Cash Flow	-$412.4M	-$599.1M+17.6%	-$727.4M-12.0%	-$649.3M-185.0%	$763.9M+157.6%	-$1.3B-1720.2%	-$72.8M+85.5%	-$502.3M-272.3%	-$134.9M-75.7%	-$76.8M-3.6%	-$74.1M-7562.9%	-$967K+96.7%	-$29.4M+80.0%	-$146.7M+19.7%	-$182.7M-9.5%	-$166.8M
Financing Cash Flow	-$3.4B	-$2.4B-4633.5%	-$50.1M+96.8%	-$1.6B+26.3%	-$2.1B-2672.8%	$82.8M+107.1%	-$1.2B-499.0%	-$195.6M+3.5%	-$202.6M+51.3%	-$415.6M-292.4%	-$105.9M-391.3%	-$21.6M-2978.1%	$749K+111.7%	-$6.4M-112.8%	$50.2M+26.0%	$39.8M
Share Buybacks	$2.9B	$2.3B+381533.3%	$600K-100.0%	$1.5B-24.6%	$2.0B+168.4%	$741.8M-31.3%	$1.1B+644.4%	$145.1M-31.5%	$211.8M-52.5%	$446.3M+302.8%	$110.8M+84.7%	$60.0M+36.4%	$44.0M+31.2%	$33.5M	$0	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.0B+130.9%	$1.1B+24.8%	$620.2M+29.9%	$655.2M+7.7%	$451.9M+32.1%	$863.3M+4.0%	$477.6M+149.1%	$608.1M+10.3%
Depreciation & Amortization	$41.4M+8.1%	$39.8M+11.2%	$39.5M+12.2%	$38.4M+28.9%	$38.3M+31.2%	$35.8M+25.2%	$35.2M+16.6%	$29.8M+5.3%
Stock-Based Compensation	$80.8M+15.6%	$72.5M+9.7%	N/A	$71.8M+9.0%	$69.9M+8.7%	$66.1M+6.1%	N/A	$65.9M+1.5%
Capital Expenditures	$78.0M-53.5%	$70.6M+6.2%	$42.8M-56.1%	$87.7M+141.6%	$167.8M+626.4%	$66.5M-70.0%	$97.6M+262.8%	$36.3M-48.2%
Free Cash Flow	$965.6M+239.9%	$1.0B+26.3%	$577.4M+51.9%	$567.5M-0.8%	$284.1M-10.9%	$796.8M+30.9%	$380.0M+130.6%	$571.8M+18.9%
Investing Cash Flow	-$184.6M+30.7%	-$5.7M+94.9%	-$46.3M+42.1%	-$175.8M+46.3%	-$266.2M-431.3%	-$110.8M+59.0%	-$79.9M-11.6%	-$327.1M-194.2%
Financing Cash Flow	-$147.9M+64.3%	-$1.3B-4006.7%	-$72.7M-726.1%	-$1.9B-61830.0%	-$414.2M-2858.6%	-$32.7M-7.9%	-$8.8M+99.0%	$3.0M+100.5%
Share Buybacks	$149.8M-62.7%	$823.0M	$57.2M	$1.8B+305150.0%	$401.1M	$0	$0-100.0%	$600K-99.9%

Not reported in any period shown, so not listed: Dividends Paid.

FTNT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FTNT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	80.5%-0.1pp	80.6%+3.9pp	76.7%+1.2pp	75.4%-1.1pp	76.6%-1.5pp	78.0%+1.4pp	76.6%+1.6pp	75.0%+0.8pp	74.2%+0.7pp	73.5%+1.9pp	71.6%+1.6pp	70.0%-0.6pp	70.6%-1.7pp	72.4%-1.4pp	73.8%
Operating Margin	30.7%+0.4pp	30.3%+6.9pp	23.4%+1.5pp	21.9%+2.5pp	19.5%-1.0pp	20.5%+4.3pp	16.2%+3.2pp	13.0%+5.6pp	7.3%+4.0pp	3.4%+1.9pp	1.5%-6.2pp	7.7%-4.0pp	11.7%-7.1pp	18.8%-1.7pp	20.5%
Net Margin	27.3%-2.0pp	29.3%+7.7pp	21.6%+2.2pp	19.4%+1.2pp	18.2%-0.7pp	18.8%+3.5pp	15.3%-3.2pp	18.6%+16.5pp	2.1%-0.4pp	2.5%+1.7pp	0.8%-2.5pp	3.3%-3.9pp	7.2%-5.3pp	12.5%-1.9pp	14.4%
Return on Equity	149.8%+32.9pp	116.8%	N/A	N/A	77.6%+20.6pp	57.1%+32.4pp	24.7%-8.0pp	32.7%+27.4pp	5.2%+1.4pp	3.8%+2.8pp	1.1%-2.7pp	3.8%-3.8pp	7.6%-5.5pp	13.1%-4.4pp	17.4%
Return on Assets	17.8%0.0pp	17.9%+2.1pp	15.8%+2.0pp	13.8%+3.5pp	10.3%-1.8pp	12.1%+3.5pp	8.6%-2.3pp	10.9%+9.5pp	1.4%-0.1pp	1.5%+1.0pp	0.4%-1.3pp	1.8%-2.0pp	3.8%-3.1pp	6.9%-1.7pp	8.5%
Current Ratio	1.17-0.3x	1.47+0.3x	1.190.0x	1.24-0.3x	1.55+0.1x	1.50-0.4x	1.90+0.1x	1.77+0.1x	1.67-0.2x	1.860.0x	1.87-0.2x	2.03+0.2x	1.780.0x	1.78-0.2x	1.96
Debt-to-Equity	0.40-0.3x	0.67	N/A	N/A	1.26+1.3x	0.00-1.9x	1.89-0.1x	2.02-0.8x	2.77+1.2x	1.55+0.2x	1.37+0.3x	1.11+0.1x	0.99+0.1x	0.91-0.1x	1.05
Asset Turnover	0.650.0x	0.61-0.1x	0.730.0x	0.71+0.1x	0.56-0.1x	0.64+0.1x	0.560.0x	0.59-0.1x	0.66+0.1x	0.600.0x	0.560.0x	0.540.0x	0.530.0x	0.550.0x	0.59
FCF Margin	32.7%+1.2pp	31.6%-1.1pp	32.6%-0.2pp	32.8%-3.2pp	36.0%-0.9pp	36.9%+3.8pp	33.1%+0.6pp	32.5%+1.8pp	30.7%+8.9pp	21.8%-2.4pp	24.3%+2.9pp	21.3%-0.4pp	21.7%-8.6pp	30.3%+0.5pp	29.8%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	80.2%-0.4pp	80.3%-0.7pp	79.6%-1.5pp	80.8%-1.8pp	80.7%-0.2pp	81.0%+3.5pp	81.1%+3.4pp	82.5%+6.3pp
Operating Margin	33.7%+5.6pp	31.4%+1.9pp	32.8%-1.7pp	31.7%+0.5pp	28.1%-2.4pp	29.5%+5.7pp	34.6%+7.4pp	31.2%+8.5pp
Net Margin	29.6%+2.6pp	28.9%+0.8pp	26.6%-5.1pp	27.5%-8.3pp	27.0%+0.5pp	28.1%+6.0pp	31.7%+9.7pp	35.8%+11.6pp
Return on Equity	39.1%+17.7pp	54.0%+31.9pp	40.9%+5.7pp	64.5%+5.0pp	21.4%-110.4pp	22.1%	35.2%	59.5%-376.3pp
Return on Assets	5.6%+1.4pp	5.4%+1.3pp	4.9%-0.5pp	5.1%-1.0pp	4.1%-0.6pp	4.2%+0.2pp	5.4%+1.1pp	6.1%+1.8pp
Current Ratio	1.280.0x	1.15-0.2x	1.17-0.3x	1.03-0.3x	1.330.0x	1.36+0.2x	1.47+0.3x	1.340.0x
Debt-to-Equity	0.32+0.1x	0.50+0.2x	0.40-0.3x	0.68-0.4x	0.24-3.2x	0.25	0.67	1.09-12.3x
Asset Turnover	0.190.0x	0.190.0x	0.180.0x	0.180.0x	0.150.0x	0.150.0x	0.170.0x	0.170.0x
FCF Margin	47.1%+29.7pp	54.4%+2.7pp	30.3%+7.4pp	32.9%-5.0pp	17.4%-4.8pp	51.7%+6.8pp	22.9%+11.2pp	37.9%+1.9pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Fortinet, Inc. FTNT	FY2025	$6.8B	$1.9B	27.3%	$133.5B	78/100
Cloudflare, Inc. NET	FY2025	$2.2B	-$102.3M	-4.7%	$115.5B	52/100
Zscaler, Inc. ZS	FY2026	$3.4B	-$63.2M	-1.9%	$36.0B	53/100
Synopsys Inc SNPS	FY2025	$7.1B	$1.3B	18.9%	$92.0B	57/100
Block, Inc. XYZ	FY2025	$24.2B	$1.3B	5.4%	$45.6B	51/100
Palo Alto Networks, Inc. PANW	FY2026	$11.5B	$307.0M	2.7%	$306.8B	57/100

Where Fortinet, Inc. Ranks

Frequently Asked Questions

What is Fortinet, Inc.'s annual revenue?

Fortinet, Inc. (FTNT) reported $6.8B in total revenue for fiscal year 2025. This represents a 14.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fortinet, Inc.'s revenue growing?

Fortinet, Inc. (FTNT) revenue grew by 14.2% year-over-year, from $6.0B to $6.8B in fiscal year 2025.

Is Fortinet, Inc. profitable?

Yes, Fortinet, Inc. (FTNT) reported a net income of $1.9B in fiscal year 2025, with a net profit margin of 27.3%.

What is Fortinet, Inc.'s EBITDA?

Fortinet, Inc. (FTNT) had EBITDA of $2.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Fortinet, Inc. have?

As of fiscal year 2025, Fortinet, Inc. (FTNT) had $2.5B in cash and equivalents against $496.6M in long-term debt.

What is Fortinet, Inc.'s gross margin?

Fortinet, Inc. (FTNT) had a gross margin of 80.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Fortinet, Inc.'s operating margin?

Fortinet, Inc. (FTNT) had an operating margin of 30.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Fortinet, Inc.'s net profit margin?

Fortinet, Inc. (FTNT) had a net profit margin of 27.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fortinet, Inc.'s return on equity (ROE)?

Fortinet, Inc. (FTNT) has a return on equity of 149.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fortinet, Inc.'s free cash flow?

Fortinet, Inc. (FTNT) generated $2.2B in free cash flow during fiscal year 2025. This represents a 18.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Fortinet, Inc.'s operating cash flow?

Fortinet, Inc. (FTNT) generated $2.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fortinet, Inc.'s total assets?

Fortinet, Inc. (FTNT) had $10.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fortinet, Inc.'s capital expenditures?

Fortinet, Inc. (FTNT) invested $364.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Fortinet, Inc. spend on research and development?

Fortinet, Inc. (FTNT) invested $815.5M in research and development during fiscal year 2025.

Does Fortinet, Inc. buy back shares?

Yes, Fortinet, Inc. (FTNT) spent $2.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Fortinet, Inc. have outstanding?

Fortinet, Inc. (FTNT) had 740M shares outstanding as of fiscal year 2025.

What is Fortinet, Inc.'s current ratio?

Fortinet, Inc. (FTNT) had a current ratio of 1.17 as of fiscal year 2025, which is considered adequate.

What is Fortinet, Inc.'s debt-to-equity ratio?

Fortinet, Inc. (FTNT) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fortinet, Inc.'s return on assets (ROA)?

Fortinet, Inc. (FTNT) had a return on assets of 17.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fortinet, Inc.'s P/E ratio?

Fortinet, Inc. (FTNT) trades at 62.9x earnings, its market capitalization divided by net income of $2.1B net income, trailing 12 months to June 30, 2026. The market capitalization is $133.5B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Fortinet, Inc.'s price-to-sales ratio?

Fortinet, Inc. (FTNT) trades at 17.7x sales, its market capitalization divided by revenue of $7.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $133.5B as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Fortinet, Inc.'s Altman Z-Score?

Fortinet, Inc. (FTNT) has an Altman Z-Score of 10.10, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Fortinet, Inc.'s Piotroski F-Score?

Fortinet, Inc. (FTNT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fortinet, Inc.'s earnings high quality?

Fortinet, Inc. (FTNT) has an earnings quality ratio of 1.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Fortinet, Inc. cover its interest payments?

Fortinet, Inc. (FTNT) has an interest coverage ratio of 103.72x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Fortinet, Inc.?

Fortinet, Inc. (FTNT) scores 78 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.