Logo

FTNT

Fortinet, Inc.

FTNT

Fortinet, Inc. • NASDAQ
$81.13 ▲ 0.72% (+0.58)
Market Cap $61.98 B
52w High $114.82
52w Low $70.12
Dividend Yield 0%
P/E 33.39
Volume 1.76M
Outstanding Shares 763.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.725B ▲ $860.4M ▼ $473.9M ▲ 27.474% ▲ $0.63 ▲ $600.8M ▲
Q2-2025 $1.63B ▲ $871.6M ▲ $440.1M ▲ 27% ▼ $0.57 ▲ $560.2M ▲
Q1-2025 $1.54B ▼ $792.8M ▲ $433.4M ▼ 28.148% ▼ $0.56 ▼ $560M ▼
Q4-2024 $1.66B ▲ $771.5M ▼ $526.2M ▼ 31.697% ▼ $0.69 ▼ $658.5M ▼
Q3-2024 $1.508B $773.8M $539.9M 35.8% $0.71 $661.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.123B ▼ $9.361B ▼ $8.626B ▲ $735.1M ▼
Q2-2025 $4.563B ▼ $10.641B ▲ $8.581B ▲ $2.06B ▲
Q1-2025 $4.78B ▲ $10.407B ▲ $8.444B ▲ $1.963B ▲
Q4-2024 $4.066B ▲ $9.763B ▲ $8.269B ▲ $1.494B ▲
Q3-2024 $3.701B $8.852B $7.944B $908.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $473.9M ▲ $655.2M ▲ $-175.8M ▲ $-1.852B ▼ $-1.373B ▼ $567.5M ▲
Q2-2025 $440.1M ▲ $451.9M ▼ $-266.2M ▼ $-414.2M ▼ $-228.1M ▼ $284.1M ▼
Q1-2025 $433.4M ▼ $863.3M ▲ $-110.8M ▼ $-32.7M ▼ $720.7M ▲ $796.8M ▲
Q4-2024 $526.2M ▼ $477.6M ▼ $-79.9M ▲ $-8.8M ▼ $386.6M ▲ $380M ▼
Q3-2024 $539.9M $608.1M $-327.1M $3M $286.1M $571.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $570.00M ▲$460.00M ▼$510.00M ▲$560.00M ▲
Security Subscription
Security Subscription
 $630.00M ▲$620.00M ▼$640.00M ▲$670.00M ▲
Service
Service
 $0 ▲$0 ▲$1.12Bn ▲$1.17Bn ▲
Technical Support and Other
Technical Support and Other
 $460.00M ▲$460.00M ▲$480.00M ▲$490.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Fortinet’s income statement shows a business that has scaled quickly while staying very profitable. Revenue has grown steadily each year, and profits have grown even faster, which suggests good operating leverage and strong demand for its security platforms. Gross margins are high for an infrastructure company, which reflects the value of its software, services, and custom hardware. Operating income and net income have both moved up consistently, and earnings per share have climbed meaningfully over the last five years. That combination of solid growth and strong profitability is a notable strength. Key risks to watch are whether growth naturally slows as the company gets larger, and whether competition or heavier investment in new areas (like cloud and AI security) starts to eat into margins over time.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and has strengthened over the last five years. Total assets have grown meaningfully, supported by rising cash balances, which gives Fortinet flexibility to keep investing and handle bumps in the business. The company does carry some debt, but cash comfortably exceeds it, so it is not heavily leveraged. Equity moved from slightly negative to clearly positive over the period, which points to a healthier capital base today than a few years ago. Looking ahead, continued acquisitions and intangible assets could make the balance sheet more complex, but the current position suggests Fortinet has a good financial cushion and room to maneuver.

Cash Flow

Cash Flow Cash flow is a clear bright spot. Cash generated from day‑to‑day operations has grown steadily and tracks well with reported profits, which supports the quality of earnings. Free cash flow has expanded nicely over time, even after funding ongoing capital spending for hardware and infrastructure. Investment needs are meaningful but very manageable relative to the cash coming in. This strong cash generation gives Fortinet the ability to fund research, acquisitions, and shareholder returns without stretching its finances, though very large deals or shifts in customer payment patterns could still affect cash flow in particular years.

Competitive Edge

Competitive Edge Fortinet holds a strong position in cybersecurity, especially in network security and secure networking. Its main edge comes from having an integrated security platform (the Security Fabric) built largely in‑house, rather than a patchwork of acquired tools. The use of custom security chips and a common operating system gives it performance and cost advantages versus many rivals who rely on general‑purpose hardware. Once customers deploy Fortinet widely, it becomes difficult and expensive to switch, which creates meaningful stickiness. On the other hand, the company operates in an intensely competitive arena with powerful rivals and rapid technology shifts toward cloud and edge security. Its moat is real but must be defended continuously through product quality, pricing discipline, and effective go‑to‑market execution.

Innovation and R&D

Innovation and R&D Innovation is a core part of Fortinet’s story. The firm has long invested in its own security operating system, its own custom chips, and a broad suite of products that all work together. Its threat intelligence arm and use of AI and machine learning to process massive amounts of security data deepen that advantage. Recent moves, such as acquisitions in cloud‑native application protection and data loss prevention, show a clear push into cloud and data security, as well as strengthening its SASE and security operations offerings. The introduction of newer generations of custom processors underlines an ongoing hardware innovation cycle, not just software. The key execution risks are integrating acquired technologies smoothly into the unified platform, continuing to prioritize the right R&D bets in a crowded field, and balancing heavy investment in new areas with the desire to preserve strong margins.

Summary

Overall, Fortinet combines strong growth with high profitability and robust cash generation, underpinned by a differentiated technology stack and an integrated security platform. Its balance sheet and cash flows provide financial strength to keep investing in innovation and strategic deals. The company’s competitive moat rests on performance, integration, and customer stickiness, all reinforced by custom hardware and a unified operating system. At the same time, cybersecurity is one of the most competitive and fast‑changing segments in technology, with constant pressure from cloud‑native players and other platform vendors. Key things to monitor going forward include the pace and durability of revenue growth, the impact of competition on margins, the success of integrating recent acquisitions, and Fortinet’s ability to stay at the forefront of cloud, SASE, and AI‑driven security while maintaining its strong financial profile.

NEWS

November 21, 2025 · 12:00 PM UTC

FTNT INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Fortinet, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

Read more

November 21, 2025 · 8:45 AM UTC

Levi & Korsinsky Announces the Filing of a Securities Class Action on Behalf of Fortinet, Inc.(FTNT) Shareholders

Read more

November 20, 2025 · 4:24 PM UTC

Levi & Korsinsky Reminds Fortinet, Inc. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of November 21, 2025 – FTNT

Read more

November 20, 2025 · 4:07 PM UTC

Deadline Soon: Fortinet, Inc. (FTNT) Shareholders Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz About Securities Fraud Lawsuit

Read more

November 20, 2025 · 12:05 PM UTC

DEADLINE ALERT for RICK, FTNT, and MOH: The Law Offices of Frank R. Cruz Reminds Shareholders of Securities Fraud Class Actions

Read more