Fortinet, Inc. is an American cybersecurity company that develops and sells integrated security solutions to enterprises, service providers, and government organizations globally. Headquartered in Sunnyvale, California, the company is best known for its FortiGate firewalls and its Unified Threat Management (UTM) platform.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
6,799,600
5,955,800
5,304,800
4,417,400
Cost of Sales
1,328,900
1,157,600
1,237,200
1,084,900
Gross Profit
5,470,700
4,798,200
4,067,600
3,332,500
Selling, General & Administrative Expenses
2,580,900
2,282,600
2,217,300
1,855,100
Research & Development Expenses
815,500
716,800
613,800
512,400
Other Operating Expenses
(10,400)
(4,600)
(4,600)
(4,600)
Operating Profit
2,084,700
1,803,400
1,241,100
969,600
Interest and Investment Income
162,300
155,200
119,700
17,400
Interest Expense
(20,100)
(20,000)
(21,000)
(18,000)
Non-Operating Income
55,300
119,900
(6,100)
(13,500)
Total Non-Operating Income
197,500
255,100
92,600
(14,100)
Income Before Provision for Income Taxes
2,282,200
2,058,500
1,333,700
955,500
Provision for Income Taxes
439,100
283,900
143,800
30,800
Consolidated Net Income
1,843,100
1,774,600
1,189,900
924,700
Net Income Attributable to Minority Interests and Other
(10,300)
29,400
42,100
67,400
Net Income Attributable to Common Shareholders
1,853,400
1,745,200
1,147,800
856,600
Basic EPS
2.45
2.28
1.47
1.08
Diluted EPS
2.42
2.26
1.46
1.06
Basic Weighted Average Shares Outstanding
758,000
764,400
778,600
791,400
Diluted Weighted Average Shares Outstanding
764,600
771,900
788,200
805,300
Shares Outstanding
743,000
767,000
761,000
781,500
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
2,495,300
2,875,900
1,397,900
1,682,900
Short-Term Investments
1,087,200
1,190,600
1,042,500
528,100
Total Cash and Cash Equivalents
3,582,500
4,066,500
2,440,400
2,211,000
Accounts Receivable
1,691,200
1,463,400
1,402,000
1,261,700
Total Trade Receivables
1,691,200
1,463,400
1,402,000
1,261,700
Inventories
399,500
315,500
484,800
264,600
Other Current Assets
227,000
126,100
101,100
73,100
Total Current Assets
5,900,200
5,971,500
4,428,300
3,810,400
Net Property, Plant & Equipment
1,619,000
1,349,500
1,044,400
898,500
Net Intangible Assets
97,300
115,000
35,300
56,000
Goodwill
257,400
235,400
126,500
128,000
Long-Term Investments
339,700
—
—
45,500
Other Long-Term Assets
2,175,600
2,091,700
1,624,400
1,289,600
Total Assets
10,389,200
9,763,100
7,258,900
6,228,000
Accounts Payable
230,800
190,900
204,300
243,400
Accrued Expenses
667,500
593,600
666,000
485,700
Current Portion of Long-Term Debt
499,700
—
—
—
Unearned Revenue
3,636,000
3,276,200
2,848,700
2,349,300
Total Current Liabilities
5,034,000
4,060,700
3,719,000
3,078,400
Long-Term Debt
496,600
994,300
992,300
990,400
Other Long-Term Liabilities
3,621,100
3,214,300
3,011,000
2,440,800
Total Long-Term Liabilities
4,117,700
4,208,600
4,003,300
3,431,200
Total Liabilities
9,151,700
8,269,300
7,722,300
6,509,600
Common Stock
700
800
800
800
Additional Paid-in Capital
1,770,100
1,636,200
1,416,400
1,284,200
Accumulated Other Comprehensive Income
(25,400)
(26,100)
(18,900)
(20,200)
Retained Earnings
(507,900)
(117,100)
(1,861,700)
(1,546,400)
Total Common Shareholders' Equity
1,237,500
1,493,800
(463,400)
(281,600)
Total Shareholders' Equity
1,237,500
1,493,800
(463,400)
(281,600)
Total Liabilities and Shareholders' Equity
10,389,200
9,763,100
7,258,900
6,228,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,853,400
1,745,200
1,147,800
856,600
Depreciation & Amortization
488,300
416,500
379,700
327,600
Share-Based Compensation Expense
279,500
257,900
249,000
217,300
Other Adjustments
(86,400)
(140,900)
32,900
96,100
Changes in Trade Receivables
(215,900)
(45,400)
(146,400)
(456,700)
Changes in Inventories
(90,600)
131,200
(253,500)
(109,100)
Changes in Accounts Payable
27,900
(10,200)
(43,100)
105,200
Changes in Accrued Expenses
68,300
(106,700)
160,800
80,200
Changes in Unearned Revenue
754,200
577,800
1,095,300
1,177,500
Changes in Other Operating Activities
(488,100)
(567,300)
(687,000)
(564,100)
Cash from Operating Activities
2,590,600
2,258,100
1,935,500
1,730,600
Capital Expenditure
(364,800)
(378,900)
(204,100)
(281,200)
Purchases of Investments
(1,996,100)
(1,965,300)
(1,864,300)
(389,100)
Proceeds from Sale of Investments
1,803,300
1,892,200
1,418,800
1,465,000
Payments for Business Acquisitions
(41,600)
(275,500)
—
(30,800)
Other Investing Activities
100
100
300
—
Cash from Investing Activities
(599,100)
(727,400)
(649,300)
763,900
Issuance of Common Shares
44,700
63,100
43,800
26,100
Repurchases of Common Shares
(2,289,800)
(600)
(1,500,500)
(1,991,200)
Net Issuance / (Repurchases) of Common Shares
(2,245,100)
62,500
(1,456,700)
(1,965,100)
Other Financing Activities
(126,400)
(112,600)
(113,700)
(165,200)
Cash from Financing Activities
(2,371,500)
(50,100)
(1,570,400)
(2,130,300)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(600)
(2,600)
(800)
(400)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash