Company file · FTNT

Fortinet

Fortinet's revenue rose 14.2% in FY2025, to $6.8B, and net income rose 6.2% to $1.9B

Revenue rose 14.2% to $6.8B in FY2025, from $6.0B in FY2024. Net income rose 6.2% to $1.9B. Services was the largest product or service, at 67% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Oct 27, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Fortinet (Nasdaq: FTNT) took in $6.8B of revenue (up 14.2% on fiscal 2024); net income was $1.9B (up 6.2%). The most recent quarter, ended Jun 30, 2026, brought revenue of $2.0B, up 25.6% year over year, with net income of $606M. Services was the biggest single line by product or service: 67% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Revenue$6.8BFY2025 · +14.2% vs FY2024

Net income$1.9BFY2025 · +6.2% vs FY2024

Operating cash flow$2.6BFY2025 · +14.7% vs FY2024

Cash & equivalents$2.9Bat Jun 30, 2026 · +17.6% vs FY2025 end

Total debt$497Mat Jun 30, 2026 · −50.1% vs FY2025 end

Diluted shares765MFY2025 avg · −0.9% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 8, 2026 · 10-Q filed Jul 30, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Services$4.6B67%+13.2%
Products$2.2B33%+16.2%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Services (67%) and Products (33%), as shares of total revenue. Total revenue was $6.8B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

64%36%

FY2024

68%32%

FY2025

67%33%

ServicesProducts

Source: 10-K FY2025

By region, FY2025

Europe, Middle East and Africa$2.8B42%+18.3%

Americas$2.7B40%+10.6%

Asia Pacific and Japan$1.3B19%+13.2%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$2.0B Q2 2026

$1.6B Q2 2025

25.6% increase

Net income

$606M Q2 2026

$440M Q2 2025

37.8% increase

Source: Fortinet 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

By product or service

Services

$1.3B Q2 2026

$1.1B Q2 2025

13.7% increase

Products

$773M Q2 2026

$509M Q2 2025

51.9% increase

Source: Fortinet 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

Cash & equivalents $2.9B at Jun 30, 2026, vs $2.5B at FY2025 end.
Total debt $497M at Jun 30, 2026, vs $996M at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $2.1B vs $1.3B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 14.2% in FY2025 to $6.8B, from $6.0B a year earlier. 10-K, FY2025
Net income rose 6.2% in FY2025 to $1.9B, from $1.7B. 10-K, FY2025
Operating cash flow rose 14.7% in FY2025 to $2.6B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $2.0B, up 25.6% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include competition and AI; renewals; security incidents. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Fortinet is in the systems software industry, part of the information technology sector. The SEC files it under Computer Peripheral Equipment, Nec.

The full description of Fortinet's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the systems software industry. They are not a summary of Fortinet’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Competition and AIRivals, open-source products and shifts such as AI can change which products customers choose.
RenewalsSubscription revenue depends on customers renewing and expanding.
Security incidentsA breach or outage can harm customers and its reputation.
Sales executionGrowth depends on adding customers and selling more to existing ones.
PricingCustomers may negotiate lower prices or switch to cheaper products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$5.3B	$6.0B	$6.8B
Net income	$1.1B	$1.7B	$1.9B
Operating cash flow	$1.9B	$2.3B	$2.6B
Cash & equivalents (year end)	$1.4B	$2.9B	$2.5B
Total debt (year end)	$992M	$994M	$996M
Diluted shares	788M	772M	765M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	May 8, 2026	Mar 31, 2026
DEF 14A	Apr 29, 2026	Jun 12, 2026
10-K	Feb 25, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Fortinet

How does Fortinet make money?

In fiscal 2025, revenue totaled $6.8B. By product or service in FY2025: Services (67%) and Products (33%), as shares of total revenue. Total revenue was $6.8B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was Fortinet's revenue in fiscal 2025?

Revenue came to $6.8B in the year ended Dec 31, 2025. Going back two years, it was $5.3B in fiscal 2023 and $6.0B in fiscal 2024, so the latest year was up 14.2%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is Fortinet profitable?

Yes, by US accounting rules (GAAP): net income was $1.9B in fiscal 2025, up 6.2% from $1.7B a year earlier. For the quarter ended Jun 30, 2026, net income was $606M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did Fortinet report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $2.0B, against $1.6B in the same quarter a year before (up 25.6%), and net income of $606M, against $440M (up 37.8%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

How much cash and debt does Fortinet have?

On Jun 30, 2026, cash and cash equivalents stood at $2.9B and total debt at $497M. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Jul 30, 2026.

What are the main risks Fortinet faces?

Fortinet's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the systems software industry include Competition and AI; renewals; security incidents; sales execution; pricing. The first: Rivals, open-source products and shifts such as AI can change which products customers choose. Source: 10-K, Item 1A Risk Factors.

Where do these Fortinet numbers come from?

Two filings Fortinet made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in FTNT: The editor holds no position in Fortinet (FTNT). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell FTNT from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 27, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold FTNT, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
FortinetFTNT	FY2025	$6.8B	+14.2%	$1.9B
MicrosoftMSFT	FY2026	$331.8B	+17.8%	$133.7B
Palo Alto NetworksPANW	FY2026	$11.5B	+24.5%	$307M
CrowdStrikeCRWD	FY2026	$4.8B	+21.7%	−$163M
ServiceNowNOW	FY2025	$13.3B	+20.9%	$1.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.