Fortinet, Inc. (FTNT)

Fortinet Income Statement

Financials in millions USD. Fiscal year is January - December.

Year Ending	TTM	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	5,396	5,305	4,417	3,342	2,594	2,163
Revenue Growth (YoY)	14.20%	20.09%	32.17%	28.82%	19.94%	19.86%
Cost of Revenue	1,234	1,237	1,085	783	570	505.9
Gross Profit	4,162	4,068	3,333	2,559	2,024	1,657
Selling, General & Admin	2,242	2,217	1,855	1,489	1,191	1,029
Research & Development	635.7	613.8	512.4	424.2	341.4	277.1
Other Operating Expenses	-4.5	-4.6	-4.6	-4.6	-40.2	0
Operating Expenses	2,873	2,827	2,363	1,909	1,493	1,306
Operating Income	1,289	1,241	969.6	650.4	531.8	351
Interest Expense / Income	21.1	21	18	14.9	0	0
Other Expense / Income	-93.7	-71.5	63.5	14.6	-9.9	-35
Pretax Income	1,361	1,292	888.1	620.9	541.7	386
Income Tax	162	143.8	30.8	14.1	53.2	54.3
Net Income	1,199	1,148	857.3	606.8	488.5	331.7
Net Income Growth	24.08%	33.89%	41.28%	24.22%	47.27%	-0.96%
Shares Outstanding (Basic)	762	779	791	816	821	855
Shares Outstanding (Diluted)	771	788	805	835	838	875
Shares Change	-2.89%	-2.12%	-3.59%	-0.36%	-4.19%	0.46%
EPS (Basic)	1.54	1.47	1.08	0.74	0.60	0.39
EPS (Diluted)	1.54	1.46	1.06	0.73	0.58	0.38
EPS Growth	28.33%	37.74%	45.21%	25.86%	52.63%	-1.04%
Free Cash Flow	1,693	1,731	1,449	1,204	957.8	715.8
Free Cash Flow Per Share	2.22	2.22	1.83	1.48	1.17	0.84
Gross Margin	77.13%	76.68%	75.44%	76.57%	78.03%	76.61%
Operating Margin	23.89%	23.40%	21.95%	19.46%	20.50%	16.23%
Profit Margin	22.23%	21.64%	19.41%	18.16%	18.83%	15.34%
Free Cash Flow Margin	31.37%	32.64%	32.81%	36.02%	36.92%	33.09%
Effective Tax Rate	11.90%	11.13%	3.47%	2.27%	9.82%	14.07%
EBITDA	1,497	1,426	1,010	720.2	610.5	447.6
EBITDA Margin	27.74%	26.88%	22.87%	21.55%	23.53%	20.69%
Depreciation & Amortization	114.5	113.4	104.3	84.4	68.8	61.6
EBIT	1,383	1,313	906.1	635.8	541.7	386
EBIT Margin	25.62%	24.74%	20.51%	19.02%	20.88%	17.85%

Source: Financials are provided by Nasdaq Data Link and sourced from the audited annual (10-K) and quarterly (10-Q) reports submitted to the Securities and Exchange Commission (SEC).