Fortinet Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	6,800	5,956	5,305	4,417	3,342
Revenue Growth (YoY)	14.17%	12.27%	20.09%	32.17%	28.82%
Cost of Revenue	1,329	1,158	1,237	1,085	783
Gross Profit	5,471	4,798	4,068	3,333	2,559
Selling, General & Admin	2,581	2,283	2,217	1,855	1,489
Research & Development	815.5	716.8	613.8	512.4	424.2
Operating Expenses	3,396	2,999	2,831	2,368	1,913
Operating Income	2,074	1,799	1,237	965	645.8
Interest Expense	-20.1	-20	-21	-18	-14.9
Interest & Investment Income	162.3	155.2	119.7	17.4	4.5
Earnings From Equity Investments	10.3	-29.4	-42.1	-68.1	-7.6
Currency Exchange Gain (Loss)	-	-16.9	-7	-4.6	-8.2
Other Non Operating Income (Expenses)	55.3	56.9	5.3	4.2	-3.4
EBT Excluding Unusual Items	2,282	1,945	1,291	895.9	616.2
Gain (Loss) on Sale of Investments	-	-26.4	-4.4	-13.1	-
Gain (Loss) on Sale of Assets	10.4	4.6	4.6	4.6	4.6
Other Unusual Items	-	106.3	-	-	-
Pretax Income	2,293	2,029	1,292	887.4	620.8
Income Tax Expense	439.1	283.9	143.8	30.8	14.1
Earnings From Continuing Operations	1,853	1,745	1,148	856.6	606.7
Minority Interest in Earnings	-	-	-	0.7	0.1
Net Income	1,853	1,745	1,148	857.3	606.8
Net Income to Common	1,853	1,745	1,148	857.3	606.8
Net Income Growth	6.20%	52.05%	33.88%	41.28%	24.22%
Shares Outstanding (Basic)	758	764	779	791	816
Shares Outstanding (Diluted)	765	772	788	805	835
Shares Change (YoY)	-0.95%	-2.07%	-2.12%	-3.59%	-0.36%
EPS (Basic)	2.45	2.28	1.47	1.08	0.74
EPS (Diluted)	2.42	2.26	1.46	1.06	0.73
EPS Growth	7.08%	54.80%	37.74%	45.20%	25.86%
Free Cash Flow	2,226	1,879	1,731	1,449	1,204
Free Cash Flow Per Share	2.91	2.44	2.20	1.80	1.44
Gross Margin	80.46%	80.56%	76.68%	75.44%	76.57%
Operating Margin	30.51%	30.20%	23.31%	21.84%	19.32%
Profit Margin	27.26%	29.30%	21.64%	19.41%	18.16%
Free Cash Flow Margin	32.73%	31.55%	32.64%	32.81%	36.02%
EBITDA	2,226	1,922	1,350	1,069	730.2
EBITDA Margin	32.74%	32.26%	25.45%	24.21%	21.85%
D&A For EBITDA	152	122.8	113.4	104.3	84.4
EBIT	2,074	1,799	1,237	965	645.8
EBIT Margin	30.51%	30.20%	23.31%	21.84%	19.32%
Effective Tax Rate	19.15%	13.99%	11.13%	3.47%	2.27%
Revenue as Reported	6,800	5,956	5,305	4,417	3,342

Updated Feb 5, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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