Fortinet, Inc. (FTNT) Income Statement
FTNT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFTNT revenue and net income
Where FTNT's revenue goes
2025Each bar shows an amount and its share of revenue. FTNT kept 27.3% of revenue as net income.
FTNT profit margins
FTNT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +14.2% | +15.5% | +21.3% | +21.0% |
| Gross profit | +14.6% | +18.2% | +22.1% | +22.5% |
| Operating income | +15.4% | +29.0% | +31.4% | +63.9% |
| Net income | +6.2% | +29.3% | +30.6% | +72.4% |
| EPS (diluted) | +13.1% | +30.7% | +32.0% | +37.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FTNT quarterly EPS vs estimates
Fortinet beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.77).
FTNT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.80B | $5.96B | $5.30B | $4.42B | $3.34B | $2.59B | $2.16B | $1.80B | $1.49B | $1.28B |
| Cost of revenue | $1.30B | $1.16B | $1.24B | $1.08B | $783.0M | $570.0M | $505.9M | $450.4M | $385.3M | $337.8M |
| Gross profit | $5.50B | $4.80B | $4.07B | $3.33B | $2.56B | $2.02B | $1.66B | $1.35B | $1.11B | $937.6M |
| Research & development | $815.5M | $716.8M | $613.8M | $512.4M | $424.2M | $341.4M | $277.1M | $244.5M | $210.6M | $183.1M |
| Sales, general & admin | $2.58B | $2.28B | $2.22B | $1.86B | $1.49B | $119.5M | $1.03B | $875.3M | $788.9M | $707.6M |
| Total operating expenses | $3.42B | $2.99B | $2.83B | $2.36B | $1.91B | $1.49B | $1.31B | $1.12B | $999.8M | $894.7M |
| Operating income | $2.08B | $1.80B | $1.24B | $969.6M | $650.4M | $531.8M | $351.0M | $234.4M | $109.8M | $42.9M |
| Interest income | $162.3M | $155.2M | $98.3M | $17.4M | $4.5M | $17.7M | $42.5M | $26.5M | $13.5M | $7.3M |
| Interest expense | $20.1M | $20.0M | $21.0M | $18.0M | $14.9M | $50.1M | $35.0M | $26.5M | $13.5M | $7.3M |
| Income before taxes | $2.29B | $2.03B | $1.33B | $887.4M | $620.8M | $541.7M | $386.0M | $254.3M | $124.0M | $43.1M |
| Income taxes | $439.1M | $283.9M | $143.8M | $30.8M | $14.1M | $53.2M | $54.3M | −$80.6M | $92.6M | $10.9M |
| Net income | $1.85B | $1.75B | $1.15B | $857.3M | $606.8M | $488.5M | $331.7M | $334.9M | $31.4M | $32.2M |
| EBITDA | $2.46B | $2.20B | $1.24B | $1.08B | $727.7M | $610.5M | $447.6M | $290.1M | $165.6M | $95.4M |
| EPS (diluted) | $2.68 | $2.37 | $1.64 | $1.20 | $0.80 | $0.67 | $0.49 | $0.37 | $0.20 | $0.15 |
| Gross margin | 80.8% | 80.6% | 76.7% | 75.4% | 76.6% | 78.0% | 76.6% | 75.0% | 74.2% | 73.5% |
| Operating margin | 30.6% | 30.3% | 23.4% | 21.9% | 19.5% | 20.5% | 16.2% | 13.0% | 7.3% | 3.4% |
| Net margin | 27.3% | 29.3% | 21.6% | 19.4% | 18.2% | 18.8% | 15.3% | 18.6% | 2.1% | 2.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.85B | $1.91B | $1.72B | $1.63B | $1.54B | $1.66B | $1.51B | $1.43B | $1.35B | $1.42B | $1.33B |
| Cost of revenue | $404.7M | $364.5M | $389.2M | $318.6M | $301.7M | $293.1M | $314.5M | $263.4M | $275.0M | $304.7M | $315.9M | $317.7M |
| Gross profit | $1.64B | $1.49B | $1.52B | $1.41B | $1.33B | $1.25B | $1.35B | $1.24B | $1.16B | $1.05B | $1.10B | $1.02B |
| Research & development | $225.0M | $214.0M | $205.0M | $202.4M | $209.5M | $198.6M | $191.1M | $187.3M | $165.4M | $173.0M | $152.5M | $156.9M |
| Sales, general & admin | $730.2M | $692.5M | $686.6M | $644.9M | $648.9M | $600.5M | $581.6M | $587.6M | $557.9M | $555.5M | $562.5M | $557.9M |
| Total operating expenses | $953.9M | $906.5M | $891.6M | $860.4M | $871.6M | $792.8M | $771.5M | $773.8M | $722.1M | $727.4M | $713.8M | $713.7M |
| Operating income | $689.3M | $580.0M | $625.6M | $545.9M | $456.7M | $453.8M | $574.1M | $470.9M | $437.2M | $321.2M | $385.4M | $303.2M |
| Interest income | $33.2M | $32.9M | $32.3M | $40.7M | $45.0M | $44.3M | $42.3M | $42.4M | $38.3M | $32.2M | $30.5M | $37.0M |
| Interest expense | $3.2M | $4.2M | $4.4M | $6.2M | $4.6M | $4.9M | $4.9M | $5.0M | $5.0M | $5.1M | $5.4M | $5.4M |
| Income before taxes | $720.2M | $656.6M | $650.8M | $594.6M | $517.2M | $529.9M | $612.9M | $621.1M | $456.3M | $338.8M | $406.1M | $322.6M |
| Income taxes | $115.0M | $122.0M | $144.8M | $120.7M | $77.1M | $96.5M | $86.7M | $81.2M | $76.5M | $39.5M | $95.2M | −$300,000 |
| Net income | $606.3M | $534.5M | $506.0M | $473.9M | $440.1M | $433.4M | $526.2M | $539.9M | $379.8M | $299.3M | $310.9M | $322.9M |
| EBITDA | $764.8M | $700.6M | $694.7M | $639.2M | $560.2M | $560.0M | $658.5M | $661.2M | $502.5M | $379.1M | $451.2M | $361.5M |
| EPS (diluted) | $0.81 | $0.82 | $0.81 | $0.65 | $0.64 | $0.58 | $0.74 | $0.63 | $0.57 | $0.43 | $0.51 | $0.41 |
| Gross margin | 80.2% | 80.3% | 79.6% | 81.5% | 81.5% | 81.0% | 81.1% | 82.5% | 80.8% | 77.5% | 77.7% | 76.2% |
| Operating margin | 33.7% | 31.4% | 32.8% | 31.6% | 28.0% | 29.5% | 34.6% | 31.2% | 30.5% | 23.7% | 27.2% | 22.7% |
| Net margin | 29.6% | 28.9% | 26.6% | 27.5% | 27.0% | 28.1% | 31.7% | 35.8% | 26.5% | 22.1% | 22.0% | 24.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FTNT's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FTNT financial results
In fiscal year 2025 (ended December 31, 2025), Fortinet reported revenue of $6.8 billion, up 14.2% from the year before. It had net income of $1.9 billion (up 6.2%), a net profit margin of 27.3%. Diluted earnings per share came to $2.68. Over five years revenue grew at an average rate of 21.3% a year.
See the FTNT stock overview for the latest quote and news, or the FTNT chart for price history and technical indicators.
FTNT income statement FAQ
What is Fortinet's annual revenue?
Fortinet reported total revenue of $6.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 14.2% from $6.0 billion the previous year.
Is Fortinet profitable?
Yes. Fortinet reported net income of $1.9 billion in fiscal 2025, a net profit margin of 27.3%; its operating margin was 30.6%.
What is Fortinet's gross margin?
Fortinet's gross margin was 80.8% in fiscal 2025: for every $100 of revenue, Fortinet kept $81 after the direct cost of its products and services.
How much does Fortinet spend on research and development?
Fortinet spent $815.5 million on research and development in fiscal 2025, 12.0% of revenue.
How fast is Fortinet growing?
Revenue grew 21.3% a year on average over the last five fiscal years, from $2.6 billion to $6.8 billion.
What are Fortinet's earnings per share?
Fortinet earned $2.68 per diluted share in fiscal 2025, compared with $2.37 a year earlier.
When will Fortinet report its next earnings?
Fortinet is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Fortinet's fiscal year end?
Fortinet's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.