Fortinet, Inc.

Listed Company

FTNTCIK 0001262039NasdaqLarge AcceleratedComputer Peripheral Equipment, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.80B

Net Income

$1.85B

Total Assets

$10.39B

Equity

$1.24B

Shares Out

739.92M

Op. Cash Flow

$2.59B

Business

Fortinet, Inc. provides integrated cybersecurity and networking solutions centered on the Fortinet Security Fabric to secure people, devices and data. Its main products and services include FortiOS, FortiASIC-powered appliances, FortiCloud, FortiAI, FortiEndpoint, FortiGuard subscription security services and FortiCare technical support. The company organizes offerings across three solution pillars—Secure Networking, Unified Secure Access Service Edge (SASE) and AI-driven Security Operations (SecOps)—along with threat intelligence and professional services. Fortinet serves customers in over 100 countries via a two-tier channel of distributors, resellers, MSSPs, direct sales to large customers and cloud delivery through its data centers and public cloud providers.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	6,800	5,956	5,305	4,417	3,342
Total cost of revenue	1,329	1,158	1,237	1,085	783
Total gross profit	5,471	4,798	4,068	3,333	2,559
Research and development	816	717	614	512	424
Sales and marketing	2,348	2,045	2,006	1,686	1,346
General and administrative	233	238	211	169	144
Gain on intellectual property matters	−10	−5	−5	−5	−5
Total operating expenses	3,386	2,995	2,827	2,363	1,909
OPERATING INCOME	2,085	1,803	1,241	970	650
INTEREST INCOME	162	155	120	17	5
INTEREST EXPENSE	−20	−20	−21	−18	−15
OTHER INCOME (EXPENSE)NET	55	120	−6	−14	−12
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS	2,282	2,059	1,334	956	628
PROVISION FOR INCOME TAXES	439	284	144	31	14
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS	10	−29	−42	−68	−8
NET INCOME	1,853	1,745	1,148	857	607
Basic (in dollars per share)	2.45	2.28	1.47	1.08	0.74
Diluted (in dollars per share)	2.42	2.26	1.46	1.06	0.73
Basic (in shares)	758	764	779	791	816
Diluted (in shares)	765	772	788	805	835

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,495	2,876	1,398	1,683	1,319
Short-term investments	1,087	1,191	1,022	503	1,194
Accounts receivableNet of allowance for credit losses of $7.4 million and $5.9 million at December 31, 2025 and 2024, respectively	1,691	1,463	1,402	1,262	808
Inventory	400	316	485	265	176
Prepaid expenses and other current assets	227	126	101	73	65
Total current assets	5,900	5,972	4,428	3,810	3,601
LONG-TERM INVESTMENTS	340	0	0	46	441
PROPERTY AND EQUIPMENTNET	1,619	1,350	1,044	899	688
DEFERRED CONTRACT COSTS	736	623	606	518	423
DEFERRED TAX ASSETS	1,315	1,336	869	569	342
GOODWILL	257	235	127	128	125
OTHER INTANGIBLE ASSETSNET	97	115	35	56	64
OTHER ASSETS	125	133	150	202	236
TOTAL ASSETS	10,389	9,763	7,259	6,228	5,919
Accounts payable	231	191	204	243	148
Accrued liabilities	355	338	424	266	197
Accrued payroll and compensation	313	256	242	219	195
Current portion of long-term debt	500	0	—	—	—
Deferred revenue	3,636	3,276	2,849	2,349	1,777
Total current liabilities	5,034	4,061	3,719	3,078	2,318
DEFERRED REVENUE	3,480	3,085	2,886	2,291	1,676
LONG-TERM DEBT	497	994	992	990	988
OTHER LIABILITIES	141	130	125	150	59
Total liabilities	9,152	8,269	7,722	6,510	5,121
COMMITMENTS AND CONTINGENCIES (Note $11)	—	—	—	—	—
Common stock, $0.001 par value1,500.0 shares authorized; 743.0 shares and 767.0 shares issued and outstanding at December 31, 2025 and 2024, respectively	700,000	800,000	800,000	800,000	800,000
Additional paid-in capital	1,770	1,636	1,416	1,284	1,254
Accumulated other comprehensive loss	−25	−26	−19	−20	−5
Accumulated deficit	−508	−117	−1,862	−1,546	−468
Total stockholders equity	1,238	1,494	−463	−282	782
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	10,389	9,763	7,259	6,228	5,919

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	280	258	249	217	208
Amortization of deferred contract costs	336	294	266	223	176
Depreciation and amortization	152	123	113	104	84
Amortization of investment discounts	−34	−49	−28	4	7
Other	−53	−92	61	24	8
Accounts receivablenet	−216	−45	−146	−457	−73
Inventory	−91	131	−254	−109	−19
Prepaid expenses and other current assets	−96	−14	−28	−8	−18
Deferred contract costs	−449	−311	−354	−318	−295
Deferred tax assets	66	−223	−302	−226	−94
Other assets	−16	−11	18	−35	−19
Accounts payable	28	−10	−43	105	−13
Accrued liabilities	13	−107	137	55	50
Accrued payroll and compensation	55	0	23	25	44
Deferred revenue	754	578	1,095	1,178	839
Other liabilities	7	−8	−22	24	−700,000
Net cash provided by operating activities	2,591	2,258	1,936	1,731	1,500
Purchases of investments	−1,996	−1,949	−1,856	−389	−2,308
Sales of investments	11	500,000	4	3	86
Maturities of investments	1,793	1,892	1,415	1,462	1,470
Purchases of property and equipment	−365	−379	−204	−281	−296
Purchases of investments in privately held companies	0	0	−9	0	−160
Payments made in connection with business combinations, net of cash acquired	−42	−276	0	−31	−75
Purchases of marketable equity securities	0	−17	0	0	−43
Other	100,000	100,000	300,000	0	400,000
Net cash used in investing activities	−599	−727	−649	764	−1,325
Repurchase and retirement of common stock	−2,290	−600,000	−1,501	−1,991	−742
Proceeds from issuance of common stock	45	63	44	26	26
Taxes paid related to net share settlement of equity awards	−126	−101	−113	−160	−168
Other	−100,000	−12	−1	−5	−1
Net cash used in financing activities	−2,372	−50	−1,570	−2,130	83
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	−600,000	−3	−800,000	−400,000	−100,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	−381	1,478	−285	364	257
Cash paid for income taxesnet	452	579	426	260	127
Operating lease liabilities arising from obtaining right-of-use assets	51	39	19	66	40
Transfers of evaluation units and equipment from inventory to property and equipment	29	36	32	17	16
Liability for purchase of property and equipment	26	23	24	21	22
Liability incurred in connection with business combinations	5	6	0	800,000	900,000

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