Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains. It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions. In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security. Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon. Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services. Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.8B | $2.5B | $1.9B | $2.2B | 149.8% | 14.2% | 6.2% |
| 2024 | $6.0B | $2.2B | $1.7B | $1.9B | 116.8% | 12.3% | 52.0% |
| 2023 | $5.3B | $1.5B | $1.1B | $1.7B | -247.7% | 20.1% | 33.9% |
| 2022 | $4.4B | $1.1B | $857M | $1.4B | -304.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,417.40 | 5,304.80 | 5,955.80 | 6,799.60 |
| Operating Revenue | - | 4,417.40 | 5,304.80 | 5,955.80 | 6,799.60 |
| Cost Of Revenue | - | 1,084.90 | 1,237.20 | 1,157.60 | 1,328.90 |
| Gross Profit | - | 3,332.50 | 4,067.60 | 4,798.20 | 5,470.70 |
| Operating Expense | - | 2,362.90 | 2,826.50 | 2,994.80 | 3,386 |
| Research And Development | - | 512.40 | 613.80 | 716.80 | 815.50 |
| Selling General And Administration | - | 1,855.10 | 2,217.30 | 2,282.60 | 2,580.90 |
| Total Expenses | - | 3,447.80 | 4,063.70 | 4,152.40 | 4,714.90 |
| Operating Income | - | 969.60 | 1,241.10 | 1,803.40 | 2,084.70 |
| Total Operating Income As Reported | - | 969.60 | 1,241.10 | 1,803.40 | 2,084.70 |
| EBITDA | - | 1,077.80 | 1,468.10 | 2,201.30 | 2,454.30 |
| Normalized EBITDA | - | 1,077.80 | 1,468.10 | 2,201.30 | 2,454.30 |
| EBIT | - | 973.50 | 1,354.70 | 2,078.50 | 2,302.30 |
| Interest Income | - | 17.40 | 119.70 | 155.20 | 162.30 |
| Interest Expense | - | 18 | 21 | 20 | 20.10 |
| Net Interest Income | - | -0.60 | 98.70 | 135.20 | 142.20 |
| Other Non Operating Income Expenses | - | -13.50 | -6.10 | 119.90 | 55.30 |
| Other Income Expense | - | -13.50 | -6.10 | 119.90 | 55.30 |
| Interest Income Non Operating | - | 17.40 | 119.70 | 155.20 | 162.30 |
| Interest Expense Non Operating | - | 18 | 21 | 20 | 20.10 |
| Net Non Operating Interest Income Expense | - | -0.60 | 98.70 | 135.20 | 142.20 |
| Pretax Income | - | 955.50 | 1,333.70 | 2,058.50 | 2,282.20 |
| Tax Provision | - | 30.80 | 143.80 | 283.90 | 439.10 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 856.60 | 1,147.80 | 1,745.20 | 1,853.40 |
| Net Income From Continuing And Discontinued Operation | - | 857.30 | 1,147.80 | 1,745.20 | 1,853.40 |
| Net Income From Continuing Operation Net Minority Interest | - | 857.30 | 1,147.80 | 1,745.20 | 1,853.40 |
| Net Income | - | 857.30 | 1,147.80 | 1,745.20 | 1,853.40 |
| Net Income Common Stockholders | - | 856.60 | 1,147.80 | 1,745.20 | 1,853.40 |
| Net Income Including Noncontrolling Interests | - | 856.60 | 1,147.80 | 1,745.20 | 1,853.40 |
| Normalized Income | - | 857.30 | 1,147.80 | 1,745.20 | 1,853.40 |
| Diluted NI Availto Com Stockholders | - | 856.60 | 1,147.80 | 1,745.20 | 1,853.40 |
| Basic Average Shares | - | 791.40 | 778.60 | 764.40 | 758 |
| Diluted Average Shares | - | 805.30 | 788.20 | 771.90 | 764.60 |
| Reconciled Depreciation | - | 104.30 | 113.40 | 122.80 | 152 |
| Reconciled Cost Of Revenue | - | 1,084.90 | 1,237.20 | 1,157.60 | 1,328.90 |
| Total Unusual Items | 4.60 | 0 | 0 | 106.30 | - |
| Total Unusual Items Excluding Goodwill | 4.60 | 0 | 0 | 106.30 | - |
| Minority Interests | 0.10 | 0.70 | 0 | 0 | - |
| Earnings From Equity Interest Net Of Tax | - | -68.10 | -42.10 | -29.40 | 10.30 |
| Special Income Charges | 4.60 | 0 | 0 | 106.30 | - |
| Other Special Charges | -4.60 | -4.60 | -4.60 | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 0 | -106.30 | - |
| General And Administrative Expense | - | 169 | 211.30 | 237.80 | 233.40 |
| Other Gand A | - | 169 | 211.30 | 237.80 | 233.40 |
| Other Operating Expenses | - | -4.60 | -4.60 | -4.60 | -10.40 |
| Selling And Marketing Expense | - | 1,686.10 | 2,006 | 2,044.80 | 2,347.50 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fortinet, Inc.this co. | FTNT | $109.7B | 59.16β premium | 88.61 | 149.8% | 44.07 |
| ServiceNow, Inc. | NOW | $123.1B | 70.42 | 9.50 | 13.5% | 40.30 |
| Cadence Design Systems, Inc. | CDNS | $113.5B | 102.40 | 20.74 | 20.3% | 60.35 |
| Accenture plc | ACN | $110.1B | 14.34 | 3.53 | 24.6% | 9.00 |
| Adobe Inc. | ADBE | $104.5B | 14.65 |
| - |
| - |
| - |
| - |
| 8.99 |
| 61.3% |
| 10.65 |
| Synopsys, Inc. | SNPS | $94.7B | 71.07 | 3.34 | 4.7% | 42.40 |
| Automatic Data Processing, Inc. | ADP | $92.5B | 22.66 | 14.94 | 65.9% | 14.76 |
| Datadog, Inc. | DDOG | $86.7B | 804.83 | 23.23 | 2.9% | 430.85 |
| Intuit Inc. | INTU | $82.6B | 21.35 | 4.19 | 19.6% | 14.66 |
| Peer Median | - | 46.54 | 9.24 | 19.9% | 27.53 | |