Fortinet's Income Statement Analysis: Revenue to Profit Breakdown
Fortinet's Income Statement Analysis: Revenue to Profit Breakdown
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FY21
Dec 31, 2021
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FY22
Dec 31, 2022
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FY23
Dec 31, 2023
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FY24
Dec 31, 2024
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FY25
Dec 31, 2025
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TTM
Trailing 12M
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Revenue
Total sales generated. |
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$3.34 B | $4.42 B | $5.30 B | $5.96 B | $6.80 B | $7.53 B |
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Cost of Revenue Direct cost of goods/services. |
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$783.00 M | $1.08 B | $1.24 B | $1.16 B | $1.30 B | $1.48 B |
Gross Profit Revenue minus cost of revenue. |
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$2.56 B | $3.33 B | $4.07 B | $4.80 B | $5.50 B | $6.05 B |
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Operating Expense
Costs to run business. |
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$1.91 B | $2.36 B | $2.83 B | $2.99 B | $3.42 B | $3.61 B |
Research and Development Investment in innovation. |
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$424.20 M | $512.40 M | $613.80 M | $716.80 M | $815.50 M | $846.40 M |
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Sales, General and Administrative
Selling and admin costs. |
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$1.49 B | $1.86 B | $2.22 B | $2.28 B | $2.58 B | $2.75 B |
General and Administrative Corporate overhead costs. |
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$143.50 M | $169.00 M | $211.30 M | $237.80 M | $233.40 M | $236.00 M |
Sales and Marketing Customer acquisition costs. |
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$1.35 B | $1.69 B | $2.01 B | $2.04 B | $2.35 B | $2.52 B |
Other Expenses Other operating costs. |
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-$4.60 M | -$4.60 M | -$4.60 M | -$4.60 M | $20.00 M | $11.80 M |
Operating Income Profit from operations. |
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$650.40 M | $969.60 M | $1.24 B | $1.80 B | $2.08 B | $2.44 B |
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Net Interest Income
Interest income minus expense. |
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-$10.40 M | -$600.00 K | $98.70 M | $135.20 M | $142.20 M | $121.10 M |
Interest Income Income from investments. |
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$4.50 M | $17.40 M | $119.70 M | $155.20 M | $162.30 M | $139.10 M |
Interest Expense Cost of borrowing. |
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$14.90 M | $18.00 M | $21.00 M | $20.00 M | $20.10 M | $18.00 M |
Non-Operating Income (ex-Int) Income outside core operations. |
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$7.10 M | -$3.90 M | -$113.60 M | -$275.10 M | -$189.10 M | -$199.40 M |
Total Other Income (Net) Net non-operating items. |
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-$29.60 M | -$82.20 M | $50.50 M | $225.70 M | $210.50 M | $181.40 M |
Income Before Tax Profit before taxes. |
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$620.80 M | $887.40 M | $1.29 B | $2.03 B | $2.29 B | $2.62 B |
Income Tax Expense Taxes on income. |
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$14.10 M | $30.80 M | $143.80 M | $283.90 M | $439.10 M | $502.50 M |
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Net Income
Final profit. |
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$606.80 M | $857.30 M | $1.15 B | $1.75 B | $1.85 B | $2.12 B |
Net Income From Continuing Operations Profit from core business. |
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$606.70 M | $856.60 M | $1.15 B | $1.75 B | $1.85 B | $2.12 B |
Net Income From Discontinued Operations Profit/loss from sold units. |
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- | - | - | - | - | - |
Other Adjustments to Net Income Additional accounting adjustments. |
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- | - | - | - | - | - |
Net Income Deductions Reductions from net income. |
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- | $700.00 K | - | - | - | - |
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Earnings Per Share
Company profit allocated to each outstanding share. |
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EPS Earnings per share. Formula: Net Income ÷ Shares |
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$0.74 | $1.08 | $1.47 | $2.28 | $2.44 | $2.86 |
Diluted EPS EPS including dilution. Formula: Net Income ÷ Diluted Shares |
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$0.73 | $1.06 | $1.46 | $2.26 | $2.43 | $2.84 |
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Shares for EPS
Number of shares used to calculate EPS. |
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Weighted Average Shares Outst. Avg shares used for EPS. |
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816.00 M | 791.40 M | 778.60 M | 764.40 M | 743.10 M | 735.90 M |
Diluted Average Shares Outst. Shares including dilution. |
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835.50 M | 805.30 M | 788.20 M | 771.90 M | 748.00 M | 741.30 M |
| Supplemental Items | |||||||
EBIT Earnings before interest and tax. |
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$643.30 M | $973.50 M | $1.35 B | $2.08 B | $2.27 B | $2.64 B |
EBITDA Earnings before interest, tax, D&A. |
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$727.70 M | $1.08 B | $1.47 B | $2.20 B | $2.42 B | $2.89 B |
Depreciation and Amortization Non-cash expense for assets. |
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$84.40 M | $104.30 M | $113.40 M | $122.80 M | $152.00 M | $253.30 M |
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Fortinet's Assets vs Liabilities & Equity
Fortinet's Assets vs Liabilities & Equity
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Data sources and methodology
| Last updated | Jun 30, 2026 |
| Latest financial periods ended |
Quarterly: Q2 FY2026 (June 30, 2026) Annual: FY 2025 (December 31, 2025) |
| Data provided by | Financial Modeling Prep |
| Original source | Company Forms 10-Q and 10-K filed with the SEC |
| Methodology | Company-reported financial statements and calculated financial ratios |
| Limitations | Historical values may change because of company restatements, reclassifications, or provider updates |
| Links | View source filings |




