Fortinet FTNT
$118.84 −$3.67 (-3.00%)
Market closed · Nov 6, 9:50 pm ET · Last extended-hours $119.00 +0.13%
Open$126.46
Prev close$122.51
Day range$118.62 – $126.46
Volume8.03M
Market cap$87.31B
P/E (TTM)38.8
Dividend yield–
Fundamentals
Latest reported quarter: Q3, ended Sep 2026
Revenue$2.08B+20.5% YoY
Operating profit$704.30M+28.7% YoY
Net profit$635.50M+34.1% YoY
Diluted EPS$0.86+38.7% YoY
Free cash flow$881.80M+55.4% YoY
Operating cash flow$946.00M
Revenue, last 8 quarters
Net profit, last 8 quarters
Diluted EPS by quarter
Free cash flow by quarter
Annual revenue
Profitability & balance sheet
Gross margin79.7%
Operating margin33.0%
Net margin29.0%
Return on equity153.1%
Return on assets21.4%
Return on invested capital109.6%
Current ratio1.40
Liabilities / assets81.2%
Cash & investments$4.80B
Total debt$497.10M
Net cash (debt)$4.30B
Free cash flow / sales43.5%
Where the revenue comes from
Quarter 2026/Q2
By business line
Income statement
| Line item | 2026 Q3 | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 |
|---|---|---|---|---|---|
| Total Revenue as Reported | $2.08B | $2.05B | $1.85B | $6.80B | $1.91B |
| Total Operating Revenue | $2.08B | $2.05B | $1.85B | $6.80B | $1.91B |
| Cost of Revenue | $437.50M | $404.70M | $364.50M | $1.33B | $389.20M |
| Gross Profit | $1.64B | $1.64B | $1.49B | $5.47B | $1.52B |
| Operating Expense | $936.60M | $953.90M | $905.10M | $3.39B | $890.20M |
| Selling and Admin Expenses | $724.60M | $730.20M | $692.50M | $2.58B | $686.60M |
| -Selling & Marketing Expense | $665.00M | $669.10M | $636.30M | $2.35B | $629.30M |
| -General & Admin Expense | $59.60M | $61.10M | $56.20M | $233.40M | $57.30M |
| Research & Development | $213.40M | $225.00M | $214.00M | $815.50M | $205.00M |
| Other Operating Expenses | -$1.40M | -$1.30M | -$1.40M | -$10.40M | -$1.40M |
| Operating Profit | $704.30M | $689.30M | $580.00M | $2.08B | $625.60M |
| Net Non-Operating Interest Income (Expense) | $39.70M | $30.00M | $28.70M | $142.20M | $27.90M |
| Non-Operating Interest Income | $42.70M | $33.20M | $32.90M | $162.30M | $32.30M |
| Non-Operating Interest Expense | $3.00M | $3.20M | $4.20M | $20.10M | $4.40M |
| Other Income (Expense) | $11.00M | $900,000.00 | $47.90M | $55.30M | -$2.70M |
| Other Non-Operating Income (Expenses) | $11.00M | $900,000.00 | $47.90M | $55.30M | -$2.70M |
| Pretax Profit | $755.00M | $720.20M | $656.60M | $2.28B | $650.80M |
| Tax | $119.50M | $115.00M | $122.00M | $439.10M | $144.80M |
| Earnings from Equity Interest Net of Tax | $0.00 | $1.10M | -$100,000.00 | $10.30M | $0.00 |
| Net Profit | $635.50M | $606.30M | $534.50M | $1.85B | $506.00M |
| Profit from Continuing Operations | $635.50M | $606.30M | $534.50M | $1.85B | $506.00M |
| Net Income to Parent Company | $635.50M | $606.30M | $534.50M | $1.85B | $506.00M |
| Net Income to Common Stockholders | $635.50M | $606.30M | $534.50M | $1.85B | $506.00M |
| Basic EPS | $0.87 | $0.83 | $0.72 | $2.45 | $0.68 |
| Diluted EPS | $0.86 | $0.82 | $0.72 | $2.42 | $0.68 |
Balance sheet
| Line item | 2026 Q3 | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 |
|---|---|---|---|---|---|
| Total Assets | $11.94B | $10.86B | $9.88B | $10.39B | $10.39B |
| Total Current Assets | $7.11B | $6.21B | $5.33B | $5.90B | $5.90B |
| Cash and Cash Equivalents & Short-Term Investments | $4.80B | $4.07B | $3.29B | $3.58B | $3.58B |
| -Cash and Cash Equivalents | $3.75B | $2.93B | $2.22B | $2.50B | $2.50B |
| -Short Term Investments | $1.05B | $1.13B | $1.07B | $1.09B | $1.09B |
| Receivables | $1.46B | $1.46B | $1.49B | $1.69B | $1.69B |
| -Accounts Receivable | $1.46B | $1.46B | $1.49B | $1.69B | $1.69B |
| Inventory | $591.20M | $426.30M | $369.60M | $399.50M | $399.50M |
| Other Current Assets | $256.80M | $256.80M | $181.90M | $227.00M | $227.00M |
| Total Non-Current Assets | $4.83B | $4.65B | $4.55B | $4.49B | $4.49B |
| Net PPE | $1.73B | $1.70B | $1.69B | $1.62B | $1.62B |
| -Gross PPE | $2.28B | $2.23B | $2.19B | $2.10B | $2.10B |
| -Accumulated Depreciation | -$553.50M | -$527.50M | -$503.10M | -$481.90M | -$481.90M |
| Investments and Advances | $519.40M | $399.10M | $339.70M | $339.70M | $339.70M |
| -Available for Sale Securities | $519.40M | $399.10M | $339.70M | $339.70M | $339.70M |
| Goodwill and Other Intangible Assets | $348.10M | $334.50M | $344.40M | $354.70M | $354.70M |
| -Goodwill | $273.70M | $257.40M | $257.40M | $257.40M | $257.40M |
| -Other Intangible Assets | $74.40M | $77.10M | $87.00M | $97.30M | $97.30M |
| Non-Current Deferred Assets | $2.12B | $2.10B | $2.06B | $2.05B | $2.05B |
| Other Non-Current Assets | $115.50M | $113.30M | $117.10M | $125.20M | $125.20M |
| Total Liabilities | $9.70B | $9.31B | $8.89B | $9.15B | $9.15B |
| Total Current Liabilities | $5.09B | $4.84B | $4.62B | $5.03B | $5.03B |
| Payables | $430.30M | $282.50M | $238.70M | $230.80M | $230.80M |
| -Accounts Payable | $430.30M | $282.50M | $238.70M | $230.80M | $230.80M |
| Current Accrued Expenses | $696.20M | $716.50M | $658.50M | $667.50M | $667.50M |
| Current Deferred Liabilities | $3.96B | $3.84B | $3.73B | $3.64B | $3.64B |
| Total Non-Current Liabilities | $4.61B | $4.47B | $4.27B | $4.12B | $4.12B |
| Long Term Debt and Capital Lease Obligation | $497.10M | $496.90M | $496.80M | $496.60M | $496.60M |
| -Long Term Debt | $497.10M | $496.90M | $496.80M | $496.60M | $496.60M |
| Non-Current Deferred Liabilities | $3.97B | $3.83B | $3.63B | $3.48B | $3.48B |
| Other Non-Current Liabilities | $138.00M | $136.50M | $148.30M | $141.30M | $141.30M |
| Total Equity | $2.25B | $1.55B | $989.70M | $1.24B | $1.24B |
| Stockholders' Equity | $2.25B | $1.55B | $989.70M | $1.24B | $1.24B |
| Capital Stock | $700,000.00 | $700,000.00 | $700,000.00 | $700,000.00 | $700,000.00 |
| -Common Stock | $700,000.00 | $700,000.00 | $700,000.00 | $700,000.00 | $700,000.00 |
| Additional Paid-In Capital | $1.96B | $1.90B | $1.80B | $1.77B | $1.77B |
| Retained Earnings | $318.80M | -$316.70M | -$782.00M | -$507.90M | -$507.90M |
| Gains/Losses Not Affecting Retained Earnings | -$32.40M | -$28.80M | -$27.70M | -$25.40M | -$25.40M |
| Short-Term Debt and Capital Lease Obligation | – | – | – | $499.70M | $499.70M |
| -Current Debt | – | – | – | $499.70M | $499.70M |
Cash flow
| Line item | 2026 Q3 | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 |
|---|---|---|---|---|---|
| Operating Cash Flow | $946.00M | $1.04B | $1.08B | $2.59B | $620.20M |
| Net cash flow from continuing operations | $946.00M | $1.04B | $1.08B | $2.59B | $620.20M |
| Net Income from Continuing Operations | $635.50M | $606.30M | $534.50M | $1.85B | $506.00M |
| Depreciation & Depletion & Amortization | $39.40M | $41.40M | $39.80M | $152.00M | $39.50M |
| Other Non-Cash Items | $105.30M | $93.90M | $49.30M | $283.60M | $90.70M |
| Change in Working Capital | $89.70M | $227.20M | $385.80M | $55.80M | -$82.10M |
| -Change in Receivables | -$4.00M | $29.90M | $205.20M | -$215.90M | -$524.60M |
| -Change in Inventory | -$170.70M | -$61.60M | $23.60M | -$90.60M | $18.50M |
| -Change in Prepaid Assets | -$2.50M | -$63.30M | $62.80M | -$95.90M | -$31.60M |
| -Change in Payables and Accrued Expense | $130.90M | $148.30M | -$34.10M | $96.20M | $83.90M |
| -Change in Other Current Assets | -$1.60M | -$3.60M | -$5.40M | -$16.20M | -$2.60M |
| -Change in Other Current Liabilities | -$3.20M | -$4.00M | -$600,000.00 | $6.80M | -$600,000.00 |
| -Change In Other Working Capital | $140.80M | $181.50M | $134.30M | $371.40M | $374.90M |
| Net cash flow from investing | -$112.10M | -$184.60M | -$5.70M | -$599.10M | -$46.30M |
| Net Cash Flow from Continuing Investing Activities | -$112.10M | -$184.60M | -$5.70M | -$599.10M | -$46.30M |
| Net PPE Purchase and Sale | -$64.20M | -$78.00M | -$70.60M | -$364.80M | -$42.80M |
| Net Business Purchase and Sale | -$9.80M | $0.00 | $0.00 | -$41.60M | $0.00 |
| Net Investment Purchase and Sale | -$38.10M | -$115.00M | $64.90M | -$192.80M | -$3.50M |
| Net Other Investing Changes | $0.00 | – | – | $100,000.00 | $0.00 |
| Financing Cash Flow | -$18.20M | -$147.90M | -$1.34B | -$2.37B | -$72.70M |
| Net Cash Flow from Continuing Financing Activities | -$18.20M | -$147.90M | -$1.34B | -$2.37B | -$72.70M |
| Net Issuance Payments Of Debt | $0.00 | $0.00 | -$500.00M | – | – |
| Net Common Stock Issuance | $22.70M | -$105.10M | -$805.40M | -$2.25B | -$50.10M |
| Net Other Financing Charges | -$40.90M | -$42.80M | -$37.50M | -$126.40M | -$22.60M |
| Ending Cash Balance | $3.75B | $2.93B | $2.22B | $2.50B | $2.50B |
| Net Change in Cash | $815.70M | $711.10M | -$271.50M | -$380.00M | $501.20M |
| Beginning Cash Balance | $2.93B | $2.22B | $2.50B | $2.88B | $2.00B |
| Effect of Exchange Rate Changes | $0.00 | $0.00 | $0.00 | -$600,000.00 | -$1.60M |
| Free Cash Flow | $881.80M | $965.60M | $1.01B | $2.23B | $577.40M |
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