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Fortinet FTNT

US equityMarket cap rank #117Software - InfrastructureCybersecurity
$179.66
+$0.92 (+0.51%)
Market open · Sep 24, 1:10 pm ET
After hours $178.96 +0.12%
Open$178.70
Prev close$178.74
Day range$176.78 – $181.36
Volume1.71M
Market cap$131.82B
P/E (TTM)63.5
Dividend yield

Fundamentals

Latest reported quarter: Q2, ended Jun 2026

Revenue$2.05B+25.6% YoY
Operating profit$689.30M+50.5% YoY
Net profit$606.30M+37.8% YoY
Diluted EPS$0.82+43.9% YoY
Free cash flow$965.60M+239.9% YoY
Operating cash flow$1.04B

Revenue, last 8 quarters

$1.5BSep '24$1.7BDec '24$1.5BMar '25$1.6BJun '25$1.7BSep '25$1.9BDec '25$1.8BMar '26$2.0BJun '26

Net profit, last 8 quarters

$539.9MSep '24$526.2MDec '24$433.4MMar '25$440.1MJun '25$473.9MSep '25$506.0MDec '25$534.5MMar '26$606.3MJun '26

Diluted EPS by quarter

0.70Sep '240.68Dec '240.56Mar '250.57Jun '250.62Sep '250.68Dec '250.72Mar '260.82Jun '26

Free cash flow by quarter

$571.8MSep '24$380.0MDec '24$796.8MMar '25$284.1MJun '25$567.5MSep '25$577.4MDec '25$1.0BMar '26$965.6MJun '26

Annual revenue

$2.6BFY20$3.3BFY21$4.4BFY22$5.3BFY23$6.0BFY24$6.8BFY25

Profitability & balance sheet

Gross margin80.2%
Operating margin32.4%
Net margin28.2%
Return on equity117.4%
Return on assets19.7%
Return on invested capital87.9%
Current ratio1.28
Liabilities / assets85.7%
Cash & investments$4.07B
Total debt$496.90M
Net cash (debt)$3.57B
Free cash flow / sales41.4%

Where the revenue comes from

Quarter 2026/Q2

By business line

  • Product$773.00M 37.7%
  • Security subscription$729.70M 35.6%
  • Technical support and other$545.20M 26.6%

Income statement

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Revenue as Reported $2.05B $1.85B $6.80B $1.91B $1.72B
Total Operating Revenue $2.05B $1.85B $6.80B $1.91B $1.72B
Cost of Revenue $404.70M $364.50M $1.33B $389.20M $331.70M
Gross Profit $1.64B $1.49B $5.47B $1.52B $1.39B
Operating Expense $953.90M $905.10M $3.39B $890.20M $845.90M
Selling and Admin Expenses $730.20M $692.50M $2.58B $686.60M $644.90M
-Selling & Marketing Expense $669.10M $636.30M $2.35B $629.30M $583.50M
-General & Admin Expense $61.10M $56.20M $233.40M $57.30M $61.40M
Research & Development $225.00M $214.00M $815.50M $205.00M $202.40M
Other Operating Expenses -$1.30M -$1.40M -$10.40M -$1.40M -$1.40M
Operating Profit $689.30M $580.00M $2.08B $625.60M $547.30M
Net Non-Operating Interest Income (Expense) $30.00M $28.70M $142.20M $27.90M $34.50M
Non-Operating Interest Income $33.20M $32.90M $162.30M $32.30M $40.70M
Non-Operating Interest Expense $3.20M $4.20M $20.10M $4.40M $6.20M
Other Income (Expense) $900,000.00 $47.90M $55.30M -$2.70M $13.00M
Other Non-Operating Income (Expenses) $900,000.00 $47.90M $55.30M -$2.70M $13.00M
Pretax Profit $720.20M $656.60M $2.28B $650.80M $594.80M
Tax $115.00M $122.00M $439.10M $144.80M $120.70M
Earnings from Equity Interest Net of Tax $1.10M -$100,000.00 $10.30M $0.00 -$200,000.00
Net Profit $606.30M $534.50M $1.85B $506.00M $473.90M
Profit from Continuing Operations $606.30M $534.50M $1.85B $506.00M $473.90M
Net Income to Parent Company $606.30M $534.50M $1.85B $506.00M $473.90M
Net Income to Common Stockholders $606.30M $534.50M $1.85B $506.00M $473.90M
Basic EPS $0.83 $0.72 $2.45 $0.68 $0.63
Diluted EPS $0.82 $0.72 $2.42 $0.68 $0.62

Balance sheet

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Total Assets $10.86B $9.88B $10.39B $10.39B $9.36B
Total Current Assets $6.21B $5.33B $5.90B $5.90B $4.91B
Cash and Cash Equivalents & Short-Term Investments $4.07B $3.29B $3.58B $3.58B $3.12B
-Cash and Cash Equivalents $2.93B $2.22B $2.50B $2.50B $2.00B
-Short Term Investments $1.13B $1.07B $1.09B $1.09B $1.13B
Receivables $1.46B $1.49B $1.69B $1.69B $1.17B
-Accounts Receivable $1.46B $1.49B $1.69B $1.69B $1.17B
Inventory $426.30M $369.60M $399.50M $399.50M $426.60M
Other Current Assets $256.80M $181.90M $227.00M $227.00M $195.20M
Total Non-Current Assets $4.65B $4.55B $4.49B $4.49B $4.45B
Net PPE $1.70B $1.69B $1.62B $1.62B $1.61B
-Gross PPE $2.23B $2.19B $2.10B $2.10B $2.07B
-Accumulated Depreciation -$527.50M -$503.10M -$481.90M -$481.90M -$462.40M
Investments and Advances $399.10M $339.70M $339.70M $339.70M $289.10M
-Available for Sale Securities $399.10M $339.70M $339.70M $339.70M $289.10M
Goodwill and Other Intangible Assets $334.50M $344.40M $354.70M $354.70M $368.50M
-Goodwill $257.40M $257.40M $257.40M $257.40M $258.30M
-Other Intangible Assets $77.10M $87.00M $97.30M $97.30M $110.20M
Non-Current Deferred Assets $2.10B $2.06B $2.05B $2.05B $2.05B
Other Non-Current Assets $113.30M $117.10M $125.20M $125.20M $135.00M
Total Liabilities $9.31B $8.89B $9.15B $9.15B $8.63B
Total Current Liabilities $4.84B $4.62B $5.03B $5.03B $4.79B
Payables $282.50M $238.70M $230.80M $230.80M $221.30M
-Accounts Payable $282.50M $238.70M $230.80M $230.80M $221.30M
Current Accrued Expenses $716.50M $658.50M $667.50M $667.50M $604.90M
Current Deferred Liabilities $3.84B $3.73B $3.64B $3.64B $3.46B
Total Non-Current Liabilities $4.47B $4.27B $4.12B $4.12B $3.84B
Long Term Debt and Capital Lease Obligation $496.90M $496.80M $496.60M $496.60M $496.50M
-Long Term Debt $496.90M $496.80M $496.60M $496.60M $496.50M
Non-Current Deferred Liabilities $3.83B $3.63B $3.48B $3.48B $3.19B
Other Non-Current Liabilities $136.50M $148.30M $141.30M $141.30M $153.70M
Total Equity $1.55B $989.70M $1.24B $1.24B $735.10M
Stockholders' Equity $1.55B $989.70M $1.24B $1.24B $735.10M
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 $1.90B $1.80B $1.77B $1.77B $1.71B
Retained Earnings -$316.70M -$782.00M -$507.90M -$507.90M -$958.50M
Gains/Losses Not Affecting Retained Earnings -$28.80M -$27.70M -$25.40M -$25.40M -$21.80M
Short-Term Debt and Capital Lease Obligation $499.70M $499.70M $499.40M
-Current Debt $499.70M $499.70M $499.40M

Cash flow

Line item 2026 Q2 2026 Q1 2025 ANNUAL 2025 Q4 2025 Q3
Operating Cash Flow $1.04B $1.08B $2.59B $620.20M $655.20M
Net cash flow from continuing operations $1.04B $1.08B $2.59B $620.20M $655.20M
Net Income from Continuing Operations $606.30M $534.50M $1.85B $506.00M $473.90M
Depreciation & Depletion & Amortization $41.40M $39.80M $152.00M $39.50M $38.40M
Other Non-Cash Items $93.90M $49.30M $283.60M $90.70M $77.70M
Change in Working Capital $227.20M $385.80M $55.80M -$82.10M $1.30M
-Change in Receivables $29.90M $205.20M -$215.90M -$524.60M $46.00M
-Change in Inventory -$61.60M $23.60M -$90.60M $18.50M -$29.50M
-Change in Prepaid Assets -$63.30M $62.80M -$95.90M -$31.60M -$32.20M
-Change in Payables and Accrued Expense $148.30M -$34.10M $96.20M $83.90M -$47.70M
-Change in Other Current Assets -$3.60M -$5.40M -$16.20M -$2.60M -$1.90M
-Change in Other Current Liabilities -$4.00M -$600,000.00 $6.80M -$600,000.00 -$2.90M
-Change In Other Working Capital $181.50M $134.30M $371.40M $374.90M $69.50M
Net cash flow from investing -$184.60M -$5.70M -$599.10M -$46.30M -$175.80M
Net Cash Flow from Continuing Investing Activities -$184.60M -$5.70M -$599.10M -$46.30M -$175.80M
Net PPE Purchase and Sale -$78.00M -$70.60M -$364.80M -$42.80M -$87.70M
Net Business Purchase and Sale $0.00 $0.00 -$41.60M $0.00 $0.00
Net Investment Purchase and Sale -$115.00M $64.90M -$192.80M -$3.50M -$88.10M
Financing Cash Flow -$147.90M -$1.34B -$2.37B -$72.70M -$1.85B
Net Cash Flow from Continuing Financing Activities -$147.90M -$1.34B -$2.37B -$72.70M -$1.85B
Net Issuance Payments Of Debt $0.00 -$500.00M
Net Common Stock Issuance -$105.10M -$805.40M -$2.25B -$50.10M -$1.83B
Net Other Financing Charges -$42.80M -$37.50M -$126.40M -$22.60M -$26.70M
Ending Cash Balance $2.93B $2.22B $2.50B $2.50B $2.00B
Net Change in Cash $711.10M -$271.50M -$380.00M $501.20M -$1.37B
Beginning Cash Balance $2.22B $2.50B $2.88B $2.00B $3.37B
Effect of Exchange Rate Changes $0.00 $0.00 -$600,000.00 -$1.60M -$300,000.00
Free Cash Flow $965.60M $1.01B $2.23B $577.40M $567.50M
Net Other Investing Changes $100,000.00 $0.00 $0.00
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