Fortinet, Inc. (FTNT) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 1.85B | 1.91B | 1.72B | 1.63B | 1.54B | 1.66B | 1.51B | 1.43B | 1.35B | 1.42B | 1.33B | 1.29B | 1.26B | 1.28B | 1.15B | 1.03B | 954.8M | 963.6M | 867.2M | 801.1M |
| Revenue Growth % | 20.13% | 14.75% | 14.38% | 13.64% | 13.77% | 17.31% | 13% | 10.95% | 7.21% | 10.3% | 16.1% | 25.5% | 32.21% | 33.15% | 32.55% | 28.59% | 34.42% | 28.82% | 33.19% | 29.71% |
| Cost of Goods Sold | 364.5M | 389.2M | 318.6M | 301.7M | 293.1M | 314.5M | 263.4M | 275M | 304.7M | 315.9M | 317.7M | 295.8M | 307.8M | 297.3M | 283M | 250.8M | 253.8M | 228.3M | 211.2M | 186.9M |
| COGS % of Revenue | 19.71% | 20.43% | 18.47% | 18.51% | 19.04% | 18.94% | 17.47% | 19.17% | 22.52% | 22.32% | 23.8% | 22.88% | 24.38% | 23.17% | 24.62% | 24.35% | 26.58% | 23.69% | 24.35% | 23.33% |
| Gross Profit | 1.49B | 1.52B | 1.41B | 1.33B | 1.25B | 1.35B | 1.24B | 1.16B | 1.05B | 1.1B | 1.02B | 997M | 954.5M | 985.7M | 866.5M | 779.3M | 701M | 735.3M | 656M | 614.2M |
| Gross Margin % | 80.29% | 79.57% | 81.53% | 81.49% | 80.96% | 81.06% | 82.53% | 80.83% | 77.48% | 77.68% | 76.2% | 77.12% | 75.62% | 76.83% | 75.38% | 75.65% | 73.42% | 76.31% | 75.65% | 76.67% |
| Gross Profit Growth % | 19.13% | 12.65% | 12.98% | 14.58% | 18.88% | 22.42% | 22.4% | 16.28% | 9.86% | 11.51% | 17.36% | 27.94% | 36.16% | 34.05% | 32.09% | 26.88% | 26.6% | 26.56% | 28.15% | 27.3% |
| Operating Expenses | 906.5M | 891.6M | 860.4M | 871.6M | 792.8M | 771.5M | 773.8M | 722.1M | 727.4M | 713.8M | 713.7M | 718M | 681M | 627.9M | 601M | 584M | 550M | 520.4M | 489.6M | 466.7M |
| OpEx % of Revenue | 49.01% | 46.8% | 49.88% | 53.47% | 51.49% | 46.47% | 51.31% | 50.35% | 53.75% | 50.44% | 53.48% | 55.54% | 53.95% | 48.94% | 52.28% | 56.69% | 57.6% | 54.01% | 56.46% | 58.26% |
| Selling, General & Admin | 692.5M | 686.6M | 644.9M | 648.9M | 600.5M | 581.6M | 587.6M | 557.9M | 555.5M | 562.5M | 557.9M | 565.8M | 531.1M | 500.2M | 467.8M | 460.9M | 426.2M | 409M | 382.9M | 361.3M |
| SG&A % of Revenue | 37.44% | 36.04% | 37.39% | 39.81% | 39% | 35.03% | 38.96% | 38.9% | 41.05% | 39.75% | 41.8% | 43.77% | 42.07% | 38.99% | 40.7% | 44.74% | 44.64% | 42.45% | 44.15% | 45.1% |
| Research & Development | 214M | 205M | 202.4M | 209.5M | 198.6M | 191.1M | 187.3M | 165.4M | 173M | 152.5M | 156.9M | 153.3M | 151.1M | 128.9M | 134.3M | 124.3M | 124.9M | 112.6M | 107.8M | 106.6M |
| R&D % of Revenue | 11.57% | 10.76% | 11.73% | 12.85% | 12.9% | 11.51% | 12.42% | 11.53% | 12.78% | 10.78% | 11.76% | 11.86% | 11.97% | 10.05% | 11.68% | 12.07% | 13.08% | 11.69% | 12.43% | 13.31% |
| Other Operating Expenses | 0 | 0 | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Operating Income | 580M | 625.6M | 545.9M | 456.7M | 453.8M | 574.1M | 470.9M | 437.2M | 321.2M | 385.4M | 303.2M | 279M | 273.5M | 357.8M | 265.5M | 195.3M | 151M | 214.9M | 166.4M | 147.5M |
| Operating Margin % | 31.36% | 32.84% | 31.65% | 28.02% | 29.47% | 34.58% | 31.22% | 30.48% | 23.73% | 27.23% | 22.72% | 21.58% | 21.67% | 27.89% | 23.1% | 18.96% | 15.81% | 22.3% | 19.19% | 18.41% |
| Operating Income Growth % | 27.81% | 8.97% | 15.93% | 4.46% | 41.28% | 48.96% | 55.31% | 56.7% | 17.44% | 7.71% | 14.2% | 42.86% | 81.13% | 66.5% | 59.56% | 32.41% | 24.18% | 26.86% | 31.13% | 24.16% |
| EBITDA | 714M | 665.1M | 584.3M | 495M | 489.6M | 609.3M | 500.7M | 466.4M | 349.8M | 415.6M | 331.5M | 306.4M | 301M | 385.1M | 291.9M | 220.4M | 176.5M | 240.2M | 189.3M | 166.4M |
| EBITDA Margin % | 38.6% | 34.91% | 33.87% | 30.37% | 31.8% | 36.7% | 33.2% | 32.52% | 25.85% | 29.37% | 24.84% | 23.7% | 23.85% | 30.02% | 25.39% | 21.4% | 18.49% | 24.93% | 21.83% | 20.77% |
| EBITDA Growth % | 45.83% | 9.16% | 16.7% | 6.13% | 39.97% | 46.61% | 51.04% | 52.22% | 16.21% | 7.92% | 13.57% | 39.02% | 70.54% | 60.32% | 54.2% | 32.45% | 27.07% | 29.07% | 31.82% | 21.82% |
| D&A (Non-Cash Add-back) | 134M | 39.5M | 38.4M | 38.3M | 35.8M | 35.2M | 29.8M | 29.2M | 28.6M | 30.2M | 28.3M | 27.4M | 27.5M | 27.3M | 26.4M | 25.1M | 25.5M | 25.3M | 22.9M | 18.9M |
| EBIT | 580M | 655.2M | 600.8M | 521.9M | 524.2M | 623.3M | 631.4M | 473.3M | 350.5M | 421M | 333.2M | 304.4M | 296.1M | 372.7M | 269.2M | 188.4M | 143.2M | 211.8M | 161.3M | 149.5M |
| Net Interest Income | 28.7M | 27.9M | 34.5M | 40.4M | 39.4M | 37.4M | 37.4M | 33.3M | 27.1M | 25.1M | 31.6M | 26.4M | 15.6M | 4.6M | 100K | -2.1M | -3.2M | -3.5M | -3.4M | -3.3M |
| Interest Income | 32.9M | 32.3M | 40.7M | 45M | 44.3M | 42.3M | 42.4M | 38.3M | 32.2M | 30.5M | 37M | 31.6M | 20.6M | 9.1M | 4.6M | 2.4M | 1.3M | 1M | 1.2M | 1.2M |
| Interest Expense | 4.2M | 4.4M | 6.2M | 4.6M | 4.9M | 4.9M | 5M | 5M | 5.1M | 5.4M | 5.4M | 5.2M | 5M | 4.5M | 4.5M | 4.5M | 4.5M | 4.5M | 4.6M | 4.5M |
| Other Income/Expense | 76.6M | 25.2M | 48.7M | 60.5M | 76.1M | 38.8M | 150.2M | 19.1M | 17.6M | 20.7M | 19.4M | 14.9M | -4.5M | -34.8M | -7.1M | -19.5M | -20.8M | -12.4M | -12.5M | -2.5M |
| Pretax Income | 656.6M | 650.8M | 594.6M | 517.2M | 529.9M | 612.9M | 621.1M | 456.3M | 338.8M | 406.1M | 322.6M | 293.9M | 269M | 323M | 258.4M | 175.8M | 130.2M | 202.5M | 153.9M | 145M |
| Pretax Margin % | 35.5% | 34.16% | 34.47% | 31.73% | 34.42% | 36.92% | 41.18% | 31.81% | 25.04% | 28.7% | 24.17% | 22.73% | 21.31% | 25.18% | 22.48% | 17.07% | 13.64% | 21.01% | 17.75% | 18.1% |
| Income Tax | 122M | 144.8M | 120.7M | 77.1M | 96.5M | 86.7M | 81.2M | 76.5M | 39.5M | 95.2M | -300K | 27.6M | 21.3M | 9.2M | 27.3M | 2.4M | -8.1M | 3.7M | -9.3M | 7.5M |
| Effective Tax Rate % | 18.58% | 22.25% | 20.3% | 14.91% | 18.21% | 14.15% | 13.07% | 16.77% | 11.66% | 23.44% | -0.09% | 9.39% | 7.92% | 2.85% | 10.57% | 1.37% | -6.22% | 1.83% | -6.04% | 5.17% |
| Net Income | 534.5M | 506M | 473.9M | 440.1M | 433.4M | 526.2M | 539.9M | 379.8M | 299.3M | 310.9M | 322.9M | 266.3M | 247.7M | 313.8M | 231.6M | 173.5M | 138.4M | 199M | 163.1M | 137.5M |
| Net Margin % | 28.9% | 26.56% | 27.47% | 27% | 28.15% | 31.7% | 35.8% | 26.48% | 22.12% | 21.97% | 24.19% | 20.6% | 19.62% | 24.46% | 20.15% | 16.84% | 14.5% | 20.65% | 18.81% | 17.16% |
| Net Income Growth % | 23.33% | -3.84% | -12.22% | 15.88% | 44.8% | 69.25% | 67.2% | 42.62% | 20.83% | -0.92% | 39.42% | 53.49% | 78.97% | 57.69% | 42% | 26.18% | 29.1% | 35.65% | 32.17% | 20.83% |
| Net Income (Continuing) | 534.5M | 506M | 473.9M | 440.1M | 433.4M | 526.2M | 539.9M | 379.8M | 299.3M | 310.9M | 322.9M | 266.3M | 247.7M | 313.8M | 231.1M | 173.4M | 138.3M | 198.8M | 163.2M | 137.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.9M | 13.3M | 15.5M | 16.7M | 17.5M | 0 |
| EPS (Diluted) | 0.72 | 0.68 | 0.62 | 0.57 | 0.56 | 0.68 | 0.70 | 0.49 | 0.39 | 0.40 | 0.41 | 0.33 | 0.31 | 0.40 | 0.29 | 0.21 | 0.17 | 0.24 | 0.19 | 0.16 |
| EPS Growth % | 28.57% | 0% | -11.43% | 16.33% | 43.59% | 70% | 70.73% | 48.48% | 25.81% | 0% | 41.38% | 57.14% | 82.35% | 66.67% | 52.63% | 31.25% | 30.77% | 33.33% | 26.67% | 14.29% |
| EPS (Basic) | 0.72 | 0.68 | 0.63 | 0.57 | 0.56 | 0.69 | 0.71 | 0.50 | 0.39 | 0.41 | 0.41 | 0.34 | 0.32 | 0.40 | 0.29 | 0.22 | 0.17 | 0.24 | 0.20 | 0.17 |
| Diluted Shares Outstanding | 742.8M | 748M | 770.2M | 774.8M | 776.8M | 775.2M | 771.9M | 769.9M | 770.5M | 772.3M | 791.2M | 795.9M | 793.4M | 791.8M | 798.6M | 810.1M | 821M | 835M | 838.6M | 835.4M |
| Basic Shares Outstanding | 738.8M | 743.1M | 763.1M | 766.9M | 768.3M | 766.5M | 765M | 763.8M | 762.4M | 764.9M | 781.2M | 785M | 783.2M | 780.9M | 786.2M | 795.4M | 803.4M | 815M | 817.7M | 816.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |