FN2 Earnings Intelligence
Fortinet, Inc. financials
Fortinet, Inc. (FTNT) financial statements and key operating metrics from FN2 Research.
Key Stats
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Market Cap | - | - | - | - | - | - | - |
| - Cash | $1,319.1 | $1,682.9 | $1,397.9 | $2,875.9 | $2,495.3 | - | - |
| + Debt | - | - | - | - | - | - | - |
| Enterprise Value | - | - | - | - | - | - | - |
| Revenue | $3,342.2 | $4,417.4 | $5,304.8 | $5,955.8 | $6,799.6 | $8,111.5 | $9,032.6 |
| % Growth | 28.8% | 32.2% | 20.1% | 12.3% | 14.2% | 19.3% | 11.4% |
| Gross Profit | $2,559.2 | $3,332.5 | $4,067.6 | $4,798.2 | $5,470.7 | - | - |
| % Margin | 76.6% | 75.4% | 76.7% | 80.6% | 80.5% | - | - |
| EBITDA | $734.8 | $1,073.9 | $1,354.5 | $1,926.2 | $2,236.7 | - | - |
| % Margin | 22.0% | 24.3% | 25.5% | 32.3% | 32.9% | - | - |
| Net Income | $606.8 | $857.3 | $1,147.8 | $1,745.2 | $1,853.4 | - | - |
| % Margin | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% | - | - |
| Diluted EPS | $3.63 | $1.06 | $1.46 | $2.26 | $2.42 | $3.45 | $3.78 |
| % Growth | 24.7% | -70.8% | 37.7% | 54.8% | 7.1% | 42.6% | 9.4% |
| Operating Cash Flow | $1,499.7 | $1,730.6 | $1,935.5 | $2,258.1 | $2,590.6 | - | - |
| CapEx | $295.9 | $281.2 | $204.1 | $378.9 | $364.8 | - | - |
| Free Cash Flow | $1,203.8 | $1,449.4 | $1,731.4 | $1,879.2 | $2,225.8 | - | - |
Historical market capitalization is not persisted, so Market Cap and Enterprise Value remain unavailable rather than mixing today's market value into prior periods.
Income Statement
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Revenue | $3,342.2 | $4,417.4 | $5,304.8 | $5,955.8 | $6,799.6 | $8,111.5 | $9,032.6 |
| Gross Profit | $2,559.2 | $3,332.5 | $4,067.6 | $4,798.2 | $5,470.7 | - | - |
| EBITDA | $734.8 | $1,073.9 | $1,354.5 | $1,926.2 | $2,236.7 | - | - |
| Net Income | $606.8 | $857.3 | $1,147.8 | $1,745.2 | $1,853.4 | - | - |
| Diluted EPS | $3.63 | $1.06 | $1.46 | $2.26 | $2.42 | $3.45 | $3.78 |
Balance Sheet
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1,319.1 | $1,682.9 | $1,397.9 | $2,875.9 | $2,495.3 |
| Short-term Debt | - | - | - | - | - |
| Long-term Debt | $988.4 | $990.4 | $992.3 | $994.3 | $496.6 |
| Total Debt | - | - | - | - | - |
Cash Flow
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1,499.7 | $1,730.6 | $1,935.5 | $2,258.1 | $2,590.6 |
| Capital Expenditure | $295.9 | $281.2 | $204.1 | $378.9 | $364.8 |
| Free Cash Flow | $1,203.8 | $1,449.4 | $1,731.4 | $1,879.2 | $2,225.8 |
Ratios
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue Growth | 28.8% | 32.2% | 20.1% | 12.3% | 14.2% |
| Gross Margin | 76.6% | 75.4% | 76.7% | 80.6% | 80.5% |
| EBITDA Margin | 22.0% | 24.3% | 25.5% | 32.3% | 32.9% |
| Net Margin | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% |
| FCF Margin | 36.0% | 32.8% | 32.6% | 31.6% | 32.7% |
| Diluted EPS Growth | 24.7% | -70.8% | 37.7% | 54.8% | 7.1% |