CrowdStrike vs. Fortinet: how they make money

• Organizations subscribing to Falcon · 94.9% of revenueBusinesses and government bodies paying for the platform and its modules: $4,564.7 million, 94.9% of FY2026 revenue, and $1,400.3 million in Q2 FY2027.
• Organizations buying professional services · 5.1% of revenueBreach response, forensics, consulting and training: $247.3 million, 5.1% of FY2026 revenue.

• Organizations paying for security subscriptions · 38.7% of revenueYearly FortiGuard and other cloud-delivered security services: $2,633.2 million, 38.7% of FY2025 revenue.
• Organizations buying products · 32.6% of revenueFortiGate firewalls and other hardware and software: $2,218.4 million, 32.6% of FY2025 revenue.
• Organizations paying for technical support and other services · 28.6% of revenueFortiCare support, training and professional services: $1,948.0 million, 28.6% of FY2025 revenue.

Not on the CrowdStrike page.

Not on the Fortinet page.

Debt

$746M

Cash and investments

$5.0B

On Jul 31, 2026.

At Jul 31, 2026 CrowdStrike held $5,013.8 million of cash against $746.2 million of debt, so cash exceeded debt by $4,267.6 million.

Debt

$497M

Cash and investments

$5.3B

On Sep 30, 2026.

At Sep 30, 2026 Fortinet held $5,318.4 million of cash and investments against $497.1 million of bonds, so cash exceeded debt by $4,821.3 million.

• One class of shares.
• Officers and directors as a group: 1.7% of shares (as of Apr 3, 2026).
• Vanguard Capital Management: 7.3% (as of Mar 31, 2026).
• BlackRock, Inc.: 6.7% (as of Dec 31, 2023).

• One class of shares.
• Officers and directors as a group: 17.6% of shares (as of Mar 31, 2026).
• Ken Xie (co-founder, Chairman and CEO): 9.8% (as of Mar 31, 2026).
• Michael Xie (co-founder, President and CTO): 9.3% (as of Mar 31, 2026).
• BlackRock, Inc.: 7.4% (as of Jan 26, 2024).
• 1 more holders on the Fortinet page.

• DOJ and SEC information requests (regulation)The DOJ and SEC have asked for information on revenue recognition and ARR reporting for transactions with certain customers, the July 19 Incident and related matters. CrowdStrike says it is cooperating.
• Stock-based pay behind the GAAP losses (other)Stock-based pay was $1,096.7 million in FY2026, 22.8% of revenue, and is the main gap between GAAP losses and non-GAAP profits. Diluted shares rose from 227.1 million in FY2022 to 250.6 million in FY2026, before the split.
• Customer packages after the July 19 Incident (pricing)After the incident CrowdStrike offered discounts, extra modules, professional services, flexible payment terms or longer subscriptions. Its 10-K says these packages have resulted, and are expected to keep resulting, in more contraction (customers renewing for smaller amounts) because of longer subscription terms, and in smaller upsell amounts.
• Net income leans on interest income (other)FY2024's $72.2 million net income came after a $19.1 million operating loss, with $148.9 million of interest income. In FY2026 interest income was $195.0 million. It depends on cash balances and interest rates.

• Three distributors handle 55% of revenue (customer or supplier concentration)Three unnamed distributors accounted for 28%, 15% and 12% of FY2025 revenue. Fortinet relies on channel partners for substantially all of its revenue, which its 10-Q lists as a risk.
• Hardware made in Taiwan (other)About 87% of Fortinet's hardware is made in Taiwan, and its custom chips come from TSMC or Renesas foundries with no guaranteed capacity. The 10-Q names tensions between China and Taiwan among economic and political risks.
• Service revenue range lowered (demand)On Oct 28, 2026 Fortinet gave a FY2026 service revenue range of $5.150–5.170 billion, below the $5.180–5.220 billion it gave on Jul 29, 2026. Services were 67.4% of FY2025 revenue.