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Technology · NASDAQ: FTNT

Fortinet: how the business works

Fortinet sells FortiGate firewalls, plus the security subscriptions and support that keep them up to date, to organizations in over 100 countries, with revenue of $6.80 billion in FY2025.

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Fortinet, Inc. · Sunnyvale, California · Founded 2000

Updated for Q3 FY2026 · checked

Revenue, FY2025
$6.80B
Net income, FY2025
$1.85B
Services, share of FY2025 revenue
67.4%
Revenue, Q3 FY2026
$2.08B
Employees, Dec 31, 2025
15,109

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Fortinet in 5 points

  1. 1 · What it sells

    Fortinet sells FortiGate firewalls plus the security subscriptions and support that keep them up to date, with revenue of $6,799.6 million in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025 customers in Europe, the Middle East and Africa paid 41.7% of Fortinet's revenue, the Americas 39.7% and Asia-Pacific 18.6%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025 Fortinet kept $26.3 as net income, which included a one-off $39.9 million gain on buying Linksys, while operating income was $2,084.7 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Fortinet reports one segment and no profit by product, but services made up 67.4% of FY2025 revenue and gross profit was $80.5 of every $100 of revenue.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Fortinet's inventory purchase commitments reached $1.93 billion at Sep 30, 2026, up from $810.6 million at Dec 31, 2025, while product gross margin fell 3.3 points in Q3 FY2026.

    More: the one thing to watch

Sources: From Fortinet's FY2025 10-K and Q3 FY2026 10-Q · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Fortinet's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Fortinet · FY2025

Receipt for every $100

Where $100 of Fortinet's money went in FY2025
Sales and marketing$33.4
Making products and running services$18.9
Research and development$11.6
General and administrative$3.3
Interest expense$0.3
Income tax$6.2
Kept as net income$26.3
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: revenue of $6,799.6 million plus $238.3 million of interest income, other income (including the one-off $39.9 million Linksys gain), gains on intellectual property matters and equity-method gains, $7,037.9 million in all. Stock-based pay ($279.5 million) sits inside the cost lines. Measured on revenue alone, operating income was $30.7 per $100.

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Sources (1)
Next: The business in one line

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02The business in one line

What does Fortinet do?

Organizations pay Fortinet for firewalls and, mostly, for yearly security subscriptions and support; the largest cost is sales and marketing, and in FY2025 $26.3 of every $100 that came in was left as net income.

  • Services, meaning security subscriptions ($2,633.2 million) and technical support ($1,948.0 million), were 67.4% of Fortinet's $6,799.6 million of revenue in FY2025; products were the other 32.6%.
  • Of every $100 that came in during FY2025, $33.4 went on sales and marketing, $18.9 on making products and running services, and $11.6 on research and development.
Next: Who pays it

03Who pays it

Who pays Fortinet?

  • Organizations paying for security subscriptions

    39%

    of revenue

    Yearly FortiGuard and other cloud-delivered security services: $2,633.2 million, 38.7% of FY2025 revenue.

  • Organizations buying products

    33%

    of revenue

    FortiGate firewalls and other hardware and software: $2,218.4 million, 32.6% of FY2025 revenue.

  • Organizations paying for technical support and other services

    29%

    of revenue

    FortiCare support, training and professional services: $1,948.0 million, 28.6% of FY2025 revenue.

  • Organizations paying for security subscriptions39%
  • Organizations buying products33%
  • Organizations paying for technical support and other services29%

Customer concentration

Distributor shares as stated in the FY2025 10-K and Q3 FY2026 10-Q segment notes: three unnamed distributors accounted for 28%, 15% and 12% of Fortinet's FY2025 revenue, and 27%, 14% and 12% in Q3 FY2026. Six distributors made up 63% of net accounts receivable at Sep 30, 2026. The 10-K names Arrow, Exclusive, Ingram Micro and TD Synnex among its distributors without saying which is which.

Largest customer
28%
Sources (2)
Next: Why it makes money

04Why it makes money

Why does Fortinet make money?

Every firewall Fortinet sells brings years of subscription and support fees, so most of its revenue repeats.

Customers buy a FortiGate once, then pay each year for threat updates and support, often in advance. In FY2025, 71% of service revenue came from deferred revenue held at the start of the year. Services grew from $62.4 to $67.4 of every $100 of revenue between FY2021 and FY2025.

Services (subscriptions and support) per $100 of revenue

$62.4$67.4

FY2021 to FY2025

  1. A customer installs FortiGate firewalls
  2. It adds FortiGuard subscriptions and FortiCare support
  3. Subscriptions and support renew each term, often billed ahead
  4. Billing ahead brings cash in before revenue is booked
  5. Cash pays for chips, engineers and sales
  6. Older firewalls are replaced and more products are sold to the same customer

↺ Step 6 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has Fortinet done?

Revenue

$6.8BFY2025

Revenue grew every year, from $3,342.2 million in FY2021 to $6,799.6 million in FY2025, and Q3 FY2026 revenue of $2,078.4 million was up 20% as stated.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$3.3B
FY2022$4.4B
FY2023$5.3B
FY2024$6.0B
FY2025$6.8B
Q3 FY2024$1.5B
Q4 FY2024$1.7B
Q1 FY2025$1.5B
Q2 FY2025$1.6B
Q3 FY2025$1.7B
Q4 FY2025$1.9B
Q1 FY2026$1.8B
Q2 FY2026$2.0B
Q3 FY2026$2.1B

Net profit

$1.9BFY2025

Net income rose every year, from $606.8 million in FY2021 to $1,853.4 million in FY2025; FY2024 included a $106.3 million gain on buying Lacework and FY2025 a $39.9 million gain on buying the rest of Linksys, both in other income. EPS is adjusted for the 5-for-1 split of June 2022.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$607M$0.73
FY2022$857M$1.06
FY2023$1.1B$1.46
FY2024$1.7B$2.26
FY2025$1.9B$2.42
Q3 FY2024$540M$0.70
Q4 FY2024$526M$0.68
Q1 FY2025$433M$0.56
Q2 FY2025$440M$0.57
Q3 FY2025$474M$0.62
Q4 FY2025$506M$0.68
Q1 FY2026$535M$0.72
Q2 FY2026$606M$0.82
Q3 FY2026$636M$0.86

Profit kept per $100 of revenue

$27.3FY2025

Gross profit was $80.5 per $100 of revenue in FY2025, and operating income rose from $19.5 per $100 in FY2021 to $30.7 per $100.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202118.2%22.0%
FY202219.4%24.3%
FY202321.6%25.5%
FY202429.3%32.3%
FY202527.3%32.9%

Free cash flow

$2.2BFY2025

Free cash flow (cash from operations minus purchases of property and equipment) was $2,225.8 million in FY2025, above net income, partly because customers pay for subscriptions and support in advance: deferred revenue rose $754.9 million in FY2025 (as stated in the FY2025 10-K).

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$1.5B$296M$1.2B
FY2022$1.7B$281M$1.4B
FY2023$1.9B$204M$1.7B
FY2024$2.3B$379M$1.9B
FY2025$2.6B$365M$2.2B
See all yearly numbers
Fortinet annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$3.3B$735M$607M$0.73$1.5B$296M$1.2B
FY2022$4.4B$1.1B$857M$1.06$1.7B$281M$1.4B
FY2023$5.3B$1.4B$1.1B$1.46$1.9B$204M$1.7B
FY2024$6.0B$1.9B$1.7B$2.26$2.3B$379M$1.9B
FY2025$6.8B$2.2B$1.9B$2.42$2.6B$365M$2.2B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31 (FY2025 = year ended Dec 31, 2025)). Net profit is the share belonging to the company's owners.

Download Fortinet's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (14)
Next: What they said, and what happened

06Who runs it

Who runs Fortinet, and did they deliver?

  • Ken Xie

    Co-founder, Chairman and CEO · since 2000

    CEO and a director since he co-founded Fortinet in October 2000; earlier founder and CEO of NetScreen Technologies. 2025 total pay was $11,458,039, 75.34 times the median employee's $152,084. Re-elected at the Jun 12, 2026 annual meeting.

  • Michael Xie

    Co-founder, President and Chief Technology Officer · since 2013

    Co-founded Fortinet in October 2000; President and CTO since November 2013 and a director since February 2001. Ken Xie's brother.

  • Christiane Ohlgart

    Chief Financial Officer · since 2025

    CFO since May 15, 2025, after Keith Jensen retired; Chief Accounting Officer from March 2024.

What they said, and what happened

2 delivered · 3 too early to tell

  1. Said on Feb 6, 2025

    Fortinet targeted FY2025 revenue of $6.650–6.850 billion and billings of $7.200–7.400 billion.

    What happened

    FY2025 revenue was $6,799.6 million, inside the range, and billings were $7,553.7 million, above it. Fortinet narrowed the revenue range to $6.675–6.825 billion on Aug 6, 2025.

    Delivered

  2. Said on Feb 6, 2025

    Fortinet targeted a FY2025 non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more operating margin of 31.0–33.0% and non-GAAP EPS of $2.41–2.47.

    What happened

    The non-GAAP operating margin was 35.5% and non-GAAP EPS $2.76, both above the ranges. The GAAP operating margin was 30.7% and GAAP EPS $2.42.

    Delivered

  3. Said on Feb 5, 2026

    Fortinet targeted FY2026 revenue of $7.500–7.700 billion.

    What happened

    Fortinet raised the range to $7.710–7.870 billion on May 6, to $8.020–8.180 billion on Jul 29 and to $8.125–8.215 billion on Oct 28, 2026. Revenue for the first nine months was $5,975.9 million (stated in the Q3 FY2026 earnings release).

    Too early to tell

  4. Said on Feb 25, 2026

    Fortinet said in its FY2025 10-K that it anticipates a significant firewall refresh and upgrade cycle in the coming years.

    What happened

    Product revenue was $645.1 million, $773.0 million and $765.0 million in Q1 to Q3 FY2026, against $459.1 million, $508.9 million and $559.3 million a year earlier.

    Too early to tell

  5. Said on Oct 28, 2026

    Fortinet targeted Q4 FY2026 revenue of $2.155–2.245 billion and FY2026 service revenue of $5.150–5.170 billion.

    What happened

    Q4 FY2026 ends Dec 31, 2026. The service revenue range is below the $5.180–5.220 billion given on Jul 29, 2026.

    Too early to tell
Sources (11)
Next: What could go wrong

07What could go wrong

What could go wrong for Fortinet?

  • Concentration

    Three distributors handle 55% of revenue

    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.

    Watch Distributor shares of revenue in the next 10-K.

  • Execution

    Purchase commitments and memory chip costs

    Non-cancelable inventory purchase commitments rose to $1.93 billion at Sep 30, 2026 from $810.6 million at Dec 31, 2025, which the 10-Q links to customer demand, product lead times and rising component costs. The 10-Q also cites a global shortage of memory chips. Product gross margin fell 3.3 points in Q3 FY2026 on memory chip costs and inventory reserves.

    Watch Product gross margin and purchase commitments in each 10-Q.

  • Other

    Hardware made in Taiwan

    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.

    Watch Supply and risk factor updates in each 10-Q.

  • Legal

    Securities class action

    The consolidated suit alleges false or misleading statements about the 2026 firewall refresh cycle. Defendants moved to dismiss on Jun 15, 2026; Fortinet says the case is without merit and that it cannot estimate the potential impact.

    Watch Court rulings in the legal note of each 10-Q.

  • Competition

    Competition from larger companies

    The 10-K says several competitors are much larger, with more resources, that networking equipment makers such as Cisco build security features into their products, and that Fortinet has recently cut some prices.

    Watch Product revenue growth and gross margin each quarter.

  • Demand

    Service revenue range lowered

    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.

    Watch Service revenue in the Q4 FY2026 results.

Sources (4)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew every year, from $3,342.2 million in FY2021 to $6,799.6 million in FY2025, and rose 20% in Q3 FY2026 as stated.
  • Operating income rose from $650.4 million in FY2021 to $2,084.7 million in FY2025.
  • Cash and investments exceeded debt by $4,821.3 million at Sep 30, 2026, and Moody's raised Fortinet to A3 in July 2026.
  • Remaining performance obligations were $7.98 billion at Sep 30, 2026, and Fortinet raised its FY2026 revenue range three times.
  • Product revenue was $765.0 million in Q3 FY2026, up from $559.3 million a year earlier.

What critics point to

  • Three unnamed distributors accounted for 55% of FY2025 revenue.
  • The FY2026 service revenue range given on Oct 28, 2026 is below the one given in July.
  • Product gross margin fell 3.3 points in Q3 FY2026 on memory chip costs, and purchase commitments reached $1.93 billion.
  • About 87% of Fortinet's hardware is made in Taiwan.
  • A pending securities class action alleges misleading statements about the firewall refresh cycle; Fortinet says it is without merit.
Next: What to watch next

09What to watch next

What should you watch next at Fortinet?

Next event

Q4 FY2026 results

Date not announced yet.

  • Revenue against the company's Q4 FY2026 range

    Fortinet said on Oct 28, 2026 that it expects $2.155–2.245 billion. Q3 FY2026 revenue was $2,078.4 million.

  • Service revenue

    The FY2026 range is $5.150–5.170 billion; service revenue was $1,313.4 million in Q3 FY2026.

  • Product gross margin and memory chips

    Product gross margin fell 3.3 points in Q3 FY2026; inventory purchase commitments were $1.93 billion at Sep 30, 2026.

  • The securities class action

    A motion to dismiss was filed on Jun 15, 2026; no loss has been accrued.

Next: Key dates

10Key dates

What are the key dates for Fortinet?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Fortinet
EventDateSource
Fiscal 2026 endsThe Q4 FY2026 results date was not announced in the filings read, up to the Oct 30, 2026 10-Q.EDGAR submissions data, Fortinet, Inc. (CIK 0001262039): ticker FTNT, exchange Nasdaq, fiscal year end 12/31; Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Window for stockholder proposals for the 2027 annual meeting opensCloses Mar 14, 2027, per the 2026 proxy statement.Definitive proxy statement (DEF 14A) for the 2026 annual meeting
Share repurchase program runs toAbout $2.0 billion remained available on Oct 29, 2026.Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
2.2% senior notes mature$500 million principal.Free writing prospectus (final term sheet), $500M 1.000% notes due 2026 and $500M 2.200% notes due 2031: "Ratings: Baa1/BBB+"; Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy

Sources (4)
Next: Key facts

11Key facts

Key facts about Fortinet

What does Fortinet do?
Fortinet, Inc. sells cybersecurity products, mainly FortiGate network firewalls, and the security subscriptions and technical support that go with them, to businesses, service providers and government bodies in over 100 countries. Fortinet had revenue of $6,799.6 million in FY2025 (year ended Dec 31, 2025) and 15,109 employees at that date.
How does Fortinet make money?
Fortinet makes most of its money from services: security subscriptions brought in $2,633.2 million (38.7% of FY2025 revenue) and technical support and other services $1,948.0 million (28.6%). Products, mainly FortiGate firewalls, brought in $2,218.4 million, or 32.6%, of Fortinet's $6,799.6 million of revenue in FY2025.
What is Fortinet's business model?
Fortinet sells firewall hardware and software once, then charges customers for security subscriptions and support that run for a set term and are often billed in advance. Fortinet held $7,934.4 million of deferred revenue (billed but not yet earned) at Sep 30, 2026, and 71% of its FY2025 service revenue came from deferred revenue it already held at the start of the year.
Is Fortinet profitable?
Yes. Fortinet reported net income of $1,853.4 million and operating income of $2,084.7 million in FY2025, up from $1,745.2 million and $1,803.4 million in FY2024. FY2025 net income included a $39.9 million one-off gain on buying the rest of Linksys. In Q3 FY2026 Fortinet's net income was $635.5 million.
What is Fortinet's revenue by segment?
Fortinet reports one segment. By customer location in FY2025, Fortinet earned 41.7% of revenue in Europe, the Middle East and Africa, 39.7% in the Americas (28.4% in the United States) and 18.6% in Asia-Pacific.
Who are Fortinet's customers?
Fortinet's end customers are enterprises, service providers and government bodies in over 100 countries, but it sells almost entirely through channel partners. Three unnamed distributors accounted for 28%, 15% and 12% of Fortinet's FY2025 revenue.
Who owns Fortinet?
Fortinet's co-founders, brothers Ken Xie (9.8%) and Michael Xie (9.3%), were its largest holders on Mar 31, 2026, according to Fortinet's 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more. BlackRock reported 7.4% (Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more/A of Jan 26, 2024) and Vanguard Capital Management 6.21% (Schedule 13G, Mar 31, 2026). Fortinet's directors and executive officers held 17.6% as a group.
How much does Fortinet earn from security subscriptions?
Fortinet's security subscription revenue, from FortiGuard threat-protection services and other cloud-delivered security, was $2,633.2 million in FY2025, up from $2,316.7 million in FY2024, and $753.6 million in Q3 FY2026.
How much does Fortinet earn from technical support?
Fortinet earned $1,948.0 million from technical support and other services (FortiCare support, training and professional services) in FY2025, up from $1,730.4 million in FY2024, and $559.8 million in Q3 FY2026.
How much does Fortinet earn from firewalls and other products?
Fortinet's product revenue, mainly FortiGate firewall appliances and software, was $2,218.4 million in FY2025, up from $1,908.7 million in FY2024. In Q3 FY2026 Fortinet's product revenue was $765.0 million, up from $559.3 million in Q3 FY2025.
Sources (5)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Fortinet sell?

Fortinet sells firewalls: boxes and software that sit between an organization's network and the internet and block attacks. Customers buy the firewall once, then pay every year for threat updates and support.

  • FortiGate firewalls (secure networking)

    Network firewalls for branches, campuses, data centers and clouds, sold as hardware, virtual or cloud versions. They run Fortinet's own FortiOS operating system and, in hardware, its own custom chips. Product revenue, mainly these, was $2,218.4 million in FY2025.

  • FortiGuard security subscriptions

    Yearly services that keep firewalls and other products updated against new threats, such as web filtering, application and device security. Fortinet's FortiGuard Labs researches threats to feed them. $2,633.2 million in FY2025.

  • FortiCare technical support

    Support around the clock, software updates and hardware replacement, in three service levels. Technical support and other services brought in $1,948.0 million in FY2025.

  • Unified SASE

    Security delivered from the cloud for remote workers and branch offices, through over 190 points of presence, combining firewall, SD-WAN, web filtering and zero-trust access.

  • AI-driven security operations

    Software for a security team's control room, built around FortiAnalyzer, plus FortiSIEM, FortiSOAR, endpoint protection and sandboxing, to detect and respond to attacks.

What it does

  • Does: Designs its own operating system (FortiOS) and security chips (ASICs) for its firewalls
  • Does: Sells mostly through distributors and resellers, in a two-tier model
  • Does: Has end customers in over 100 countries
  • Does: Has bought smaller companies, such as Lacework in 2024 and the rest of Linksys in 2025

What it does not do

  • Does not: Does not pay a dividend; it has never declared one
  • Does not: Does not build its own hardware: contract manufacturers do, about 87% of it in Taiwan
  • Does not: Does not report revenue or profit by product line beyond products, subscriptions and support (it reports one segment)
  • Does not: Does not name the three distributors that each made up 12% to 28% of FY2025 revenue
Sources (1)
13How the money flows

13How the money flows · FY2025

How does money flow through Fortinet?

Money in

  • Security subscriptions$2.6B
  • Products (firewalls and other hardware and software)$2.2B
  • Technical support and other services$1.9B
  • Interest income, other income and gains (incl. $39.9M Linksys gain)$238M

The company

Fortinet

$7.0B came in

Money out

  • Making products and running services (cost of revenue)$1.3B
  • Sales and marketing$2.3B
  • Research and development$816M
  • General and administrative$233M
  • Interest expense$20.1M
  • Income tax$439M
  • Net income$1.9B
  1. Customers paid Fortinet $6,799.6 million in FY2025; $4,581.2 million of it was subscriptions and support.
  2. Making products and running services cost $1,328.9 million, leaving gross profit of $5,470.7 million.
  3. Sales and marketing took $2,347.5 million, research and development $815.5 million, and general and administrative $233.4 million.
  4. That left $2,074.3 million; with a $10.4 million gain on intellectual property matters, operating income was $2,084.7 million. Interest income ($162.3 million), other income ($55.3 million, including a $39.9 million gain on buying the rest of Linksys) and equity-method gains ($10.3 million) added $227.9 million, and interest expense took $20.1 million.
  5. After $439.1 million of income tax, net income was $1,853.4 million.
Sources (1)
14What it needs to run

14What it needs to run

What does Fortinet need to run?

  • Contract manufacturers in Taiwan

    Accton, IBASE, Micro-Star, Senao, Wistron and others build Fortinet's hardware; about 87% of it is made in Taiwan.

  • Custom chips and components

    Fortinet's own ASIC chips are built by contract makers using TSMC or Renesas foundries, with no long-term capacity or price contracts. Some processors, network chips and memory come from limited or sole sources.

  • People

    15,109 employees at Dec 31, 2025, up from 14,138 a year earlier; research and development is centered in the United States and Canada.

  • Distributors and resellers

    Fortinet sells mostly to distributors, which sell to resellers and service providers; three distributors handled 55% of FY2025 revenue between them.

Sources (1)
15Where it sells

15Where it sells · FY2025

Where does Fortinet sell?

  • Europe, Middle East and Africa42%
  • Americas (United States 28.4%)40%
  • Asia-Pacific19%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Fortinet compete with?

Fortinet's FY2025 10-K names its competitors as Check Point, Cisco, CrowdStrike, F5 Networks, HPE, Huawei, Microsoft, Netskope, Palo Alto Networks, SonicWall, Sophos and Zscaler. It says several are much larger, with more resources and better-known brands, and gives no market share.

  • Palo Alto Networks

    NASDAQ: PANW

    Named among Fortinet's competitors in its FY2025 10-K; it also sells next-generation firewalls and security subscriptions.

  • Cisco

    NASDAQ: CSCO

    Named in Fortinet's FY2025 10-K; the 10-K says networking equipment makers such as Cisco build security features into their network products.

  • Check Point Software Technologies

    Named among Fortinet's competitors in its FY2025 10-K.

  • CrowdStrike

    NASDAQ: CRWD

    Named among Fortinet's competitors in its FY2025 10-K.

  • Zscaler

    Named among Fortinet's competitors in its FY2025 10-K.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Recurring service revenue4 of 5

    Services were 67.4% of FY2025 revenue, and remaining performance obligationsSigned contracts with customers that have not been billed yet. were $7.98 billion at Sep 30, 2026, of which about $3.98 billion is expected within 12 months.

  • Own chips and operating system3 of 5

    Fortinet designs its own ASIC security chips and the FortiOS operating system that runs across its products, and held 1,064 US patents at Dec 31, 2025.

Weak spot

Hardware supply in Taiwan

About 87% of Fortinet's hardware is made in Taiwan, and its custom chips come from foundries with no guaranteed capacity or prices. Product gross margin fell 3.3 points in Q3 FY2026 on higher memory chip costs and inventory reserves.

Sources (2)
17Where growth could come from

17Where growth could come from

Where could Fortinet's growth come from?

Fortinet said in its Q3 FY2026 earnings release (Oct 28, 2026) that it expects FY2026 revenue of $8.125–8.215 billion, service revenue of $5.150–5.170 billion and billings of $9.568–9.718 billion. For Q4 FY2026 it expects revenue of $2.155–2.245 billion. It had first set the FY2026 revenue range at $7.500–7.700 billion on Feb 5, 2026.
Management statement, Oct 28, 2026. Reported as a statement, not our forecast.

  • Firewall replacement cycle

    Working

    Product revenue +37% in Q3 FY2026 (as stated)

    The FY2025 10-K said Fortinet expects a large firewall refresh and upgrade cycle in the coming years. Product revenue was $645.1 million, $773.0 million and $765.0 million in Q1 to Q3 FY2026, against $459.1 million, $508.9 million and $559.3 million a year earlier.

    Status: Working, on track against what the company said.

  • Security subscriptions

    Working

    $753.6M in Q3 FY2026

    Security subscription revenue was $694.0 million, $729.7 million and $753.6 million in Q1 to Q3 FY2026, up from $672.0 million in Q3 FY2025.

    Status: Working, on track against what the company said.

  • Contracted revenue

    Working

    RPO $7.98B

    Remaining performance obligations, revenue under contract not yet recognized, rose from $6.72 billion at Sep 30, 2025 to $7.98 billion at Sep 30, 2026.

    Status: Working, on track against what the company said.

  • Service revenue range

    Mixed

    $5.150–5.170B for FY2026

    The FY2026 service revenue range given on Oct 28, 2026 sits below the $5.180–5.220 billion range given on Jul 29, 2026, while the total revenue range was raised.

    Status: Mixed, partly on track.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (9)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q3 FY2026

What do Fortinet's own measures show?

Adjusted (non-GAAP) figures and billings are Fortinet's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Operating income, FY2025

    $2.1B

    Company's own measure: Non-GAAP operating income, FY2025

    $2.4B

    Fortinet adds back stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more ($282.1 million), amortization of acquired intangible assets ($50.7 million) and litigation-related matters ($5.6 million), and leaves out the $10.4 million gain on intellectual property matters.

  • Official (GAAP): Net income, FY2025

    $1.9B

    Company's own measure: Non-GAAP net income, FY2025

    $2.1B

    Makes the same adjustments, also leaves out the $39.9 million bargain-purchase gain on Linksys and a $10.8 million equity-method gainProfits or losses from companies it partly owns, counted in proportion to its stake. on it, and taxes the result at 18%.

  • Official (GAAP): Diluted EPS, FY2025

    $2.42

    Company's own measure: Non-GAAP diluted EPS, FY2025

    $2.76

    Non-GAAP net income per diluted share, leaving out the same items.

  • Official (GAAP): Operating income, Q3 FY2026

    $704M

    Company's own measure: Non-GAAP operating income, Q3 FY2026

    $794M

    Adds back stock-based pay ($82.0 million) and amortization of acquired intangible assets ($8.9 million), and leaves out a $1.4 million gain on intellectual property matters.

  • Official (GAAP): Net income, Q3 FY2026

    $636M

    Company's own measure: Non-GAAP net income, Q3 FY2026

    $679M

    Makes the same adjustments, also leaves out a $17.0 million gain from an escrow settlement tied to an earlier acquisition, and taxes the result at 18%.

  • Official (GAAP): Revenue, FY2025

    $6.8B

    Company's own measure: Billings, FY2025

    $7.6B

    Fortinet's measure of what it invoiced: revenue plus the change in deferred revenue, minus deferred revenue taken on in acquisitions. It is not revenue.

  • Official (GAAP): Revenue, Q3 FY2026

    $2.1B

    Company's own measure: Billings, Q3 FY2026

    $2.3B

    Same definition; Fortinet said billings grew 29% in the quarter.

  • Official (GAAP): Net cash from operating activities, FY2025

    $2.6B

    Company's own measure: Free cash flow (company measure), FY2025

    $2.2B

    Cash from operations minus equipment purchases, also leaving out $14.0 million received from an intellectual property matter. This page's own free cash flowCash from operations minus spending on buildings and equipment. Learn more was $2,225.8 million. Fortinet's adjusted free cash flow, which adds back $289.7 million of real estate purchases, was $2,501.5 million.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (3)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does Fortinet have?

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.
  • Total debt$497M
  • Cash and investments$5.3B
  • Net cash (cash minus debt)$4.8B
  • Net worth (shareholders' money)$2.2B
Debt to equity
0.22×
$ of debt for every $1 of shareholders' money
  • Net cash is a Cityfort calculation from the Q3 FY2026 10-Q: cash and cash equivalents ($3,750.6 million) plus short-term ($1,048.4 million) and long-term ($519.4 million) investments, minus the senior notes ($497.1 million).
  • The only debt is $500 million of 2.2% senior notes due Mar 15, 2031. The $500 million of 1.0% notes due Mar 15, 2026 were repaid at maturity. The notes carry no financial covenants.
  • Stockholders' equity was negative at the end of 2022 (−$281.6 million) and 2023 (−$463.4 million), because share buybacks were charged against accumulated earnings; it was $2,246.8 million at Sep 30, 2026.
  • Deferred revenue, money billed but not yet earned, was $7,934.4 million at Sep 30, 2026.
  • Non-cancelable inventory purchase commitments were $1.93 billion at Sep 30, 2026, up from $810.6 million at Dec 31, 2025; they are not counted as debt here, nor are lease liabilities.
  • Interest cover is not shown; interest expense was $20.1 million in FY2025, against operating income of $2,084.7 million.
Sources (5)
20Who owns it

20Who owns it · ownership as of Mar 31, 2026

Who owns Fortinet?

Fortinet has one class of common stock with one vote per share. Its 10 current directors and executive officers held 129,288,755 shares, 17.6%, on Mar 31, 2026, mostly the two co-founders' 9.8% and 9.3%. Company policy bars directors, officers and employees from hedging or using Fortinet shares as collateral for loans.
Officers and directors (as a group), shares
17.6%
Share classes
Fortinet share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (734,709,741 shares outstanding on Oct 27, 2026 (Q3 FY2026 10-Q cover). Fortinet has one class of common stock with one vote per share.)734.71–––Yes
Holders of 5% or more
Fortinet holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Ken Xie (co-founder, Chairman and CEO)9.8%–Mar 31, 2026S1972,188,518 shares, including 11,481,918 held by The Xie Foundation, in which he disclaims any financial interest, and 1,449,270 vested options.
Michael Xie (co-founder, President and CTO)9.3%–Mar 31, 2026S1967,975,012 shares, mostly held through trusts. He is Ken Xie's brother.
BlackRock, Inc.7.4%–Jan 26, 2024S1954,206,558 shares, as listed in the 2026 proxy from a Schedule 13G/A filed Jan 26, 2024, so it may be out of date.
Vanguard Capital Management6.2%–Apr 29, 2026S20, S2145,987,681 shares, from a Schedule 13G for Mar 31, 2026. The Vanguard Group reported 0% after a Jan 12, 2026 internal realignment that moved reporting to other Vanguard entities.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Fortinet's insiders report trading?

Fortinet's insiders made 70 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 66 sales (1.2 million shares) in the open market or privately (codes P and S).

60 of the 66 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 119 other share transactions (M: 88, F: 16, G: 15).

They also report 103 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 185 transactions
Fortinet's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Xie MichaelDirector, VP, Engineering & CTONov 2, 2026S621 D$126.08119,921,481CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 2, 2026S400 D$127.59759,920,460CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 2, 2026S400 D$129.34259,920,060CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 2, 2026S1,100 D$130.62369,918,960CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 2, 2026S300 D$131.29339,918,660CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 2, 2026S200 D$132.929,918,460CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 2, 2026S100 D$133.959,918,360CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026M155,000 A$22.89653,133,855CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S32,988 D$126.17253,100,867CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S11,916 D$127.409253,088,951CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S13,083 D$128.274253,075,868CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S13,800 D$129.505953,062,068CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S60,167 D$130.436953,001,901CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S20,329 D$131.120252,981,572CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S6,500 D$132.31252,975,072CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 2, 2026S2,700 D$133.834952,972,372CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 1, 2026M2,763 A$0.009,921,123CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 1, 2026M2,242 A$0.009,923,365CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 1, 2026M1,300 A$0.009,924,665CheckedForm 4, filed Nov 3, 2026
Xie MichaelDirector, VP, Engineering & CTONov 1, 2026F3,184 D$136.089,921,481CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 1, 2026M6,260 A$0.0052,978,632CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 1, 2026M4,558 A$0.0052,983,190CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 1, 2026M2,276 A$0.0052,985,466CheckedForm 4, filed Nov 3, 2026
Xie KenDirector, President & CEONov 1, 2026F6,611 D$136.0852,978,855CheckedForm 4, filed Nov 3, 2026
Whittle JohnChief Operating OfficerNov 1, 2026M1,608 A$0.0098,595Not checkedForm 4, filed Nov 3, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Fortinet's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (4)
21What it does with profit

21What it does with profit

What does Fortinet do with its profit?

Fortinet has never declared or paid a cash dividend. In October 2026 the board added $1.23 billion to the buyback program and extended it to Feb 28, 2028, for $11.48 billion authorized in total; about $2.0 billion remained available on Oct 29, 2026.

  • Buyback · Sep 30, 2026

    Bought back 12.5 million shares in the nine months to Sep 30, 2026 at an average of $77.73 a share.

    $973M

  • Buyback · Dec 31, 2025

    FY2025 repurchases: 28.7 million shares.

    $2.3B

  • Buyback · Dec 31, 2023

    FY2023 repurchases; FY2024 repurchases were $0.6 million.

    $1.5B

  • Buyback · Dec 31, 2022

    FY2022 repurchases, which helped turn stockholders' equity negative at year end.

    $2.0B

Sources (3)
22Governance signals

22Governance signals

What do Fortinet's governance filings show?

Auditor
Deloitte & Touche LLP, since 2002
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy statement lists indemnification agreements with directors and executive officers under related-person transactions; the Audit Committee must approve any related-person transaction.
Credit rating
Moody's Ratings (as stated in Fortinet's Q2 FY2026 earnings release) A3 senior unsecured, upgraded from Baa1; shelf (P)A3 (Not stated in the release), Jul 29, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • disclosure

    Three unnamed distributors

    Three distributors accounted for 28%, 15% and 12% of FY2025 revenue, and six made up 63% of net accounts receivable at Sep 30, 2026. The filings do not say which distributor is which.

  • other · Sep 22, 2025

    Securities class action

    Securities class actions filed from Sep 22, 2025, later consolidated, allege that Fortinet and its executives made false or misleading statements, including about the 2026 firewall refresh cycle, for buyers from Nov 8, 2024 to Aug 6, 2025. Fortinet says the case is without merit and that it cannot estimate the potential impact. Related shareholder derivative suits were also filed.

  • other

    Founders hold 19.1%

    Co-founders Ken Xie (9.8%) and Michael Xie (9.3%), who are brothers, are the largest holders and run the company as CEO and President.

  • other

    CEO pay and audit fees

    Ken Xie's 2025 total pay was $11,458,039, 75.34 times the median employee's. Fees to Deloitte were $6,636,070 for FY2025.

Sources (5)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Fortinet on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Fortinet closed at $122.51 on Nasdaq. Fortinet released its Q3 FY2026 results on Oct 28, 2026; the stock closed at $174.08 that day and at $139.10 on Oct 29. Times 734.7 million shares (Oct 27, 2026) that is a market value of about $90.0 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q). P/E, the share price divided by a year's earnings per share, was 39.8 on diluted EPS of $3.08 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q4 FY2025 to Q3 FY2026 earnings releases).

Share price
$122.51
Market value (market cap)
$90.0B
P/E
39.8×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 734.7 million ($122.51 × 734.7 million shares ≈ $90.0B). Source: Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Definitive proxy statement (DEF 14A) for the 2026 annual meeting

Source: FTNT historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $122.51); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Q4 and full year 2025 earnings release (8-K Ex. 99.1, Feb 5, 2026) and 3 more

Sources (8)
24How it got here

24How it got here

How did Fortinet get here?

  1. 2000

    Milestone

    Founded

    Brothers Ken Xie and Michael Xie co-founded Fortinet in October 2000; it was incorporated in Delaware in November 2000.

  2. 2021

    Milestone

    First bonds

    Fortinet sold $1.0 billion of senior notes in February 2021: $500 million due 2026 and $500 million due 2031. It also bought 50.8% of Linksys that year for $160.0 million.

  3. 2022

    Milestone

    5-for-1 stock split

    Each share became five on Jun 22, 2022.

  4. 2022

    Milestone

    Buybacks turn equity negative

    Fortinet spent $1,991.2 million on buybacks in FY2022 and $1,500.5 million in FY2023; stockholders' equity was negative at both year ends.

  5. 2024

    Business-model change

    Cloud and data security deals

    Fortinet bought Lacework (cloud security) on Aug 1, 2024 and Next DLP (data loss prevention) on Aug 5, 2024, and also Perception Point; the Lacework deal brought a $106.3 million bargain-purchase gain.

  6. 2025

    Milestone

    Linksys fully acquired

    Fortinet bought the rest of Linksys for $20.8 million on Jan 31, 2025, booking a $39.9 million bargain-purchase gain and a $10.8 million equity-method gain.

  7. 2025

    Milestone

    New CFO

    Christiane Ohlgart became CFO on May 15, 2025, when Keith Jensen retired.

  8. 2025

    Crisis

    Securities class action filed

    A securities class action filed on Sep 22, 2025 alleges misleading statements about the firewall refresh cycle; the cases were later consolidated.

  9. 2026

    Milestone

    Notes repaid and Moody's upgrade

    Fortinet repaid $500 million of notes on Mar 15, 2026, and Moody's raised its senior unsecured rating to A3 from Baa1 in July 2026, as stated by Fortinet.

Sources (11)

25Sources and changes

Where every number on this page comes from

Sources (28 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2023
  5. S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2022
  6. S6Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  7. S7Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  8. S8Form 10-Q, Q1 fiscal 2026 (quarter ended Mar 31, 2026) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2026
  9. S9Form 10-Q, Q3 fiscal 2025 (quarter ended Sep 30, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2025
  10. S10Q3 2026 earnings release (8-K Ex. 99.1, Oct 28, 2026) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2026
  11. S11Q2 2026 earnings release (8-K Ex. 99.1, Jul 29, 2026) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
  12. S12Q1 2026 earnings release (8-K Ex. 99.1, May 6, 2026) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
  13. S13Q4 and full year 2025 earnings release (8-K Ex. 99.1, Feb 5, 2026) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
  14. S14Q3 2025 earnings release (8-K Ex. 99.1, Nov 5, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2025
  15. S15Q2 2025 earnings release (8-K Ex. 99.1, Aug 6, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
  16. S16Q1 2025 earnings release (8-K Ex. 99.1, May 7, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
  17. S17Q4 and full year 2024 earnings release (8-K Ex. 99.1, Feb 6, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
  18. S18Q3 2024 earnings release (8-K Ex. 99.1, Nov 7, 2024) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
  19. S19Definitive proxy statement (DEF 14A) for the 2026 annual meeting · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  20. S20Schedule 13G, Vanguard Capital Management: 45,987,681 shares, 6.21% (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  21. S21Schedule 13G/A (Amendment No. 12), The Vanguard Group: 0 shares, 0% after its Jan 12, 2026 internal realignment · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  22. S22Form 8-K, Item 8.01: $1B buyback increase to $9.25B, extended to Feb 28, 2027 (Aug 21, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 22, 2025
  23. S23Form 8-K, Items 2.02 and 5.02: CFO Keith Jensen to retire; Christiane Ohlgart to be CFO (Feb 4, 2025) · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
  24. S24Form 8-K/A, Item 5.02: Christiane Ohlgart appointed CFO effective May 15, 2025 · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2025
  25. S25Free writing prospectus (final term sheet), $500M 1.000% notes due 2026 and $500M 2.200% notes due 2031: "Ratings: Baa1/BBB+" · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2021
  26. S26FTNT historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $122.51) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
  27. S27EDGAR submissions data, Fortinet, Inc. (CIK 0001262039): ticker FTNT, exchange Nasdaq, fiscal year end 12/31 · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
  28. S28Form 8-K, Item 5.07: results of the June 12, 2026 annual meeting · Fortinet, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 16, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.