Fortinet Inc. (FTNT) financial statements: income statement, balance sheet and cash flow
Fortinet Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Fortinet Inc. reported revenue of $6.8B (+14.2% year on year) and net income of $1.9B (+6.2% year on year).
Income statement
Fortinet Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenue
$6.8B
$6.0B
$5.3B
$4.4B
Total cost of revenue
$1.3B
$1.2B
$1.2B
$1.1B
Total gross profit
$5.5B
$4.8B
$4.1B
$3.3B
Research and development
$815.5M
$716.8M
$613.8M
$512.4M
Sales and marketing
$2.3B
$2.0B
$2.0B
$1.7B
General and administrative
$233.4M
$237.8M
$211.3M
$169.0M
Gain on intellectual property matters
($10.4M)
($4.6M)
($4.6M)
($4.6M)
Total operating expenses
$3.4B
$3.0B
$2.8B
$2.4B
OPERATING INCOME
$2.1B
$1.8B
$1.2B
$969.6M
INTEREST INCOME
$162.3M
$155.2M
$119.7M
$17.4M
INTEREST EXPENSE
($20.1M)
($20.0M)
($21.0M)
($18.0M)
OTHER INCOME (EXPENSE)—NET
$55.3M
$13.6M
($6.1M)
($13.5M)
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS
$2.3B
$2.1B
$1.3B
$955.5M
PROVISION FOR INCOME TAXES
$439.1M
$283.9M
$143.8M
$30.8M
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS
$10.3M
($29.4M)
($42.1M)
($68.1M)
NET INCOME
$1.9B
$1.7B
$1.1B
$857.3M
Basic (in dollars per share)
$2.45
$2.28
$1.47
$1.08
Diluted (in dollars per share)
$2.42
$2.26
$1.46
$1.06
Basic (in shares)
758.0M
764.4M
778.6M
791.4M
Diluted (in shares)
764.6M
771.9M
788.2M
805.3M
Fortinet Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenue
$2.0B
$1.8B
$1.7B
$1.6B
Total cost of revenue
$404.7M
$364.5M
$331.7M
$314.9M
Total gross profit
$1.6B
$1.5B
$1.4B
$1.3B
Research and development
$225.0M
$214.0M
$202.4M
$209.5M
Sales and marketing
$669.1M
$636.3M
$583.5M
$592.0M
General and administrative
$61.1M
$56.2M
$61.4M
$56.9M
Gain on intellectual property matters
($1.3M)
($1.4M)
($1.4M)
($1.3M)
Total operating expenses
$953.9M
$905.1M
$845.9M
$857.1M
OPERATING INCOME
$689.3M
$580.0M
$547.3M
$458.0M
INTEREST INCOME
$33.2M
$32.9M
$40.7M
$45.0M
INTEREST EXPENSE
($3.2M)
($4.2M)
($6.2M)
($4.6M)
OTHER INCOME—NET
$900.0K
$47.9M
$13.0M
$18.9M
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS
$720.2M
$656.6M
$594.8M
$517.3M
PROVISION FOR INCOME TAXES
$115.0M
$122.0M
$120.7M
$77.1M
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS
$1.1M
($100.0K)
($200.0K)
($100.0K)
NET INCOME
$606.3M
$534.5M
$473.9M
$440.1M
Basic (in dollars per share)
$0.83
$0.72
$0.63
$0.57
Diluted (in dollars per share)
$0.82
$0.72
$0.62
$0.57
Basic (in shares)
733.1M
738.8M
755.5M
765.5M
Diluted (in shares)
739.9M
742.8M
761.2M
772.7M
Balance sheet
Fortinet Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$2.5B
$2.9B
$1.4B
$1.7B
Short-term investments
$1.1B
$1.1B
$1.0B
$502.6M
Accounts receivable—Net of allowance for credit losses of $7.4 million and $5.9 million at December 31, 2025 and 2024, respectively
$1.7B
$1.5B
$1.4B
$1.3B
Inventory
$399.5M
$315.5M
$484.8M
$264.6M
Prepaid expenses and other current assets
$227.0M
$126.1M
$101.1M
$73.1M
Total current assets
$5.9B
$6.0B
$4.4B
$3.8B
LONG-TERM INVESTMENTS
$339.7M
—
$0
$45.5M
PROPERTY AND EQUIPMENT—NET
$1.6B
$1.3B
$1.0B
$898.5M
DEFERRED CONTRACT COSTS
$735.5M
$622.9M
$605.6M
$518.2M
DEFERRED TAX ASSETS
$1.3B
$1.3B
$868.8M
$569.4M
GOODWILL
$257.4M
$235.4M
$126.5M
$128.0M
OTHER INTANGIBLE ASSETS—NET
$97.3M
$115.0M
$35.3M
$56.0M
OTHER ASSETS
$125.2M
$133.2M
$150.0M
$202.0M
TOTAL ASSETS
$10.4B
$9.8B
$7.3B
$6.2B
Accounts payable
$230.8M
$190.9M
$204.3M
$243.4M
Accrued liabilities
$354.6M
$337.9M
$423.7M
$266.3M
Accrued payroll and compensation
$312.9M
$255.7M
$242.3M
$219.4M
Current portion of long-term debt
$499.7M
—
—
—
Deferred revenue
$3.6B
$3.3B
$2.8B
$2.3B
Total current liabilities
$5.0B
$4.1B
$3.7B
$3.1B
DEFERRED REVENUE
$3.5B
$3.1B
$2.9B
$2.3B
LONG-TERM DEBT
$496.6M
$994.3M
$992.3M
$990.4M
OTHER LIABILITIES
$141.3M
$129.6M
$124.7M
$82.0M
Total liabilities
$9.2B
$8.3B
$7.7B
$6.5B
Common stock, $0.001 par value—1,500.0 shares authorized; 743.0 shares and 767.0 shares issued and outstanding at December 31, 2025 and 2024, respectively
700.0K
800.0K
800.0K
800.0K
Additional paid-in capital
$1.8B
$1.6B
$1.4B
$1.3B
Accumulated other comprehensive loss
($25.4M)
($26.1M)
($18.9M)
($20.2M)
Accumulated deficit
($507.9M)
($117.1M)
($1.9B)
($1.5B)
Total stockholders’ equity
$1.2B
$1.5B
($463.4M)
($281.6M)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$10.4B
$9.8B
$7.3B
$6.2B
Fortinet Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$2.9B
$2.2B
$2.0B
$3.4B
Short-term investments
$1.1B
$1.1B
$1.1B
$1.2B
Accounts receivable—net
$1.5B
$1.5B
$1.2B
$1.2B
Inventory
$426.3M
$369.6M
$426.6M
$405.2M
Prepaid expenses and other current assets
$256.8M
$181.9M
$195.2M
$162.5M
Total current assets
$6.2B
$5.3B
$4.9B
$6.3B
LONG-TERM INVESTMENTS
$399.1M
$339.7M
$289.1M
$112.0M
PROPERTY AND EQUIPMENT—NET
$1.7B
$1.7B
$1.6B
$1.5B
DEFERRED CONTRACT COSTS
$785.1M
$753.7M
$682.2M
$665.4M
DEFERRED TAX ASSETS
$1.3B
$1.3B
$1.4B
$1.5B
GOODWILL
$257.4M
$257.4M
$258.3M
$258.9M
OTHER INTANGIBLE ASSETS—NET
$77.1M
$87.0M
$110.2M
$123.3M
OTHER ASSETS
$113.3M
$117.1M
$135.0M
$133.5M
TOTAL ASSETS
$10.9B
$9.9B
$9.4B
$10.6B
Accounts payable
$282.5M
$238.7M
$221.3M
$245.2M
Accrued liabilities
$393.7M
$366.1M
$330.6M
$339.1M
Accrued payroll and compensation
$322.8M
$292.4M
$274.3M
$281.3M
Current portion of long-term debt
$0
$0
$499.4M
$499.0M
Deferred revenue
$3.8B
$3.7B
$3.5B
$3.4B
Total current liabilities
$4.8B
$4.6B
$4.8B
$4.8B
DEFERRED REVENUE
$3.8B
$3.6B
$3.2B
$3.2B
LONG-TERM DEBT
$496.9M
$496.8M
$496.5M
$496.3M
OTHER LIABILITIES
$136.5M
$148.3M
$153.7M
$152.5M
Total liabilities
$9.3B
$8.9B
$8.6B
$8.6B
Common stock, $0.001 par value—1,500.0 shares authorized; 733.6 and 743.0 shares issued and outstanding on June 30, 2026 and December 31, 2025, respectively
700.0K
700.0K
700.0K
800.0K
Additional paid-in capital
$1.9B
$1.8B
$1.7B
$1.7B
Accumulated other comprehensive loss
($28.8M)
($27.7M)
($21.8M)
($20.7M)
Accumulated deficit
($316.7M)
($782.0M)
($958.5M)
$364.4M
Total stockholders’ equity
$1.6B
$989.7M
$735.1M
$2.1B
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$10.9B
$9.9B
$9.4B
$10.6B
Cash flow statement
Fortinet Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net Income (Loss)
$1.9B
—
—
—
Stock-based compensation
$279.5M
$257.9M
$249.0M
$217.3M
Amortization of deferred contract costs
$336.3M
$293.7M
$266.3M
$223.3M
Depreciation and amortization
$152.0M
$122.8M
$113.4M
$104.3M
Amortization of investment discounts
($33.7M)
($48.8M)
($27.7M)
$4.4M
Other
($52.7M)
($15.2M)
$18.5M
$23.6M
Accounts receivable—net
($215.9M)
($45.4M)
($146.4M)
($456.7M)
Inventory
($90.6M)
$131.2M
($253.5M)
($109.1M)
Prepaid expenses and other current assets
($95.9M)
($13.7M)
($27.6M)
($7.7M)
Deferred contract costs
($449.0M)
($311.1M)
($353.5M)
($318.2M)
Deferred tax assets
$66.2M
($223.2M)
($301.9M)
($226.4M)
Other assets
($16.2M)
($11.0M)
$17.7M
($35.3M)
Accounts payable
$27.9M
($10.2M)
($43.1M)
$105.2M
Accrued liabilities
$13.3M
($106.7M)
$137.4M
$55.2M
Accrued payroll and compensation
$55.0M
$0
$23.4M
$25.0M
Deferred revenue
$754.2M
$577.8M
$1.1B
$1.2B
Other liabilities
$6.8M
($8.3M)
($21.7M)
$23.5M
Net cash provided by operating activities
$2.6B
$2.3B
$1.9B
$1.7B
Purchases of investments
($2.0B)
($1.9B)
($1.9B)
($389.1M)
Sales of investments
$10.6M
$500.0K
$4.0M
$3.0M
Maturities of investments
$1.8B
$1.9B
$1.4B
$1.5B
Purchases of property and equipment
($364.8M)
($378.9M)
($204.1M)
($281.2M)
Purchases of investments in privately held companies
$0
$0
($8.5M)
$0
Payments made in connection with business combinations, net of cash acquired
($41.6M)
($275.5M)
$0
($30.8M)
Purchases of marketable equity securities
$0
($16.7M)
$0
$0
Other
$100.0K
$100.0K
$300.0K
$0
Net cash used in investing activities
($599.1M)
($727.4M)
($649.3M)
$763.9M
Repurchase and retirement of common stock
($2.3B)
($600.0K)
($1.5B)
($2.0B)
Proceeds from issuance of common stock
$44.7M
$63.1M
$43.8M
$26.1M
Taxes paid related to net share settlement of equity awards
($126.3M)
($100.9M)
($112.5M)
($160.4M)
Other
($100.0K)
($11.7M)
($1.2M)
($4.8M)
Net cash used in financing activities
($2.4B)
($50.1M)
($1.6B)
($2.1B)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
($600.0K)
($2.6M)
($800.0K)
($400.0K)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
($380.6M)
$1.5B
($285.0M)
$363.8M
CASH AND CASH EQUIVALENTS—Beginning of year
$2.9B
$1.4B
$1.7B
$1.3B
CASH AND CASH EQUIVALENTS—End of year
$2.5B
$2.9B
$1.4B
$1.7B
Cash paid for income taxes—net
$451.5M
$578.9M
$426.3M
$260.2M
Operating lease liabilities arising from obtaining right-of-use assets
$51.3M
$39.3M
$19.2M
$65.8M
Transfers of evaluation units and equipment from inventory to property and equipment
$29.2M
$35.5M
$31.8M
$17.1M
Liability for purchase of property and equipment
$25.6M
$23.0M
$23.6M
$21.2M
Excise tax payable on net stock repurchases
$18.3M
$0
$10.9M
—
Liability incurred in connection with business combinations
$4.6M
$6.2M
$0
$800.0K
Fortinet Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$1.1B
$534.5M
$1.3B
$873.5M
Stock-based compensation
$151.8M
$72.5M
$207.0M
$135.2M
Amortization of deferred contract costs
$190.9M
$94.2M
$246.0M
$160.0M
Depreciation and amortization
$81.2M
$39.8M
$112.5M
$74.1M
Amortization of investment discounts
($9.3M)
($4.8M)
($27.3M)
($19.4M)
Other
($47.7M)
($44.9M)
($53.1M)
($44.8M)
Accounts receivable—net
$235.1M
$205.2M
$308.7M
$262.7M
Inventory
($38.0M)
$23.6M
($109.1M)
($79.6M)
Prepaid expenses and other current assets
($500.0K)
$62.8M
($64.3M)
($32.1M)
Deferred contract costs
($240.5M)
($112.4M)
($305.3M)
($202.5M)
Deferred tax assets
($3.6M)
$11.0M
$13.7M
($75.3M)
Other assets
($9.0M)
($5.4M)
($13.6M)
($11.7M)
Accounts payable
$49.7M
($26.0M)
$11.5M
$46.8M
Accrued liabilities
$54.5M
$12.5M
($15.5M)
($9.7M)
Accrued payroll and compensation
$10.0M
($20.6M)
$16.3M
$22.9M
Deferred revenue
$559.9M
$235.7M
$288.1M
$204.8M
Other liabilities
($4.6M)
($600.0K)
$7.4M
$10.3M
Net cash provided by operating activities
$2.1B
$1.1B
$2.0B
$1.3B
Purchases of investments
($756.0M)
($350.7M)
($1.5B)
($976.5M)
Sales of investments
$118.4M
$115.9M
$5.7M
$5.7M
Maturities of investments
$587.5M
$299.7M
$1.3B
$869.6M
Purchases of property and equipment
($148.6M)
($70.6M)
($322.0M)
($234.3M)
Payments made in connection with business combinations, net of cash acquired
$0
$0
($41.6M)
($41.6M)
Other
$8.4M
$0
$100.0K
$100.0K
Net cash used in investing activities
($190.3M)
($5.7M)
($552.8M)
($377.0M)
Repurchase and retirement of common stock
($972.8M)
($823.0M)
($2.2B)
($401.1M)
Repayment of senior notes
($500.0M)
($500.0M)
—
—
Proceeds from issuance of common stock
$62.3M
$17.6M
$37.6M
$31.3M
Taxes paid related to net share settlement of equity awards
($59.1M)
($36.3M)
($103.7M)
($77.0M)
Other
($21.2M)
($1.2M)
($100.0K)
($100.0K)
Net cash used in financing activities
($1.5B)
($1.3B)
($2.3B)
($446.9M)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
$0
$0
$1.0M
$1.3M
NET INCREASE IN CASH AND CASH EQUIVALENTS
$439.6M
($271.5M)
($880.2M)
$492.6M
CASH AND CASH EQUIVALENTS—Beginning of period
$2.5B
$2.5B
$2.9B
$2.9B
CASH AND CASH EQUIVALENTS—End of period
$2.9B
$2.2B
$2.0B
$3.4B
Cash paid for income taxes—net
$209.5M
$47.0M
$333.9M
$264.0M
Operating lease liabilities arising from obtaining right-of-use assets
$18.9M
$14.0M
$34.5M
$24.3M
Transfers of evaluation units and equipment from inventory to property and equipment