Fortinet Inc
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
FTNT$123.57+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Income
(unaudited, in millions, except per share amounts)
| Three Months Ended | ||
|---|---|---|
| March 31,2025 | March 31,2024 | |
| REVENUE: | ||
| Product | $459.1 | $408.9 |
| Service | 1,080.6 | 944.4 |
| Total revenue | 1,539.7 | 1,353.3 |
| COST OF REVENUE: | ||
| Product | 149.9 | 182.8 |
| Service | 143.2 | 121.9 |
| Total cost of revenue | 293.1 | 304.7 |
| GROSS PROFIT: | ||
| Product | 309.2 | 226.1 |
| Service | 937.4 | 822.5 |
| Total gross profit | 1,246.6 | 1,048.6 |
| OPERATING EXPENSES: | ||
| Research and development | 198.6 | 173.0 |
| Sales and marketing | 542.7 | 501.1 |
| General and administrative | 57.8 | 54.4 |
| Gain on intellectual property matters | (6.3) | (1.1) |
| Total operating expenses | 792.8 | 727.4 |
| OPERATING INCOME | 453.8 | 321.2 |
| INTEREST INCOME | 44.3 | 32.2 |
| INTEREST EXPENSE | (4.9) | (5.1) |
| OTHER INCOME (EXPENSE)—NET | 26.1 | (2.9) |
| INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS | 519.3 | 345.4 |
| PROVISION FOR INCOME TAXES | 96.5 | 39.5 |
| GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS | 10.6 | (6.6) |
| NET INCOME | $433.4 | $299.3 |
| Net income per share (Note 8): | ||
| Basic | $0.56 | $0.39 |
| Diluted | $0.56 | $0.39 |
| Weighted-average shares outstanding: | ||
| Basic | 768.3 | 762.4 |
| Diluted | 776.8 | 770.5 |
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