Fortinet, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 2025
FTNT$123.57+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Income
(unaudited, in millions, except per share amounts)
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30,2025 · September 30,2024 · September 30,2025 · September 30,2024 | ||||
| REVENUE: | ||||
| Product | $559.3 | $473.9 | $1,527.3 | $1,334.7 |
| Service | 1,165.6 | 1,034.2 | 3,367.3 | 2,961.0 |
| Total revenue | 1,724.9 | 1,508.1 | 4,894.6 | 4,295.7 |
| COST OF REVENUE: | ||||
| Product | 180.7 | 136.1 | 496.5 | 474.0 |
| Service | 151.0 | 127.3 | 443.2 | 369.1 |
| Total cost of revenue | 331.7 | 263.4 | 939.7 | 843.1 |
| GROSS PROFIT: | ||||
| Product | 378.6 | 337.8 | 1,030.8 | 860.7 |
| Service | 1,014.6 | 906.9 | 2,924.1 | 2,591.9 |
| Total gross profit | 1,393.2 | 1,244.7 | 3,954.9 | 3,452.6 |
| OPERATING EXPENSES: | ||||
| Research and development | 202.4 | 187.3 | 610.5 | 525.7 |
| Sales and marketing | 583.5 | 515.9 | 1,718.2 | 1,518.3 |
| General and administrative | 61.4 | 71.7 | 176.1 | 182.7 |
| Gain on intellectual property matters | (1.4) | (1.1) | (9.0) | (3.4) |
| Total operating expenses | 845.9 | 773.8 | 2,495.8 | 2,223.3 |
| OPERATING INCOME | 547.3 | 470.9 | 1,459.1 | 1,229.3 |
| INTEREST INCOME | 40.7 | 42.4 | 130.0 | 112.9 |
| INTEREST EXPENSE | (6.2) | (5.0) | (15.7) | (15.1) |
| OTHER INCOME—NET | 13.0 | 118.1 | 58.0 | 113.0 |
| INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS | 594.8 | 626.4 | 1,631.4 | 1,440.1 |
| PROVISION FOR INCOME TAXES | 120.7 | 81.2 | 294.3 | 197.2 |
| GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS | (0.2) | (5.3) | 10.3 | (23.9) |
| NET INCOME | $473.9 | $539.9 | $1,347.4 | $1,219.0 |
| Net income per share (Note 8): | ||||
| Basic | $0.63 | $0.71 | $1.77 | $1.60 |
| Diluted | $0.62 | $0.70 | $1.75 | $1.58 |
| Weighted-average shares outstanding: | ||||
| Basic | 755.5 | 765.0 | 763.1 | 763.7 |
| Diluted | 761.2 | 771.9 | 770.2 | 770.8 |
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