Fortinet, Inc.

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

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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Contents

Consolidated Statements of Income

(in millions, except per share amounts)

	Year Ended December 31,
2025 · 2024 · 2023
REVENUE:
Product	$2,218.4	$1,908.7	$1,927.3
Service	4,581.2	4,047.1	3,377.5
Total revenue	6,799.6	5,955.8	5,304.8
COST OF REVENUE:
Product	725.4	652.0	763.6
Service	603.5	505.6	473.6
Total cost of revenue	1,328.9	1,157.6	1,237.2
GROSS PROFIT:
Product	1,493.0	1,256.7	1,163.7
Service	3,977.7	3,541.5	2,903.9
Total gross profit	5,470.7	4,798.2	4,067.6
OPERATING EXPENSES:
Research and development	815.5	716.8	613.8
Sales and marketing	2,347.5	2,044.8	2,006.0
General and administrative	233.4	237.8	211.3
Gain on intellectual property matters	(10.4)	(4.6)	(4.6)
Total operating expenses	3,386.0	2,994.8	2,826.5
OPERATING INCOME	2,084.7	1,803.4	1,241.1
INTEREST INCOME	162.3	155.2	119.7
INTEREST EXPENSE	(20.1)	(20.0)	(21.0)
OTHER INCOME (EXPENSE)—NET	55.3	119.9	(6.1)
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS	2,282.2	2,058.5	1,333.7
PROVISION FOR INCOME TAXES	439.1	283.9	143.8
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS	10.3	(29.4)	(42.1)
NET INCOME	$1,853.4	$1,745.2	$1,147.8
Net income per share (Note 8):
Basic	$2.45	$2.28	$1.47
Diluted	$2.42	$2.26	$1.46
Weighted-average shares used to compute net income per share:
Basic	758.0	764.4	778.6
Diluted	764.6	771.9	788.2

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.