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Fortinet, Inc. (FTNT) Income statement

Market cap

$84.4B

P/E ratio

47.1x

Summary Financials

Income statement Balance sheet Cash flow Other

	2012/12	2013/12	2014/12	2015/12	2016/12	2017/12	2018/12	2019/12	2020/12	2021/12	2022/12	2023/12	2024/12	2025/12
Revenue	534	615	770	1,009	1,275	1,495	1,801	2,156	2,594	3,342	4,417	5,305	5,956	6,800
Revenue growth (%)	-
Cost of revenue	147	181	231	287	338	385	450	506	570	783	1,085	1,237	1,158	1,329
Gross profit	386	435	539	722	938	1,110	1,351	1,650	2,024	2,559	3,333	4,068	4,798	5,471
Gross margin (%)
Research & development	81	103	123	158	183	211	245	277	341	424	512	614	717	816
Operating margin (%)
Operating expenses	286	363	480	708	895	1,000	1,120	1,306	1,493	1,909	2,363	2,827	2,995	3,386
Operating income	100	72	59	15	43	110	231	344	532	650	970	1,241	1,803	2,085
Income before tax	105	76	62	17	43	124	251	379	542	628	956	1,334	2,059	2,282
Pretax margin (%)	19.7	12.3	8	1.7	3.4	8.3	13.9	17.6	20.9	18.8	21.6	25.1	34.6	33.6
Provision for income taxes	38	32	36	9	11	93	-81	53	53	14	31	144	284	439
Effective tax rate (%)
Net income	67	44	25	8	32	31	332	327	489	607	857	1,148	1,745	1,853
Net income margin (%)
Earnings per share	0.42	0.27	0.15	0.05	0.19	0.18	1.96	1.91	2.98	3.72	1.08	1.47	2.28	2.45
Diluted EPS	0.4	0.26	0.15	0.05	0.18	0.18	1.91	1.87	2.91	3.63	1.06	1.46	2.26	2.42
EBITDA
EBITDA margin (%)