Fortinet, Inc.
Financial Performance
Fortinet Revenue & Financials
Revenue
$6.8B (FY2025)
Market Cap
$127.3B
Net Income
$1.9B
Employees
15,109
What is Fortinet's revenue?
Fortinet had $6.8B in revenue for fiscal year 2025, up 14.2% from 2024. Net income was $1.9B.
- Latest revenue
- $6.8B (FY2025)
- Year-over-year
- +14.2%
- Growth rate (CAGR)
- 20.4% over 9 years
- Peak revenue
- $6.8B (FY2025)
- Years of data
- 10
- Employees
- 15,109
Financial Analysis
Fortinet grew revenue from $1.28 billion in 2016 to $6.80 billion in 2025, while GAAP net income rose from $32 million to $1.85 billion. After the 2021-2022 surge, product sales slowed in 2023-2024 as customers digested firewall inventory, and revenue growth fell to 12% in 2024. Growth recovered to 14% in 2025, when free cash flow hit a record of roughly $2.21 billion and the buyback authorization was expanded by $1 billion. 2026 has been stronger again: Q1 billings grew 31% and Q2 billings grew 33% to $2.37 billion, Q2 GAAP EPS rose 44% to $0.82, and Q2 free cash flow was $966 million. On July 29, 2026 the company raised 2026 guidance to revenue of $8.02-$8.18 billion (about 19% growth at the midpoint) and billings of $9.35-$9.55 billion. Fortinet, Inc. is a massive global cybersecurity company, commanding a market valuation that frequently exceeds $50 billion.
Revenue Trend Analysis
YoY Change
+14.2%
9-Year CAGR
+20.4%
Peak Year
2025
Trend
Consistent Growth
Fortinet, Inc. has 10 full fiscal year figures on this page, compounding at +20.4% annually over 9 years. The most recent year saw a 14.2% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $6.8B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
Fortinet, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.6B | $10.4B | $9.2B | $1.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.3B | $9.8B | $8.3B | $1.5B | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.9B | $7.3B | $7.7B | -$463.4M | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.7B | $6.2B | $6.5B | -$281.6M | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.5B | $5.9B | $5.1B | $781.7M | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.1B | $4B | $3.2B | $856M | Form 10-K |
| FY2019ended Dec 31, 2019 | $808M | $3.9B | $2.5B | $1.3B | Form 10-K |
| FY2018ended Dec 31, 2018 | $638.9M | $3.1B | $2.1B | $1B | Form 10-K |
| FY2017ended Dec 31, 2017 | $594.4M | $2.3B | $1.7B | $602M | Form 10-K |
| FY2016ended Dec 31, 2016 | $345.7M | $2.1B | $1.3B | $837.7M | Form 10-K |
Keep researching Fortinet
Fortinet Revenue and Financial FAQ
What was Fortinet's revenue in 2025?
Fortinet reported FY2025 revenue of $6.80 billion, up 14% from $5.96 billion in 2024.
Is Fortinet profitable?
Yes. FY2025 GAAP net income was $1.85 billion. GAAP operating margin was 33% in Q4 2025 and 34% in Q2 2026.
How much free cash flow does Fortinet generate?
FY2025 free cash flow was a record of about $2.21 billion. Q1 2026 free cash flow was $1.01 billion and Q2 2026 was $966 million.
What is Fortinet's 2026 guidance?
After Q2 2026, Fortinet guided to 2026 revenue of $8.02-$8.18 billion, billings of $9.35-$9.55 billion and service revenue of $5.18-$5.22 billion.
Why did Fortinet's growth slow in 2023-2024?
Customers that bought heavily in 2021-2022 paused new firewall purchases, so product revenue weakened and total growth slowed to 12% in 2024 before recovering.
Does Fortinet buy back stock?
Yes. In early 2026 the board added $1 billion to the repurchase authorization.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Fortinet Revenue & Financials." CorpDigest, https://corpdigest.com/company/fortinet/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Fortinet reported $6.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/fortinet/financials" target="_blank" rel="noopener">CorpDigest — Fortinet financials</a></div>Related Financial Audits
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