Fortinet vs PepsiCo: Revenue, Profit and Business Model
Fortinet reported $6.8B of revenue in FY2025 and $1.9B of net income. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income.
Latest financial snapshot
Financial summary
Fortinet
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.
PepsiCo
PepsiCo grew net revenue from $62.8 billion in 2016 to $93.9 billion in 2025, but growth slowed to 0.4% in 2024 and 2.3% in 2025 (1.7% organic) as North American snack volumes declined. Fiscal 2025 net income was $8.24 billion, down 14%, reflecting a roughly $2 billion impairment mainly on Rockstar. In 2026 the picture improved on the top line: Q1 net revenue rose 8.5% and Q2 rose 6.4% to $24.18 billion, helped by acquisitions, currency and international volume. Q2 2026 net income was $2.98 billion versus $1.26 billion a year earlier. For full-year 2026 PepsiCo guided to 2-4% organic revenue growth and 4-6% core constant-currency EPS growth.
Revenue and profit by year
Fortinet
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.8B | $1.9B | 27.3% | +14.2% | Source |
| FY2024 | $6B | $1.7B | 29.3% | +12.3% | Source |
| FY2023 | $5.3B | $1.1B | 21.6% | +20.1% | Source |
| FY2022 | $4.4B | $857.3M | 19.4% | +32.2% | Source |
| FY2021 | $3.3B | $606.8M | 18.2% | +28.8% | Source |
| FY2020 | $2.6B | $488.5M | 18.8% | +19.9% | Source |
| FY2019 | $2.2B | $331.7M | 15.3% | +19.9% | Source |
| FY2018 | $1.8B | $334.9M | 18.6% | +20.7% | Source |
| FY2017 | $1.5B | $31.4M | 2.1% | +17.2% | Source |
| FY2016 | $1.3B | $32.2M | 2.5% | — | Source |
PepsiCo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $93.9B | $8.2B | 8.8% | +2.3% | Source |
| FY2024 | $91.9B | $9.6B | 10.4% | +0.4% | Source |
| FY2023 | $91.5B | $9.1B | 9.9% | +5.9% | Source |
| FY2022 | $86.4B | $8.9B | 10.3% | +8.7% | Source |
| FY2021 | $79.5B | $7.6B | 9.6% | +12.9% | Source |
| FY2020 | $70.4B | $7.1B | 10.1% | +4.8% | Source |
| FY2019 | $67.2B | $7.3B | 10.9% | +3.9% | Source |
| FY2018 | $64.7B | $12.5B | 19.4% | +1.8% | Source |
| FY2017 | $63.5B | $4.9B | 7.6% | +1.2% | Source |
| FY2016 | $62.8B | $6.3B | 10.1% | — | Source |
Where the revenue comes from
Fortinet
- Service Revenue67%
FortiGuard subscriptions, technical support, SASE, SecOps, SaaS, and other services generated $4.5812B in FY2025 revenue.
- Product Revenue33%
FortiGate appliances, secure networking hardware, and software licenses generated $2.2184B in FY2025 revenue.
PepsiCo
- PepsiCo Foods North America (Frito-Lay and Quaker)~30%
Savory snacks, oats, bars and dips sold to US and Canadian retailers and foodservice; about $27.7 billion combined in 2024.
- PepsiCo Beverages North America~30%
Finished drinks, fountain syrup and concentrate, including Pepsi, Mountain Dew, Gatorade and partner brands; about $27.8 billion in 2024.
- International (Latin America, Europe, AMESA, Asia Pacific)~40%
Locally made snacks such as Sabritas, Walkers and Kurkure plus beverage concentrate sold to franchise bottlers and company-run beverage operations.
Business model and strategy
Fortinet
How it makes money
Fortinet makes money in two ways. First, it sells products: FortiGate firewalls (physical appliances and virtual/cloud versions), plus switches, Wi-Fi access points and other secure-networking hardware and software licenses. Product revenue was $2.22 billion, or 33% of FY2025 sales.
Growth strategy
Fortinet is trying to grow beyond the firewall into three adjacent markets. Unified SASE combines FortiGate SD-WAN with cloud-delivered secure web gateway, ZTNA and firewall-as-a-service for remote users. Security operations (FortiSIEM, FortiSOAR, FortiAnalyzer, FortiEDR) targets the SOC. OT security sells ruggedized FortiGates and related tools to factories, utilities and transport operators.
Competitive advantage
Fortinet's main edge is custom silicon. It designs its own security processors (network processors such as NP7 and content processors such as CP9) that offload packet inspection, encryption and threat matching from general-purpose CPUs. That lets FortiGate deliver high throughput at a lower price and power draw than many rivals.
PepsiCo
How it makes money
PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers. It reports through regional segments: PepsiCo Foods North America (Frito-Lay and Quaker, combined in 2025), PepsiCo Beverages North America (PBNA), Latin America, Europe, Africa/Middle East/South Asia (AMESA) and Asia Pacific.
Growth strategy
PepsiCo's current growth strategy has four parts: affordability (price cuts of up to 15% on Lay's, Tostitos, Doritos and Cheetos in February 2026), portfolio shift toward better-for-you and functional brands through acquisitions such as Siete (2025), poppi ($1.95 billion, closed May 2025) and Sabra, cost reduction (three US plant closures, SKU rationalization and a review of North American supply chain and go-to-mark…
Competitive advantage
PepsiCo's advantage is scale in savory snacks combined with a large beverage business and a direct-store-delivery network. Frito-Lay brands such as Lay's, Doritos and Cheetos lead the US salty snack aisle, and DSD lets PepsiCo control merchandising and restocking in grocery, mass and convenience stores.
Questions about Fortinet vs PepsiCo
Which company has higher revenue — Fortinet, Inc. or PepsiCo, Inc.?
Fortinet, Inc. reported $6.8B (FY2025), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with Fortinet, Inc. reporting a smaller revenue base.
What is the market cap of Fortinet, Inc. vs PepsiCo, Inc.?
Fortinet, Inc.'s market capitalisation stands at $127.3B, while PepsiCo, Inc.'s is $175.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Fortinet, Inc..
Which is more financially efficient — Fortinet, Inc. or PepsiCo, Inc.?
Fortinet, Inc. generates $450k / employee in revenue per employee, while PepsiCo, Inc. generates $307k / employee. Fortinet, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Fortinet, Inc. and PepsiCo, Inc. make money?
Fortinet, Inc. and PepsiCo, Inc. generate revenue in fundamentally different ways. Fortinet, Inc.: Fortinet makes money in two ways. PepsiCo, Inc.: PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers.
Which company is valued higher relative to revenue — Fortinet, Inc. or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, Fortinet, Inc. trades at 18.7x P/S and PepsiCo, Inc. at 1.9x P/S. Fortinet, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to PepsiCo, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fortinet, Inc. bigger than PepsiCo, Inc.?
By last reported revenue, PepsiCo, Inc. ($93.9B (FY2025)) is the larger company compared to Fortinet, Inc. ($6.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Fortinet vs PepsiCo overview