Fortinet vs TCS: Revenue, Profit and Business Model
Fortinet reported $6.8B of revenue in FY2025 and $1.9B of net income. TCS reported ~$31B of revenue in FY2026 and ~$5.7B 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.
TCS
TCS reported FY2026 revenue of ₹2,67,021 crore ($30.017 billion), up 4.6% in rupees but down about 0.5% in dollars, with net income of about $5.71 billion (₹49,210 crore) and a 19.8% net margin. Q1 FY2027 revenue was ₹72,275 crore ($7.624 billion), up 13.9% in rupees and 2.7% in dollars year over year, with an operating margin of about 24% and net profit of ~$1.55 billion (₹13,349 crore). The growth story now rests on AI: TCS put its annualized AI services revenue at $1.8 billion in Q3 FY2026 and $2.6 billion in Q1 FY2027, while total contract value held at $9.5 billion for the quarter.
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 |
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.
TCS
- IT services
Primary revenue source
Application development, maintenance, modernization and managed technology services.
- Consulting and transformation
Strategic growth stream
Business and technology transformation programs for large enterprises.
- Cloud, AI and cybersecurity
Fast-changing growth area
Cloud migration, AI, data, automation, cybersecurity and platform simplification.
- Business process services
Recurring enterprise stream
Technology-enabled operations and business process services.
- Platforms
Differentiated platform stream
Industry platforms such as TCS BaNCS and related software-led offerings.
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.
TCS
How it makes money
TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification.
Growth strategy
TCS is growing through AI, cloud modernization, cybersecurity, data, engineering services, platforms, large transformation deals, partnerships and deeper penetration of existing enterprise accounts.
Competitive advantage
TCS' advantage is delivery scale, Tata trust, large-account depth, industry domain expertise, training infrastructure, strong margins and a reputation for mission-critical execution.
Questions about Fortinet vs TCS
Which company has higher revenue — Fortinet, Inc. or Tata Consultancy Services Limited?
Fortinet, Inc. reported $6.8B (FY2025), while Tata Consultancy Services Limited reported ~$31B (FY2026). By last reported revenue, Tata Consultancy Services Limited is the larger business, with Fortinet, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Fortinet, Inc. vs Tata Consultancy Services Limited?
Fortinet, Inc.'s market capitalisation stands at $127.3B, while Tata Consultancy Services Limited's is $84.0B. Fortinet, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Tata Consultancy Services Limited.
Which is more financially efficient — Fortinet, Inc. or Tata Consultancy Services Limited?
Fortinet, Inc. generates $450k / employee in revenue per employee, while Tata Consultancy Services Limited generates $52k / 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 Tata Consultancy Services Limited make money?
Fortinet, Inc. and Tata Consultancy Services Limited generate revenue in fundamentally different ways. Fortinet, Inc.: Fortinet makes money in two ways. Tata Consultancy Services Limited: TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification.
Which company is valued higher relative to revenue — Fortinet, Inc. or Tata Consultancy Services Limited?
On a price-to-sales (P/S) basis, Fortinet, Inc. trades at 18.7x P/S and Tata Consultancy Services Limited at 2.7x P/S. Fortinet, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Tata Consultancy Services Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fortinet, Inc. bigger than Tata Consultancy Services Limited?
By last reported revenue, Tata Consultancy Services Limited (~$31B (FY2026)) 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 TCS overview