Fortinet vs Toyota: Revenue, Profit and Business Model
Fortinet reported $6.8B of revenue in FY2025 and $1.9B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B 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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
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 |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | 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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Fortinet vs Toyota
Which company has higher revenue — Fortinet, Inc. or Toyota Motor Corporation?
Fortinet, Inc. reported $6.8B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation 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 Toyota Motor Corporation?
Fortinet, Inc.'s market capitalisation stands at $127.3B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation 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 Toyota Motor Corporation?
Fortinet, Inc. generates $450k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor Corporation 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 Toyota Motor Corporation make money?
Fortinet, Inc. and Toyota Motor Corporation generate revenue in fundamentally different ways. Fortinet, Inc.: Fortinet makes money in two ways. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — Fortinet, Inc. or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Fortinet, Inc. trades at 18.7x P/S and Toyota Motor Corporation at 0.8x P/S. Fortinet, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fortinet, Inc. bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (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 Toyota overview