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Stocks / United States / FTNT · Computer Peripheral Equipment, Nec · Nasdaq

Fortinet, Inc. (FTNT)

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Fortinet, Inc. (FTNT) reported revenue of $2.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 25.6% on the same quarter a year earlier. Net income was $606 million, up 37.8% on the year, and diluted earnings per share $0.82. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$2.0 billionup 25.6%
Net income$606 millionup 37.8%
Diluted EPS$0.82
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE136.7%
ROCE119.2%
Operating margin32.4%
Net margin28.2%
FCF margin41.4%
Interest cover135.68
Debt to equity0.32
Cash conversion1.60
Share count, 1 year-4.2%
Sales CAGR, 3 years15.5%
Profit CAGR, 3 years29.3%
EPS, TTM$2.83

At the close of 21 September 2026

Price$175.23
Market cap$128.5 billion
Stock P/E61.92
Price to book82.88
EV / EBITDA48.48
Dividend yieldn/a
Market cap / sales17.08
52-week high$175.23
52-week low$75.23
Price, 1 year108.1%
Price CAGR, 3 years44.4%
Price CAGR, 5 years23.8%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Fortinet, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on FTNT

Filings13 in twelve months: 5 current reports (8-K), about 4 results of operations; 1 shareholder vote
Planned insider sales20 Form 144 notices in twelve months, $135.9 million; latest 14 September 2026
Options tapeput/call 1.08 by open interest on 23 September 2026; the straddle prices a 3.7% move to 25 September 2026
Holders9 of the followed funds hold it; largest Geode Capital Management; 4 Schedule 13D or 13G filings in twelve months
Insider trading54 sales and 0 purchases on Form 4 in twelve months
Congress3 House trades disclosed in six months
Short interest13.6 million shares short, 3.05 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,3351,4151,3531,4341,5081,6601,5401,6301,7251,9051,8502,048
Cost of revenue318316305275263314293315332389364405
Gross profit1,0171,0991,0491,1591,2451,3461,2471,3151,3931,5161,4851,643
Gross margin76%78%77%81%83%81%81%81%81%80%80%80%
R&D157152173165187191199210202205214225
Operating income303385321437471574454458547626580689
Operating margin23%27%24%30%31%35%29%28%32%33%31%34%
Interest expense5.45.45.15.05.04.94.94.66.24.44.23.2
Pre-tax income328416345468626618519517595651657720
Tax rate-0%23%11%16%13%14%19%15%20%22%19%16%
Net income323311299380540526433440474506534606
Net margin24%22%22%26%36%32%28%27%27%27%29%30%
Diluted EPS$0.41$0.41$0.39$0.49$0.70$0.68$0.56$0.57$0.62$0.67$0.72$0.82
Operating cash flow5511928303426084788634526556201,0771,044
Capital expenditure70.126.922223.136.397.666.516887.742.870.678.0
Free cash flow4811656083195723807972845685771,006966
Buybacks604896n/an/a0.6n/a0.04011,83257.2823150
Shares outstanding776m761m763m764m766m767m769m766m743m743m734m734m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014FY2015FY2016 FY2017 FY2018 FY2019 FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue7701,0091,2751,4951,8012,1632,5943,3424,4175,3055,9566,8007,527
Cost of revenue2312873383854505065707831,0851,2371,1581,3291,490
Gross profit5397229381,1101,3541,6572,0242,5593,3324,0684,7985,4716,037
Gross margin70.0%71.6%73.5%74.2%75.2%76.6%78.0%76.6%75.4%76.7%80.6%80.5%80.2%
Research and development123158183211244277341424512614717816846
Operating income59.314.942.91102343515326509701,2411,8032,0852,442
Operating margin7.7%1.5%3.4%7.3%13.0%16.2%20.5%19.5%21.9%23.4%30.3%30.7%32.4%
Interest expensen/an/an/an/an/a0.00.014.918.021.020.020.118.0
Pre-tax income61.517.043.11242543865426289561,3342,0582,2822,622
Income tax36.29.010.992.6-80.654.353.214.130.8144284439502
Effective tax rate58.8%53.0%25.3%74.7%-31.7%14.1%9.8%2.2%3.2%10.8%13.8%19.2%19.2%
Net income25.38.032.231.43353324886078571,1481,7451,8532,121
Net margin3.3%0.8%2.5%2.1%18.6%15.3%18.8%18.2%19.4%21.6%29.3%27.3%28.2%
Diluted EPS$0.15$0.05$0.18$0.18$1.91$1.87$2.91$3.63$1.06$1.46$2.26$2.42$2.83
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014FY2015FY2016 FY2017 FY2018 FY2019 FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow1972833465946398081,0841,5001,7311,9362,2582,5913,396
Capital expenditure32.237.467.213553.092.2126296281204379365279
Free cash flow1642452794595867169581,2041,4491,7311,8792,2263,117
Free cash flow margin21.3%24.3%21.8%30.7%32.5%33.1%36.9%36.0%32.8%32.6%31.6%32.7%41.4%
Depreciation and amortisation22.031.648.555.555.761.668.884.4104113123152159
Share-based compensation59.095.1122137163174192208217249258280297
Buybacks44.060.01114462121451,0807421,9911,5000.62,2902,862
Diluted shares, weighted169m176m176m178m174m175m168m167m805m788m772m765m740m
Shares outstanding at period end166m171m173m168m170m172m162m162m782m761m767m743m734m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015FY2016 FY2017 FY2018 FY2019 FY2020FY2021FY2022FY2023FY2024FY2025TTM
Total assets1,4251,7912,1402,2583,0783,8864,0445,9196,2287,2599,76310,38910,859
Cash and equivalents2835437098111,1121,2221,0621,3191,6831,3982,8762,4952,935
Receivables1852603133484445447208081,2621,4021,4631,6911,456
Inventory69.583.910777.390.0118140176265485316400426
Goodwill2.84.714.614.638.267.293.0125128126235257257
Long-term debtn/an/an/an/an/an/a0.0988990992994497497
Borrowings, as the company tags themn/an/an/an/an/an/an/a1,0001,0001,0001,0001,000500
Operating lease liabilitiesn/an/an/an/an/a30.634.040.562.545.746.429.4n/a
Shareholders' equity6767558386021,0261,342856782-282-4631,4941,2381,551
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded21.0%21.3%15.5%18.8%
Profit growth, compounded72.4%30.6%29.3%9.3%
Return on equity, averagen/an/a133.3%149.8%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Computer Peripheral Equipment, Nec

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Palo Alto Networks Inc. PANW$303.0 billion929.401.1%6.1%24.5%0.06n/a
Fortinet, Inc. FTNT$128.5 billion61.92136.7%32.4%18.8%0.32n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 20268 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20257 November 2025EDGAR
10-Q30 June 20258 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202421 February 2025EDGAR
10-Q30 September 20248 November 2024EDGAR
10-Q30 June 20248 August 2024EDGAR
10-Q31 March 20246 May 2024EDGAR

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