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Fortinet (FTNT) Q4 FY2021 earnings: revenue $964 million, up 28.7% on the year

Fortinet, Inc. (FTNT) reported revenue of $964 million for Q4 FY2021, the quarter ended 31 December 2021, up 28.7% on the same quarter a year earlier. Net income was $199 million, up 35.7% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue
$964 million
+28.7% on the year · +11.1% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
22.3%
22.6% a year earlier
Q1 FY2020Q4 FY2021
Net income
$199 million
+35.7% on the year · +22.0% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$0.24
+36.4% on the year · +23.7% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue964867749+11.1%+28.7%
Cost of revenue228n/an/a
Gross profit735n/an/a
Gross margin76.3%n/an/a
Research and development113n/an/a
Operating income215166169+29.1%+26.9%
Operating margin22.3%19.2%22.6%
Interest expense4.5n/an/a
Pre-tax income207n/an/a
Income tax3.7n/an/a
Effective tax rate1.8%n/an/a
Net income199163147+22.0%+35.7%
Net margin20.7%n/an/a
Diluted EPS$0.24$0.19$0.18+23.7%+36.4%
$ million except per share.
Read moreFourth quarters are the year less the first three 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.

Cash flow

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Operating cash flow367n/an/a
Capital expenditure151n/an/a
Free cash flow216n/an/a
Free cash flow margin22.4%n/an/a
Cash from investing-266n/an/a
Cash from financing-634n/an/a
Depreciation and amortisation25.422.916.7+10.9%+52.1%
Share-based compensation51.4n/an/a
Buybacks572n/an/a
Diluted shares, weighted836m838m838m-0.4%-0.4%
Shares outstanding at period end810m817m812m-0.9%-0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity7821,118856-30.1%-8.7%
Non-controlling interest16.7n/an/a
Debt9881,0060.0-1.7%
Operating lease liabilities40.5n/an/a
Other liabilities4,092n/an/a
Total liabilities and equity5,919n/an/a
Fixed assets688n/an/a
Goodwill125n/an/a
Intangible assets63.6n/an/a
Investments441n/an/a
Cash and equivalents1,3191,8521,062-28.8%+24.2%
Receivables808n/an/a
Inventory176n/an/a
Other assets2,299n/an/a
Total assets5,919n/an/a

Questions

What was Fortinet's revenue in Q4 FY2021?

Fortinet (FTNT) reported revenue of $964 million for Q4 FY2021, the quarter ended 31 December 2021, up 28.7% on the same quarter a year earlier.

How much did Fortinet earn in Q4 FY2021?

Net income for Q4 FY2021 was $199 million, up 35.7% on the year, and diluted earnings per share $0.24.

When did Fortinet report Q4 FY2021 results?

Fortinet filed its 10-K for the year that ended with the quarter on 25 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue9649551,0301,1501,2831,2621,2931,3351,4151,3531,4341,5081,6601,5401,6301,7251,9051,8502,0482,078
Cost of revenue228254251283297308296318316305275263314293315332389364405438
Gross profit7357017798669869549971,0171,0991,0491,1591,2451,3461,2471,3151,3931,5161,4851,6431,641
Gross margin76%73%76%75%77%76%77%76%78%77%81%83%81%81%81%81%80%80%80%79%
R&D113125124134129151153157152173165187191199210202205214225213
Operating income215151195266358274279303385321437471574454458547626580689704
Operating margin22%16%19%23%28%22%22%23%27%24%30%31%35%29%28%32%33%31%34%34%
Interest expense4.54.54.54.54.55.05.25.45.45.15.05.04.94.94.66.24.44.23.23.0
Pre-tax income207139184265368291299328416345468626618519517595651657720755
Tax rate2%-6%1%10%2%7%9%-0%23%11%16%13%14%19%15%20%22%19%16%16%
Net income199138174232314248266323311299380540526433440474506534606636
Net margin21%14%17%20%24%20%21%24%22%22%26%36%32%28%27%27%27%29%30%31%
Diluted EPS$0.24$0.17$0.21$0.29$0.40$0.31$0.33$0.41$0.40$0.39$0.49$0.70$0.68$0.56$0.57$0.62$0.68$0.72$0.82$0.86
Operating cash flow3673963234835286785155511928303426084788634526556201,0771,044946
Capital expenditure15112339.987.830.930.376.870.126.922223.136.397.666.516887.742.870.678.064.2
Free cash flow2162742843954976474384811656083195723807972845685771,006966882
Buybacks5726918005000.00.00.0604896n/an/a0.6n/a0.04011,83257.28231500.0
Shares outstanding810m802m788m780m782m784m786m776m761m763m764m766m767m769m766m743m743m734m734m735m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2021, filed 25 February 2022: the filing.