Fortinet (FTNT) FY2023 results: revenue $5.3 billion, up 20.1% on the year
Fortinet, Inc. (FTNT) reported revenue of $5.3 billion for fiscal 2023, the year ended 31 December 2023, up 20.1% on the year before. Net income was $1.1 billion, up 33.9%, and diluted earnings per share $1.46. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.
Revenue
$5.3 billion
+20.1% on the year
FY2016FY2023
Operating margin
23.4%
21.9% a year earlier
FY2016FY2023
Net income
$1.1 billion
+33.9% on the year
FY2016FY2023
Diluted EPS
$1.46
+37.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,936
1,731
1,500
+11.8%
Capital expenditure
204
281
296
-27.4%
Free cash flow
1,731
1,449
1,204
+19.5%
Free cash flow margin
32.6%
32.8%
36.0%
Cash from investing
-649
764
-1,325
Cash from financing
-1,570
-2,130
82.8
Depreciation and amortisation
113
104
84.4
+8.7%
Share-based compensation
249
217
208
+14.6%
Buybacks
1,500
1,991
742
-24.6%
Diluted shares, weighted
788m
805m
836m
-2.1%
Shares outstanding at period end
761m
782m
810m
-2.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
-463
-282
782
Non-controlling interest
n/a
0.0
16.7
Debt
992
990
988
+0.2%
Operating lease liabilities
45.7
62.5
40.5
-26.9%
Other liabilities
6,684
5,457
4,092
+22.5%
Total liabilities and equity
7,259
6,228
5,919
+16.6%
Fixed assets
1,044
898
688
+16.2%
Goodwill
126
128
125
-1.2%
Intangible assets
35.3
56.0
63.6
-37.0%
Investments
0.0
45.5
441
Cash and equivalents
1,398
1,683
1,319
-16.9%
Receivables
1,402
1,262
808
+11.1%
Inventory
485
265
176
+83.2%
Other assets
2,768
1,891
2,299
+46.4%
Total assets
7,259
6,228
5,919
+16.6%
10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.