Fortinet (FTNT) FY2024 results: revenue $6.0 billion, up 12.3% on the year
Fortinet, Inc. (FTNT) reported revenue of $6.0 billion for fiscal 2024, the year ended 31 December 2024, up 12.3% on the year before. Net income was $1.7 billion, up 52.0%, and diluted earnings per share $2.26. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.
Revenue
$6.0 billion
+12.3% on the year
FY2017FY2024
Operating margin
30.3%
23.4% a year earlier
FY2017FY2024
Net income
$1.7 billion
+52.0% on the year
FY2017FY2024
Diluted EPS
$2.26
+54.8% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
2,258
1,936
1,731
+16.7%
Capital expenditure
379
204
281
+85.6%
Free cash flow
1,879
1,731
1,449
+8.5%
Free cash flow margin
31.6%
32.6%
32.8%
Cash from investing
-727
-649
764
Cash from financing
-50.1
-1,570
-2,130
Depreciation and amortisation
123
113
104
+8.3%
Share-based compensation
258
249
217
+3.6%
Buybacks
0.6
1,500
1,991
-100.0%
Diluted shares, weighted
772m
788m
805m
-2.1%
Shares outstanding at period end
767m
761m
782m
+0.8%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
1,494
-463
-282
Non-controlling interest
n/a
n/a
0.0
Debt
994
992
990
+0.2%
Operating lease liabilities
46.4
45.7
62.5
+1.5%
Other liabilities
7,229
6,684
5,457
+8.1%
Total liabilities and equity
9,763
7,259
6,228
+34.5%
Fixed assets
1,350
1,044
898
+29.2%
Goodwill
235
126
128
+86.1%
Intangible assets
115
35.3
56.0
+225.8%
Investments
0.0
0.0
45.5
Cash and equivalents
2,876
1,398
1,683
+105.7%
Receivables
1,463
1,402
1,262
+4.4%
Inventory
316
485
265
-34.9%
Other assets
3,408
2,768
1,891
+23.1%
Total assets
9,763
7,259
6,228
+34.5%
10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.