Fortinet (FTNT) financials
NASDAQ · Technology · Software - Infrastructure · 15,109 employees · CEO Ken Xie
- Price
- $136.08 -2.17%
- Market cap
- $99.8B
- Enterprise value
- $96.6B
- Last report
- Q3 '26 filed 2026-10-30
- Next report
- 2027-02-04 EPS est. $0.92
Revenue (TTM)$7.88B+20.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)33.0%+2.0 pp vs a year agoOperating income $2.6B
Net income (TTM)$2.28B+21.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.43B+69.2% vs a year agoCapex $256M
Diluted EPS (TTM)$3.08+26.7% vs a year agoSum of the last 4 quarters
Net cash$4.3B+102.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $99.8B EV $96.6B
- Revenue
- $7.88B Trailing 12 months
- Revenue growth
- +20% FY2026 consensus
- Profit margin
- 29.0% Net income / revenue, TTM
- P/E
- 43.9× Forward 38.3× (FY2026)
- P/S
- 12.7× Price / sales, TTM
- EV / EBITDA
- 32.7× TTM
- Free cash flow
- $3.43B Trailing 12 months
- Net income
- $2.28B Trailing 12 months
- Revenue estimate
- $8.17B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $2.2B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue beat by 0.7%, EPS beat by 5.8%Revenue $2.08B vs $2.06B expected (+0.7%); EPS $0.91 vs $0.86 (+5.8%).
- Revenue growth accelerating: 20.5% year on yearQ3 '26 revenue $2.08B, against an average of 18.7% over the four quarters before.
- Operating margin 33.0% (TTM), +2.0 pp on a year agoOperating income grew 28.0% while revenue grew 20.2%.
- Capex 3.2% of revenue (a year ago 6.4%)$256M invested in the last 4 quarters (-39.1% on a year earlier). Free cash flow $3.43B = 150.3% of net income.
- Returned $1.03B to shareholders = 30.0% of free cash flowBuybacks $1.03B (a year earlier $2.23B), dividends $0, stock-based pay $305M (TTM).
- Diluted share count down 3.6% in a year743M diluted shares in Q3 '26, 770M a year earlier.
- Net cash $4.3BCash + short-term investments $4.8B, debt incl. leases $497M; a year ago net cash $2.13B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.08B | $1.72B | +20.5% |
| Gross margin | 79.0% | 81.5% | -2.6 pp |
| Operating income | $704M | $546M | +29.0% |
| Operating margin | 33.9% | 31.6% | +2.2 pp |
| Net income | $636M | $474M | +34.1% |
| Diluted EPS | $0.86 | $0.62 | +38.7% |
| Operating cash flow | $946M | $655M | +44.4% |
| Capex | $64.2M | $87.7M | -26.8% |
| Free cash flow | $882M | $568M | +55.4% |
| R&D | $213M | $202M | +5.4% |
| Stock-based compensation | $80.1M | $71.8M | +11.6% |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.08B | $2.06B | +0.7% |
| EPS (as estimated) | $0.91 | $0.86 | +5.8% |
From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | $765M | +36.8% | 36.8% | $2.87B | +36.8% | |
| Security Subscription | $754M | +12.1% | 36.3% | $2.87B | +11.9% | |
| Technical Support and Other | $560M | +13.4% | 26.9% | $2.14B | +13.1% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Europe, Middle East and Africa | $881M | +23.4% | 42.4% | $3.36B | +24.5% | |
| Americas | $820M | +20.5% | 39.5% | $3.1B | +17.6% | |
| Asia Pacific and Japan | $377M | +14.1% | 18.2% | $1.42B | +16.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.69B
- Capex
- -$256M
- Buybacks
- -$1.03B
- Dividends
- $0
- Acquisitions
- -$9.8M
- Net debt issued
- -$500M
- Stock-based compensation
- $305M
- Free cash flow
- $3.43B
- Returned to shareholders / FCF
- 30.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 43.9× | 51.2× | 32.5× – 97.1× |
| EV / EBITDA | 32.7× | 40.3× | 23.3× – 80.1× |
| EV / Sales | 12.3× | 11.0× | 8.5× – 17.5× |
| Price / FCF | 29.1× | 33.3× | 26.3× – 48.7× |
| Price / Book | 44.5× | 57.0× 3 of 5 years | 47.7× – 75.0× |
| FCF yield | 3.4% | 3.2% | 2.1% – 3.8% |
| Return on invested capital | 31.1% | 26.9% | 17.7% – 31.2% |
| Return on equity | 151.5% | -41.6% | -304.4% – 149.8% |
Analysts
Consensus target $151.96 (+11.7%)
range $100.00 – $210.00 · rating Hold
Strong buy0
Buy28
Hold35
Sell6
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $8.17B | +20.2% | $3.56 | +46.4% | 38.3× | 24 |
| FY2027 | $9.1B | +11.3% | $3.88 | +9.0% | 35.1× | 26 |
| FY2028 | $10.1B | +11.0% | $4.37 | +12.6% | 31.2× | 10 |
| FY2029 | $11.4B | +13.2% | $3.59 | -17.8% | 37.9× | 4 |
| FY2030 | $12.2B | +6.7% | $3.81 | +6.2% | 35.7× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 260 figures Fortinet, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $0 | $0 | – | – | – | – | |
| $6.7M2026-06-30 | $800K | +737.5% | – | – | – | |
| Accounts Payable, Current | $430M | $221M | +94.4% | $231M | $191M | +20.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.46B | $1.17B | +25.1% | $1.69B | $1.46B | +15.6% |
| Accounts Receivable, Allowance for Credit Loss | $7.4M2025-12-31 | $5.9M | +25.4% | $7.4M | $5.9M | +25.4% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $4M | $7.9M | -49.4% | $33.7M | $48.8M | -30.9% |
| Accrued Liabilities, Current | $380M | $331M | +15.0% | $355M | $338M | +4.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $554M | $462M | +19.7% | $482M | $416M | +15.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$32.4M | -$21.8M | -48.6% | -$25.4M | -$26.1M | +2.7% |
| Additional Paid in Capital, Common Stock | $1.96B | $1.71B | +14.3% | $1.77B | $1.64B | +8.2% |
| Amortization of Intangible Assets | $8.9M | $13.1M | -32.1% | $50.7M | $23.1M | +119.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100K | 3.1M | -96.8% | 2.6M | 2.8M | -7.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $80.1M | $71.8M | +11.6% | $280M | $258M | +8.4% |
| Assets | $11.9B | $9.36B | +27.6% | $10.4B | $9.76B | +6.4% |
| Assets, Current | $7.11B | $4.91B | +44.7% | $5.9B | $5.97B | -1.2% |
| Business Combination, Consideration Transferred, Liabilities Incurred | – | – | – | $4.6M | $6.2M | -25.8% |
| Capital Expenditures Incurred but Not yet Paid | -$7.7M | $8.3M | -192.8% | $25.6M | $23M | +11.3% |
| Capitalized Contract Cost, Amortization | $99.3M | $86M | +15.5% | $336M | $294M | +14.5% |
| Capitalized Contract Cost, Impairment Loss | – | – | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $815M | $682M | +19.5% | $736M | $623M | +18.1% |
| Cash and Cash Equivalents, at Carrying Value | $3.75B | $2B | +87.9% | $2.5B | $2.88B | -13.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.75B | $2B | +87.9% | $2.5B | $2.88B | -13.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $816M | -$1.37B | +159.4% | -$381M | $1.48B | -125.8% |
| Common Stock, Capital Shares Reserved for Future Issuance | 63.5M2025-12-31 | 68.2M | -6.9% | 63.5M | 68.2M | -6.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1.5B | 1.5B | 0.0% | 1.5B | 1.5B | 0.0% |
| Common Stock, Shares, Issued | 735M | 743M | -1.1% | 743M | 767M | -3.1% |
| Common Stock, Shares, Outstanding | 735M | 743M | -1.1% | 743M | 767M | -3.1% |
| Common Stock, Value, Issued | $700K | $700K | 0.0% | $700K | $800K | -12.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $632M | $473M | +33.7% | $1.85B | $1.74B | +6.7% |
| Contract with Customer, Liability, Current | $3.96B | $3.46B | +14.5% | $1.16B2019-12-31 | – | – |
| Contract with Customer, Liability, Noncurrent | $3.97B | $3.19B | +24.6% | $953M2019-12-31 | – | – |
| Contract with Customer, Liability, Revenue Recognized | – | – | – | $3.26B | $2.84B | +14.8% |
| Contract with Customer, Refund Liability, Current | $52M2025-12-31 | $71.8M | -27.6% | $52M | $71.8M | -27.6% |
| Cost of Goods and Services Sold | $438M | $332M | +31.9% | $1.33B | $1.16B | +14.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $295M | $444M | -33.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $54.3M | $36.8M | +47.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $371M | $507M | -26.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $21.9M | $25.8M | -15.1% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $2.9M | $4.1M | -29.3% | $3.7M | $5.7M | -35.1% |
| Debt Securities, Available-for-sale | $1.54B | $1.32B | +16.5% | $1.33B | $1.13B | +18.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $1.1M | -100.0% | $1.5M | $700K | +114.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $7.5M | $200K | +3,650.0% | $100K | $300K | -66.7% |
| Debt Securities, Available-for-sale, Amortized Cost | $1.54B | $1.32B | +17.2% | $1.33B | $1.13B | +17.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $1.4M | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $1.54B | $1.32B | +16.4% | $1.33B | $252M | +428.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $7.5M | $200K | +3,650.0% | $100K | $300K | -66.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.02B | $1.03B | -1.2% | $989M | $1.13B | -12.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $1.54B | $1.32B | +16.5% | $1.33B | $252M | +428.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $7.5M | $200K | +3,650.0% | $100K | $300K | -66.7% |
| Debt Securities, Held-to-Maturity, Transfer to Available-for-Sale, Allowance for Credit Loss, Expense | – | – | – | $0 | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $56.8M | -$211M | +127.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$400K | $200K | -300.0% |
| Deferred Income Tax Assets, Net | $1.31B | $1.37B | -4.5% | $1.31B | $1.34B | -1.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $68.3M | -$223M | +130.6% |
| Deferred Revenue, Current | $3.64B2025-12-31 | $3.28B | +11.0% | $3.64B | $3.28B | +11.0% |
| Deferred Revenue, Noncurrent | $3.48B2025-12-31 | $3.08B | +12.8% | $3.48B | $3.08B | +12.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $11.9M | -$12.4M | +196.0% |
| Deferred Tax Assets, Deferred Income | $694M2025-12-31 | $651M | +6.6% | $694M | $651M | +6.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01