Fortinet revenue and financials
$180.95Change from previous close: +1.25%Absolute change: +$2.23
In the fiscal year ended December 2025, Fortinet reported revenue of $6.8B (+14.17% year over year). Net income was $1.85B, a net margin of 27.3%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +14.17%
- 2025 vs 2024
- Net income growth
- +6.20%
- 2025 vs 2024
- Net margin
- 27.3%
- 2024: 29.3%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2,591 | 2,258 | 1,936 | 1,731 | 1,500 | 1,084 | 808 | 639 | 594 | 346 |
| Depreciation and amortization | 152 | 123 | 113 | 104 | 84.4 | 68.8 | 61.6 | 55.7 | 55.5 | 48.5 |
| Capital expenditure | -365 | -379 | -204 | -281 | -296 | -126 | -92.2 | -53.0 | -135 | -67.2 |
| Investing cash flow | -599 | -727 | -649 | 764 | -1,325 | -72.8 | -502 | -135 | -76.8 | -74.1 |
| Financing cash flow | -2,372 | -50.1 | -1,570 | -2,130 | 82.8 | -1,172 | -196 | -203 | -416 | -106 |
| Share repurchases | -2,290 | -0.6 | -1,501 | -1,991 | -742 | -1,080 | -145 | -212 | -446 | -111 |
| Debt issued | — | — | 0.0 | 0.0 | 989 | — | — | — | — | — |
| Debt repaid | — | — | 0.0 | 0.0 | -19.5 | -4.1 | -3.7 | -10.1 | — | -1.6 |
| Effect of exchange rates | -0.6 | -2.6 | -0.8 | -0.4 | -0.1 | — | — | — | — | — |
| Net change in cash | -381 | 1,478 | -285 | 364 | 257 | -161 | 110 | 301 | 102 | 166 |
| Free cash flow | 2,226 | 1,879 | 1,731 | 1,449 | 1,204 | — | — | — | — | — |
| Levered free cash flow | 1,747 | 1,835 | 1,439 | 1,061 | 906 | 752 | 523 | 526 | 312 | 210 |