Fortinet, Inc.
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FTNT Q2 2025 request
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| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 1,630 | 1,434.3 | +13.6% |
Show Product Lines breakouts |
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| Product | 508.9 | 451.9 | +12.6% |
| Security subscription | 644.4 | 558.7 | +15.3% |
| Service | 1,121.1 | 982.4 | +14.1% |
| Technical support and other | 476.7 | 423.7 | +12.5% |
Show Business Segments breakouts |
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| Reportable Segment | 1,630 | 1,434.3 | +13.6% |
Show Geography breakouts |
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| Americas | 658.8 | 595.3 | +10.7% |
| Asia Pacific | 304.1 | 273.8 | +11.1% |
| EMEA | 667.1 | 565.2 | +18.0% |
| Other Americas | 185.8 | 159.6 | +16.4% |
| US | 473 | 435.7 | +8.6% |
| Cost of Revenue | 314.9 | 275 | +14.5% |
Show Product Lines breakouts |
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| Product | 165.9 | 155.1 | +7.0% |
| Product · Reportable Segment | 165.9 | 155.1 | +7.0% |
| Service | 149 | 119.9 | +24.3% |
| Service · Reportable Segment | 149 | 119.9 | +24.3% |
| Gross Profit | 1,315.1 | 1,159.3 | +13.4% |
Show Product Lines breakouts |
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| Product | 343 | 296.8 | +15.6% |
| Service | 972.1 | 862.5 | +12.7% |
| Research & Development | 209.5 | 165.4 | +26.7% |
Show Business Segments breakouts |
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| Reportable Segment | 209.5 | 165.4 | +26.7% |
| Sales & Marketing | 592 | 501.3 | +18.1% |
| General & Administrative | 56.9 | 56.6 | +0.5% |
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| Reportable Segment | 56.9 | 56.6 | +0.5% |
| Gain Loss From Mutual Covenant Not To Sue Agreement Right To Use Existing Intellectual Property | -1.3 | -1.2 | -8.3% |
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| Reportable Segment | -1.3 | -1.2 | -8.3% |
| Operating Expenses | 857.1 | 722.1 | +18.7% |
| Operating Income | 458 | 437.2 | +4.8% |
| Investment Income Net | 45 | 38.3 | +17.5% |
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| Reportable Segment | 45 | 38.3 | +17.5% |
| Interest Expense | -4.6 | -5 | +8.0% |
| Other Non-Operating Income (Expense) | 18.9 | -2.2 | +959.1% |
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| Reportable Segment | 18.9 | -2.2 | +959.1% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments | 517.3 | 468.3 | +10.5% |
| Income Tax Expense (Benefit) | 77.1 | 76.5 | +0.8% |
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| Reportable Segment | 77.1 | 76.5 | +0.8% |
| Income Loss From Equity Method Investments | -0.1 | -12 | +99.2% |
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| Reportable Segment | -0.1 | -12 | +99.2% |
| Net Income | 440.1 | 379.8 | +15.9% |
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| Reportable Segment | 440.1 | 379.8 | +15.9% |
Show Equity Components breakouts |
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| Retained Earnings | 440.1 | 379.8 | +15.9% |
| EPS (Basic) | 0.57 | 0.5 | +14.0% |
| EPS (Diluted) | 0.57 | 0.49 | +16.3% |
| Wtd Avg Shares (Basic) | 765.5 | 763.8 | +0.2% |
| Wtd Avg Shares (Diluted) | 772.7 | 769.9 | +0.4% |
| Comprehensive Income | 442.3 | 375.6 | +17.8% |
| Interest Expense (Q) | — | — | — |
Show Business Segments breakouts |
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| Reportable Segment | -4.6 | -5 | +8.0% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 3,368.5 | 2,203.2 | +52.9% |
| Other Short Term Investments | 1,194.4 | 1,114.9 | +7.1% |
| Accounts Receivable | 1,215.7 | 1,083.4 | +12.2% |
| Inventory | 405.2 | 383.2 | +5.7% |
| Prepaid Expenses & Other Current Assets | 162.5 | 113.4 | +43.3% |
| Total Current Assets | 6,346.3 | 4,919.3 | +29.0% |
| Non-Current Assets | |||
| Long Term Investments | 112 | — | — |
| Property, Plant & Equipment | 1,544.8 | — | — |
Show Geography breakouts |
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| Americas | 1,329.9 | — | — |
| Asia Pacific | 69.7 | — | — |
| CA | 316.2 | — | — |
| EMEA | 145.2 | — | — |
| Latin America | 4.1 | — | — |
| US | 1,009.6 | — | — |
| Deferred Tax Assets | 1,457.2 | 998.5 | +45.9% |
| Goodwill | 258.9 | — | — |
Show Business Acquisition breakouts |
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| Series Of Individually Immaterial Business Acquisitions | 21.9 | — | — |
| Other Non-Current Assets | 133.5 | 137.4 | -2.8% |
| Total Assets | 10,641.4 | 8,052.9 | +32.1% |
| Intangible Assets | 123.3 | 30.2 | +308.3% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Backlog | 6.3 | — | — |
| Customer Relationships | 34.1 | 11.6 | +194.0% |
| Developed Technology Rights | 74 | 15.5 | +377.4% |
| Trade Names | 8.9 | 3.1 | +187.1% |
| Other Assets | |||
| Capitalized Contract Cost Net | 665.4 | 596.9 | +11.5% |
| Intangible Assets Net Excluding Goodwill | 123.3 | 30.2 | +308.3% |
| Current Liabilities | |||
| Accounts Payable | 245.2 | 132.1 | +85.6% |
| Accrued Liabilities | 339.1 | 400.6 | -15.4% |
| Employee Related Liabilities Current | 281.3 | 217.3 | +29.5% |
| Current Portion of Long-Term Debt | 499 | — | — |
| Deferred Revenue (Current) | 3,412.5 | 2,975.3 | +14.7% |
| Total Current Liabilities | 4,777.1 | 3,725.3 | +28.2% |
| Non-Current Liabilities | |||
| Contract With Customer Liability Noncurrent | 3,155.1 | 2,920.9 | +8.0% |
| Long-Term Debt | 496.3 | 993.3 | -50.0% |
| Other Non-Current Liabilities | 152.5 | 125.2 | +21.8% |
| Total Liabilities | 8,581 | 7,764.7 | +10.5% |
| Stockholders' Equity | |||
| Common Stock | 0.8 | 0.8 | 0.0% |
| Additional Paid In Capital Common Stock | 1,715.9 | 1,499 | +14.5% |
| Accumulated Other Comprehensive Income | -20.7 | -29 | +28.6% |
| Retained Earnings | 364.4 | -1,182.6 | +130.8% |
| Total Stockholders' Equity | 2,060.4 | 288.2 | +614.9% |
| Total Liabilities & Equity | 10,641.4 | 8,052.9 | +32.1% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 135.2 | 126.2 | +7.1% |
| Capitalized Contract Cost Amortization | 160 | 144.7 | +10.6% |
| Depreciation & Amortization | 74.1 | 57.8 | +28.2% |
| Accretion Amortization Of Discounts And Premiums Investments | -19.4 | -24.9 | +22.1% |
| Other Non-Cash Items | -44.8 | 25.6 | -275.0% |
| Change in Accounts Receivable | 262.7 | 318.9 | -17.6% |
| Change in Inventory | -79.6 | 85.2 | -193.4% |
| Change in Prepaid & Other Assets | -32.1 | -12.3 | -161.0% |
| Increase Decrease In Deferred Charges | -202.5 | -136 | -48.9% |
| Increase Decrease In Deferred Income Taxes | -75.3 | -130.3 | +42.2% |
| Increase Decrease In Other Operating Assets | -11.7 | -7.6 | -53.9% |
| Change in Accounts Payable | 46.8 | -67.2 | +169.6% |
| Increase Decrease In Accrued Liabilities | -9.7 | -24.9 | +61.0% |
| Increase Decrease In Employee Related Liabilities | 22.9 | -24.3 | +194.2% |
| Change in Deferred Revenue | 204.8 | 161.7 | +26.7% |
| Increase Decrease In Accrued Liabilities And Other Operating Liabilities | 10.3 | 0.7 | +1371.4% |
| Net Cash from Operations | 1,315.2 | 1,172.4 | +12.2% |
| Investing Activities | |||
| Payments To Acquire Other Investments | -976.5 | -974.3 | -0.2% |
| Proceeds From Sale Of Available For Sale Securities Debt | 5.7 | — | — |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 869.6 | 904.6 | -3.9% |
| Capital Expenditures | -234.3 | -245 | +4.4% |
| Capital Expenditures (Q) | — | — | — |
Show Geography breakouts |
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| Canada, United States And Netherlands | -130.5 | — | — |
| Payments To Acquire Businesses Net Of Cash Acquired | -41.6 | -5.7 | -629.8% |
| Other Investing Activities | 0.1 | — | — |
| Net Cash from Investing | -377 | -320.4 | -17.7% |
| Transfersof Evaluation Unitsfrom Inventoryto Propertyand Equipment | 14.7 | 12 | +22.5% |
| Financing Activities | |||
| Share Repurchases | -401.1 | — | — |
| Proceeds From Issuance Of Common Stock | 31.3 | 19.6 | +59.7% |
| Tax Withholding for Share Compensation | -77 | -63.1 | -22.0% |
| Proceeds From Payments For Other Financing Activities | -0.1 | -0.8 | +87.5% |
| Net Cash from Financing | -446.9 | -44.3 | -908.8% |
| Supplemental | |||
| Income Taxes Paid | 264 | 283.2 | -6.8% |
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 24.3 | 21.6 | +12.5% |
| Unpaid Capital Expenditures | 19.4 | 23 | -15.7% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1.3 | -2.4 | +154.2% |
| Net Change in Cash | 492.6 | 805.3 | -38.8% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 3,368.5 | 2,203.2 | +52.9% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.