Fortinet, Inc.
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FTNT Q3 2025 request
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| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Revenue (Q) | — | — | — |
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| Product | 559.3 | 473.9 | +18.0% |
| Security subscription | 672 | 595.8 | +12.8% |
| Service | 1,165.6 | 1,034.2 | +12.7% |
| Technical support and other | 493.6 | 438.4 | +12.6% |
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| Reportable Segment | 1,724.9 | 1,508.1 | +14.4% |
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| Americas | 680.5 | 624 | +9.1% |
| Asia Pacific | 330.7 | 284.8 | +16.1% |
| EMEA | 713.7 | 599.3 | +19.1% |
| Other Americas | 193.9 | 168.9 | +14.8% |
| US | 486.6 | 455.1 | +6.9% |
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| Revenue | 1,724.9 | 1,508.1 | +14.4% |
| Cost of Revenue (Q) | — | — | — |
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| Product | 180.7 | 136.1 | +32.8% |
| Product · Reportable Segment | 180.7 | 136.1 | +32.8% |
| Service | 151 | 127.3 | +18.6% |
| Service · Reportable Segment | 151 | 127.3 | +18.6% |
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| Cost of Revenue | 331.7 | 263.4 | +25.9% |
| Gross Profit (Q) | — | — | — |
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| Product | 378.6 | 337.8 | +12.1% |
| Service | 1,014.6 | 906.9 | +11.9% |
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| Gross Profit | 1,393.2 | 1,244.7 | +11.9% |
| Research & Development (Q) | — | — | — |
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| Reportable Segment | 202.4 | 187.3 | +8.1% |
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| Research & Development | 202.4 | 187.3 | +8.1% |
| Sales & Marketing (Q) | — | — | — |
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| Sales & Marketing | 583.5 | 515.9 | +13.1% |
| General & Administrative (Q) | — | — | — |
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| Reportable Segment | 61.4 | 71.7 | -14.4% |
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| General & Administrative | 61.4 | 71.7 | -14.4% |
| Gain Loss From Mutual Covenant Not To Sue Agreement Right To Use Existing Intellectual Property (Q) | — | — | — |
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| Reportable Segment | -1.4 | -1.1 | -27.3% |
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| Gain Loss From Mutual Covenant Not To Sue Agreement Right To Use Existing Intellectual Property | -1.4 | -1.1 | -27.3% |
| Operating Expenses (Q) | — | — | — |
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| Operating Expenses | 845.9 | 773.8 | +9.3% |
| Operating Income (Q) | — | — | — |
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| Operating Income | 547.3 | 470.9 | +16.2% |
| Investment Income Net (Q) | — | — | — |
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| Reportable Segment | 40.7 | 42.4 | -4.0% |
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| Investment Income Net | 40.7 | 42.4 | -4.0% |
| Interest Expense (Q) | — | — | — |
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| Interest Expense | -6.2 | -5 | -24.0% |
| Other Non-Operating Income (Expense) (Q) | — | — | — |
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| Reportable Segment | 13 | 118.1 | -89.0% |
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| Other Non-Operating Income (Expense) | 13 | 118.1 | -89.0% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments (Q) | — | — | — |
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| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments | 594.8 | 626.4 | -5.0% |
| Income Tax Expense (Benefit) (Q) | — | — | — |
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| Reportable Segment | 120.7 | 81.2 | +48.6% |
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| Income Tax Expense (Benefit) | 120.7 | 81.2 | +48.6% |
| Income Loss From Equity Method Investments (Q) | — | — | — |
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| Reportable Segment | -0.2 | -5.3 | +96.2% |
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| Income Loss From Equity Method Investments | -0.2 | -5.3 | +96.2% |
| Net Income (Q) | — | — | — |
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| Reportable Segment | 473.9 | 539.9 | -12.2% |
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| Retained Earnings | 473.9 | 539.9 | -12.2% |
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| Net Income | 473.9 | 539.9 | -12.2% |
| EPS (Basic) (Q) | — | — | — |
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| EPS (Basic) | 0.63 | 0.71 | -11.3% |
| EPS (Diluted) (Q) | — | — | — |
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| EPS (Diluted) | 0.62 | 0.7 | -11.4% |
| Wtd Avg Shares (Basic) (Q) | — | — | — |
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| Wtd Avg Shares (Basic) | 755.5 | 765 | -1.2% |
| Wtd Avg Shares (Diluted) (Q) | — | — | — |
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| Wtd Avg Shares (Diluted) | 761.2 | 771.9 | -1.4% |
| Comprehensive Income (Q) | — | — | — |
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| Comprehensive Income | 472.8 | 550.9 | -14.2% |
| Interest Expense (Q) | — | — | — |
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| Reportable Segment | -6.2 | -5 | -24.0% |
Balance Sheet
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents (Q) | — | — | — |
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| Cash & Cash Equivalents | 1,995.7 | 2,489.3 | -19.8% |
| Other Short Term Investments (Q) | — | — | — |
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| Other Short Term Investments | 1,127.7 | 1,162.4 | -3.0% |
| Accounts Receivable (Q) | — | — | — |
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| Accounts Receivable | 1,168.3 | 1,044.1 | +11.9% |
| Inventory (Q) | — | — | — |
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| Inventory | 426.6 | 354.3 | +20.4% |
| Prepaid Expenses & Other Current Assets (Q) | — | — | — |
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| Prepaid Expenses & Other Current Assets | 195.2 | 121.5 | +60.7% |
| Total Current Assets (Q) | — | — | — |
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| Total Current Assets | 4,913.5 | 5,220.6 | -5.9% |
| Non-Current Assets | |||
| Long Term Investments (Q) | — | — | — |
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| Long Term Investments | 289.1 | — | — |
| Property, Plant & Equipment (Q) | — | — | — |
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| Americas | 1,335.8 | — | — |
| Asia Pacific | 69.7 | — | — |
| CA | 334.3 | — | — |
| EMEA | 199.7 | — | — |
| Latin America | 5.3 | — | — |
| US | 996.2 | — | — |
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| Property, Plant & Equipment | 1,605.2 | — | — |
| Deferred Tax Assets (Q) | — | — | — |
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| Deferred Tax Assets | 1,367.8 | — | — |
| Goodwill (Q) | — | — | — |
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| Goodwill | 258.3 | — | — |
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| Series Of Individually Immaterial Business Acquisitions | 21.9 | — | — |
| Other Non-Current Assets (Q) | — | — | — |
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| Other Non-Current Assets | 135 | 133.8 | +0.9% |
| Total Assets (Q) | — | — | — |
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| Total Assets | 9,361.3 | 8,852 | +5.8% |
| Intangible Assets (Q) | — | — | — |
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| Intangible Assets | 110.2 | 111.6 | -1.3% |
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| Backlog | 5.1 | 9.8 | -48.0% |
| Customer Relationships | 28.8 | 28.3 | +1.8% |
| Developed Technology Rights | 68.2 | 65.9 | +3.5% |
| Trade Names | 8.1 | 7.6 | +6.6% |
| Other Assets | |||
| Capitalized Contract Cost Net (Q) | — | — | — |
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| Capitalized Contract Cost Net | 682.2 | 599.4 | +13.8% |
| Intangible Assets Net Excluding Goodwill (Q) | — | — | — |
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| Intangible Assets Net Excluding Goodwill | 110.2 | 111.6 | -1.3% |
| Current Liabilities | |||
| Accounts Payable (Q) | — | — | — |
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| Accounts Payable | 221.3 | 177.9 | +24.4% |
| Accrued Liabilities (Q) | — | — | — |
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| Accrued Liabilities | 330.6 | 376.6 | -12.2% |
| Employee Related Liabilities Current (Q) | — | — | — |
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| Employee Related Liabilities Current | 274.3 | 248.2 | +10.5% |
| Current Portion of Long-Term Debt (Q) | — | — | — |
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| Current Portion of Long-Term Debt | 499.4 | — | — |
| Deferred Revenue (Current) (Q) | — | — | — |
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| Deferred Revenue (Current) | 3,460.5 | 3,081.2 | +12.3% |
| Total Current Liabilities (Q) | — | — | — |
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| Total Current Liabilities | 4,786.1 | 3,883.9 | +23.2% |
| Non-Current Liabilities | |||
| Contract With Customer Liability Noncurrent (Q) | — | — | — |
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| Contract With Customer Liability Noncurrent | 3,189.9 | 2,930.5 | +8.9% |
| Long-Term Debt (Q) | — | — | — |
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| Long-Term Debt | 496.5 | 993.8 | -50.0% |
| Other Non-Current Liabilities (Q) | — | — | — |
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| Other Non-Current Liabilities | 153.7 | 135.7 | +13.3% |
| Total Liabilities (Q) | — | — | — |
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| Total Liabilities | 8,626.2 | 7,943.9 | +8.6% |
| Stockholders' Equity | |||
| Common Stock (Q) | — | — | — |
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| Common Stock | 0.7 | 0.8 | -12.5% |
| Additional Paid In Capital Common Stock (Q) | — | — | — |
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| Additional Paid In Capital Common Stock | 1,714.7 | 1,568.6 | +9.3% |
| Accumulated Other Comprehensive Income (Q) | — | — | — |
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| Accumulated Other Comprehensive Income | -21.8 | -18 | -21.1% |
| Retained Earnings (Q) | — | — | — |
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| Retained Earnings | -958.5 | -643.3 | -49.0% |
| Total Stockholders' Equity (Q) | — | — | — |
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| Total Stockholders' Equity | 735.1 | 908.1 | -19.1% |
| Total Liabilities & Equity (Q) | — | — | — |
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| Total Liabilities & Equity | 9,361.3 | 8,852 | +5.8% |
Cash Flow Statement
| Metric | YTD Q3 2025 | YTD Q3 2024 | YoY |
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| Operating Activities | |||
| Stock-Based Compensation (YTD) | — | — | — |
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| Stock-Based Compensation | 207 | 192.1 | +7.8% |
| Capitalized Contract Cost Amortization (YTD) | — | — | — |
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| Capitalized Contract Cost Amortization | 246 | 218.3 | +12.7% |
| Depreciation & Amortization (YTD) | — | — | — |
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| Depreciation & Amortization | 112.5 | 87.6 | +28.4% |
| Accretion Amortization Of Discounts And Premiums Investments (YTD) | — | — | — |
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| Accretion Amortization Of Discounts And Premiums Investments | -27.3 | -37.3 | +26.8% |
| Other Non-Cash Items (YTD) | — | — | — |
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| Other Non-Cash Items | -53.1 | -85.7 | +38.0% |
| Change in Accounts Receivable (YTD) | — | — | — |
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| Change in Accounts Receivable | 308.7 | 376.5 | -18.0% |
| Change in Inventory (YTD) | — | — | — |
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| Change in Inventory | -109.1 | 104.9 | -204.0% |
| Change in Prepaid & Other Assets (YTD) | — | — | — |
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| Change in Prepaid & Other Assets | -64.3 | -9 | -614.4% |
| Increase Decrease In Deferred Charges (YTD) | — | — | — |
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| Increase Decrease In Deferred Charges | -305.3 | -212.2 | -43.9% |
| Increase Decrease In Deferred Income Taxes (YTD) | — | — | — |
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| Increase Decrease In Deferred Income Taxes | 13.7 | -187.6 | +107.3% |
| Increase Decrease In Other Operating Assets (YTD) | — | — | — |
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| Increase Decrease In Other Operating Assets | -13.6 | -8.8 | -54.5% |
| Change in Accounts Payable (YTD) | — | — | — |
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| Change in Accounts Payable | 11.5 | -32 | +135.9% |
| Increase Decrease In Accrued Liabilities (YTD) | — | — | — |
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| Increase Decrease In Accrued Liabilities | -15.5 | -72.3 | +78.6% |
| Increase Decrease In Employee Related Liabilities (YTD) | — | — | — |
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| Increase Decrease In Employee Related Liabilities | 16.3 | -7.9 | +306.3% |
| Change in Deferred Revenue (YTD) | — | — | — |
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| Change in Deferred Revenue | 288.1 | 234.4 | +22.9% |
| Increase Decrease In Accrued Liabilities And Other Operating Liabilities (YTD) | — | — | — |
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| Increase Decrease In Accrued Liabilities And Other Operating Liabilities | 7.4 | 0.5 | +1380.0% |
| Net Cash from Operations (YTD) | — | — | — |
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| Net Cash from Operations | 1,970.4 | 1,780.5 | +10.7% |
| Investing Activities | |||
| Payments To Acquire Other Investments (YTD) | — | — | — |
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| Payments To Acquire Other Investments | -1,512.6 | -1,485.3 | -1.8% |
| Proceeds From Sale Of Available For Sale Securities Debt (YTD) | — | — | — |
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| Proceeds From Sale Of Available For Sale Securities Debt | 5.7 | — | — |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities (YTD) | — | — | — |
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| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 1,317.6 | 1,382.7 | -4.7% |
| Capital Expenditures (YTD) | — | — | — |
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| Capital Expenditures | -322 | -281.3 | -14.5% |
| Capital Expenditures (Q) | — | — | — |
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| Canada And United Kingdom | -70.8 | — | — |
| Payments To Acquire Businesses Net Of Cash Acquired (YTD) | — | — | — |
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| Payments To Acquire Businesses Net Of Cash Acquired | -41.6 | -247 | +83.2% |
| Other Investing Activities (YTD) | — | — | — |
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| Other Investing Activities | 0.1 | 0.1 | 0.0% |
| Net Cash from Investing (YTD) | — | — | — |
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| Net Cash from Investing | -552.8 | -647.5 | +14.6% |
| Transfersof Evaluation Unitsfrom Inventoryto Propertyand Equipment (YTD) | — | — | — |
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| Transfersof Evaluation Unitsfrom Inventoryto Propertyand Equipment | 22 | 26.1 | -15.7% |
| Financing Activities | |||
| Share Repurchases (YTD) | — | — | — |
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| Share Repurchases | -2,232.6 | -0.6 | -372000.0% |
| Proceeds From Issuance Of Common Stock (YTD) | — | — | — |
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| Proceeds From Issuance Of Common Stock | 37.6 | 39.7 | -5.3% |
| Tax Withholding for Share Compensation (YTD) | — | — | — |
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| Tax Withholding for Share Compensation | -103.7 | -79.6 | -30.3% |
| Proceeds From Payments For Other Financing Activities (YTD) | — | — | — |
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| Proceeds From Payments For Other Financing Activities | -0.1 | -0.8 | +87.5% |
| Net Cash from Financing (YTD) | — | — | — |
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| Net Cash from Financing | -2,298.8 | -41.3 | -5466.1% |
| Supplemental | |||
| Income Taxes Paid (YTD) | — | — | — |
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| Income Taxes Paid | 333.9 | 423 | -21.1% |
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability (YTD) | — | — | — |
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| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 34.5 | 29.4 | +17.3% |
| Unpaid Capital Expenditures (YTD) | — | — | — |
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| Unpaid Capital Expenditures | 27.7 | 29.1 | -4.8% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (YTD) | — | — | — |
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| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1 | -0.3 | +433.3% |
| Net Change in Cash (YTD) | — | — | — |
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| Net Change in Cash | -880.2 | 1,091.4 | -180.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) | — | — | — |
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| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1,995.7 | 2,489.3 | -19.8% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.