Fortinet
ConvictionContext
Hardware appliances (FortiGate) plus attached subscription security services and support; ~67% of FY2025 revenue was recurring services, sold through a two-tier channel (distributors/MSSPs/carriers)
Revenue
$2,047.9Min Q2 FY2026; $7.53B TTM; FY2026 guide $8.02-8.18B (raised at Q2Rev growth
+25.6% YoYin Q2 FY2026; +18.8% TTM; FY2026 guide ~+19% (midpoint $8.10B vs FY2025 $6.80BGross margin
80.2% GAAP / 80.9% non-GAAPin Q2 FY2026 (down from 80.7% / 81.6% a year ago on product-mix shiftOp margin
33.7% GAAP / 38.0% non-GAAPin Q2 FY2026 — both records; FY2026 guide 35-37% non-GAAPCapex intensity
3.8% of revenueQ2 capex $78.0M on $2,047.9M) — roughly halved from 7.4% in H1 FY2025 as the owned-campus build wound downMarket cap
$119.75BAug 3, 2026 close: 733.71M shares x $163.21Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-25. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$3.3B
FY’22
$4.4B+32%
FY’23
$5.3B+20%
FY’24
$6.0B+12%
FY’25
$6.8B+14%
Margins & balance sheet — FY’25
Gross margin80.5%
Operating margin30.7%
Net margin27.3%
Net cash$2.4B
Members only
Full financial intelligence for Fortinet
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.