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Screener / SEC EDGAR /CIK 0001262039 /10-K filed Feb 25, 2026, compared with Feb 21, 2025 /Numbers from the XBRL of the 10-Ks
Technology peers:
COHRFTNTPLTRNTAPADSKROP
Nasdaq Technology · Computer Peripherals

Fortinet FTNT

FTNT quote by TradingView

Fortinet is a leader in cybersecurity, driving the convergence of networking and security. 10-K, Item 1

Headquarters
Sunnyvale, CA
CEO
Ken Xie
Next results
around Feb 4, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $6.8B through the costs to a net profit of $1.9B · income statement of the 10-K

31% operating margin
Revenue to Gross profit: $5.5BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $2.1BGross profit to Operating expenses: $3.4BOperating profit to Net profit: $1.6BOperating profit to Tax: $439.1MOther income to Net profit: $207.8MOperating expenses to R&D: $815.5MOperating expenses to Sales, admin & other: $2.6B Revenue: $6.8B REVENUE $6.8B +14% Y/Y Gross profit: $5.5B · 80% margin GROSS PROFIT $5.5B 80% margin · +14% Y/Y Cost of revenue: $1.3B · 20% of revenue COST OF REVENUE $1.3B 20% of revenue Operating profit: $2.1B · 31% margin OPERATING PROFIT $2.1B 31% margin · +16% Y/Y Other income: $207.8M · 3% of revenue OTHER INCOME $207.8M 3% of revenue Operating expenses: $3.4B · 50% of revenue OPERATING EXPENSES $3.4B 50% of revenue Net profit: $1.9B · 27% margin NET PROFIT $1.9B 27% margin · +6% Y/Y Tax: $439.1M · 6% of revenue TAX $439.1M 6% of revenue R&D: $815.5M · 12% of revenue R&D $815.5M 12% of revenue Sales, admin & other: $2.6B · 38% of revenue SALES, ADMIN & OTHER $2.6B 38% of revenue
Gross profit $5.5B 80% margin · +14% Y/Y
Operating profit $2.1B 31% margin · +16% Y/Y
Net profit $1.9B 27% margin · +6% Y/Y
The full income statement, year by year

FTNT among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 14.2%, above 51% of 74 peers (their median 14.0%) REVENUE GROWTH 14.2% · above 51% Gross margin: 79.7%, above 87% of 67 peers (their median 56.4%) GROSS MARGIN 79.7% · above 87% Operating margin: 33.0%, above 73% of 70 peers (their median 22.2%) OPERATING MARGIN 33.0% · above 73% Net margin: 29.0%, above 73% of 74 peers (their median 18.9%) NET MARGIN 29.0% · above 73% FCF margin: 42.2%, above 90% of 70 peers (their median 22.3%) FCF MARGIN 42.2% · above 90% Return on capital: 61.4%, above 98% of 61 peers (their median 12.6%) RETURN ON CAPITAL 61.4% · above 98%
FTNT Peer median Below the median

What changed

15 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 25, 2026 against Feb 21, 2025.

Risk factors
15 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Inventory growing faster than revenue
Inventory +26.6% vs revenue +14.2% (+12.5 pts)
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Inventory growing faster than revenue
    Inventory +26.6% vs revenue +14.2% (+12.5 pts)
  • Receivables +15.6% vs revenue +14.2% (+1.4 pts)
9 more checks with nothing to note
  • Cash from operations $2.6B vs net income $1.9B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Revenue
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

15 paragraphs in Risk Factors that were not in the 10-K filed Feb 21, 2025. Quoted as filed.

All 15 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    Our billings, revenue and free cash flow growth, including our product and service billings and revenue, may slow, and our operating margins may decline, particularly if our billings and revenue do not improve or grow as anticipated, or if customer demand, renewal rates, pricing, competitive dynamics, implementation timing, cost…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    The rapid evolution of AI, including potential government regulation of AI, may require significant additional resources related to AI in our solutions. Our AI-related initiatives may result in new or enhanced governmental or regulatory
  3. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    In addition to the GDPR, the EU has also enacted legislation that would regulate non-personal data and establish new cybersecurity standards, and other countries, including the U.K., may similarly do so in the future. In particular, the EU Data Act went into effect in 2024 and imposes certain data and cloud service interoperability and…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    We are currently, and may in the future become, involved in litigation that may adversely affect us. We are regularly subject to claims, suits and government investigations and other proceedings including patent, product liability, class action, personal injury, property damage, labor and employment, commercial disputes, securities…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$4.4B$5.3B$6.0B$6.8B
Net income$857.3M$1.1B$1.7B$1.9B
Operating cash flow$1.7B$1.9B$2.3B$2.6B
Free cash flow$1.4B$1.7B$1.9B$2.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$6.8B ▲ 14.2% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Fortinet, Sunnyvale, CA · from the 10-K filed Feb 25, 2026

Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our mission is to secure people, devices and data everywhere. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge (“SASE”) and artificial intelligence (“AI”)-driven security operations (“SecOps”). As of December 31, 2025, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology (“OT”) market verticals, communication and security service providers, and government organizations.

Headquarters
Sunnyvale, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 28, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 21, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/FTNT/export.csv") into a cell.