FTNTFortinet

Technology · Computer Peripherals · Nasdaq

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

RevenueFY2016–25 $6.8B+14.2% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $1.9B+6.2% Highest in 10 years 10-K FY2025 · XBRL Free cash flowFY2016–25 $2.2B+18.4% Highest in 10 years 10-K FY2025 · XBRL Operating marginFY2016–25 30.7%+0.4 pts 3.4% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 25, 2026 against Feb 21, 2025

Area	What changed	Source
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.

What's new, in their words

10-K filed Feb 25, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-21. Quoted as filed.

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…
10-K, Item 1A

All 15 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Inventory growing faster than revenueInventory +26.6% vs revenue +14.2% (+12.5 pts)
✓
Receivables +15.6% vs revenue +14.2% (+1.4 pts)
✓
Cash from operations $2.6B vs net income $1.9B (FY ending 2025-12-31)
✓
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

How each check works, with sources →

In the last 30 days

All filings →

Oct 30, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Oct 28, 20268-K Quarterly results 8-K item 2.02

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