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

The biggest changes in the 10-K filed 2026-02-25, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Cash from operations

+14.7% Big change FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

+14.2% Big change FY to 2025-12-31 vs 2024-12-31

“Service revenue grew 13% in 2025 compared to 2024, primarily driven by the strength of our security subscription revenue, which grew 14% in 2025 compared to 2024.”
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“Sales and marketing expenses increased $302.7 million, or 15%, in 2025 compared to 2024, primarily due to an increase of $226.4 million in personnel-related costs.”
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Net income

+6.2% FY to 2025-12-31 vs 2024-12-31

“Other income (expense)—net decreased $64.6 million in 2025 as compared to 2024, primarily due to a $66.4 million decrease in gains on bargain purchases.”
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Operating margin

30.3% → 30.7% (+0.4 pts) FY to 2025-12-31 vs 2024-12-31

“Operating expenses as a percentage of revenue decreased 0.5 percentage points in 2025 compared to 2024, mainly because our revenue growth outpaced our personnel costs growth.”
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“Operating margin increased 0.4 percentage points in 2025, driven by revenue growth exceeding expense growth, resulting in improved operating leverage.”
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Gross margin

80.6% → 80.5% (-0.1 pts) FY to 2025-12-31 vs 2024-12-31

“Service gross margin decreased 0.7 percentage points in 2025 compared to 2024, primarily due to an increase in cloud service costs, partially offset by service revenue growth outpacing labor, replacement, and repair costs increase.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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