--- title: "Fortinet: Metrics Guide" description: "Fortinet revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/fortinet/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Fortinet: Financial & Operating Metrics Guide ## Direct Answer Fortinet reported revenue of $6.8 billion for the fiscal year ended December 31, 2025, with an operating margin of 30.7% and net income of $1.9 billion, according to its SEC filings. Revenue grew 14.2% from the prior year. ## What Are Fortinet's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $6.8 billion | $6.0 billion | $5.3 billion | $4.4 billion | | Operating income | $2.1 billion | $1.8 billion | $1.2 billion | $970 million | | Operating margin | 30.7% | 30.3% | 23.4% | 21.9% | | Net income | $1.9 billion | $1.7 billion | $1.1 billion | $857 million | | Net margin | 27.3% | 29.3% | 21.6% | 19.4% | | Operating cash flow | $2.6 billion | $2.3 billion | $1.9 billion | $1.7 billion | | Capital expenditures | $365 million | $379 million | $204 million | $281 million | | Free cash flow | $2.2 billion | $1.9 billion | $1.7 billion | $1.4 billion | Operating margin held roughly steady between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $2.2 billion against net income of $1.9 billion; cash generation covered reported earnings. ![Bar chart of Fortinet revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $6.8 billion, operating income $2.1 billion and net income $1.9 billion.](https://www.getswoopr.com/images/charts/fortinet-metrics-revenue-profit.webp) *Fortinet revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Fortinet operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 30.7% and net margin was 27.3%.](https://www.getswoopr.com/images/charts/fortinet-metrics-margins.webp) *Fortinet operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Fortinet operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $2.6 billion, capital expenditures was $365 million, free cash flow was $2.2 billion.](https://www.getswoopr.com/images/charts/fortinet-metrics-cash-flow.webp) *Fortinet operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Fortinet's Balance Sheet Show? | Cash and cash equivalents | $2.5 billion | | --- | --- | | Long-term debt | $497 million | | Total assets | $10.4 billion | | Total liabilities | $9.2 billion | | Shareholders' equity | $1.2 billion | | Current ratio | 1.2x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Fortinet reported in its own SEC filings, read from the SEC's XBRL data (accession 0001262039-26-000007 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Fortinet's revenue in fiscal 2025? Fortinet reported revenue of $6.8 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Fortinet's operating margin? Fortinet's operating margin was 30.7% in fiscal 2025: operating income of $2.1 billion on revenue of $6.8 billion. ### How much free cash flow did Fortinet generate? Operating cash flow of $2.6 billion less capital expenditures of $365 million gives free cash flow of $2.2 billion for fiscal 2025. ## References - [SEC EDGAR: Fortinet, Inc. Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm) - [SEC EDGAR: Fortinet, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1262039&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Fortinet company dossier](https://www.getswoopr.com/stocks/companies/fortinet/) - [Fortinet financial metrics](https://www.getswoopr.com/stocks/companies/fortinet/metrics/) - [Fortinet financial risk indicators](https://www.getswoopr.com/stocks/companies/fortinet/risks/) - [Fortinet peer comparison](https://www.getswoopr.com/stocks/companies/fortinet/competitors/) - [Fortinet business model and revenue mix](https://www.getswoopr.com/stocks/companies/fortinet/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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