FTNT on Nasdaq

Fortinet

Logo: ™/®Fortinet, Public domain, via Wikimedia Commons4

American network security corporation

Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

2000Founded1

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  • TickerFTNT on Nasdaq1
  • Industrycomputer security1
  • HeadquartersSunnyvale1
  • Websitewww.fortinet.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address909 Kifer Road, Sunnyvale, Ca 940865
  • Filer categoryLarge accelerated filer5

Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California. It develops and sells security products including firewalls, endpoint security and intrusion detection systems. Fortinet has offices in the US, Canada, and UK.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

80.5%Gross margin7
30.7%Operating margin7
27.3%Net margin7
14.2%Revenue growth, 20257
149.8%Return on equity7
0.40×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Security Subscription brought in 39% of the revenue Fortinet broke down this way in fiscal 2025.

  1. Security Subscription$2.6B739%up 14% from 2024
  2. Product$2.2B733%up 16% from 2024
  3. Technical Support and Other$1.9B729%up 13% from 2024
Products and services by year
Products and services202320242025
Security Subscription$1.9B$2.3B$2.6B
Product$1.9B$1.9B$2.2B
Technical Support and Other$1.5B$1.7B$1.9B

Regions

Europe Middle East And Africa brought in 42% of the revenue Fortinet broke down this way in fiscal 2025.

  1. Europe Middle East And Africa$2.8B742%up 18% from 2024
  2. United States$1.9B728%up 8% from 2024
  3. Asia Pacific And Japan$1.3B719%up 13% from 2024
  4. Other Americas$770.9M711%up 16% from 2024
Regions by year
Regions202320242025
Europe Middle East And Africa$2.1B$2.4B$2.8B
United States$1.6B$1.8B$1.9B
Asia Pacific And Japan$1.1B$1.1B$1.3B
Other Americas$569.3M$663.3M$770.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue20¢$1.3B
  • Research and development12¢$815.5M
  • Other costs34¢$2.3B
  • Interest0¢$20.1M
  • Income tax6¢$439.1M
  • Profit27¢$1.9B

Out of $6.8B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks88¢$2.3B
  • Kept or used elsewhere12¢$300.8M

Out of $2.6B of cash from operations.7

Financial statements

Revenue8910117$6.8B in 2025+214% since 2019
0$2.0B$4.0B$6.0B$8.0B2019: $2.2B$2.2B20192020: $2.6B$2.6B2020+20%2021: $3.3B$3.3B2021+29%2022: $4.4B$4.4B2022+32%2023: $5.3B$5.3B2023+20%2024: $6.0B$6.0B2024+12%2025: $6.8B$6.8B2025+14%
Gross profit8910117$5.5B in 2025+230% since 2019
0$2.0B$4.0B$6.0B2019: $1.7B$1.7B20192020: $2.0B$2.0B2020+22%2021: $2.6B$2.6B2021+26%2022: $3.3B$3.3B2022+30%2023: $4.1B$4.1B2023+22%2024: $4.8B$4.8B2024+18%2025: $5.5B$5.5B2025+14%
Operating income8910117$2.1B in 2025+494% since 2019
0$1.0B$2.0B$3.0B2019: $351.0M$351.0M20192020: $531.8M$531.8M2020+52%2021: $650.4M$650.4M2021+22%2022: $969.6M$969.6M2022+49%2023: $1.2B$1.2B2023+28%2024: $1.8B$1.8B2024+45%2025: $2.1B$2.1B2025+16%
Net income8910117$1.9B in 2025+459% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $331.7M$331.7M20192020: $488.5M$488.5M2020+47%2021: $606.8M$606.8M2021+24%2022: $857.3M$857.3M2022+41%2023: $1.1B$1.1B2023+34%2024: $1.7B$1.7B2024+52%2025: $1.9B$1.9B2025+6%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-312023-12-31
Total revenue$6.8B$6.0B$5.3B
Total cost of revenue$1.3B$1.2B$1.2B
Total gross profit$5.5B$4.8B$4.1B
Research and development$815.5M$716.8M$613.8M
Sales and marketing$2.3B$2.0B$2.0B
General and administrative$233.4M$237.8M$211.3M
Gain on intellectual property matters-$10.4M-$4.6M-$4.6M
Total operating expenses$3.4B$3.0B$2.8B
OPERATING INCOME$2.1B$1.8B$1.2B
INTEREST INCOME$162.3M$155.2M$119.7M
INTEREST EXPENSE-$20.1M-$20.0M-$21.0M
OTHER INCOME (EXPENSE)NET$55.3M$119.9M-$6.1M
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS$2.3B$2.1B$1.3B
PROVISION FOR INCOME TAXES$439.1M$283.9M$143.8M
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS$10.3M-$29.4M-$42.1M
NET INCOME$1.9B$1.7B$1.1B
Basic (in dollars per share)$2.45$2.28$1.47
Diluted (in dollars per share)$2.42$2.26$1.46
Basic (in shares)758.0M shares764.4M shares778.6M shares
Diluted (in shares)764.6M shares771.9M shares788.2M shares

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The story

Founded by Ken Xie in 2000.1

Early history

In 2000, Ken Xie and his brother Michael Xie co-founded Appligation, Inc., which they renamed ApSecure and ultimately Fortinet (from the phrase "Fortified Networks"). Fortinet introduced its first product, FortiGate, in 2002, followed by anti-spam and anti-virus software.

The company raised $13 million in private funding from 2000 to early 2003. Fortinet's first channel program was established in October 2003. The company began distributing its products in Canada in December 2003 and in the UK in February 2004. By 2004, Fortinet had offices in Asia, Europe, and North America.

Growth and expansion

Fortinet became profitable in the third quarter of 2008. According to market research firm IDC, by November 2009, Fortinet held over 15 percent of the unified threat management market. Also in 2009, CRN Magazine's survey-based annual report card placed Fortinet first in network security hardware, up from seventh in 2007.

In November 2009, Fortinet had an initial public offering, opening on the NASDAQ Global Market under the ticker symbol FTNT. By the end of the first day of trading, the company had raised $156 million. The company later became listed on the NASDAQ Global Select Market, and became a component of the NASDAQ-100 index.

By 2010, Fortinet had $324 million in annual revenues and held the largest share of the unified threat management market according to IDC.

Recent history

In July 2014, Fortinet announced a technical certification program called the Network Security Expert (NSE) program. In March 2016, Fortinet launched a Network Security Academy to help fill open cybersecurity jobs in the U.S. Fortinet donated equipment and provided information to universities to help train students for jobs in the field. Also in 2016, Fortinet launched a program called FortiVet to recruit military veterans for cybersecurity jobs.

In January 2017, it was announced that Philip Quade, a former member of the NSA, would become the company's chief information security officer.

In 2019, Fortinet's FortiGate SD-WAN and Next Generation Firewall received a "Recommended" rating from NSS Labs.

Read the full text

In September 2021, Fortinet pledged to train one million people in support of President Joe Biden's call to action to address the talent shortage in American cybersecurity.

In March 2022, Fortinet announced the termination of operations in Russia. The company has stopped all sales, support, and professional services within Russia.

The same year, NetworkWorld reported that Fortinet had introduced AI and ML-based security services utilizing telemetry from its network.

In June 2025, Fortinet was added to Investor's Business Daily's Big Cap 20 list of top-rated large-cap growth stocks.

From Wikipedia’s article on Fortinet, shared under CC BY-SA 4.0.6

Leadership

Who has led Fortinet, and when. Pick a name to see everywhere that person has worked.

Products and brands

  • networking hardware
  • software

Listed on Wikidata.1

Products

Fortinet released its first product, FortiGate, a firewall, in 2002, followed by anti-spam and anti-virus software.

As functions like anti-spam were added, they were made available in a single product along with the firewall and other functions. FortiGate was updated later to use application-specific integrated circuit (ASIC) architecture. The company has used ASIC in several of its products, including to support its SD-WAN features.

Initially, FortiGate was a physical, rack-mounted product but later became available as a virtual appliance that could run on virtualization platforms such as VMware vSphere.

In April 2016, Fortinet began building its Security Fabric architecture so multiple network security products could communicate as one platform. Later that year, the company added Security Information and Event Management (SIEM) products. In September 2016, the company announced it would integrate the SIEM products with the security systems of other vendors.

Read the full text

In 2017, Fortinet announced the addition of switches, access points, analyzers, sandboxes and cloud capabilities to the Security Fabric, in addition to endpoints and firewalls. Later in 2017, Fortinet created a standalone subsidiary, Fortinet Federal, to develop cybersecurity products for government agencies. Fortinet has received security effectiveness certifications through NSS Labs.

In 2019, Fortinet grew to 21,000 WAN edge customers, according to a Gartner report.

In February 2020, Fortinet released FortiAI, a threat-detection program that uses artificial intelligence. In July 2020, Fortinet launched multi-cloud SD-WAN. That year, BT Security selected Fortinet and other Threat Alliance members as Critical Partners.

Vulnerabilities and credential leaks

In September 2021, almost 500,000 login names and passwords for Fortinet VPN devices were published on a hacking forum. The credentials were allegedly scraped from devices vulnerable to a 2018 exploit (CVE-2018-13379).

In January 2025, the credentials and configuration files of over 15,000 FortiGate devices were leaked on a hacking forum. The data is believed to have been obtained from devices vulnerable to a 2022 exploit (CVE-2022–40684).

In November 2025, a critical vulnerability (CVE-2025-64446, 9.1 CVSS) became public affecting FortiWeb Web Application Firewall. The vulnerability allowed attackers to gain full control over the device by exploiting a path traversal vulnerability combined with an authentication bypass.

In June 2026, security researcher Volodymyr "Bob" Diachenko of SecurityDiscovery.com reported that he had gained access to a threat actor's infrastructure containing credentials for about 74,000 internet-facing FortiGate firewalls and VPN gateways across 194 countries, associated with 21,632 domains; the dataset was dubbed "FortiBleed". According to researchers, a Russian-speaking, financially motivated group sprayed FortiGate login endpoints with password combinations, intercepted SSL VPN authentication hashes and cracked them on a 45-GPU cluster, then used the recovered passwords to move into victims' internal networks, including Active Directory environments. Hudson Rock said the affected organizations included large corporations, government agencies and a Turkish NATO defense contractor from which classified documents had been exfiltrated. The cybersecurity firm SOCRadar later raised its estimate to 86,644 affected devices and linked the operation's infrastructure to the Lynx and INC ransomware groups. The US Cybersecurity and Infrastructure Security Agency, the UK National Cyber Security Centre and the Australian Cyber Security Centre issued advisories urging affected organizations to reset credentials and enable multi-factor authentication. Fortinet stated that the activity did not involve a new vulnerability, attributing it to the reuse of credentials from earlier incidents and to brute-force attacks against devices with weak passwords and no multi-factor authentication.

Cybersecurity research

In 2005, Fortinet created the FortiGuard Labs internal security research team.

By 2014, Fortinet had four research and development centers in Asia, as well as others in the US, Canada and France.

In March 2014, Fortinet founded the Cyber Threat Alliance (CTA) with Palo Alto Networks in order to share security threat data across vendors. It was later joined by McAfee and Symantec. In 2015, the CTA published a white paper on the CryptoWall ransomware, which detailed how attackers obtained $325 million through ransoms paid by victims to regain access to their files.

In April 2015, Fortinet provided threat intelligence to Interpol in order to help apprehend the ringleader of several online scams based in Nigeria. The scams, which resulted in compromise of business emails and CEO fraud, had cost one business over $15 million. The following year, in March 2016, Fortinet and Cisco joined NATO in a data-sharing agreement to improve their information security capabilities.

Fortinet researchers discovered a spyware that scammed victims by impersonating the IRS. Also in 2017, researchers helped identify malware, called Rootnik, and ransomware, called MacRansom, that targeted Android and MacOS systems respectively.

From Wikipedia’s article on Fortinet, shared under CC BY-SA 4.0.6

Acquisitions

In 2008, the company acquired the intellectual property of IPLocks, a database security and auditing company.

In August 2009, Fortinet acquired the intellectual property and other assets of Woven Systems, an Ethernet switching company.

In December 2012, Fortinet acquired app-hosting service XDN (formerly known as 3Crowd)

In 2013 Fortinet acquired Coyote Point, a developer of hardware load balancers.

Read the full text

In 2015 Fortinet acquired Wi-Fi hardware company Meru Networks.

In June 2016, Fortinet acquired IT security, monitoring, and analytics software vendor AccelOps.

In June 2018, Fortinet acquired Bradford Networks, a maker of access control and IoT security solutions.

In October 2018, Fortinet acquired ZoneFox, a threat analytics company.

In late 2019, Fortinet acquired enSilo and CyberSponse.

In 2020, Fortinet acquired SASE cloud provider OPAQ Networks, and automated incident management company Panopta.

In March 2021, Fortinet acquired cloud and network security firm ShieldX.

In July 2021, Fortinet acquired application security company Sken.Ai to offer continuous application security testing.

In June 2024, Fortinet acquired Lacework, a data-driven cloud security company for an undisclosed amount.

In August 2024, Fortinet acquired Next DLP, a cloud based DLP provider company for an undisclosed amount.

In 2025, Fortinet acquired Everest, an Indian company focus in WIFI access points for high density environments.

From Wikipedia’s article on Fortinet, shared under CC BY-SA 4.0.6

Employees over time

  • 202515,1091

Former names

  • FORTINET INCAug 29, 2003 to May 8, 20195

Timeline

  1. Nov 18, 2009Went public Listed on NASDAQ1
  2. 2000Founded Founded1

Recent filings

  1. Oct 1, 20264
  2. Oct 1, 20264
  3. Oct 1, 20264
  4. Oct 1, 20264
  5. Oct 1, 20264
  6. Oct 1, 20264
  7. Oct 1, 20264
  8. Sep 25, 20264
  9. Sep 24, 2026144
  10. Sep 16, 20264
  11. Sep 14, 2026144
  12. Aug 13, 20264
  13. Aug 13, 20264
  14. Aug 13, 20264
  15. Aug 13, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2