Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $1.49B | $1.80B | $2.16B | $2.59B | $3.34B | $4.42B | $5.30B | $5.96B | $6.80B |
| Revenue growth | — | 17.2% | 20.7% | 19.9% | 19.9% | 28.8% | 32.2% | 20.1% | 12.3% | 14.2% |
| Gross profit | $938M | $1.11B | $1.35B | $1.66B | $2.02B | $2.56B | $3.33B | $4.07B | $4.80B | $5.47B |
| Gross margin | 73.5% | 74.2% | 75.0% | 76.6% | 78.0% | 76.6% | 75.4% | 76.7% | 80.6% | 80.5% |
| Operating income | $42.9M | $110M | $234M | $351M | $532M | $650M | $970M | $1.24B | $1.80B | $2.08B |
| Operating margin | 3.4% | 7.3% | 13.0% | 16.2% | 20.5% | 19.5% | 21.9% | 23.4% | 30.3% | 30.7% |
| Net income | $32.2M | $31.4M | $335M | $332M | $489M | $607M | $857M | $1.15B | $1.75B | $1.85B |
| Net margin | 2.5% | 2.1% | 18.6% | 15.3% | 18.8% | 18.2% | 19.4% | 21.6% | 29.3% | 27.3% |
| EPS (diluted) | $0.18 | $0.18 | $1.92 | $1.90 | $0.58 | $0.73 | $1.06 | $1.46 | $2.26 | $2.42 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $346M | $594M | $639M | $808M | $1.08B | $1.50B | $1.73B | $1.94B | $2.26B | $2.59B |
| Capital expenditures | $67.2M | $135M | $53.0M | $92.2M | $126M | $296M | $281M | $204M | $379M | $365M |
| Free cash flow | $279M | $459M | $586M | $716M | $958M | $1.20B | $1.45B | $1.73B | $1.88B | $2.23B |
| Share buybacks | $111M | $446M | $212M | $145M | $1.08B | $742M | $1.99B | $1.50B | $600K | $2.29B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $709M | $811M | $1.11B | $1.22B | $1.06B | $1.32B | $1.68B | $1.40B | $2.88B | $2.50B |
| Total assets | $2.14B | $2.26B | $3.08B | $3.88B | $4.04B | $5.92B | $6.23B | $7.26B | $9.76B | $10.4B |
| Total liabilities | $1.30B | $1.67B | $2.07B | $2.54B | $3.19B | $5.12B | $6.51B | $7.72B | $8.27B | $9.15B |
| Long-term debt | — | — | — | — | $0.00 | $988M | $990M | $992M | $994M | $497M |
| Shareholders' equity | $838M | $602M | $1.03B | $1.34B | $856M | $782M | -$282M | -$463M | $1.49B | $1.24B |
| Retained earnings | $37.6M | -$320M | -$57.5M | $161M | -$352M | -$468M | -$1.55B | -$1.86B | -$117M | -$508M |
| Shares (wtd avg diluted) | 176M | 178M | 174M | 175M | 838M | 835M | 805M | 788M | 772M | 765M |
Every figure is extracted from Fortinet, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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