Below are the financial statements of Fortinet, including the income statement and balance sheet for the company's latest fiscal year. All figures are accurate, verifiable, and fully traceable to the original annual filing where disclosed.
| All figures in millions of USD | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | — | — | — |
| Product | 1,908.7a | 1,927.3a | 1,780.5a |
| Service | 4,047.1a | 3,377.5a | 2,636.9a |
| Total revenue | 5,955.8a | 5,304.8a | 4,417.4a |
| Cost of revenue | — | — | — |
| Product | -652a | -763.6a | -691.3a |
| Service | -505.6a | -473.6a | -393.6a |
| Total cost of revenue | -1,157.6a | -1,237.2a | -1,084.9a |
| Gross profit | — | — | — |
| Product | 1,256.7a | 1,163.7a | 1,089.2a |
| Service | 3,541.5a | 2,903.9a | 2,243.3a |
| Total gross profit | 4,798.2a | 4,067.6a | 3,332.5a |
| Operating expenses | — | — | — |
| Research and development | -716.8a | -613.8a | -512.4a |
| Sales and marketing | -2,044.8a | -2,006a | -1,686.1a |
| General and administrative | -237.8a | -211.3a | -169a |
| Gain on intellectual property matter | -4.6a | -4.6a | -4.6a |
| Total operating expenses | -2,994.8a | -2,826.5a | -2,362.9a |
| Operating income | 1,803.4a | 1,241.1a | 969.6a |
| Interest income | 155.2a | 119.7a | 17.4a |
| Interest expense | -20a | -21a | -18a |
| Gain on bargain purchase | 106.3a | 0a | 0a |
| Other income (expense) - net | 13.6a | -6.1a | -13.5a |
| Income before income taxes and loss from equity method investments | 2,058.5a | 1,333.7a | 955.5a |
| Provision for income taxes | -283.9a | -143.8a | -30.8a |
| Loss from equity method investments | -29.4a | -42.1a | -68.1a |
| Net income including non-controlling interests | 1,745.2a | 1,147.8a | 856.6a |
| Less: net loss attributable to non-controlling interests, net of tax | 0a | 0a | -0.7a |
| Net income attributable to Fortinet, Inc. | 1,745.2a | 1,147.8a | 857.3a |
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