Published
{
"ticker": "FTNT",
"cik": "0001262039",
"company": "Fortinet, Inc.",
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"units": "actual dollars (not millions)",
"units_notes_seen": {
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"FY2025 10-K consolidated statements of stockholders' equity (deficit)": "(in millions)",
"FY2025 10-K consolidated statements of cash flows": "(in millions)",
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"Q2 FY2026 10-Q condensed consolidated balance sheets": "(unaudited, in millions, except per share amounts)",
"Q2 FY2026 10-Q condensed consolidated statements of income": "(unaudited, in millions, except per share amounts)",
"Q2 FY2026 10-Q condensed consolidated statements of stockholders' equity (deficit)": "(unaudited, in millions)",
"Q2 FY2026 10-Q condensed consolidated statements of cash flows": "(unaudited, in millions)",
"Q2 FY2026 10-Q segment information note (revenue by geographic region)": "(in millions)",
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},
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"notes": [
"Fortinet is a cybersecurity vendor selling network security appliances (product revenue) together with security subscriptions and technical support (service revenue), so this record uses the standard revenue / cost of revenue / gross profit / operating income template. Fortinet states in both filings that it has one operating and reportable segment, so there is no segment split to report; the product/service and geographic breakdowns given here are the disaggregations the filings themselves present.",
"Fiscal years 2025, 2024 and 2023 come from the FY2025 Form 10-K (accession 0001262039-26-000007). That 10-K's statements of income and statements of cash flows present three years, but its balance sheets present only December 31, 2025 and December 31, 2024, so fiscal 2023 carries no balance sheet in this record.",
"The quarter ended June 30, 2026 and the year-ago quarter ended June 30, 2025 come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0001262039-26-000021), which prints both three-month columns side by side. That 10-Q's balance sheets show only June 30, 2026 and December 31, 2025, so the year-ago quarter carries no balance sheet here.",
"Three-month cash flow figures are not in the 10-Q: its statements of cash flows cover only the six months ended June 30, 2026 and June 30, 2025. Operating cash flow, capital expenditures, free cash flow and the investing and financing totals for each three-month period are therefore taken from Fortinet's second-quarter 2026 earnings release, Exhibit 99.1 to the Form 8-K filed July 29, 2026 (accession 0001262039-26-000018), which prints a three-month reconciliation of net cash provided by operating activities to free cash flow. The release's six-month cash flow statement agrees line for line with the 10-Q's.",
"Sign conventions: capital expenditures (Fortinet's \"purchases of property and equipment\") and share repurchases are stored as positive outflow amounts, so that free cash flow equals operating cash flow less capital expenditures. Net cash used in investing and in financing activities keeps the negative sign the filings print. \"Gain on intellectual property matters\" is presented by Fortinet as a credit inside operating expenses and is carried here with the negative sign the filings print.",
"Total debt is the current portion of long-term debt plus long-term debt. That is $996.3 million at December 31, 2025 ($499.7 million current plus $496.6 million long-term) and $994.3 million at December 31, 2024. The 10-Q's statements of cash flows show a $500.0 million repayment of senior notes in the six months ended June 30, 2026, and at June 30, 2026 there is no current portion, leaving $496.9 million outstanding.",
"Fortinet paid no dividends in any period presented - the statements of cash flows in both filings show no dividend line in financing activities - so dividends paid is zero throughout.",
"The year-to-date block is the six months ended June 30, 2026, with the six months ended June 30, 2025 held as a comparative inside it. The trailing-twelve-month block is derived arithmetically as fiscal 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025; it is not a figure Fortinet publishes. No per-share amounts or share counts are shown for that view, because weighted-average share counts cannot be added across periods.",
"Free cash flow for the fiscal years and for the six-month periods is derived as operating cash flow less purchases of property and equipment - the same definition Fortinet states in its earnings release. The three-month free cash flow figures are printed in the release itself.",
"Stock-based compensation in the cash flow block is the amount shown in the statements of cash flows ($151.8 million for the six months ended June 30, 2026). Fortinet's stock-based compensation note reports $154.0 million of expense recognized in the statements of income for the same six months; the two figures are presented on different bases in the filing.",
"Revenue by geographic region is based on the billing address of Fortinet's customers, as the segment notes in both filings state.",
"Fortinet's 5-for-1 stock split took effect in June 2022, before every period in this record, so all per-share amounts here sit on the same post-split basis and no split adjustment was applied. Fortinet reports in U.S. dollars and is not an ADR issuer, so no currency translation or per-ADS conversion was needed.",
"The FY2025 10-K states that amounts previously reported as marketable equity securities are now included in short-term investments, that amounts previously reported as gain on bargain purchase are now included in other income (expense) - net, and that amounts previously reported as loss from equity method investments and gain on bargain purchase are now included in \"Other\" within operating cash flows, in each case to conform prior periods to the current presentation. The 10-K states the reclassification had no impact on previously reported total assets, net income or cash flows from operating or investing activities and did not restate prior periods, so the 2024 and 2023 columns are reported here as the 10-K prints them."
],
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"Fiscal 2023 has no balance sheet in this record because the FY2025 10-K's balance sheets present only December 31, 2025 and December 31, 2024. Fiscal 2023's year-end cash balance is available because the statements of cash flows carry it.",
"The quarter ended June 30, 2025 has no balance sheet in this record because the Q2 2026 10-Q's balance sheets present only June 30, 2026 and December 31, 2025.",
"Every three-month cash flow figure in this record comes from the second-quarter 2026 earnings release exhibit rather than from a 10-Q, because the 10-Q presents cash flows only on a six-month basis. Press-release figures are furnished rather than filed, and can in principle be revised in a later report.",
"The first quarter of fiscal 2026 is not presented on the face of either filing used here and is not included in this record.",
"The trailing-twelve-month figures are arithmetic combinations of published periods, not amounts Fortinet reports."
],
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"source_accession": "0001262039-26-000021",
"prior_index": 1,
"prior_period_label": "Q2 FY2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001262039-26-000021",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 606300000,
"text": "$606.3 million",
"exact": "$606,300,000",
"compact": "$606.30M",
"abs": "$606.3 million",
"prior_value": 440100000,
"prior": "$440.1 million",
"priorabs": "$440.1 million",
"yoy": "up 37.8%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income",
"index": 0,
"period_label": "Q2 FY2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001262039-26-000021",
"prior_index": 1,
"prior_period_label": "Q2 FY2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001262039-26-000021",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 0.82,
"text": "$0.82",
"exact": "$0.82",
"compact": "$0.82",
"abs": "$0.82",
"prior_value": 0.57,
"prior": "$0.57",
"priorabs": "$0.57",
"yoy": "up 43.9%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 FY2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001262039-26-000021",
"prior_index": 1,
"prior_period_label": "Q2 FY2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001262039-26-000021",
"gap_days": 365
}
},
{
"label": "Product revenue",
"format": "usd",
"value": 773000000,
"text": "$773 million",
"exact": "$773,000,000",
"compact": "$773.00M",
"abs": "$773 million",
"prior_value": 508900000,
"prior": "$508.9 million",
"priorabs": "$508.9 million",
"yoy": "up 51.9%",
"source": {
"array": "quarterly",
"field": "income_statement.product_and_service_breakdown.product_revenue",
"index": 0,
"period_label": "Q2 FY2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001262039-26-000021",
"prior_index": 1,
"prior_period_label": "Q2 FY2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001262039-26-000021",
"gap_days": 365
}
},
{
"label": "Service revenue",
"format": "usd",
"value": 1274900000,
"text": "$1.27 billion",
"exact": "$1,274,900,000",
"compact": "$1.27B",
"abs": "$1.27 billion",
"prior_value": 1121100000,
"prior": "$1.12 billion",
"priorabs": "$1.12 billion",
"yoy": "up 13.7%",
"source": {
"array": "quarterly",
"field": "income_statement.product_and_service_breakdown.service_revenue",
"index": 0,
"period_label": "Q2 FY2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001262039-26-000021",
"prior_index": 1,
"prior_period_label": "Q2 FY2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001262039-26-000021",
"gap_days": 365
}
},
{
"label": "Operating income",
"format": "usd",
"value": 689300000,
"text": "$689.3 million",
"exact": "$689,300,000",
"compact": "$689.30M",
"abs": "$689.3 million",
"prior_value": 458000000,
"prior": "$458 million",
"priorabs": "$458 million",
"yoy": "up 50.5%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_income",
"index": 0,
"period_label": "Q2 FY2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001262039-26-000021",
"prior_index": 1,
"prior_period_label": "Q2 FY2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001262039-26-000021",
"gap_days": 365
}
}
],
"summary": "Fortinet reported $2.05 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026, up 25.6% from a year earlier, and net income of $606.3 million, up 37.8%. The acceleration came from hardware: product revenue of $773 million was up 51.9%, which Fortinet attributes to higher unit shipments, customers buying higher-performing models and recent pricing actions, while the recurring side of the business, service revenue of $1.27 billion, was up 13.7%. Operating income of $689.3 million was up 50.5% as operating expenses grew far more slowly than revenue, and diluted earnings per share came to $0.82.",
"qa": [
{
"q": "How much revenue did Fortinet report in Q2 FY2026?",
"a": "Fortinet reported $2.05 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026. That is up 25.6% from $1.63 billion in the same quarter a year earlier."
},
{
"q": "What was Fortinet's net income and EPS in Q2 FY2026?",
"a": "Fortinet earned $606.3 million in Q2 FY2026, up 37.8% from $440.1 million a year earlier, which worked out to $0.82 per diluted share."
},
{
"q": "Why did Fortinet's revenue grow so fast in Q2 FY2026?",
"a": "The growth came mainly from hardware. Fortinet's product revenue reached $773 million in Q2 FY2026, up 51.9% from $508.9 million a year earlier, growth Fortinet attributes to higher unit shipments, sales of higher-performing models and recent pricing actions. Service revenue, the subscription and support side, was $1.27 billion, up 13.7%."
},
{
"q": "How profitable was Fortinet in Q2 FY2026?",
"a": "Fortinet posted operating income of $689.3 million in Q2 FY2026, up 50.5% from $458 million a year earlier, because revenue rose much faster than operating expenses. Net income for the quarter was $606.3 million."
}
]
},
"company_details": {
"Name": "Fortinet, Inc.",
"Ticker": "FTNT",
"CIK": "0001262039",
"Exchange": "Nasdaq",
"State": "California",
"Incorporation": "Delaware",
"SIC": "3577",
"Office": "Technology",
"Industry": "Computer Peripheral Equipment, NEC"
},
"next_filing": {
"predicted_date": "2026-11-06",
"predicted_type": "10-Q"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0001262039-26-000021",
"fiscal_year_end": "1231",
"source": "facts"
},
"source_filings": [
{
"role": "annual",
"current": false,
"form": "10-K",
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"tag": "FY25",
"period_end": "2025-12-31",
"filed": "2026-02-25",
"accession": "0001262039-26-000007",
"url": "https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/0001262039-26-000007-index.htm",
"source": "reported"
},
{
"role": "quarterly",
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"filed": "2026-07-30",
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]
}