Fortinet, Inc.

FTNT

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

5,956

Cost of Revenue

1,158

Gross Profit

4,798

Gross Margin

80.6%

Operating Income

1,803

Operating Margin

30.3%

Net Income

1,745

Net Margin

29.3%

EPS (Basic)

$2.28

EPS (Diluted)

$2.26

EBITDA

2,201

EBITDA Margin

37.0%

2023

12/31/2023

Revenue

5,305

Cost of Revenue

1,237

Gross Profit

4,068

Gross Margin

76.7%

Operating Income

1,241

Operating Margin

23.4%

Net Income

1,148

Net Margin

21.6%

EPS (Basic)

$1.47

EPS (Diluted)

$1.46

EBITDA

1,468

EBITDA Margin

27.7%

2022

12/31/2022

Revenue

4,417

Cost of Revenue

1,085

Gross Profit

3,333

Gross Margin

75.4%

Operating Income

970

Operating Margin

21.9%

Net Income

857

Net Margin

19.4%

EPS (Basic)

$1.08

EPS (Diluted)

$1.06

EBITDA

1,078

EBITDA Margin

24.4%

2021

12/31/2021

Revenue

3,342

Cost of Revenue

783

Gross Profit

2,559

Gross Margin

76.6%

Operating Income

650

Operating Margin

19.5%

Net Income

607

Net Margin

18.2%

EPS (Basic)

$0.74

EPS (Diluted)

$0.73

EBITDA

728

EBITDA Margin

21.8%

2020

12/31/2020

Revenue

2,594

Cost of Revenue

570

Gross Profit

2,024

Gross Margin

78.0%

Operating Income

532

Operating Margin

20.5%

Net Income

489

Net Margin

18.8%

EPS (Basic)

$0.60

EPS (Diluted)

$0.58

EBITDA

611

EBITDA Margin

23.5%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	5,956	5,305	4,417	3,342	2,594
Cost of Revenue	1,158	1,237	1,085	783	570
Gross Profit	4,798	4,068	3,333	2,559	2,024
Gross Margin	80.6%	76.7%	75.4%	76.6%	78.0%
Operating Income	1,803	1,241	970	650	532
Operating Margin	30.3%	23.4%	21.9%	19.5%	20.5%
Net Income	1,745	1,148	857	607	489
Net Margin	29.3%	21.6%	19.4%	18.2%	18.8%
EPS (Basic)	$2.28	$1.47	$1.08	$0.74	$0.60
EPS (Diluted)	$2.26	$1.46	$1.06	$0.73	$0.58
EBITDA	2,201	1,468	1,078	728	611
EBITDA Margin	37.0%	27.7%	24.4%	21.8%	23.5%