FORTINET, INC. (FTNT)

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FORTINET, INC.

FTNT • CIK 0001262039

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Operating Income (Loss)	$1,241,100	$1,803,400	$2,084,700	$2,442,200
Investment Income, Net	$119,700	$155,200	$162,300	$139,100
Interest Expense	$21,000	$20,000	$20,100	$20,100
Other Nonoperating Income (Expense)	$-6,100	$13,600	$55,300	$59,100
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$1,333,700	$2,058,500	$2,282,200	$2,622,400
Income Tax Expense (Benefit)	$143,800	$283,900	$439,100	$502,500
Income (Loss) from Equity Method Investments	$-42,100	$-29,400	$10,300	$800
Net Income (Loss) Attributable to Parent	$1,147,800	$1,745,200	$1,853,400	$2,120,700
Revenue from Contract with Customer, Excluding Assessed Tax	$5,304,800	$5,955,800	$6,799,600	$7,527,400
Cost of Goods and Services Sold	$1,237,200	$1,157,600	$1,328,900	$1,490,100
Gross Profit	$4,067,600	$4,798,200	$5,470,700	$6,037,300
Research and Development Expense	$613,800	$716,800	$815,500	$846,400
Selling and Marketing Expense	$2,006,000	$2,044,800	$2,347,500	$2,518,200
General and Administrative Expense	$211,300	$237,800	$233,400	$236,000
Operating Expenses	$2,826,500	$2,994,800	$3,386,000	$3,595,100
Weighted Average Number of Shares Outstanding, Basic	778,600,000	764,400,000	758,000,000	727,000,000
Weighted Average Number of Shares Outstanding, Diluted	788,200,000	771,900,000	764,600,000	731,100,000

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Cash and Cash Equivalents, at Carrying Value	$1,397,900	$2,875,900	$2,495,300	$2,934,900
Other Short-term Investments	$1,021,500	$1,126,400	$1,087,200	$1,134,700
Long-term Investments	$0	—	$339,700	$399,100
Accounts Receivable, after Allowance for Credit Loss, Current	$1,402,000	$1,463,400	$1,691,200	$1,455,600
Property, Plant and Equipment, Net	$1,044,400	$1,349,500	$1,619,000	$1,699,500
Inventory, Net	$484,800	$315,500	$399,500	$426,300
Capitalized Contract Cost, Net	$605,600	$622,900	$735,500	$785,100
Prepaid Expense and Other Assets, Current	$101,100	$126,100	$227,000	$256,800
Deferred Income Tax Assets, Net	$868,800	$1,335,600	$1,314,900	$1,319,400
Assets, Current	$4,428,300	$5,971,500	$5,900,200	$6,208,300
Goodwill	$126,500	$235,400	$257,400	$257,400
Intangible Assets, Net (Excluding Goodwill)	$35,300	$115,000	$97,300	$77,100
Other Assets, Noncurrent	$150,000	$133,200	$125,200	$113,300
Assets	$7,258,900	$9,763,100	$10,389,200	$10,859,200
Deferred Revenue, Noncurrent	$2,886,300	$3,084,700	$3,479,800	$3,479,800
Long-term Debt, Excluding Current Maturities	$992,300	$994,300	$496,600	$496,900
Other Liabilities, Noncurrent	$124,700	$129,600	$141,300	$136,500
Liabilities	$7,722,300	$8,269,300	$9,151,700	$9,308,100
Accounts Payable, Current	$204,300	$190,900	$230,800	$282,500
Accrued Liabilities, Current	$423,700	$337,900	$354,600	$393,700
Employee-related Liabilities, Current	$242,300	$255,700	$312,900	$322,800
Long-term Debt, Current Maturities	—	—	$499,700	$0
Deferred Revenue, Current	$2,848,700	$3,276,200	$3,636,000	$3,636,000
Liabilities, Current	$3,719,000	$4,060,700	$5,034,000	$4,840,800
Common Stock, Value, Issued	$800	$800	$700	$700
Additional Paid in Capital, Common Stock	$1,416,400	$1,636,200	$1,770,100	$1,895,900
Accumulated Other Comprehensive Income (Loss), Net of Tax	$-18,900	$-26,100	$-25,400	$-28,800
Retained Earnings (Accumulated Deficit)	$-1,861,700	$-117,100	$-507,900	$-316,700
Stockholders' Equity Attributable to Parent	$-463,400	$1,493,800	$1,237,500	$1,551,100
Accounts Receivable, Allowance for Credit Loss	$8,200	$5,900	$7,400	$7,400
Common Stock, Shares Authorized	1,500,000,000	1,500,000,000	1,500,000,000	1,500,000,000
Common Stock, Shares, Issued	761,000,000	767,000,000	743,000,000	733,600,000
Operating Lease, Right-of-Use Asset	$76,000	$72,200	$64,400	$64,400
Operating Lease, Liability, Current	$33,400	$32,700	$36,100	$36,100
Operating Lease, Liability, Noncurrent	$45,700	$46,400	$29,400	$29,400
Operating Lease, Liability	$79,100	$79,100	$65,500	$64,500

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss) Attributable to Parent	$1,147,800	$1,745,200	$1,853,400	$2,120,700
Net Cash Provided by (Used in) Operating Activities	$1,935,500	$2,258,100	$2,590,600	$3,396,100
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$-800	$-2,600	$-600	$-1,900
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$-285,000	$1,478,000	$-380,600	$-433,600
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1,397,900	$2,875,900	$2,495,300	$1,122,500
Share-based Payment Arrangement, Noncash Expense	$249,000	$257,900	$279,500	$296,100
Payments to Acquire Other Investments	$1,855,800	$1,948,600	$1,996,100	$1,775,600
Capitalized Contract Cost, Amortization	$266,300	$293,700	$336,300	$367,200
Proceeds from Sale of Debt Securities, Available-for-sale	$4,000	$500	$10,600	$123,300
Depreciation, Depletion and Amortization	$113,400	$122,800	$152,000	$159,100
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale	$1,414,800	$1,891,700	$1,792,700	$1,510,600
Accretion (Amortization) of Discounts and Premiums, Investments	$27,700	$48,800	$33,700	$23,600
Payments to Acquire Productive Assets	$204,100	$378,900	$364,800	$192,600
Other Noncash Income (Expense)	$-18,500	$15,200	$52,700	$55,600
Payments to Acquire Equity Method Investments	$8,500	$0	$0	$0
Payments to Acquire Businesses, Net of Cash Acquired	$0	$275,500	$41,600	$0
PaymentsToAcquireEquitySecuritiesFvNi	$0	$16,700	$0	$0
Payments for (Proceeds from) Other Investing Activities	$-300	$-100	$-100	$-8,400
Net Cash Provided by (Used in) Investing Activities	$-649,300	$-727,400	$-599,100	$-412,400
Increase (Decrease) in Accounts Receivable	$146,400	$45,400	$215,900	$243,500
Payments for Repurchase of Common Stock	$1,500,500	$600	$2,289,800	$2,861,500
Increase (Decrease) in Inventories	$253,500	$-131,200	$90,600	$49,000
Proceeds from Issuance of Common Stock	$43,800	$63,100	$44,700	$75,700
Increase (Decrease) in Prepaid Expense and Other Assets	$27,600	$13,700	$95,900	$64,300
Payment, Tax Withholding, Share-based Payment Arrangement	$112,500	$100,900	$126,300	$108,400
Increase (Decrease) in Deferred Charges	$353,500	$311,100	$449,000	$487,000
Proceeds from (Payments for) Other Financing Activities	$-1,200	$-11,700	$-100	$-21,200
Increase (Decrease) in Deferred Income Taxes	$301,900	$223,200	$-66,200	$-137,900
Net Cash Provided by (Used in) Financing Activities	$-1,570,400	$-50,100	$-2,371,500	$-3,415,400
Increase (Decrease) in Other Operating Assets	$-17,700	$11,000	$16,200	$13,500
Increase (Decrease) in Accounts Payable	$-43,100	$-10,200	$27,900	$30,800
Increase (Decrease) in Accrued Liabilities	$137,400	$-106,700	$13,300	$77,500
Increase (Decrease) in Employee Related Liabilities	$23,400	$0	$55,000	$42,100
Increase (Decrease) in Contract with Customer, Liability	$1,095,300	$577,800	$754,200	$1,109,300
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	$-21,700	$-8,300	$6,800	$-8,100
Income Taxes Paid, Net	$426,300	$578,900	$451,500	$451,500
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$19,200	$39,300	$51,300	$45,900
Capital Expenditures Incurred but Not yet Paid	$23,600	$23,000	$25,600	$32,100
ShareRepurchaseProgramExciseTax	—	$0	$18,300	$24,200
Business Combination, Consideration Transferred, Liabilities Incurred	$0	$6,200	$4,600	$4,600

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Import this data to Google Sheets with:

=jivedata("FTNT","financials")

Full statements spill as a table. For one cell: =jivedata("FTNT","Revenue") or =jivedata("FTNT","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.

FORTINET, INC.

FTNT • CIK 0001262039

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Operating Income (Loss)	$1,241,100	$1,803,400	$2,084,700	$2,442,200
Investment Income, Net	$119,700	$155,200	$162,300	$139,100
Interest Expense	$21,000	$20,000	$20,100	$20,100
Other Nonoperating Income (Expense)	$-6,100	$13,600	$55,300	$59,100
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$1,333,700	$2,058,500	$2,282,200	$2,622,400
Income Tax Expense (Benefit)	$143,800	$283,900	$439,100	$502,500
Income (Loss) from Equity Method Investments	$-42,100	$-29,400	$10,300	$800
Net Income (Loss) Attributable to Parent	$1,147,800	$1,745,200	$1,853,400	$2,120,700
Revenue from Contract with Customer, Excluding Assessed Tax	$5,304,800	$5,955,800	$6,799,600	$7,527,400
Cost of Goods and Services Sold	$1,237,200	$1,157,600	$1,328,900	$1,490,100
Gross Profit	$4,067,600	$4,798,200	$5,470,700	$6,037,300
Research and Development Expense	$613,800	$716,800	$815,500	$846,400
Selling and Marketing Expense	$2,006,000	$2,044,800	$2,347,500	$2,518,200
General and Administrative Expense	$211,300	$237,800	$233,400	$236,000
Operating Expenses	$2,826,500	$2,994,800	$3,386,000	$3,595,100
Weighted Average Number of Shares Outstanding, Basic	778,600,000	764,400,000	758,000,000	727,000,000
Weighted Average Number of Shares Outstanding, Diluted	788,200,000	771,900,000	764,600,000	731,100,000

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Cash and Cash Equivalents, at Carrying Value	$1,397,900	$2,875,900	$2,495,300	$2,934,900
Other Short-term Investments	$1,021,500	$1,126,400	$1,087,200	$1,134,700
Long-term Investments	$0	—	$339,700	$399,100
Accounts Receivable, after Allowance for Credit Loss, Current	$1,402,000	$1,463,400	$1,691,200	$1,455,600
Property, Plant and Equipment, Net	$1,044,400	$1,349,500	$1,619,000	$1,699,500
Inventory, Net	$484,800	$315,500	$399,500	$426,300
Capitalized Contract Cost, Net	$605,600	$622,900	$735,500	$785,100
Prepaid Expense and Other Assets, Current	$101,100	$126,100	$227,000	$256,800
Deferred Income Tax Assets, Net	$868,800	$1,335,600	$1,314,900	$1,319,400
Assets, Current	$4,428,300	$5,971,500	$5,900,200	$6,208,300
Goodwill	$126,500	$235,400	$257,400	$257,400
Intangible Assets, Net (Excluding Goodwill)	$35,300	$115,000	$97,300	$77,100
Other Assets, Noncurrent	$150,000	$133,200	$125,200	$113,300
Assets	$7,258,900	$9,763,100	$10,389,200	$10,859,200
Deferred Revenue, Noncurrent	$2,886,300	$3,084,700	$3,479,800	$3,479,800
Long-term Debt, Excluding Current Maturities	$992,300	$994,300	$496,600	$496,900
Other Liabilities, Noncurrent	$124,700	$129,600	$141,300	$136,500
Liabilities	$7,722,300	$8,269,300	$9,151,700	$9,308,100
Accounts Payable, Current	$204,300	$190,900	$230,800	$282,500
Accrued Liabilities, Current	$423,700	$337,900	$354,600	$393,700
Employee-related Liabilities, Current	$242,300	$255,700	$312,900	$322,800
Long-term Debt, Current Maturities	—	—	$499,700	$0
Deferred Revenue, Current	$2,848,700	$3,276,200	$3,636,000	$3,636,000
Liabilities, Current	$3,719,000	$4,060,700	$5,034,000	$4,840,800
Common Stock, Value, Issued	$800	$800	$700	$700
Additional Paid in Capital, Common Stock	$1,416,400	$1,636,200	$1,770,100	$1,895,900
Accumulated Other Comprehensive Income (Loss), Net of Tax	$-18,900	$-26,100	$-25,400	$-28,800
Retained Earnings (Accumulated Deficit)	$-1,861,700	$-117,100	$-507,900	$-316,700
Stockholders' Equity Attributable to Parent	$-463,400	$1,493,800	$1,237,500	$1,551,100
Accounts Receivable, Allowance for Credit Loss	$8,200	$5,900	$7,400	$7,400
Common Stock, Shares Authorized	1,500,000,000	1,500,000,000	1,500,000,000	1,500,000,000
Common Stock, Shares, Issued	761,000,000	767,000,000	743,000,000	733,600,000
Operating Lease, Right-of-Use Asset	$76,000	$72,200	$64,400	$64,400
Operating Lease, Liability, Current	$33,400	$32,700	$36,100	$36,100
Operating Lease, Liability, Noncurrent	$45,700	$46,400	$29,400	$29,400
Operating Lease, Liability	$79,100	$79,100	$65,500	$64,500

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss) Attributable to Parent	$1,147,800	$1,745,200	$1,853,400	$2,120,700
Net Cash Provided by (Used in) Operating Activities	$1,935,500	$2,258,100	$2,590,600	$3,396,100
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$-800	$-2,600	$-600	$-1,900
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$-285,000	$1,478,000	$-380,600	$-433,600
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1,397,900	$2,875,900	$2,495,300	$1,122,500
Share-based Payment Arrangement, Noncash Expense	$249,000	$257,900	$279,500	$296,100
Payments to Acquire Other Investments	$1,855,800	$1,948,600	$1,996,100	$1,775,600
Capitalized Contract Cost, Amortization	$266,300	$293,700	$336,300	$367,200
Proceeds from Sale of Debt Securities, Available-for-sale	$4,000	$500	$10,600	$123,300
Depreciation, Depletion and Amortization	$113,400	$122,800	$152,000	$159,100
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale	$1,414,800	$1,891,700	$1,792,700	$1,510,600
Accretion (Amortization) of Discounts and Premiums, Investments	$27,700	$48,800	$33,700	$23,600
Payments to Acquire Productive Assets	$204,100	$378,900	$364,800	$192,600
Other Noncash Income (Expense)	$-18,500	$15,200	$52,700	$55,600
Payments to Acquire Equity Method Investments	$8,500	$0	$0	$0
Payments to Acquire Businesses, Net of Cash Acquired	$0	$275,500	$41,600	$0
PaymentsToAcquireEquitySecuritiesFvNi	$0	$16,700	$0	$0
Payments for (Proceeds from) Other Investing Activities	$-300	$-100	$-100	$-8,400
Net Cash Provided by (Used in) Investing Activities	$-649,300	$-727,400	$-599,100	$-412,400
Increase (Decrease) in Accounts Receivable	$146,400	$45,400	$215,900	$243,500
Payments for Repurchase of Common Stock	$1,500,500	$600	$2,289,800	$2,861,500
Increase (Decrease) in Inventories	$253,500	$-131,200	$90,600	$49,000
Proceeds from Issuance of Common Stock	$43,800	$63,100	$44,700	$75,700
Increase (Decrease) in Prepaid Expense and Other Assets	$27,600	$13,700	$95,900	$64,300
Payment, Tax Withholding, Share-based Payment Arrangement	$112,500	$100,900	$126,300	$108,400
Increase (Decrease) in Deferred Charges	$353,500	$311,100	$449,000	$487,000
Proceeds from (Payments for) Other Financing Activities	$-1,200	$-11,700	$-100	$-21,200
Increase (Decrease) in Deferred Income Taxes	$301,900	$223,200	$-66,200	$-137,900
Net Cash Provided by (Used in) Financing Activities	$-1,570,400	$-50,100	$-2,371,500	$-3,415,400
Increase (Decrease) in Other Operating Assets	$-17,700	$11,000	$16,200	$13,500
Increase (Decrease) in Accounts Payable	$-43,100	$-10,200	$27,900	$30,800
Increase (Decrease) in Accrued Liabilities	$137,400	$-106,700	$13,300	$77,500
Increase (Decrease) in Employee Related Liabilities	$23,400	$0	$55,000	$42,100
Increase (Decrease) in Contract with Customer, Liability	$1,095,300	$577,800	$754,200	$1,109,300
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities	$-21,700	$-8,300	$6,800	$-8,100
Income Taxes Paid, Net	$426,300	$578,900	$451,500	$451,500
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$19,200	$39,300	$51,300	$45,900
Capital Expenditures Incurred but Not yet Paid	$23,600	$23,000	$25,600	$32,100
ShareRepurchaseProgramExciseTax	—	$0	$18,300	$24,200
Business Combination, Consideration Transferred, Liabilities Incurred	$0	$6,200	$4,600	$4,600

FORTINET, INC.

Consolidated Statementsof Income

Consolidated Balance Sheets

Consolidated Statementsof Cash Flows

FORTINET, INC.

Consolidated Statementsof Income

Consolidated Balance Sheets

Consolidated Statementsof Cash Flows