What is the primary revenue source for Fortinet (FTNT)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze FTNT's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Fortinet's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Fortinet Makes Money: FTNT Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 3.8 percentage points year over year.

Revenue: USD 3.90B
Largest revenue segment share (Security Subscription): 36.53%
Selling, general and administrative: USD 1.42B
Cost of revenue: USD 769.20M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cost of revenueTotal cost of revenue · CostOfGoodsAndServicesSold
RevenueTotal revenue · RevenueFromContractWithCustomerExcludingAssessedTax
Operating marginOperating income · operating_income / revenue * 100
Largest revenue segment share (Security Subscription)Security Subscription · segment_value / revenue * 100
Selling, general and administrativesum(SellingAndMarketingExpense, GeneralAndAdministrativeExpense)

Assets

Where is the money tied up, and how is the company financed?

Steady

The company has a net cash position and relies primarily on its own capital.

Cash and cash equivalents: USD 2.93B
Property, plant and equipment: USD 1.70B
Accounts receivable: USD 1.46B
Total liabilities: USD 9.31B
Shareholder equity: USD 1.55B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Accounts receivableAccounts receivable—net · AccountsReceivableNetCurrent
Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
Property, plant and equipmentProperty and equipment—net · PropertyPlantAndEquipmentNet

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 185.9% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 1.14B
Operating cash flow: USD 2.12B
Cash conversion: 185.90%
Free cash flow: USD 1.97B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Operating cash flowsum(waterfull.operating)
Cash conversionoperating_cash_flow / net_income * 100
Free cash flowcfo - capex

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Share repurchases: USD 972.80M
Stock issuance proceeds: USD 62.30M
Net shareholder return: USD 910.50M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Stock issuance proceedsProceeds from issuance of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?