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Fortinet FTNT Product — Gross Profit

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Other financials

Income statement

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Revenue$1.8B+20.1%
Gross profit$1.5B+19.1%
Operating income$580.0M+27.8%
Net income$534.5M+23.3%
EPS (diluted)$0.72+28.6%

Balance sheet

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Cash & equivalents$2.2B-38.2%
Total debt$567.2M-47.3%
Total equity$989.7M-49.6%
Total assets$9.9B-5.0%

Cash flow

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Operating cash flow$1.1B+24.8%
CapEx$70.6M+6.2%
Free cash flow$1.0B+26.3%

Valuation

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Market cap$109.85B+43.7%
Enterprise value$108.19B+46.4%
P/E56.2×+15.5×
P/S15.5×+3.0×

Profitability

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Gross margin80.3%-1.0pp
Operating margin31.1%-0.4pp
Net margin27.5%-3.1pp
FCF margin34.3%+0.6pp

Returns & leverage

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Return on equity132.4%—
Debt / equity0.6×0.0×
Current ratio1.2×-0.2×

Where this comes from

Reported directly by Fortinet in its filing.

Tagged under the XBRL concept us-gaap:GrossProfit.

The official record: Fortinet’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Fortinet's product — gross profit?
Fortinet (FTNT) reported product — gross profit of $436.8M in Q1 2026.
How has Fortinet's product — gross profit changed year-over-year?
Fortinet's product — gross profit increased by 41.3% year-over-year, from $309.2M to $436.8M.
What is the long-term trend for Fortinet's product — gross profit?
Over 4 years (2021 to 2025), Fortinet's product — gross profit has grown at a 18.1% compound annual growth rate (CAGR), from $767.3M to $1.49B.
What does product — gross profit mean?
This metric is calculated as the total product revenue minus the total cost of product revenue. It measures the profitability of the hardware and perpetual license business segment before accounting for operating expenses. It is a critical indicator of the pricing power and manufacturing efficiency of the company's physical product offerings.