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Fortinet FTNT Business Segments — Commission expense

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MBCReportable Segment — Commissions
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PEGAReportable Segment — Selling
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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$106.44B-18.3%
Enterprise value$104.78B-17.7%
P/E54.5×-14.9×
P/S15×-6.2×

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:SalesCommissionsAndFees.

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 business segments — commission expense?
Fortinet (FTNT) reported business segments — commission expense of $121.5M in Q1 2026.
How has Fortinet's business segments — commission expense changed year-over-year?
Fortinet's business segments — commission expense increased by 18.0% year-over-year, from $103M to $121.5M.
What is the long-term trend for Fortinet's business segments — commission expense?
Over 3 years (2022 to 2025), Fortinet's business segments — commission expense has grown at a 11.8% compound annual growth rate (CAGR), from $319.7M to $446.6M.
What does business segments — commission expense mean?
This metric represents the direct variable compensation paid to sales personnel for generating revenue within a specific business segment. It is a key indicator of sales force productivity and the variable cost structure associated with the segment's revenue growth.