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Fortinet FTNT Business Segments — Commission expense

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Other financials

Income statement

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Revenue$2.0B+25.6%
Gross profit$1.6B+24.9%
Operating income$689.3M+50.5%
Net income$606.3M+37.8%
EPS (diluted)$0.82+43.9%

Balance sheet

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Cash & equivalents$2.9B-12.9%
Total debt$496.9M-54.4%
Total equity$1.6B-24.7%
Total assets$10.9B+2.0%

Cash flow

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Operating cash flow$1.0B+131%
CapEx$78.0M-53.5%
Free cash flow$965.6M+240%

Valuation

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Market cap$120.48B+111%
Enterprise value$118.05B+115%
P/E56.8×+27.4×
P/S16×+7.0×

Profitability

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Gross margin80.2%-1.1pp
Operating margin32.4%+1.6pp
Net margin28.2%-2.4pp
FCF margin41.4%+9.3pp

Returns & leverage

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Return on equity117.4%-47.7pp
Debt / equity0.3×-0.2×
Current ratio1.3×0.0×

Where this comes from

Reported directly by Fortinet in its filing.

Tagged under the XBRL concept us-gaap:SalesCommissionsAndFees.

The source filing: Fortinet’s 10-Q, filed May 8, 2026.

Filed
May 7, 2026, 8:00 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001262039-26-000013
Line itemThree Months Ended / March 31, 2026Three Months Ended / March 31, 2025
Cost of service revenue156.2143.2
Research and development expenses214.0198.6
Adjusted sales and marketing expenses (1)514.8439.7
Commission expense121.5103.0
General and administrative expenses56.257.8
Provision for income taxes122.096.5
Add: Other segment items (2)77.982.4
Net income$534.5$433.4

Item 1. Financial Statements (unaudited)

FAQ

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.

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