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Fortinet FTNT Security subscription — Total Revenue

Other product segments

Technical support and other
$510.5M+11.6%

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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:RevenueFromContractWithCustomerExcludingAssessedTax.

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
Product$645.1$459.1
Service:
Security subscription694.0623.1
Technical support and other510.5457.5
Total service revenue1,204.51,080.6
Total revenue$1,849.6$1,539.7

Item 1. Financial Statements (unaudited)

FAQ

What is Fortinet's security subscription — total revenue?
Fortinet (FTNT) reported security subscription — total revenue of $694M in Q1 2026.
How has Fortinet's security subscription — total revenue changed year-over-year?
Fortinet's security subscription — total revenue increased by 11.4% year-over-year, from $623.1M to $694M.
What is the long-term trend for Fortinet's security subscription — total revenue?
Over 4 years (2021 to 2025), Fortinet's security subscription — total revenue has grown at a 23.7% compound annual growth rate (CAGR), from $1.13B to $2.63B.
What does security subscription — total revenue mean?
This metric represents the total revenue generated from recurring security service subscriptions, including software-as-a-service (SaaS) offerings, security updates, and maintenance contracts. It serves as a primary indicator of the company's ability to monetize its installed base through ongoing, high-margin recurring service agreements. This revenue stream is critical for assessing the long-term stability and predictability of the firm's business model.

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