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Stocks·NASDAQ:FTNT

Fortinet (FTNT)

OverviewFinancialsOwnersFilings
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Revenue, last 12 months$7.88B+20% vs. a year before
Free cash flow, last 12 months$3.43BBringing in cash
Cash and short-term investments$3.75BDebt: $500M
Shares outstanding, past year-1.2%735M shares now
Backlog (signed, not yet booked)$7.98BAs of Sep 30, 2026

My take

No average analyst target in this video.

Every video where I mention FTNT

The last 12 months

  1. Oct 30, 202610-QQuarterly report
  2. Oct 30, 2026VideoMy video: Fortinet Stock Crashed After Beating Earnings. Overreaction? (FTNT)
  3. Oct 28, 20268-KReleased quarterly results
  4. Jul 30, 202610-QQuarterly report
  5. Jul 29, 20268-KReleased quarterly results
  6. Jun 16, 20268-KShareholder vote results
  7. May 8, 202610-QQuarterly report
  8. May 6, 20268-KReleased quarterly results
  9. Apr 29, 2026SCHEDULE 13GAn investor reported a 5%+ stake
  10. Feb 25, 202610-KAnnual report
  11. Feb 5, 20268-KReleased quarterly results

All filings →

Revenue by year
2016: $1.28B20162017: $1.49B20172018: $1.80B20182019: $2.16B20192020: $2.59B20202021: $3.34B20212022: $4.42B20222023: $5.30B20232024: $5.96B20242025: $6.80B2025$6.80B
Show the numbers
Revenue by year
2016$1.28B
2017$1.49B
2018$1.80B
2019$2.16B
2020$2.59B
2021$3.34B
2022$4.42B
2023$5.30B
2024$5.96B
2025$6.80B
Revenue by quarter calendar quarter the period ended in
Q4 23: $1.42BQ1 24: $1.35BQ1 24Q2 24: $1.43BQ3 24: $1.51BQ3 24Q4 24: $1.66BQ1 25: $1.54BQ1 25Q2 25: $1.63BQ3 25: $1.72BQ3 25Q4 25: $1.91BQ1 26: $1.85BQ1 26Q2 26: $2.05BQ3 26: $2.08BQ3 26$2.08B
Show the numbers
Revenue by quarter
Q4 23$1.42B
Q1 24$1.35B
Q2 24$1.43B
Q3 24$1.51B
Q4 24$1.66B
Q1 25$1.54B
Q2 25$1.63B
Q3 25$1.72B
Q4 25$1.91B
Q1 26$1.85B
Q2 26$2.05B
Q3 26$2.08B
Operating income (loss) by year profit from the business before interest and taxes
2016: $42.9M20162017: $110M20172018: $234M20182019: $351M20192020: $532M20202021: $650M20212022: $970M20222023: $1.24B20232024: $1.80B20242025: $2.08B2025$2.08B
Show the numbers
Operating income (loss) by year
2016$42.9M
2017$110M
2018$234M
2019$351M
2020$532M
2021$650M
2022$970M
2023$1.24B
2024$1.80B
2025$2.08B
Free cash flow by year cash from operations minus spending on buildings and equipment
2016: $279M20162017: $459M20172018: $586M20182019: $716M20192020: $958M20202021: $1.20B20212022: $1.45B20222023: $1.73B20232024: $1.88B20242025: $2.23B2025$2.23B
Show the numbers
Free cash flow by year
2016$279M
2017$459M
2018$586M
2019$716M
2020$958M
2021$1.20B
2022$1.45B
2023$1.73B
2024$1.88B
2025$2.23B
Cash vs. debt

Cash and short-term investmentsDebt

2016 · Cash and short-term investments: $1.09B20162017 · Cash and short-term investments: $1.25B20172018 · Cash and short-term investments: $1.65B20182019 · Cash and short-term investments: $2.07B20192020 · Cash and short-term investments: $1.84B2020 · Debt: $020202021 · Cash and short-term investments: $1.32B2021 · Debt: $1B20212022 · Cash and short-term investments: $1.68B2022 · Debt: $1B20222023 · Cash and short-term investments: $1.40B2023 · Debt: $1B20232024 · Cash and short-term investments: $2.88B2024 · Debt: $1B20242025 · Cash and short-term investments: $2.50B2025 · Debt: $1B2025
Show the numbers
Cash and short-term investmentsDebt
2016$1.09Bn/a
2017$1.25Bn/a
2018$1.65Bn/a
2019$2.07Bn/a
2020$1.84B$0
2021$1.32B$1B
2022$1.68B$1B
2023$1.40B$1B
2024$2.88B$1B
2025$2.50B$1B
How it makes money: Q3 2026 revenue by product or service; the thin line is a year earlier
  • Product$765M 37% +37% vs. a year ago
  • Security subscription$754M 36% +12% vs. a year ago
  • Technical support and other$560M 27% +13% vs. a year ago

From the 10-Q filed Oct 30, 2026. Source.

Stock pay vs. buybacks

Stock-based pay to employeesSpent buying back shares

2020 · Stock-based pay to employees: $192M2020 · Spent buying back shares: $1.08B20202021 · Stock-based pay to employees: $208M2021 · Spent buying back shares: $742M20212022 · Stock-based pay to employees: $217M2022 · Spent buying back shares: $1.99B20222023 · Stock-based pay to employees: $249M2023 · Spent buying back shares: $1.50B20232024 · Stock-based pay to employees: $258M2024 · Spent buying back shares: $600K20242025 · Stock-based pay to employees: $280M2025 · Spent buying back shares: $2.29B2025
Show the numbers
Stock-based pay to employeesSpent buying back shares
2020$192M$1.08B
2021$208M$742M
2022$217M$1.99B
2023$249M$1.50B
2024$258M$600K
2025$280M$2.29B

If buybacks are smaller than stock pay, the buyback isn't shrinking the share count; it's soaking up shares handed to employees.

Backlog (remaining performance obligations) contracts signed but not yet booked as revenue
Q4 23: $5.75BQ1 24: $5.81BQ1 24Q2 24: $5.92BQ3 24: $6.08BQ3 24Q4 24: $6.42BQ1 25: $6.49BQ1 25Q2 25: $6.64BQ3 25: $6.72BQ3 25Q4 25: $7.18BQ1 26: $7.45BQ1 26Q2 26: $7.73BQ3 26: $7.98BQ3 26$7.98B
Show the numbers
Backlog (remaining performance obligations)
Q4 23$5.75B
Q1 24$5.81B
Q2 24$5.92B
Q3 24$6.08B
Q4 24$6.42B
Q1 25$6.49B
Q2 25$6.64B
Q3 25$6.72B
Q4 25$7.18B
Q1 26$7.45B
Q2 26$7.73B
Q3 26$7.98B

Compare FTNT with other stocks →

From the company's own SEC filings via SEC EDGAR, latest period ended Sep 30, 2026. Numbers can be restated later. Not investment advice.

Dilution

Shares outstanding adjusted for the 5-for-1 split
Feb 2023: 784MMay 2023: 785MMay 2023Aug 2023: 785MNov 2023: 768MNov 2023Feb 2024: 763MMay 2024: 764MMay 2024Aug 2024: 765MNov 2024: 766MNov 2024Feb 2025: 769MMay 2025: 765MMay 2025Aug 2025: 766MNov 2025: 744MNov 2025Feb 2026: 740MMay 2026: 733MMay 2026Jul 2026: 734MOct 2026: 735MOct 2026735M
Show the numbers
Shares outstanding
Feb 2023784M
May 2023785M
Aug 2023785M
Nov 2023768M
Feb 2024763M
May 2024764M
Aug 2024765M
Nov 2024766M
Feb 2025769M
May 2025765M
Aug 2025766M
Nov 2025744M
Feb 2026740M
May 2026733M
Jul 2026734M
Oct 2026735M

The share count is down -1.2% over the past year. What dilution means.

Insider trades

Insider buys, 12 months0none
Insider sales, 12 months66$143M, 66 planned in advance

Bought or sold on the open market

DateWhoWhatSharesValueFiling
Nov 2, 2026Ken Xie
President & CEO, Director		Sold on the market (planned)
8 trades that day		161K$20.9MForm 4
Nov 2, 2026Michael Xie
VP, Engineering & CTO, Director		Sold on the market (planned)
7 trades that day		3.1K$404KForm 4
Sep 24, 2026Christiane Ohlgart
Chief Financial Officer		Sold on the market (planned)48$8.64KForm 4
Sep 15, 2026John Whittle
CHIEF OPERATING OFFICER		Sold on the market (planned)2.8K$478KForm 4
Sep 14, 2026John Whittle
CHIEF OPERATING OFFICER		Sold on the market (planned)
2 trades that day		53.9K$8.91MForm 4
Aug 4, 2026Christiane Ohlgart
Chief Financial Officer		Sold on the market (planned)387$63.7KForm 4
Aug 3, 2026Michael Xie
VP, ENGINEERING & CTO, Director		Sold on the market (planned)
4 trades that day		3.1K$508KForm 4
Aug 3, 2026Ken Xie
PRESIDENT & CEO, Director		Sold on the market (planned)
6 trades that day		161K$26.3MForm 4
Jun 3, 2026Michael Xie
VP, ENGINEERING & CTO, Director		Sold on the market (planned)
5 trades that day		3.9K$572KForm 4
Jun 2, 2026Ken Xie
PRESIDENT & CEO, Director		Sold on the market (planned)
8 trades that day		161K$23.4MForm 4
May 21, 2026John Whittle
CHIEF OPERATING OFFICER		Sold on the market (planned)
3 trades that day		146K$18.7MForm 4
May 20, 2026Christiane Ohlgart
Chief Financial Officer		Sold on the market (planned)238$30.9KForm 4
May 14, 2026Christiane Ohlgart
Chief Financial Officer		Sold on the market (planned)756$90.7KForm 4
May 11, 2026Christiane Ohlgart
Chief Financial Officer		Sold on the market (planned)238$27.4KForm 4
May 7, 2026Christiane Ohlgart
Chief Financial Officer		Sold on the market (planned)756$83.2KForm 4
Everything else: grants, option exercises, tax withholding (70)
DateWhoWhatSharesValueFiling
Nov 2, 2026Ken Xie
President & CEO, Director		Exercised options (planned)155K$3.55MForm 4
Nov 1, 2026John Whittle
Chief Operating Officer		Exercised options
3 trades that day		4.6Kn/aForm 4
Nov 1, 2026John Whittle
Chief Operating Officer		Shares withheld for taxes2.3K$314KForm 4
Nov 1, 2026Ken Xie
President & CEO, Director		Exercised options (planned)
3 trades that day		13.1Kn/aForm 4
Nov 1, 2026Ken Xie
President & CEO, Director		Shares withheld for taxes (planned)6.6K$900KForm 4
Nov 1, 2026Michael Xie
VP, Engineering & CTO, Director		Exercised options (planned)
3 trades that day		6.3Kn/aForm 4
Nov 1, 2026Michael Xie
VP, Engineering & CTO, Director		Shares withheld for taxes (planned)3.2K$433KForm 4
Nov 1, 2026Christiane Ohlgart
Chief Financial Officer		Exercised options
3 trades that day		1.6Kn/aForm 4
Nov 1, 2026Christiane Ohlgart
Chief Financial Officer		Shares withheld for taxes777$106KForm 4
Sep 30, 2026James G. Stavridis
Director		Exercised options459n/aForm 4
Sep 30, 2026Kenneth A Goldman
Director		Exercised options459n/aForm 4
Sep 30, 2026Jean X. Hu
Director		Exercised options459n/aForm 4
Sep 30, 2026Derek T. Kan
Director		Exercised options459n/aForm 4
Sep 30, 2026Janet Napolitano
Director		Exercised options459n/aForm 4
Sep 30, 2026Ming Hsieh
Director		Exercised options459n/aForm 4
Sep 30, 2026Judith Sim
Director		Exercised options459n/aForm 4
Sep 15, 2026John Whittle
CHIEF OPERATING OFFICER		Exercised options (planned)2.8K$176KForm 4
Sep 14, 2026John Whittle
CHIEF OPERATING OFFICER		Exercised options (planned)53.9K$3.35MForm 4
Aug 3, 2026Ken Xie
PRESIDENT & CEO, Director		Exercised options (planned)155K$3.55MForm 4
Aug 1, 2026John Whittle
CHIEF OPERATING OFFICER		Exercised options
3 trades that day		4.6Kn/aForm 4
Aug 1, 2026John Whittle
CHIEF OPERATING OFFICER		Shares withheld for taxes2.3K$374KForm 4
Aug 1, 2026Michael Xie
VP, ENGINEERING & CTO, Director		Exercised options (planned)
3 trades that day		6.3Kn/aForm 4
Aug 1, 2026Michael Xie
VP, ENGINEERING & CTO, Director		Shares withheld for taxes (planned)3.2K$516KForm 4
Aug 1, 2026Ken Xie
PRESIDENT & CEO, Director		Exercised options (planned)
3 trades that day		13.1Kn/aForm 4
Aug 1, 2026Ken Xie
PRESIDENT & CEO, Director		Shares withheld for taxes (planned)6.6K$1.07MForm 4
Aug 1, 2026Christiane Ohlgart
Chief Financial Officer		Exercised options (planned)
3 trades that day		1.6Kn/aForm 4
Aug 1, 2026Christiane Ohlgart
Chief Financial Officer		Shares withheld for taxes (planned)581$94.1KForm 4
Jun 11, 2026Ming Hsieh
Director		Exercised options650n/aForm 4
Jun 11, 2026Janet Napolitano
Director		Exercised options650n/aForm 4
Jun 11, 2026Judith Sim
Director		Exercised options650n/aForm 4
Jun 11, 2026James G. Stavridis
Director		Exercised options650n/aForm 4
Jun 11, 2026Jean X. Hu
Director		Exercised options650n/aForm 4
Jun 11, 2026Kenneth A Goldman
Director		Exercised options650n/aForm 4
Jun 4, 2026Michael Xie
VP, ENGINEERING & CTO, Director		Gift
3 trades that day		5.3Kn/aForm 4
Jun 2, 2026Ken Xie
PRESIDENT & CEO, Director		Exercised options (planned)155K$3.55MForm 4
May 21, 2026John Whittle
CHIEF OPERATING OFFICER		Exercised options (planned)
2 trades that day		146K$4.37MForm 4
May 19, 2026Michael Xie
VP, ENGINEERING & CTO, Director		Gift (planned)
3 trades that day		8.8Mn/aForm 4
May 19, 2026Kenneth A Goldman
Director		Gift1.5Kn/aForm 4
May 1, 2026John Whittle
CHIEF OPERATING OFFICER		Exercised options
3 trades that day		4.6Kn/aForm 4
May 1, 2026John Whittle
CHIEF OPERATING OFFICER		Shares withheld for taxes2.3K$199KForm 4

An insider buying with their own money is a stronger signal than a sale: people sell for taxes, houses and diversification. "Planned" sales were scheduled months ahead under a 10b5-1 plan. Source: SEC Form 4.

Famous investors who own it

InvestorQuarterSharesValueShare of fundChange
Terry Smith (Fundsmith)Q2 263.6M$558M4.1%Trimmed (-41%)

From each fund's latest 13F, filed up to 45 days after the quarter ends, so it's old news by design. 13Fs only show US stock owned on the last day of the quarter: no short sales, and "added" or "trimmed" compares two snapshots, not actual trades. See what these funds bought and sold.

Failed trades

Failed trades (fails to deliver) shares that weren't delivered on time when a trade settled
May 11: 3.1KMay 14: 9.4KMay 18: 10.1KMay 21: 2.1KMay 21May 22: 2May 27: 2Jun 3: 33Jun 8: 1.3KJun 8Jun 9: 154Jun 10: 1Jun 11: 3Jun 12: 266Jun 12Jun 15: 1Jun 17: 126Jun 22: 7KJun 29: 100Jun 29Jul 7: 135Jul 9: 3KJul 13: 100Jul 17: 582Jul 17Jul 20: 119Jul 22: 59Jul 23: 42Jul 24: 558Jul 24Jul 28: 593Jul 29: 381Jul 30: 145KAug 3: 2.4KAug 3Aug 4: 1.5KAug 17: 100Aug 19: 4Aug 31: 100Aug 31Sep 3: 20Sep 15: 34Sep 21: 200Sep 24: 2.8KSep 24Oct 6: 37Oct 7: 7.9KOct 8: 896Oct 9: 1.6KOct 91.6K
Show the numbers
Failed trades (fails to deliver)
May 113.1K
May 149.4K
May 1810.1K
May 212.1K
May 222
May 272
Jun 333
Jun 81.3K
Jun 9154
Jun 101
Jun 113
Jun 12266
Jun 151
Jun 17126
Jun 227K
Jun 29100
Jul 7135
Jul 93K
Jul 13100
Jul 17582
Jul 20119
Jul 2259
Jul 2342
Jul 24558
Jul 28593
Jul 29381
Jul 30145K
Aug 32.4K
Aug 41.5K
Aug 17100
Aug 194
Aug 31100
Sep 320
Sep 1534
Sep 21200
Sep 242.8K
Oct 637
Oct 77.9K
Oct 8896
Oct 91.6K

From the SEC's fails-to-deliver data, which runs two to four weeks behind. A spike can mean heavy short selling or just back-office delays; it isn't proof of anything on its own. Short interest isn't shown: FINRA's terms don't allow republishing it.

Share offerings

Selling new shares dilutes current owners. A "shelf" is permission to sell later; a 424B5 usually means a sale is actually happening.

No share offerings or shelf registrations in the last two years.

What they told the SEC, in plain English

Every 8-K (the report a company files when something big happens) in the last two years. Red ones are worth a closer look: auditor changes, restatements, late reports, listing problems.

What changed in the latest annual report

Comparing the risk factors in the 10-K filed Feb 25, 2026 with the one filed Feb 21, 2025: 1 new and 1 removed, out of 55.

New this year

  • We are currently, and may in the future become, involved in litigation that may adversely affect us.
Dropped from last year (1)
  • Our billings, revenue and free cash flow growth may slow or may not continue, and our operating margins may decline.

Matched by each risk's headline, so a reworded risk can show up as new. This year's report · last year's.

Search inside Fortinet's filings

Opens the SEC's own full-text search in a new tab, limited to FTNT. Every FTNT filing on EDGAR.