Fortinet Inc
NASDAQ:FTNT
Income Statement
Earnings Waterfall
Fortinet Inc
Revenue
|
5.4B
USD
|
Cost of Revenue
|
-1.2B
USD
|
Gross Profit
|
4.2B
USD
|
Operating Expenses
|
-2.9B
USD
|
Operating Income
|
1.3B
USD
|
Other Expenses
|
-84.9m
USD
|
Net Income
|
1.2B
USD
|
Income Statement
Fortinet Inc
Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
648
N/A
|
685
+6%
|
724
+6%
|
770
+6%
|
814
+6%
|
870
+7%
|
937
+8%
|
1 009
+8%
|
1 081
+7%
|
1 153
+7%
|
1 209
+5%
|
1 275
+5%
|
1 331
+4%
|
1 384
+4%
|
1 441
+4%
|
1 495
+4%
|
1 553
+4%
|
1 631
+5%
|
1 711
+5%
|
1 801
+5%
|
1 875
+4%
|
1 955
+4%
|
2 049
+5%
|
2 163
+6%
|
2 267
+5%
|
2 361
+4%
|
2 465
+4%
|
2 594
+5%
|
2 725
+5%
|
2 911
+7%
|
3 127
+7%
|
3 342
+7%
|
3 587
+7%
|
3 816
+6%
|
4 098
+7%
|
4 417
+8%
|
4 725
+7%
|
4 988
+6%
|
5 173
+4%
|
5 305
+3%
|
5 396
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(192)
|
(206)
|
(219)
|
(231)
|
(244)
|
(256)
|
(270)
|
(287)
|
(301)
|
(316)
|
(329)
|
(338)
|
(351)
|
(362)
|
(371)
|
(385)
|
(392)
|
(409)
|
(427)
|
(450)
|
(466)
|
(481)
|
(494)
|
(506)
|
(522)
|
(528)
|
(544)
|
(570)
|
(598)
|
(650)
|
(722)
|
(783)
|
(880)
|
(944)
|
(1 016)
|
(1 085)
|
(1 139)
|
(1 184)
|
(1 219)
|
(1 237)
|
(1 234)
|
|
Gross Profit |
456
N/A
|
479
+5%
|
504
+5%
|
539
+7%
|
570
+6%
|
614
+8%
|
666
+8%
|
722
+8%
|
780
+8%
|
837
+7%
|
880
+5%
|
938
+7%
|
981
+5%
|
1 022
+4%
|
1 070
+5%
|
1 110
+4%
|
1 161
+5%
|
1 222
+5%
|
1 284
+5%
|
1 351
+5%
|
1 409
+4%
|
1 474
+5%
|
1 555
+6%
|
1 657
+7%
|
1 746
+5%
|
1 833
+5%
|
1 921
+5%
|
2 024
+5%
|
2 127
+5%
|
2 261
+6%
|
2 405
+6%
|
2 559
+6%
|
2 707
+6%
|
2 872
+6%
|
3 082
+7%
|
3 333
+8%
|
3 586
+8%
|
3 804
+6%
|
3 954
+4%
|
4 068
+3%
|
4 162
+2%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(387)
|
(412)
|
(440)
|
(480)
|
(523)
|
(575)
|
(638)
|
(700)
|
(762)
|
(825)
|
(865)
|
(891)
|
(925)
|
(934)
|
(956)
|
(1 000)
|
(1 025)
|
(1 063)
|
(1 095)
|
(1 120)
|
(1 159)
|
(1 200)
|
(1 244)
|
(1 306)
|
(1 366)
|
(1 413)
|
(1 476)
|
(1 533)
|
(1 597)
|
(1 700)
|
(1 805)
|
(1 913)
|
(2 031)
|
(2 149)
|
(2 260)
|
(2 368)
|
(2 499)
|
(2 633)
|
(2 745)
|
(2 831)
|
(2 877)
|
|
Selling, General & Administrative |
(279)
|
(299)
|
(323)
|
(357)
|
(393)
|
(438)
|
(490)
|
(542)
|
(595)
|
(650)
|
(684)
|
(708)
|
(735)
|
(738)
|
(755)
|
(789)
|
(806)
|
(834)
|
(862)
|
(875)
|
(905)
|
(940)
|
(973)
|
(1 029)
|
(1 077)
|
(1 109)
|
(1 152)
|
(1 191)
|
(1 239)
|
(1 317)
|
(1 404)
|
(1 489)
|
(1 579)
|
(1 679)
|
(1 764)
|
(1 855)
|
(1 960)
|
(2 065)
|
(2 155)
|
(2 217)
|
(2 242)
|
|
Research & Development |
(108)
|
(113)
|
(118)
|
(123)
|
(130)
|
(137)
|
(148)
|
(158)
|
(167)
|
(175)
|
(180)
|
(183)
|
(190)
|
(195)
|
(201)
|
(211)
|
(219)
|
(229)
|
(234)
|
(245)
|
(254)
|
(260)
|
(271)
|
(277)
|
(289)
|
(304)
|
(324)
|
(341)
|
(358)
|
(383)
|
(401)
|
(424)
|
(452)
|
(470)
|
(496)
|
(512)
|
(539)
|
(568)
|
(590)
|
(614)
|
(636)
|
|
Operating Income |
70
N/A
|
67
-4%
|
64
-4%
|
59
-7%
|
47
-20%
|
39
-17%
|
28
-29%
|
22
-19%
|
18
-19%
|
12
-35%
|
15
+32%
|
47
+203%
|
56
+20%
|
88
+57%
|
114
+29%
|
110
-3%
|
137
+24%
|
159
+16%
|
188
+18%
|
231
+23%
|
249
+8%
|
274
+10%
|
311
+14%
|
351
+13%
|
380
+8%
|
420
+11%
|
446
+6%
|
492
+10%
|
530
+8%
|
561
+6%
|
600
+7%
|
646
+8%
|
675
+5%
|
723
+7%
|
822
+14%
|
965
+17%
|
1 087
+13%
|
1 171
+8%
|
1 209
+3%
|
1 237
+2%
|
1 284
+4%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
5
|
5
|
5
|
5
|
5
|
6
|
6
|
5
|
6
|
6
|
7
|
7
|
8
|
9
|
11
|
13
|
16
|
18
|
21
|
29
|
32
|
37
|
42
|
38
|
42
|
35
|
26
|
12
|
8
|
1
|
(5)
|
(19)
|
(13)
|
(12)
|
(9)
|
(5)
|
18
|
47
|
78
|
99
|
110
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
(6)
|
(8)
|
(8)
|
(8)
|
(5)
|
(4)
|
(4)
|
(3)
|
(1)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
(4)
|
(4)
|
29
|
30
|
35
|
36
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
5
|
|
Total Other Income |
(2)
|
(3)
|
(2)
|
(3)
|
(3)
|
(4)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(7)
|
(5)
|
(3)
|
(2)
|
1
|
0
|
(6)
|
(5)
|
(9)
|
(7)
|
(2)
|
(5)
|
1
|
(7)
|
(6)
|
(4)
|
2
|
(2)
|
(2)
|
(7)
|
(3)
|
(19)
|
(29)
|
(23)
|
(9)
|
(2)
|
1
|
(5)
|
(6)
|
(11)
|
|
Pre-Tax Income |
73
N/A
|
70
-4%
|
67
-4%
|
62
-8%
|
49
-20%
|
41
-17%
|
24
-41%
|
17
-29%
|
12
-29%
|
5
-59%
|
13
+157%
|
43
+240%
|
55
+26%
|
91
+67%
|
122
+34%
|
124
+1%
|
153
+23%
|
171
+12%
|
204
+19%
|
251
+23%
|
275
+9%
|
309
+12%
|
344
+11%
|
386
+12%
|
443
+15%
|
479
+8%
|
502
+5%
|
542
+8%
|
541
0%
|
565
+4%
|
593
+5%
|
628
+6%
|
648
+3%
|
687
+6%
|
795
+16%
|
956
+20%
|
1 108
+16%
|
1 223
+10%
|
1 286
+5%
|
1 334
+4%
|
1 388
+4%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(32)
|
(32)
|
(36)
|
(36)
|
(31)
|
(28)
|
(7)
|
(9)
|
(4)
|
1
|
(8)
|
(11)
|
(14)
|
(26)
|
(37)
|
(29)
|
(27)
|
(20)
|
(20)
|
114
|
108
|
97
|
83
|
(56)
|
(68)
|
(64)
|
(44)
|
(53)
|
(52)
|
(50)
|
(35)
|
(14)
|
6
|
11
|
(25)
|
(31)
|
(60)
|
(85)
|
(58)
|
(144)
|
(162)
|
|
Income from Continuing Operations |
40
|
38
|
31
|
25
|
19
|
13
|
17
|
8
|
9
|
6
|
4
|
32
|
41
|
65
|
86
|
94
|
125
|
152
|
184
|
365
|
382
|
405
|
427
|
330
|
375
|
414
|
458
|
489
|
489
|
515
|
557
|
614
|
654
|
698
|
769
|
925
|
1 048
|
1 138
|
1 229
|
1 190
|
1 226
|
|
Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
1
|
1
|
1
|
1
|
0
|
0
|
0
|
|
Equity Earnings Affiliates |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(3)
|
(8)
|
(16)
|
(24)
|
(28)
|
(68)
|
(82)
|
(79)
|
(78)
|
(42)
|
(27)
|
|
Net Income (Common) |
40
N/A
|
38
-7%
|
31
-19%
|
25
-17%
|
19
-27%
|
13
-29%
|
17
+31%
|
8
-54%
|
9
+7%
|
6
-26%
|
4
-30%
|
32
+617%
|
41
+27%
|
65
+60%
|
86
+31%
|
31
-63%
|
62
+98%
|
89
+42%
|
121
+36%
|
332
+175%
|
349
+5%
|
373
+7%
|
394
+6%
|
332
-16%
|
377
+14%
|
416
+10%
|
460
+10%
|
489
+6%
|
489
+0%
|
515
+5%
|
555
+8%
|
607
+9%
|
638
+5%
|
674
+6%
|
743
+10%
|
857
+15%
|
967
+13%
|
1 059
+10%
|
1 151
+9%
|
1 148
0%
|
1 199
+4%
|
|
EPS (Diluted) |
0.04
N/A
|
0.04
N/A
|
0.03
-25%
|
0.03
N/A
|
0.02
-33%
|
0.01
-50%
|
0.02
+100%
|
0.01
-50%
|
0.01
N/A
|
0.01
N/A
|
0.01
N/A
|
0.04
+300%
|
0.05
+25%
|
0.08
+60%
|
0.1
+25%
|
0.03
-70%
|
0.07
+133%
|
0.1
+43%
|
0.13
+30%
|
0.38
+192%
|
0.39
+3%
|
0.42
+8%
|
0.45
+7%
|
0.38
-16%
|
0.42
+11%
|
0.5
+19%
|
0.54
+8%
|
0.58
+7%
|
0.6
+3%
|
0.62
+3%
|
0.66
+6%
|
0.73
+11%
|
0.76
+4%
|
0.83
+9%
|
0.91
+10%
|
1.06
+16%
|
1.21
+14%
|
1.33
+10%
|
1.45
+9%
|
1.46
+1%
|
1.55
+6%
|