Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Fortinet Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Product	1,780,500)	1,255,000)	916,400)	788,500)	674,400)
Service	2,636,900)	2,087,200)	1,678,000)	1,367,700)	1,126,800)
Revenue	4,417,400)	3,342,200)	2,594,400)	2,156,200)	1,801,200)
Product	(691,300)	(487,700)	(352,400)	(324,600)	(291,000)
Service	(393,600)	(295,300)	(217,600)	(181,300)	(159,400)
Cost of revenue	(1,084,900)	(783,000)	(570,000)	(505,900)	(450,400)
Gross profit	3,332,500)	2,559,200)	2,024,400)	1,650,300)	1,350,800)
Research and development	(512,400)	(424,200)	(341,400)	(277,100)	(244,500)
Sales and marketing	(1,686,100)	(1,345,700)	(1,071,900)	(926,900)	(782,300)
General and administrative	(169,000)	(143,500)	(119,500)	(102,100)	(93,000)
Gain on intellectual property matter	4,600)	4,600)	40,200)	—)	—)
Operating expenses	(2,362,900)	(1,908,800)	(1,492,600)	(1,306,100)	(1,119,800)
Operating income	969,600)	650,400)	531,800)	344,200)	231,000)
Interest income	17,400)	4,500)	17,700)	42,500)	26,500)
Interest expense	(18,000)	(14,900)	—)	—)	—)
Other expense, net	(13,500)	(11,600)	(7,800)	(7,500)	(6,600)
Income before income taxes and loss from equity method investment	955,500)	628,400)	541,700)	379,200)	250,900)
(Provision for) benefit from income taxes	(30,800)	(14,100)	(53,200)	(52,700)	81,300)
Loss from equity method investment	(68,100)	(7,600)	—)	—)	—)
Net income including non-controlling interests	856,600)	606,700)	488,500)	326,500)	332,200)
Net loss attributable to non-controlling interests, net of tax	700)	100)	—)	—)	—)
Net income attributable to Fortinet, Inc.	857,300)	606,800)	488,500)	326,500)	332,200)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Download chart

Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Fortinet Inc. revenue increased from 2020 to 2021 and from 2021 to 2022.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Fortinet Inc. operating income increased from 2020 to 2021 and from 2021 to 2022.
Income before income taxes and loss from equity method investment	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Fortinet Inc. income before income taxes and loss from equity method investment increased from 2020 to 2021 and from 2021 to 2022.
Net income attributable to Fortinet, Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Fortinet Inc. net income attributable to Fortinet, Inc. increased from 2020 to 2021 and from 2021 to 2022.

Fortinet Inc. (NASDAQ:FTNT)

Income Statement