Stock Analysis on Net
Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

This company has been moved to the archive! The financial data has not been updated since May 8, 2023.

Income Statement 
Quarterly Data

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 (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Product 500,700 540,100 468,700 400,700 371,000 378,900 337,100 298,300 240,700 288,400 223,800 211,900 192,300 238,800 197,100 189,900 162,700 200,800 164,500 166,300 142,800
Service 761,600 742,900 680,800 629,400 583,800 584,700 530,100 502,800 469,600 459,600 427,300 405,700 385,400 375,600 350,400 331,800 309,900 306,200 289,400 275,000 256,200
Revenue 1,262,300 1,283,000 1,149,500 1,030,100 954,800 963,600 867,200 801,100 710,300 748,000 651,100 617,600 577,700 614,400 547,500 521,700 472,600 507,000 453,900 441,300 399,000
Product (193,600) (189,900) (185,200) (155,200) (161,000) (146,500) (134,300) (115,600) (91,300) (107,400) (84,300) (84,400) (76,300) (92,700) (79,000) (82,700) (70,200) (86,900) (72,000) (73,900) (58,200)
Service (114,200) (107,400) (97,800) (95,600) (92,800) (81,800) (76,900) (71,300) (65,300) (59,600) (54,900) (50,700) (52,400) (47,800) (45,100) (45,600) (42,800) (41,600) (39,600) (39,200) (39,000)
Cost of revenue (307,800) (297,300) (283,000) (250,800) (253,800) (228,300) (211,200) (186,900) (156,600) (167,000) (139,200) (135,100) (128,700) (140,500) (124,100) (128,300) (113,000) (128,500) (111,600) (113,100) (97,200)
Gross profit 954,500 985,700 866,500 779,300 701,000 735,300 656,000 614,200 553,700 581,000 511,900 482,500 449,000 473,900 423,400 393,400 359,600 378,500 342,300 328,200 301,800
Research and development (151,100) (128,900) (134,300) (124,300) (124,900) (112,600) (107,800) (106,600) (97,200) (89,000) (90,000) (82,100) (80,300) (71,200) (69,900) (67,400) (68,600) (65,500) (58,700) (61,200) (59,100)
Sales and marketing (478,300) (455,900) (427,100) (415,500) (387,600) (367,700) (347,100) (326,900) (304,000) (291,400) (266,700) (253,800) (260,000) (257,100) (227,400) (226,500) (215,900) (205,900) (198,300) (192,800) (185,300)
General and administrative (52,800) (44,300) (40,700) (45,400) (38,600) (41,300) (35,800) (34,400) (32,000) (32,400) (29,400) (28,900) (28,800) (27,200) (26,100) (24,300) (24,500) (22,000) (22,500) (23,500) (25,000)
Gain on intellectual property matter 1,200 1,200 1,100 1,200 1,100 1,200 1,100 1,200 1,100 1,200 1,100 1,100 36,800 — — — — — — — —
Operating expenses (681,000) (627,900) (601,000) (584,000) (550,000) (520,400) (489,600) (466,700) (432,100) (411,600) (385,000) (363,700) (332,300) (355,500) (323,400) (318,200) (309,000) (293,400) (279,500) (277,500) (269,400)
Operating income 273,500 357,800 265,500 195,300 151,000 214,900 166,400 147,500 121,600 169,400 126,900 118,800 116,700 118,400 100,000 75,200 50,600 85,100 62,800 50,700 32,400
Interest income 20,600 9,100 4,600 2,400 1,300 1,000 1,200 1,200 1,100 2,000 2,500 4,000 9,200 9,900 11,400 11,000 10,200 9,300 6,900 5,800 4,500
Interest expense (5,000) (4,500) (4,500) (4,500) (4,500) (4,500) (4,600) (4,500) (1,300) — — — — — — — — — — — —
Other income (expense), net 2,000 5,800 (900) (9,300) (9,100) (4,100) (6,300) 800 (2,000) 300 (1,000) 900 (8,000) (600) (6,000) (400) (500) (2,300) 900 (5,000) (200)
Income before income taxes and loss from equity method investment 291,100 368,200 264,700 183,900 138,700 207,300 156,700 145,000 119,400 171,700 128,400 123,700 117,900 127,700 105,400 85,800 60,300 92,100 70,600 51,500 36,700
(Provision for) benefit from income taxes (21,300) (9,200) (27,300) (2,400) 8,100 (3,700) 9,300 (7,500) (12,200) (25,000) (5,000) (9,900) (13,300) (12,500) (25,600) (13,100) (1,500) 90,500 (11,900) (2,200) 4,900
Loss from equity method investment (22,100) (45,200) (6,300) (8,100) (8,500) (4,800) (2,800) — — — — — — — — — — — — — —
Net income including non-controlling interests 247,700 313,800 231,100 173,400 138,300 198,800 163,200 137,500 107,200 146,700 123,400 113,800 104,600 115,200 79,800 72,700 58,800 182,600 58,700 49,300 41,600
Net (income) loss attributable to non-controlling interests, net of tax — — 500 100 100 200 (100) — — — — — — — — — — — — — —
Net income attributable to Fortinet, Inc. 247,700 313,800 231,600 173,500 138,400 199,000 163,100 137,500 107,200 146,700 123,400 113,800 104,600 115,200 79,800 72,700 58,800 182,600 58,700 49,300 41,600

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

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 Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023.
Operating income The net result for the period of deducting operating expenses from operating revenues. Fortinet Inc. operating income increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023 not reaching Q3 2022 level.
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 Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023 not reaching Q3 2022 level.
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 Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023 not reaching Q3 2022 level.