How does Fortinet (FTNT) make money?

Fortinet (FTNT) generates revenue primarily from Security Subscription, which accounted for 38% of total revenue in TTM through Q1 2026. The company reported $7.11B in revenue and converted 27.5% of it into net profit, equivalent to roughly $1.95B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Fortinet (FTNT)?

Fortinet (FTNT) reported a gross profit margin of 80.7% in TTM through Q1 2026, equivalent to $5.74B in gross profit on $7.11B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Fortinet (FTNT)?

Fortinet (FTNT) reported an operating profit margin of 31.1% in TTM through Q1 2026, equivalent to $2.21B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Fortinet (FTNT)?

Fortinet (FTNT) reported a net profit margin of 27.5% in TTM through Q1 2026, equivalent to $1.95B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Fortinet (FTNT) profitable?

Yes. Fortinet (FTNT) reported $1.95B in net income for TTM through Q1 2026, with a net profit margin of 27.5%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Fortinet (FTNT) invest in research and development?

Fortinet (FTNT) invested $830.90M in research and development during TTM through Q1 2026, roughly 11.7% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Fortinet (FTNT) spend on capital expenditures?

Fortinet (FTNT) spent $368.90M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 5.2% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Fortinet (FTNT) generate?

Fortinet (FTNT) generated $2.44B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 34.3%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Fortinet (FTNT)?

Fortinet (FTNT) had an effective tax rate of 19.2% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Fortinet (FTNT)?

Fortinet (FTNT) reports revenue across 3 reportable product segments, led by Security Subscription at 38% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Fortinet (FTNT) generate most of its revenue?

Europe, Middle East and Africa is the largest geographic market for Fortinet (FTNT), accounting for 42.1% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Fortinet Makes Money: 2026 Visual Revenue Map

Fortinet (FTNT) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 8, 2026).

Fortinet (FTNT) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Fortinet (FTNT) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Security Subscription	$2.70B	38%
Product	$2.40B	33.8%
Technical Support and Other	$2.00B	28.1%
Total	$7.11B	100%

Security Subscription$2.70B
Product$2.40B
Technical Support and Other$2.00B
Total$7.11B

Fortinet (FTNT) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Fortinet (FTNT), TTM through Q1 2026
Region	Revenue (USD)	% of total
Europe, Middle East and Africa	$2.99B	42.1%
Americas	$2.81B	39.5%
Asia Pacific and Japan	$1.31B	18.4%
Total	$7.11B	100%

Europe, Middle East and Africa
Americas
Asia Pacific and Japan
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Fortinet (FTNT) reports revenue across 3 operating segments; the largest segment was Security Subscription at 38%, followed by Product (33.8%) and Technical Support and Other (28.1%). Separately, by end-market geography, Europe, Middle East and Africa accounted for 42.1% of revenue, followed by Americas (39.5%) and Asia Pacific and Japan (18.4%).

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