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Fortinet

FTNT · Nasdaq

Hardware led revenue, services still earned 70% of gross profit

Product was 36.8% of revenue and grew 36.8%, yet services produced $1,148.5M of the $1,640.9M gross profit, 70.0%.

Q3 FY2026, the quarter to Sep 30, 2026 · 10-Q filed Oct 30, 2026

Q3 FY2026 · revenue
$2.1B+20.5% on the year
Operating margin
33.9%
Net income
$635.5M
Free cash flow, quarter
$881.8M

Largest source of revenue: Product, 36.8% of the total.

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Key insights · Q3 FY2026
  1. 01

    Hardware led revenue, services still earned 70% of gross profit

    Product was 36.8% of revenue and grew 36.8%, yet services produced $1,148.5M of the $1,640.9M gross profit, 70.0%.

    Why it matters

    Product revenue rose 36.8% to $765.0M, lifting its share of revenue by 4.4 points to 36.8%. Security subscriptions grew 12.1% to $753.6M and technical support and other 13.4% to $559.8M. The filing credits product growth to "higher average selling prices resulting from customer demand for higher performance products and recent pricing actions, as well as higher unit shipments".1

    Profit sits elsewhere. Of the quarter's $1,640.9M gross profit, services produced $1,148.5M (70.0%) and product $492.4M (30.0%). Product earned a 64.4% gross margin on its $765.0M of revenue. Product gross profit grew 30.1% from $378.6M, service gross profit 13.2% from $1,014.6M.1

    AnalysisAnalysis: the hardware is the way into an account, and the services attached to each installed box are where most of the gross profit is made. A quarter dominated by appliance growth therefore says as much about future service revenue as about this quarter's profit.

  2. 02

    Gross margin fell, yet operating margin rose to 33.9%

    Operating expenses grew 10.7% against revenue growth of 20.5%, lifting operating margin to 33.9% while gross margin slipped to 79.0%.

    Why it matters

    Cost of revenue grew 31.9% against revenue growth of 20.5%, and gross margin fell to 79.0% from 80.8% a year earlier. The filing names the shift toward lower-margin product revenue and, within product, "increased costs of memory chips and inventory related reserve expense", partly offset by pricing.1

    Below gross profit, costs grew far slower. Sales and marketing was $665.0M, 32.0% of revenue against 33.8% a year earlier; research and development was $213.4M, 10.3% against 11.7%. Headcount was 15,540 against 15,015. Operating income rose 28.7% to $704.3M, and operating margin reached 33.9% against 31.7%.1

    AnalysisAnalysis: the margin gain came from restraint in spending rather than from richer gross profit. The filing says management intends to invest in sales and marketing headcount, product development and data centers, so the gap between revenue growth and expense growth is the figure that decides whether this holds.

  3. 03

    Cash ran 1.49 times ahead of net income

    Operating cash flow of $946.0M beat net income of $635.5M because customers pay up front for services Fortinet recognizes over years.

    Why it matters

    Operating cash flow was $946.0M against $635.5M of net income, 1.49 times, and against $655.2M a year earlier. After capital spending of $64.2M, 3.1% of revenue, free cash flow was $881.8M, 42.4% of revenue and 55.4% more than the $567.5M of a year earlier.1

    The filing says: "We generally invoice at the time of our sale for the total price of the products and services." Subscriptions and support are then recognized over the contract term, so 90% of this quarter's service revenue was already in deferred revenue at the start of the quarter.1

    The pattern is long-standing rather than a one-quarter effect: operating cash flow was $638.9M against net income of $334.9M in FY2018, and $2,590.6M against $1,853.4M in FY2025, well ahead of net income in both years.1

    AnalysisCaveat, analysis: cash ahead of profit depends on billings continuing to grow. If new and renewed contracts slowed, cash would feel it before reported revenue does.

  4. 04

    Lower tax and fewer shares lifted per-share profit 38.7%

    Operating income rose 28.7%, net income 34.1% and diluted earnings per share 38.7%, as the tax rate fell and the share count shrank.

    Why it matters

    The provision for income taxes was $119.5M against $120.7M a year earlier, about 15.8% of pre-tax income versus 20.3%. The filing attributes the drop to a larger FDDEI deduction and excess tax benefits from stock-based compensation. Net income rose 34.1% to $635.5M.1

    Diluted shares were 742.6M against 761.2M a year earlier, 2.4% fewer, after repurchases. Diluted earnings per share reached $0.86 against $0.62.1

    AnalysisAnalysis: part of the per-share gain came from below the operating line. A tax rate that depends on deductions and stock-compensation benefits can move from quarter to quarter, so operating income growth is the steadier read of the business.

Sources

  1. 1.Fortinet 10-Q for the period to 2026-09-30 (the filing), Oct 30, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $252.1M in FY2009 to $6.8B in FY2025, the operating margin from 10.0% to 30.7%, over 16 years.

  • Revenue$6.8B
  • Operating income$2.1B
  • Operating margin30.7%
Period
Q3 FY2026
Revenue
$2.1B
Operating income
$704.3M
Operating margin
33.9%
Net income
$635.5M
Free cash flow
$881.8M
Business performance

Does the profit turn into cash?

Q3 FY2026: free cash flow of $881.8M against net income of $635.5M in the quarter.

  • Operating cash flow$2.6B
  • Capital expenditure$364.8M
  • Free cash flow$2.2B
  • Net income$1.9B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Revenue Recognition - Disaggregated Revenues (Details). The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
79.0%
Source10-Q, Derived from Total gross profit and Total revenue in the 10-Q filed 2026-10-30
Operating margin
33.9%
Source10-Q, Derived from Operating income and Total revenue in the 10-Q filed 2026-10-30
Net margin
30.6%
Source10-Q, Derived from Net income and Total revenue in the 10-Q filed 2026-10-30
Free cash flow, quarter
$881.8M
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Free cash flow margin, quarter
42.4%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Cash conversion, quarter
1.49x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Capital spending, quarter
3.1%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-10-30
Revenue growth
+20.5%
From the record's own history, against the prior year.

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Product$765.0M36.8%
Security subscription$753.6M36.3%
Technical support and other$559.8M26.9%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-30

Geographic markets

Emea$880.7M42.4%
Apac$377.4M18.2%
Other Americas$243.3M11.7%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-30

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by function: what it cost to make what was sold, then the expenses of selling, developing and administering.

Cost lineQ3 FY2026Of revenueSource
Total cost of revenue$437.5M21.0%Source10-Q, us-gaap:CostOfGoodsAndServicesSold, as reported in the 10-Q filed 2026-10-30
Operating income$704.3M33.9%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-30

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Employees
15,540 employees
As of Sep 30, 2026
View source
Headcount increased to 15,540 employees as of September 30, 2026, a 3% increase compared to 15,015 as of September 30, 2025.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Oct 30, 2026
Global patents held
1,474 patents
As of Sep 30, 2026
View source
As of September 30, 2026, we held 1,159 U.S. patents and a total of 1,474 global patents.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Oct 30, 2026
Largest distributor's share of revenue
27.0%
As of Sep 30, 2026
View source
Distributor A 27 % 27 % 27 % 27 %
Quarter's service revenue already in deferred revenue at quarter start
90.0%
As of Sep 30, 2026
View source
Of the service revenue recognized during the three months ended September 30, 2026 and 2025, 90% was included in the deferred revenue balance as of June 30, 2026 and 2025, respectively.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Oct 30, 2026
U.S. patents held
1,159 patents
As of Sep 30, 2026
View source
As of September 30, 2026, we held 1,159 U.S. patents and a total of 1,474 global patents.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Oct 30, 2026

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement26 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeOf revenueSource
Revenue:
Total revenue$2.08B$1.72B+20%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-10-30
Product$765.0M$559.3M+37%36.8%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductMember], as reported in the 10-Q filed 2026-10-30
Service$1.31B$1.17B+13%63.2%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ServiceMember], as reported in the 10-Q filed 2026-10-30
Cost of revenue:
Total cost of revenue$437.5M$331.7M+32%21.0%Source10-Q, us-gaap:CostOfGoodsAndServicesSold, as reported in the 10-Q filed 2026-10-30
Product$272.6M$180.7M+51%13.1%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ProductMember], as reported in the 10-Q filed 2026-10-30
Service$164.9M$151.0M+9.2%7.9%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ServiceMember], as reported in the 10-Q filed 2026-10-30
Gross profit:
Total gross profit$1.64B$1.39B+18%79.0%Source10-Q, us-gaap:GrossProfit, as reported in the 10-Q filed 2026-10-30
Product$492.4M$378.6M+30%23.7%Source10-Q, us-gaap:GrossProfit [us-gaap:ProductMember], as reported in the 10-Q filed 2026-10-30
Service$1.15B$1.01B+13%55.3%Source10-Q, us-gaap:GrossProfit [us-gaap:ServiceMember], as reported in the 10-Q filed 2026-10-30
Operating expenses:
Research and development$213.4M$202.4M+5.4%10.3%Source10-Q, us-gaap:ResearchAndDevelopmentExpense, as reported in the 10-Q filed 2026-10-30
Sales and marketing$665.0M$583.5M+14%32.0%Source10-Q, us-gaap:SellingAndMarketingExpense, as reported in the 10-Q filed 2026-10-30
General and administrative$59.6M$61.4M-2.9%2.9%Source10-Q, us-gaap:GeneralAndAdministrativeExpense, as reported in the 10-Q filed 2026-10-30
Gain on intellectual property matters (shown as a deduction)($1.4M)$1.4M0.0%0.1%Source10-Q, ftnt:GainLossFromMutualCovenantNotToSueAgreementRightToUseExistingIntellectualProperty, as reported in the 10-Q filed 2026-10-30
Total operating expenses$936.6M$845.9M+11%45.1%Source10-Q, us-gaap:OperatingExpenses, as reported in the 10-Q filed 2026-10-30
Income Statement
Operating income$704.3M$547.3M+29%33.9%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-10-30
Interest income$42.7M$40.7M+4.9%2.1%Source10-Q, us-gaap:InvestmentIncomeNet, as reported in the 10-Q filed 2026-10-30
Interest expense (shown as a deduction)($3.0M)$6.2M-52%0.1%Source10-Q, us-gaap:InterestExpenseNonoperating, as reported in the 10-Q filed 2026-10-30
Other income—net$11.0M$13.0M-15%0.5%Source10-Q, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-Q filed 2026-10-30
Income before income taxes and gain (loss) from equity method investments$755.0M$594.8M+27%36.3%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments, as reported in the 10-Q filed 2026-10-30
Provision for income taxes$119.5M$120.7M-1.0%5.7%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-10-30
Gain (loss) from equity method investments$0-$200.0K0.0%Source10-Q, us-gaap:IncomeLossFromEquityMethodInvestments, as reported in the 10-Q filed 2026-10-30
Net income$635.5M$473.9M+34%30.6%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-10-30
Net income per share:
Basic (in dollars per share)$1$1+38%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-10-30
Diluted (in dollars per share)$1$1+39%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-10-30
Weighted-average shares outstanding:
Basic (in shares)734,200,000755,500,000-2.8%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-10-30
Diluted (in shares)742,600,000761,200,000-2.4%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-10-30
Cash flow statement3 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ3 FY2026A year earlierChangeSource
Cash flows from operating activities:
Net income$635.5M$473.9M+34%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-10-30
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred contract costs$99.3M$86.0M+15%Source10-Q, us-gaap:CapitalizedContractCostAmortization, as reported in the 10-Q filed 2026-10-30
Statement of Cash Flows
CASH AND CASH EQUIVALENTS—End of period$3.75B$2.00B+88%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-10-30
Balance sheet30 lines, as presented in the 10-Q
LineQ3 FY2026A year earlierChangeSource
Current assets:
Cash and cash equivalents$3.75BSource10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-10-30
Short-term investments$1.05BSource10-Q, us-gaap:OtherShortTermInvestments, as reported in the 10-Q filed 2026-10-30
Accounts receivable—net$1.46BSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-10-30
Inventory$591.2MSource10-Q, us-gaap:InventoryNet, as reported in the 10-Q filed 2026-10-30
Prepaid expenses and other current assets$256.8MSource10-Q, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-Q filed 2026-10-30
Total current assets$7.11BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-10-30
Assets
Long-term investments$519.4MSource10-Q, us-gaap:LongTermInvestments, as reported in the 10-Q filed 2026-10-30
Property and equipment—net$1.73BSource10-Q, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 10-Q filed 2026-10-30
Deferred contract costs$815.4MSource10-Q, us-gaap:CapitalizedContractCostNet, as reported in the 10-Q filed 2026-10-30
Deferred tax assets$1.31BSource10-Q, us-gaap:DeferredIncomeTaxAssetsNet, as reported in the 10-Q filed 2026-10-30
Goodwill$273.7MSource10-Q, us-gaap:Goodwill, as reported in the 10-Q filed 2026-10-30
Other intangible assets—net$74.4MSource10-Q, us-gaap:IntangibleAssetsNetExcludingGoodwill, as reported in the 10-Q filed 2026-10-30
Other assets$115.5MSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-10-30
Total assets$11.94BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-10-30
Current liabilities:
Accounts payable$430.3MSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-10-30
Accrued liabilities$380.3MSource10-Q, us-gaap:AccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Accrued payroll and compensation$315.9MSource10-Q, us-gaap:EmployeeRelatedLiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Current portion of long-term debt$0Source10-Q, us-gaap:LongTermDebtCurrent, as reported in the 10-Q filed 2026-10-30
Deferred revenue$3.96BSource10-Q, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 10-Q filed 2026-10-30
Total current liabilities$5.09BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-10-30
Liabilities and stockholders’ equity
Deferred revenue$3.97BSource10-Q, us-gaap:ContractWithCustomerLiabilityNoncurrent, as reported in the 10-Q filed 2026-10-30
Long-term debt$497.1MSource10-Q, us-gaap:LongTermDebtNoncurrent, as reported in the 10-Q filed 2026-10-30
Other liabilities$138.0MSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-10-30
Total liabilities$9.70BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-10-30
Stockholders’ equity:
Common stock, $0.001 par value—1,500.0 shares authorized; 734.6 and 743.0 shares issued and outstanding on September 30, 2026 and December 31, 2025, respectively$700.0KSource10-Q, us-gaap:CommonStockValue, as reported in the 10-Q filed 2026-10-30
Additional paid-in capital$1.96BSource10-Q, us-gaap:AdditionalPaidInCapitalCommonStock, as reported in the 10-Q filed 2026-10-30
Accumulated other comprehensive loss-$32.4MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-10-30
Retained earnings (accumulated deficit)$318.8MSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-10-30
Total stockholders’ equity$2.25BSource10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-10-30
Liabilities and stockholders’ equity
Total liabilities and stockholders’ equity$11.94BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-10-30

About this data

Source
Fortinet 10-Q, accession 0001262039-26-000027, filed Oct 30, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Fortinet's model up, and what could bend it

Competitive edge

  • Own security chips, outsourced factories

    Fortinet designs its FortiASIC processors and pays contract manufacturers to build the boxes, keeping a 64.4% product margin despite dearer memory.

    The detail

    The filing says its ASICs let systems "run multiple applications at higher performance, lower power consumption", and describes product cost as "third-party contract manufacturers’ costs and costs of materials used in production". Research and development was $213.4M, 10.3% of revenue. Product gross profit was $492.4M on $765.0M of revenue, 64.4%.1

    AnalysisAnalysis: owning the one component where throughput per dollar is decided, while leaving factories to others, keeps capital spending light (3.1% of revenue this quarter) and gives the appliances a performance case that rivals on standard processors must answer.

  • Ninety percent of service revenue is already contracted

    90% of the quarter's service revenue was in deferred revenue when the quarter began, giving the profit-rich lines unusual visibility.

    The detail

    Of the service revenue recognized this quarter, 90% was included in deferred revenue at the start of the quarter, the same share as a year earlier. Security subscriptions brought in $753.6M and technical support and other $559.8M.1

    AnalysisAnalysis: each installed appliance needs a continuing feed of threat intelligence and support, so the installed base keeps generating contracts. The same lag that gives visibility also means a slowdown in renewals would surface in revenue only gradually.

  • Partners carry the reach, so selling costs grow slower

    Selling through distributors and resellers let sales and marketing grow 14.0% against revenue growth of 20.5% this quarter.

    The detail

    The filing says "substantially all of our revenue is from sales by our channel partners". Sales and marketing was $665.0M, 32.0% of revenue against 33.8% a year earlier. Revenue is spread widely: EMEA contributed $880.7M, 42.4%.1

    Over time the same model has widened margins: operating margin was 13.0% in FY2018 ($234.4M on $1,804.6M of revenue) and 30.7% in FY2025 ($2,084.7M on $6,799.6M).1

What to watch

  • Memory chip costs are racing product prices

    Cost of revenue grew 31.9% against revenue growth of 20.5%, and the filing warns price increases may not offset rising component costs.

    The detail

    The filing says the global build-out of AI infrastructure has created a shortage of memory chips used in its products, which may delay production and raise costs. Fortinet is raising prices and warns the increases may reduce demand or fail to offset costs in time.1

    AnalysisAnalysis: the filing also reports a sharp rise this year in non-cancelable inventory purchase commitments, taken to secure supply. If demand cooled while those commitments carry today's memory prices, the cost would land in product margin and inventory reserves.

  • Subscriptions grew at a third of hardware's pace

    Security subscriptions grew 12.1% against product growth of 36.8%, and lost 2.7 points of revenue share, while cloud rivals court the same buyers.

    The detail

    The filing names competition from cloud-delivered security providers such as CrowdStrike and Zscaler and a possible migration from physical appliances to cloud and SaaS services. It also notes that announced price list increases can accelerate orders.1

    AnalysisAnalysis: part of the gap is timing, since services from new boxes reach revenue over the contract term. If subscription growth stayed well below product growth after the price actions settle, the mix shift would be more than timing.

  • One distributor accounts for 27% of revenue

    The largest distributor brought in 27% of revenue, unchanged from a year earlier, so one partner's credit or priorities carry real weight.

    The detail

    The filing flags channel partners' credit and liquidity risk: many are privately held, some may be thinly capitalized or consolidate, and a large partner that stops paying or carrying the products would hit billings and revenue. It also says a substantial portion of each quarter's orders arrives in the final weeks.1

Sources

  1. 1.Fortinet 10-Q for the period to 2026-09-30 (the filing), Oct 30, 2026, read Nov 2, 2026
Go deeper

Fortinet, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Fortinet's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • From appliance surge to subscription revenue

    How this quarter's hardware shipments feed the service lines over the coming contract terms, and which figures show whether the mix shift is timing or something more lasting.

  • What the margins depend on from here

    The pressures on product margin from memory costs and supply commitments, and how much room the expense side leaves as hiring and data center investment resume.

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Questions to start with
  • How much of Fortinet's product revenue growth came from price increases rather than more appliances shipped?
  • If memory chip prices keep rising, what happens to Fortinet's product gross margin and its overall gross margin?
  • Why does Fortinet's operating cash flow run so far ahead of its net income, and what could reverse that?

Business Lens describes Fortinet from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.