Check Point demonstrates structural resilience with gross margins consistently exceeding 85% despite a mature revenue growth profile that has remained within a narrow 4% to 7% range over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.76B | 2.73B | 2.56B | 2.41B | 2.33B | 2.17B | 2.06B | 1.99B | 1.92B | 1.85B | 1.74B | 1.63B | 1.5B | 1.39B | 1.34B | 1.25B | 1.1B | 924.42M | 808.49M | 730.88M | 575.14M | 579.35M | 515.36M | 432.57M | 426.99M | 527.64M | 425.28M | 219.57M | 141.9M | 82.9M | 31.9M |
| Revenue Growth % | 5.84% | 6.25% | 6.22% | 3.64% | 7.53% | 4.93% | 3.51% | 4.09% | 3.33% | 6.51% | 6.84% | 8.96% | 7.3% | 3.83% | 7.68% | 13.58% | 18.76% | 14.34% | 10.62% | 27.08% | -0.73% | 12.42% | 19.14% | 1.31% | -19.08% | 24.07% | 93.69% | 54.73% | 71.17% | 159.87% | - |
| Cost of Goods Sold | 413.4M | 397.4M | 319.3M | 282.6M | 304.4M | 258.1M | 226.5M | 215.4M | 201.38M | 212.96M | 202M | 189.06M | 176.54M | 162.63M | 159.16M | 175.68M | 163.97M | 133.27M | 92.61M | 82.3M | 36.43M | 30.54M | 27.78M | 18.92M | 20.69M | 26.57M | 28.16M | 18.82M | 9.1M | 4.9M | 1.4M |
| COGS % of Revenue | - | 14.58% | 12.45% | 11.7% | 13.06% | 11.91% | 10.97% | 10.8% | 10.51% | 11.48% | 11.6% | 11.6% | 11.8% | 11.67% | 11.85% | 14.09% | 14.94% | 14.42% | 11.45% | 11.26% | 6.33% | 5.27% | 5.39% | 4.37% | 4.85% | 5.04% | 6.62% | 8.57% | 6.41% | 5.91% | 4.39% |
| Gross Profit | 2.34B | 2.33B | 2.25B | 2.13B | 2.03B | 1.91B | 1.84B | 1.78B | 1.72B | 1.64B | 1.54B | 1.44B | 1.32B | 1.23B | 1.18B | 1.07B | 933.89M | 791.15M | 715.88M | 648.58M | 538.71M | 548.81M | 487.58M | 413.65M | 406.3M | 501.07M | 397.13M | 200.75M | 132.8M | 78M | 30.5M |
| Gross Margin % | 85% | 85.42% | 87.55% | 88.3% | 86.94% | 88.09% | 89.03% | 89.2% | 89.49% | 88.52% | 88.4% | 88.4% | 88.2% | 88.33% | 88.15% | 85.91% | 85.06% | 85.58% | 88.55% | 88.74% | 93.67% | 94.73% | 94.61% | 95.63% | 95.15% | 94.96% | 93.38% | 91.43% | 93.59% | 94.09% | 95.61% |
| Gross Profit Growth % | - | 3.66% | 5.33% | 5.26% | 6.12% | 3.82% | 3.32% | 3.75% | 4.47% | 6.65% | 6.84% | 9.21% | 7.13% | 4.05% | 10.48% | 14.71% | 18.04% | 10.51% | 10.38% | 20.39% | -1.84% | 12.56% | 17.87% | 1.81% | -18.91% | 26.17% | 97.82% | 51.16% | 70.26% | 155.74% | - |
| Operating Expenses | 1.52B | 1.5B | 1.37B | 1.23B | 1.14B | 1B | 934.2M | 897.6M | 801.32M | 717.78M | 687.03M | 601.06M | 518.22M | 470.57M | 437M | 429.13M | 398.29M | 367.03M | 359.38M | 352M | 262.83M | 217.12M | 204.26M | 157.97M | 151.28M | 164.31M | 160.72M | 103.82M | 66M | 39.4M | 16.4M |
| OpEx % of Revenue | - | 54.92% | 53.4% | 51.06% | 48.98% | 46.21% | 45.24% | 45% | 41.81% | 38.7% | 39.45% | 36.88% | 34.64% | 33.75% | 32.55% | 34.41% | 36.28% | 39.7% | 44.45% | 48.16% | 45.7% | 37.48% | 39.63% | 36.52% | 35.43% | 31.14% | 37.79% | 47.29% | 46.51% | 47.53% | 51.41% |
| Selling, General & Admin | 1.08B | 1.04B | 974.8M | 864.1M | 791.3M | 708.5M | 681.4M | 658.4M | 589.8M | 525.39M | 508.66M | 451.79M | 384.92M | 348.8M | 325.09M | 318.98M | 292.55M | 277.29M | 267.75M | 271.02M | 200.62M | 166.58M | 161.07M | 128.65M | 122.58M | 131.09M | 130.41M | 81.3M | 50.9M | 32M | 15.8M |
| SG&A % of Revenue | - | 38.17% | 38% | 35.78% | 33.96% | 32.7% | 33% | 33.01% | 30.78% | 28.33% | 29.21% | 27.72% | 25.73% | 25.02% | 24.21% | 25.58% | 26.65% | 30% | 33.12% | 37.08% | 34.88% | 28.75% | 31.25% | 29.74% | 28.71% | 24.84% | 30.66% | 37.03% | 35.87% | 38.6% | 49.53% |
| Research & Development | 473.3M | 456.7M | 394.9M | 368.9M | 349.9M | 292.7M | 252.8M | 239.2M | 211.52M | 192.39M | 178.37M | 149.28M | 133.3M | 121.76M | 111.91M | 110.15M | 105.75M | 89.74M | 91.63M | 80.98M | 62.21M | 50.54M | 43.19M | 29.31M | 28.71M | 33.22M | 30.31M | 18.92M | 10.6M | 6.2M | 0 |
| R&D % of Revenue | - | 16.76% | 15.4% | 15.28% | 15.02% | 13.51% | 12.24% | 11.99% | 11.04% | 10.37% | 10.24% | 9.16% | 8.91% | 8.73% | 8.33% | 8.83% | 9.63% | 9.71% | 11.33% | 11.08% | 10.82% | 8.72% | 8.38% | 6.78% | 6.72% | 6.3% | 7.13% | 8.62% | 7.47% | 7.48% | - |
| Other Operating Expenses | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.6M | 4.5M | 1.2M | 600K |
| Operating Income | 820.7M | 831.1M | 876M | 899.1M | 884.3M | 907.5M | 904.2M | 881.8M | 913.77M | 923.92M | 852.27M | 839.72M | 801.05M | 760.9M | 746.53M | 642.17M | 535.01M | 415.02M | 356.5M | 279.58M | 274.82M | 331.69M | 260.22M | 255.68M | 255.01M | 336.76M | 229.3M | 96.92M | 66.8M | 38.6M | 14.1M |
| Operating Margin % | 29.78% | 30.49% | 34.15% | 37.23% | 37.95% | 41.88% | 43.79% | 44.2% | 47.68% | 49.82% | 48.94% | 51.52% | 53.55% | 54.58% | 55.6% | 51.5% | 48.73% | 44.9% | 44.09% | 38.25% | 47.78% | 57.25% | 50.49% | 59.11% | 59.72% | 63.82% | 53.92% | 44.14% | 47.08% | 46.56% | 44.2% |
| Operating Income Growth % | - | -5.13% | -2.57% | 1.67% | -2.56% | 0.36% | 2.54% | -3.5% | -1.1% | 8.41% | 1.49% | 4.83% | 5.28% | 1.92% | 16.25% | 20.03% | 28.91% | 16.41% | 27.51% | 1.73% | -17.14% | 27.46% | 1.77% | 0.26% | -24.28% | 46.87% | 136.58% | 45.09% | 73.06% | 173.76% | - |
| EBITDA | 908.7M | 924M | 959.6M | 946.5M | 920.5M | 938.2M | 931.3M | 905.8M | 934.56M | 940.55M | 867.01M | 853.69M | 812.34M | 772.47M | 761.42M | 693.72M | 593.78M | 474.56M | 405.39M | 327.85M | 290.51M | 353.75M | 287.5M | 279.37M | 269.97M | 347.12M | 236.4M | 100.53M | 71.3M | 39.8M | 14.7M |
| EBITDA Margin % | 32.97% | 33.9% | 37.41% | 39.2% | 39.51% | 43.3% | 45.1% | 45.41% | 48.76% | 50.71% | 49.79% | 52.38% | 54.31% | 55.41% | 56.71% | 55.63% | 54.08% | 51.34% | 50.14% | 44.86% | 50.51% | 61.06% | 55.79% | 64.58% | 63.23% | 65.79% | 55.59% | 45.78% | 50.25% | 48.01% | 46.08% |
| EBITDA Growth % | -5.07% | -3.71% | 1.38% | 2.82% | -1.89% | 0.74% | 2.82% | -3.08% | -0.64% | 8.48% | 1.56% | 5.09% | 5.16% | 1.45% | 9.76% | 16.83% | 25.12% | 17.06% | 23.65% | 12.86% | -17.88% | 23.04% | 2.91% | 3.48% | -22.23% | 46.83% | 135.17% | 40.99% | 79.15% | 170.75% | - |
| D&A (Non-Cash Add-back) | 88M | 92.9M | 83.6M | 47.4M | 36.2M | 30.7M | 27.1M | 24M | 20.79M | 16.64M | 14.74M | 13.97M | 11.28M | 11.56M | 14.89M | 51.55M | 58.77M | 59.54M | 48.89M | 48.28M | 15.69M | 22.06M | 27.28M | 23.68M | 14.96M | 10.35M | 7.11M | 3.6M | 4.5M | 1.2M | 600K |
| EBIT | 877.9M | 831.1M | 973.9M | 977.9M | 884.3M | 907.5M | 904.2M | 881.8M | 981.2M | 970.95M | 852.27M | 839.72M | 801.05M | 760.9M | 746.53M | 685.14M | 571.53M | 424.12M | 356.5M | 296.58M | 275.88M | 331.69M | 283.32M | 255.68M | 255.01M | 336.76M | 236.4M | 96.92M | 66.84M | 38.05M | 14M |
| Net Interest Income | 127.5M | 114M | 91.8M | 90.1M | 65.8M | 61.5M | 76M | 90.8M | 86.2M | 72.8M | 67.45M | 64.16M | 63.34M | 69.63M | 73.71M | 66.43M | 46.43M | 32.06M | 40.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 127.5M | 114M | 93.6M | 92.4M | 67.6M | 66.1M | 78.2M | 93.3M | 88.5M | 74.9M | 69.42M | 67.58M | 65.5M | 71.11M | 40.33M | 68.35M | 29.38M | 32.06M | 51.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 1.8M | 2.3M | 1.8M | 4.6M | 2.2M | 2.5M | 2.3M | 2.1M | 1.97M | 3.42M | 2.16M | 1.48M | 1.9M | 39.02M | 30.16M | 0 | 10.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 127.5M | 114M | 96.1M | 76.5M | 44M | 42.1M | 66.6M | 80.6M | 65.07M | 47.03M | 44.4M | 34.07M | 28.76M | 34.93M | 40.33M | 41.04M | 29.38M | 30.78M | 29.66M | 49.73M | 63.65M | 54.18M | 44.78M | 43.51M | 49.31M | 44.76M | 29.15M | 12.96M | 6.96M | 3.75M | 1.4M |
| Pretax Income | 948.2M | 945.1M | 972.1M | 975.6M | 928.3M | 949.6M | 970.8M | 962.4M | 978.84M | 970.95M | 896.67M | 873.79M | 829.82M | 795.84M | 786.87M | 683.21M | 564.39M | 445.8M | 386.15M | 329.3M | 338.47M | 385.87M | 305M | 299.19M | 304.33M | 381.52M | 258.44M | 109.89M | 73.8M | 42.5M | 15.6M |
| Pretax Margin % | 34.4% | 34.68% | 37.9% | 40.4% | 39.84% | 43.82% | 47.01% | 48.25% | 51.08% | 52.35% | 51.49% | 53.61% | 55.48% | 57.09% | 58.6% | 54.79% | 51.41% | 48.22% | 47.76% | 45.06% | 58.85% | 66.6% | 59.18% | 69.17% | 71.27% | 72.31% | 60.77% | 50.05% | 52.01% | 51.27% | 48.9% |
| Income Tax | -109.4M | -111.8M | 126.4M | 135.3M | 131.4M | 134M | 124.2M | 136.7M | 157.53M | 168.02M | 171.82M | 187.92M | 170.25M | 143.04M | 166.87M | 139.25M | 111.57M | 88.28M | 62.19M | 48.24M | 60.44M | 66.18M | 56.6M | 55.31M | 49.25M | 59.6M | 37.23M | 14.1M | 3.9M | 2.3M | 400K |
| Effective Tax Rate % | -11.54% | -11.83% | 13% | 13.87% | 14.15% | 14.11% | 12.79% | 14.2% | 16.09% | 17.31% | 19.16% | 21.51% | 20.52% | 17.97% | 21.21% | 20.38% | 19.77% | 19.8% | 16.1% | 14.65% | 17.86% | 17.15% | 18.56% | 18.49% | 16.18% | 15.62% | 14.41% | 12.84% | 5.28% | 5.41% | 2.56% |
| Net Income | 1.06B | 1.06B | 845.7M | 840.3M | 796.9M | 815.6M | 846.6M | 825.7M | 821.3M | 802.92M | 724.85M | 685.87M | 659.57M | 652.8M | 620M | 543.97M | 452.83M | 357.52M | 323.97M | 281.06M | 278.03M | 319.68M | 248.39M | 243.88M | 255.08M | 321.92M | 221.21M | 95.78M | 69.9M | 40.2M | 15.2M |
| Net Margin % | 38.37% | 38.78% | 32.97% | 34.8% | 34.2% | 37.64% | 41% | 41.39% | 42.85% | 43.29% | 41.63% | 42.08% | 44.09% | 46.83% | 46.18% | 43.62% | 41.25% | 38.68% | 40.07% | 38.46% | 48.34% | 55.18% | 48.2% | 56.38% | 59.74% | 61.01% | 52.02% | 43.62% | 49.26% | 48.49% | 47.65% |
| Net Income Growth % | 24.03% | 24.97% | 0.64% | 5.45% | -2.29% | -3.66% | 2.53% | 0.54% | 2.29% | 10.77% | 5.68% | 3.99% | 1.04% | 5.29% | 13.98% | 20.13% | 26.66% | 10.36% | 15.26% | 1.09% | -13.03% | 28.7% | 1.85% | -4.39% | -20.76% | 45.52% | 130.96% | 37.03% | 73.88% | 164.47% | - |
| Net Income (Continuing) | 1.06B | 1.06B | 845.7M | 840.3M | 796.9M | 815.6M | 846.6M | 825.7M | 821.3M | 802.9M | 724.85M | 685.87M | 659.57M | 652.8M | 620M | 543.97M | 452.83M | 357.52M | 323.97M | 281.06M | 278.03M | 319.68M | 248.39M | 243.88M | 255.08M | 321.92M | 221.21M | 95.78M | 69.9M | 39.5M | 15.1M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 9.97 | 9.62 | 7.46 | 7.10 | 6.31 | 6.08 | 5.96 | 5.43 | 5.15 | 4.82 | 4.18 | 3.74 | 3.43 | 3.27 | 2.96 | 2.54 | 2.13 | 1.68 | 1.50 | 1.25 | 1.17 | 1.27 | 0.95 | 0.96 | 1.00 | 1.25 | 0.37 | 0.40 | 0.31 | 0.02 | 0.01 |
| EPS Growth % | 28.5% | 28.95% | 5.07% | 12.52% | 3.78% | 2.01% | 9.76% | 5.44% | 6.85% | 15.31% | 11.76% | 9.04% | 4.89% | 10.47% | 16.54% | 19.25% | 26.79% | 12% | 20% | 6.84% | -7.87% | 33.68% | -1.04% | -4% | -20% | 237.84% | -7.5% | 29.03% | 1540.21% | - | - |
| EPS (Basic) | - | 9.85 | 7.65 | 7.19 | 6.36 | 6.13 | 6.03 | 5.48 | 5.24 | 4.93 | 4.26 | 3.83 | 3.50 | 3.40 | 3.04 | 2.63 | 2.18 | 1.71 | 1.51 | 1.26 | 1.18 | 1.30 | 0.99 | 0.98 | 1.04 | 1.34 | 0.42 | 0.40 | 0.31 | 0.02 | 0.01 |
| Diluted Shares Outstanding | 106.1M | 109.9M | 113.4M | 118.35M | 126.34M | 134.1M | 142M | 152.1M | 159.4M | 166.6M | 173.3M | 183.62M | 192.3M | 199.49M | 209.17M | 213.92M | 212.93M | 212.21M | 216.67M | 225.44M | 237.63M | 251.72M | 261.47M | 254.04M | 254.77M | 246.46M | 590.66M | 240.35M | 225.79M | 205.06M | 196.35M |
| Basic Shares Outstanding | 104.7M | 107.3M | 110.6M | 116.91M | 125.21M | 133.1M | 140.5M | 150.6M | 156.6M | 162.7M | 170.16M | 179.22M | 188.49M | 192.26M | 203.92M | 206.92M | 208.11M | 209.37M | 214.36M | 222.55M | 235.62M | 245.91M | 250.9M | 248.86M | 244.1M | 222.93M | 523.37M | 240.35M | 225.79M | 205.06M | 196.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and competitive stagnation
As reported in recent financial statements, Check Point's revenue growth has remained remarkably stable, hovering between 4% and 7% over the last ten quarters, which suggests a mature business model that prioritizes predictable, recurring subscription revenue over the volatile, high-growth expansion seen in younger security peers.
The company's ability to maintain mid-single-digit growth indicates that its core security offerings remain essential to enterprise infrastructure. However, the lack of acceleration suggests that the transition to the 'Infinity' platform is not yet capturing enough market share to offset the natural deceleration of legacy product cycles.
Based on the provided income statement data, Check Point maintains a robust gross margin profile that consistently exceeds 85%, reflecting the high software-mix of its subscription-based threat intelligence services and the inherent pricing power derived from deep-rooted enterprise policy management architectures.
This margin stability is a testament to the company's ability to pass through hardware costs while benefiting from the low marginal cost of software renewals. Investors should monitor whether competitive discounting in the cloud-native security space forces a shift in this long-standing margin discipline.
According to the quarterly income statement filings, Check Point demonstrates significant operating leverage, with operating margins consistently maintaining a range between 27% and 38%, even as the company continues to invest heavily in R&D to defend its technical relevance against aggressive market competitors.
The company's ability to scale operating income relative to gross profit suggests a disciplined approach to SG&A management. This efficiency appears to be a core pillar of the firm's value-oriented strategy, distinguishing it from peers who often sacrifice profitability for top-line growth.
As evidenced by the historical income statement data, Check Point's net income quality is bolstered by a consistent share buyback program that effectively neutralizes stock-based compensation dilution, resulting in a more reliable diluted EPS metric compared to many of its Silicon Valley-based infrastructure software competitors.
The presence of significant non-operating income, likely derived from the company's substantial cash reserves, warrants careful scrutiny by analysts. Stripping out these interest-related gains is necessary to assess the true operational performance of the core security business.
Based on an analysis of recent performance trends, short-sellers may focus on the company's inability to accelerate revenue growth, which suggests that the firm's conservative capital allocation and reliance on legacy architectures may be limiting its participation in the high-growth cloud-native security market.
The transition of leadership from the founder-led era introduces uncertainty regarding whether the company will maintain its current fiscal conservatism or pivot toward more aggressive, potentially dilutive, M&A. This strategic crossroads represents a material risk to the company's long-term valuation multiple.
Quick answers to the most common questions about buying CHKP stock.
For fiscal year 2025, Check Point Software Technologies Ltd. (CHKP) reported total revenue of $2.73B. This represents a 8443.6% increase compared to $31.9M in 1996.
Check Point Software Technologies Ltd. (CHKP) is profitable, generating $1.06B in net income for the fiscal year ending 2025 with a net profit margin of 38.8%.
Check Point Software Technologies Ltd. (CHKP) reported an operating income of $831.1M, resulting in an operating profit margin of 30.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Check Point Software Technologies Ltd. (CHKP) generated $2.33B in gross profit for the year, representing a gross profit margin of 85.4%. This demonstrates the company's core pricing power and production efficiency.