Fortinet, Inc. (FTNT) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
FTNT Revenue Growth
Revenue Breakdown (FY 2024)
FTNT's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
FTNT Revenue Analysis (2014–2025)
As of May 6, 2026, Fortinet, Inc. (FTNT) generated trailing twelve-month (TTM) revenue of $6.80 billion, reflecting strong growth of +14.8% year-over-year. The most recent quarter (Q4 2025) recorded $1.91 billion in revenue, up 10.4% sequentially.
Looking at the longer-term picture, FTNT's 5-year compound annual growth rate (CAGR) stands at +21.3%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $6.80 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows FTNT's business is primarily driven by Security Subscription (39%), Product (32%), and Technical Support and Other (29%).
When compared to Technology sector peers including PANW (+15.4% YoY), CHKP (+5.8% YoY), and CSCO (+9.0% YoY), FTNT has underperformed the peer group in terms of revenue growth. Compare FTNT vs PANW →
FTNT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FTNTCurrent | $6.8B | +14.8% | +21.3% | 30.6% | |
 PANW | $9.2B | +15.4% | +22.0% | 13.5% | |
 CHKP | $2.7B | +5.8% | +5.7% | 30.5% | |
 CSCO | $56.7B | +9.0% | +2.8% | 20.8% | |
 NTCT | $823M | +4.9% | -1.6% | -44.7% | |
 CRWD | $4.8B | +21.7% | +40.6% | -3.4% |
FTNT Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $6.80B | +14.2% | $5.50B | 80.8% | $2.08B | 30.6% |
| 2024 | $5.96B | +12.3% | $4.80B | 80.6% | $1.80B | 30.3% |
| 2023 | $5.30B | +20.1% | $4.07B | 76.7% | $1.24B | 23.4% |
| 2022 | $4.42B | +32.2% | $3.33B | 75.4% | $969.6M | 21.9% |
| 2021 | $3.34B | +28.8% | $2.56B | 76.6% | $650.4M | 19.5% |
| 2020 | $2.59B | +19.9% | $2.02B | 78.0% | $531.8M | 20.5% |
| 2019 | $2.16B | +19.9% | $1.66B | 76.6% | $351.0M | 16.2% |
| 2018 | $1.80B | +20.7% | $1.35B | 75.0% | $234.4M | 13.0% |
| 2017 | $1.49B | +17.2% | $1.11B | 74.2% | $109.8M | 7.3% |
| 2016 | $1.28B | +26.4% | $937.6M | 73.5% | $42.9M | 3.4% |
Full FTNT Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See FTNT's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs FTNT Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare FTNT vs NVDA
Side-by-side business, growth, and profitability comparison vs NVIDIA Corporation.
Start ComparisonFTNT — Frequently Asked Questions
Quick answers to the most common questions about buying FTNT stock.
Is FTNT's revenue growth accelerating or slowing?
FTNT maintains +14.8% revenue growth, in line with its 5-year CAGR of +21.3%. TTM revenue stands at $6.8B. Growth rate remains consistent with historical average.
What is FTNT's long-term revenue growth rate?
Fortinet, Inc.'s 5-year revenue CAGR of +21.3% reflects the sustained expansion pattern. Current YoY growth of +14.8% is near this long-term average.
How is FTNT's revenue distributed by segment?
FTNT reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.