FTNT is the ticker symbol for Fortinet, Inc., a publicly traded Technology sector company listed on Nasdaq. 13F Pro tracks FTNT with AI-powered analysis, an AI quality score, SEC EDGAR financials, insider transactions, and institutional 13F holdings — all sourced directly from public SEC filings.

Is FTNT a good stock to buy?

13F Pro's AI ranking engine scores FTNT at 79.8/100, ranked #34 of 2,925 stocks on a composite quality score built from its SEC filings, covering profitability, growth, balance sheet strength, and free cash flow. The full AI verdict and bull/bear case for FTNT is available at https://13fpro.ai/company/FTNT. Not investment advice — review the underlying SEC filings before making any trade.

Where does 13F Pro source FTNT data?

All Fortinet, Inc. fundamentals and ownership data come directly from SEC EDGAR. Fortinet, Inc. files with the SEC under CIK 1262039. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

Fortinet, Inc. FTNT

NasdaqLarge CapTechnology

13F Pro quality score

Rank #34 of 2,925TOP 5%

Why it scores 80 Technology peers →

Rankings refresh quarterly once 80% of peers have filed. Next update: ~Nov 14, 2026.

Revenue

$2.05B

Quarter to Jun 30

Net income

$606.30M

Quarter to Jun 30

Free cash flow

$965.60M

Quarter to Jun 30

Operating margin

33.7%

Quarter to Jun 30

Top Institutional Holders

as of Q2 2026

$77.55B total

BlackRock, Inc.

$9.56B+0.4%

VANGUARD CAPITAL MANAGEMENT LLC

$6.25BNew

STATE STREET CORP

$4.55B+2.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

$3.82BNew

Invesco Ltd.

$3.78B+146.1%

GEODE CAPITAL MANAGEMENT, LLC

$2.68B-0.1%

NORGES BANK

$1.91B--

FIRST TRUST ADVISORS LP

$1.66B-6.0%

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP

$1.56B+4.9%

Bank of New York Mellon Corp

$1.43B-30.0%

AQR CAPITAL MANAGEMENT LLC

$1.33B+11.6%

MORGAN STANLEY

$1.32B-3.2%

GOLDMAN SACHS GROUP INC

$1.24B-9.8%

NORDEA INVESTMENT MANAGEMENT AB

$1.03B-1.9%

Legal & General Group Plc

$979.06M-1.6%

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME

$969.73M-16.4%

NORTHERN TRUST CORP

$964.60M+0.9%

JPMORGAN CHASE & CO

$775.48M+5.4%

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

$763.06M+6.0%

D. E. Shaw & Co., Inc.

$745.03M+69.1%

Amundi

$727.08M+23.1%

ACADIAN ASSET MANAGEMENT LLC

$679.24M+210.8%

DIMENSIONAL FUND ADVISORS LP

$658.32M-2.2%

BANK OF AMERICA CORP /DE/

$656.85M-7.9%

JANE STREET GROUP, LLC

$627.20M+2769.3%

See all 1,593 institutional holders →

What's Driving FTNT's Business? Latest 10-Q Breakdown

29/29 datapoints verified

AI-extracted from the 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q2 revenue surged 26% YoY to $2.05B, with product revenue up 52% and operating margin expanding 560 bps to 33.7%.

Biggest Revenue Drivers

Service$1,274.9M+14% YoY

Driven by strength in security subscription revenue (+13% YoY) and technical support and other services (+14% YoY), reflecting growth in unified SASE and SecOps offerings.

Product$773.0M+52% YoY

Driven by higher unit shipments and pricing actions, with demand for higher-performance products, AI infrastructure deployments, and technology upgrades.

Biggest Revenue Drivers

Total revenue: $2,047.9M+26% YoY

Service$1,274.9M+14% YoY

Driven by strength in security subscription revenue (+13% YoY) and technical support and other services (+14% YoY), reflecting growth in unified SASE and SecOps offerings.

Product$773.0M+52% YoY

Driven by higher unit shipments and pricing actions, with demand for higher-performance products, AI infrastructure deployments, and technology upgrades.

Largest Expense Items

Sales and marketing$669.1M+13% YoY

Increase of $73.4M in personnel-related costs due to headcount growth and compensation rates.

Research and development$225.0M+7% YoY

Increase of $13.5M in personnel-related costs for product development and existing product enhancements.

General and administrative$61.1M+7% YoY

Increase of $2.1M in legal and professional services fees and $1.5M in personnel-related costs.

Margins: Total gross margin declined 50 bps to 80.2%, primarily due to a 6.5 percentage point shift in revenue mix toward lower-margin product revenue. Product gross margin improved 240 bps on recent pricing actions, while service gross margin declined slightly due to expanded data center and cloud hosting costs for unified SASE and SecOps growth.

Watch Items from the Filing

Three distributors (A, B, C) represented 53% of Q2 revenue, with Distributor A alone at 27%; Distributor A comprised 26% of net accounts receivable as of June 30, 2026.
Global memory chip shortage constraining available supply; company implementing price increases to offset higher hardware costs, which may negatively impact demand.
Inventory purchase commitments increased $856.5M YTD to $1.67B (as of June 30, 2026), with liability of $24.0M recorded for excess commitments; prior pandemic-era commitments required acceptance of excess components.
Consolidated securities class action (In re Fortinet, Inc. Securities Litigation) and four consolidated derivative actions pending; defendants moved to dismiss on June 15, 2026; outcome uncertain and no loss accrual recorded.
Product gross margin expected to decline full-year 2026 vs. 2025 due to higher hardware component costs; service gross margin expected to decline slightly due to data center and colocation expansion.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →

Key Metrics

Revenue

Q2 2026

EDGAR

Net Income

Q2 2026

EDGAR

EPS (Diluted)

Q2 2026

EDGAR

Operating Margin

Q2 2026

EDGAR

Free Cash Flow

Q2 2026

EDGAR

Debt/Equity

Q2 2026

EDGAR

Financial Trends

Revenue & Net Income

13fpro.ai/company/FTNT

Earnings Per Share

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Fortinet, Inc. reported revenue, net income and margins by fiscal period, from SEC filings.
Period	Form	Revenue	Net income	Op. marginOperating margin
FY 2025	10-K	$6.8B	$1.9B	30.7%
FY 2024	10-K	$6.0B	$1.7B	30.3%
FY 2023	10-K	$5.3B	$1.1B	23.4%
FY 2022	10-K	$4.4B	$857.3M	21.9%
FY 2021	10-K	$3.3B	$606.8M	19.5%
FY 2020	10-K	$2.6B	$488.5M	20.5%

About Fortinet, Inc. (FTNT): stock profile, AI score and financials

Fortinet, Inc. (FTNT) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores FTNT at 79.8/100 on a composite quality score built from its SEC filings, placing it at rank #34 of 2,925 stocks — the top 5% of the AI-ranked universe. FTNT scores in the top quartile across balance sheet strength (95.9), institutional flow (94.3), free cash flow (92.0). Shareholder dilution risk is elevated at 26.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Fortinet, Inc. reports quarterly revenue of $2.0B, net income of $606.3M, an operating margin of 33.7%. Top institutional holders of FTNT by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, STATE STREET, based on the most recent SEC filings. FTNT trades on the Nasdaq exchange and files with the SEC under CIK 1262039. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate FTNT daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Fortinet, Inc. directly from SEC EDGAR.

Financials through the period ended Jun 30, 2026SEC EDGAR: CIK 1262039 →

Fortinet, Inc. FTNT

Top Institutional Holders

What's Driving FTNT's Business? Latest 10-Q Breakdown

Biggest Revenue Drivers

Biggest Revenue Drivers

Largest Expense Items

Watch Items from the Filing

Key Metrics

Financial Trends

Revenue & Net Income

Earnings Per Share

FTNT key financials by period

Congress trading in FTNT

About Fortinet, Inc. (FTNT): stock profile, AI score and financials

Fortinet, Inc. FTNT

Top Institutional Holders

What's Driving FTNT's Business? Latest 10-Q Breakdown

Biggest Revenue Drivers

Key Metrics

Financial Trends

Revenue & Net Income

Earnings Per Share

FTNT key financials by period

Companies similar to FTNT

Congress trading in FTNT

About Fortinet, Inc. (FTNT): stock profile, AI score and financials