Fortinet, Inc. (FTNT) closed fiscal year 2025 with a gross margin of 80.5 % and a net margin of 27.3 %.
Fortinet, Inc. (FTNT) closed fiscal year 2025 with a gross margin of 80.5 % and a net margin of 27.3 %. The same year shows an EBITDA margin of 32.9 % and an EBIT margin of 30.7 %. The free cash flow margin was 32.7 %. Against the previous year the gross margin moved −0.1 pp and the net margin −2.0 pp. Across the period the gross margin ranges between 70.0 % in 2014 and 80.6 % in 2024. The series covers 17 fiscal years, from 2009 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 72.24 % | 73.76 % | 73.80 % | 72.37 % | 70.64 % | 70.01 % | 71.59 % | 73.51 % | 74.23 % | 75.04 % | 76.61 % | 78.03 % | 76.57 % | 75.44 % | 76.68 % | 80.56 % | 80.46 % |
| EBITDA margin (%) | 12.40 % | 18.80 % | 22.12 % | 21.00 % | 14.26 % | 10.56 % | 4.60 % | 7.17 % | 11.06 % | 16.08 % | 19.08 % | 23.15 % | 21.99 % | 24.31 % | 25.53 % | 32.34 % | 32.89 % |
| EBIT margin (%) | 10.05 % | 17.04 % | 20.50 % | 18.83 % | 11.72 % | 7.70 % | 1.47 % | 3.36 % | 7.34 % | 12.99 % | 16.23 % | 20.50 % | 19.46 % | 21.95 % | 23.40 % | 30.28 % | 30.66 % |
| Net margin (%) | 23.87 % | 12.70 % | 14.41 % | 12.52 % | 7.20 % | 3.29 % | 0.79 % | 2.52 % | 2.10 % | 18.56 % | 15.34 % | 18.83 % | 18.16 % | 19.41 % | 21.64 % | 29.30 % | 27.26 % |
| FCF margin (%) | 22.76 % | 30.68 % | 29.80 % | 30.32 % | 21.70 % | 21.34 % | 24.29 % | 21.84 % | 30.71 % | 32.47 % | 33.09 % | 36.92 % | 36.02 % | 32.81 % | 32.64 % | 31.55 % | 32.73 % |
