Filing Flows › Fortinet (FTNT) › How it makes money
How Fortinet (FTNT) makes money
Fortinet (FTNT) made $2.1B of revenue in the third quarter 2026 (Q3 2026), +20% from a year earlier. Service brought in $1.3B (63%); Product brought in $765M (37%). Of every dollar of revenue, 79¢ was left as gross profit, 34¢ was left as operating profit, 31¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Service | $1.3B | 63.2% | +3% | +13% |
| ↳ Security subscription | $754M | 36.3% | +3% | +12% |
| ↳ Technical support and other | $560M | 26.9% | +3% | +13% |
| Product | $765M | 36.8% | -1% | +37% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.1B | 100.0% |
| Cost of revenue | $438M | 21.0% |
| Gross profit | $1.6B | 79.0% |
| Operating expenses | $937M | 45.1% |
| Operating profit | $704M | 33.9% |
| Income tax | $120M | 5.7% |
| Net earnings | $636M | 30.6% |
| Operating cash flow | $946M | 45.5% |
| Free cash flow | $865M | 41.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.1B | +20% |
| Q2 2026 | $2.0B | +26% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | $1.9B | +15% |
| Q3 2025 | $1.7B | +14% |
| Q2 2025 | $1.6B | +14% |
| Q1 2025 | $1.5B | +14% |
From Fortinet's 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Fortinet make money?
Fortinet (FTNT) made $2.1B of revenue in the third quarter 2026 (Q3 2026), +20% from a year earlier. Service brought in $1.3B (63%); Product brought in $765M (37%). Of every dollar of revenue, 79¢ was left as gross profit, 34¢ was left as operating profit, 31¢ was left as net earnings.
What is Fortinet's biggest business?
Service: $1.3B in the third quarter 2026, 63% of revenue, +13% from a year earlier.
What is Fortinet's profit margin?
Net earnings were $636M, 30.6% of revenue, in the third quarter 2026; the operating margin was 33.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.