FTNT at a glance
Fortinet (FTNT, SEC CIK 1262039) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 29, 2026 and Form 4 insider filings as recently as October 1, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Fortinet (FTNT) reported revenue of $6.8 billion (up 14.2% from FY2024) and net income of $1.9 billion. Diluted EPS was $2.42.
- As of June 30, 2026, 46 institutional investment managers tracked by SignalX reported holding Fortinet (FTNT) shares worth $40.4 billion in 13F-HR filings.
- In the last 90 days, FTNT insiders reported 0 open-market purchases ($0) and 15 open-market sales ($36.2M) on Form 4, a net sale of $36.2M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $6.8B
- +14.2% vs prior year
- Insiders · 90 days
- 0 buys · 15 sells
- Net −$36.2M
- 13F holders
- 46 funds
- $40.4B · +2 vs prior quarter
- Latest 8-K
- Jul 29, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Integrated cybersecurity platform (Fortinet Security Fabric) spanning secure networking, unified SASE, and AI-driven SecOps sold via two-tier channel distribution
- FortiAI introduced as dual-layer "AI for Security / Security for AI" framework, including FortiAI-SecureAI protecting LLMs and APIs: new emphasis on AI infrastructure defense
- Anticipates major firewall refresh cycle as strategic expansion catalyst, targeting upsell into LAN, SD-WAN, SASE, CNAPP, and SecOps within existing customer base
- Total revenue $6.80B with net income $1.85B; 1,405 global patents including 321 AI-related; 15,109 employees across 100+ countries
- ~87% of hardware manufactured in Taiwan, with proprietary ASICs fabbed at TSMC: concentrated single-country supply chain risk explicitly disclosed
Risk Factors
- Taiwan manufacturing concentration: majority of hardware manufactured in Taiwan; China-Taiwan tensions could critically disrupt production and supply
- Single distributor 32% of total net accounts receivable as of December 31, 2025; six distributors combined at 67%
- Memory chip shortage ongoing due to global AI infrastructure buildout; implementing price increases to offset, risking demand decline
- CrowdStrike and Zscaler accelerating cloud-native security delivery, threatening Fortinet's on-premises-heavy platform model
- $996.3M Senior Notes outstanding as of December 31, 2025; key-person risk centered on Co-Founders Ken Xie (CEO) and Michael Xie (CTO)
Management Discussion & Analysis
- Revenue $6.80B in 2025, up 14% YoY (+$843.8M); product +16% to $2.22B, service +13% to $4.58B; EMEA fastest-growing region at +18%
- Total gross margin 80.5% vs 80.6%; product margin 67.3% vs 65.8%; service margin 86.8% vs 87.5%; operating margin 30.7% vs 30.3%
- Operating cash flow $2.59B (+15% YoY); capex $364.8M; free cash flow $2.21B; buybacks $2.29B (28.7M shares); $738.6M remaining under repurchase program at year-end
- 2026 outlook: revenue growth expected but operating margin guided to decline as sales/marketing headcount, R&D, and data center capex ($350M–$450M) outpace revenue growth
- Key risks: memory chip shortage constraining hardware supply, tariff exposure on U.S. hardware sales, USD weakening inflating foreign-currency opex
AI summary of the FTNT 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $2.05B, up 26% YoY, driven by product revenue $773.0M, up 52%
- Operating margin 33.7% vs 28.1% YoY; gross margin 80.2% vs 80.7%
- Best performer product revenue, up 52%; service revenue increased 14% to $1.27B
- Operating cash flow $2.12B, up $805.5M or 61% through six months
- 2026 outlook: operating margin slightly higher; memory-chip shortages and tariffs threaten costs and margins
Risk Factors
- Newly added tariff risk: expanded U.S. tariffs could increase product costs or force price increases, reducing customer demand
- Most materially updated channel risk: one distributor represented 26% of net accounts receivable as of June 30, 2026
- Regulatory risk: evolving privacy, cybersecurity, export, environmental, regional component-ban, and local-manufacturing requirements
- Near-term operational risk: supply shortages and shipping delays could disrupt fulfillment and reduce backlog-to-billings conversion
- Financial risk: significant expenses in non-U.S. currencies expose margins to foreign-exchange fluctuations
AI summary of the FTNT 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results for quarter ended June 30, 2026, reported July 29, 2026
- Full financial results contained in Exhibit 99.1 press release
Item EX-99.1: Item EX-99.1
- Q2 revenue $2.05B, up 26%; product revenue surged 52% to $773M, signaling strong hardware demand
- Billings rose 33% to $2.37B, supporting future revenue visibility through deferred revenue growth
Item 5.07: Submission of Matters to a Vote of Security Holders
- 88.15% participation, with 645,371,440 shares represented at the June 12, 2026 annual meeting
- All nine director nominees elected to one-year terms expiring at the 2027 annual meeting
Item 2.02: Results of Operations and Financial Condition
- Fortinet reported first-quarter 2026 results for the period ended March 31, 2026
- Full financial results and management commentary are in Exhibit 99.1
AI summaries of FTNT 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for FTNT
Don't miss the next FTNT filing
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- Fund moves. Which tracked funds opened, added or cut FTNT, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Napolitano Janet | M | Sep 30, 2026 | 459 | - |
| Kan Derek T. | M | Sep 30, 2026 | 459 | - |
| GOLDMAN KENNETH A | M | Sep 30, 2026 | 459 | - |
| Kan Derek T. | M | Sep 30, 2026 | 459 | - |
| STAVRIDIS JAMES G. | M | Sep 30, 2026 | 459 | - |
| STAVRIDIS JAMES G. | M | Sep 30, 2026 | 459 | - |
| Sim Judith | M | Sep 30, 2026 | 459 | - |
| Sim Judith | M | Sep 30, 2026 | 459 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $6.0B | $6.8B |
| Gross Profit | - | $4.8B | $5.5B |
| Operating Income | $1.2B | $1.8B | $2.1B |
| Net Income | $1.1B | $1.7B | $1.9B |
| Gross Margin | - | 80.6% | 80.5% |
| Op. Margin | - | 30.3% | 30.7% |
| Net Margin | - | 29.3% | 27.3% |
| Balance Sheet | |||
| Total Assets | - | $9.8B | $10.4B |
| Equity | - | $1.5B | $1.2B |
| ROE | - | 116.8% | 149.8% |
| Per Share | |||
| EPS | $1.46 | $2.26 | $2.42 |
| Cash Flow | |||
| Operating CF | $1.9B | $2.3B | $2.6B |
Source: XBRL data in Fortinet (FTNT)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate FTNT share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 46 | $40.40B |
| Q1 2026 | 44 | $21.18B |
| Q4 2025 | 44 | $21.70B |
| Q3 2025 | 48 | $22.28B |
| Q2 2025 | 45 | $28.07B |
| Q1 2025 | 43 | $18.55B |
| Q4 2024 | 40 | $15.78B |
| Q3 2024 | 32 | $7.07B |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 342 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
FTNT filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Sep 25, 2026 | - | - | - |
| 4 | Sep 16, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 29, 2026 | - | Analysis | - |
| 8-K | Jun 16, 2026 | - | Analysis | - |
| 4 | Jun 12, 2026 | - | - | - |
| 4 | Jun 12, 2026 | - | - | - |
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FTNT SEC filings: frequently asked questions
Are FTNT insiders buying or selling?
In the last 90 days, Fortinet (FTNT) officers, directors and 10% owners reported no open-market purchases and 15 open-market sales worth $36.2 million by 4 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold FTNT stock?
As of June 30, 2026, the largest Fortinet (FTNT) holders among the 13F filers tracked by SignalX were BlackRock ($9.6 billion), Vanguard Capital Management LLC ($6.2 billion), State Street Corp ($4.6 billion), Vanguard Portfolio Management LLC ($3.8 billion), Invesco Ltd ($3.8 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was FTNT's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Fortinet (FTNT) reported revenue of $6.8 billion (up 14.2% from FY2024) and net income of $1.9 billion. Diluted EPS was $2.42. The figures come from the XBRL data in the 10-K.
What are the main risks in FTNT's latest 10-K?
In the 10-K filed February 25, 2026, Fortinet (FTNT) flagged: Taiwan manufacturing concentration: majority of hardware manufactured in Taiwan; China-Taiwan tensions could critically disrupt production and supply. Single distributor 32% of total net accounts receivable as of December 31, 2025; six distributors combined at 67%. (AI summary of the Risk Factors section.)
What did FTNT report in its latest 8-K?
Fortinet (FTNT) filed an 8-K on July 29, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 results for quarter ended June 30, 2026, reported July 29, 2026.
What are the latest FTNT SEC filings?
Fortinet (FTNT) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on July 29, 2026 and a Form 4 insider filing on October 1, 2026.
What is FTNT's SEC CIK number?
Fortinet (FTNT)'s SEC Central Index Key (CIK) is 1262039. EDGAR lists every FTNT filing under that number.
Ask anything about FTNT
The research agent reads FTNT's filings, financials, insider trades and 13F holders, then answers with sources.