FULLTEXT DEL 1 AV 3
10-Q – 2026-07-30 – ftnt-20260630.htm
ftnt-20260630 0001262039 false 2026 Q2 12/31 24 P1Y P2Y P3Y P1Y P2Y P3Y 391 371 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure ftnt:segment 0001262039 2026-01-01 2026-06-30 0001262039 2026-07-28 0001262039 2026-06-30 0001262039 2025-12-31 0001262039 us-gaap:ProductMember 2026-04-01 2026-06-30 0001262039 us-gaap:ProductMember 2025-04-01 2025-06-30 0001262039 us-gaap:ProductMember 2026-01-01 2026-06-30 0001262039 us-gaap:ProductMember 2025-01-01 2025-06-30 0001262039 us-gaap:ServiceMember 2026-04-01 2026-06-30 0001262039 us-gaap:ServiceMember 2025-04-01 2025-06-30 0001262039 us-gaap:ServiceMember 2026-01-01 2026-06-30 0001262039 us-gaap:ServiceMember 2025-01-01 2025-06-30 0001262039 2026-04-01 2026-06-30 0001262039 2025-04-01 2025-06-30 0001262039 2025-01-01 2025-06-30 0001262039 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0001262039 us-gaap:CommonStockMember 2026-03-31 0001262039 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0001262039 us-gaap:RetainedEarningsMember 2026-03-31 0001262039 2026-03-31 0001262039 us-gaap:CommonStockMember 2026-04-01 2026-06-30 0001262039 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-04-01 2026-06-30 0001262039 us-gaap:CommonStockMember 2026-06-30 0001262039 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001262039 us-gaap:RetainedEarningsMember 2026-06-30 0001262039 us-gaap:CommonStockMember 2025-03-31 0001262039 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001262039 us-gaap:RetainedEarningsMember 2025-03-31 0001262039 2025-03-31 0001262039 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0001262039 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0001262039 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2025-06-30 0001262039 us-gaap:CommonStockMember 2025-06-30 0001262039 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001262039 us-gaap:RetainedEarningsMember 2025-06-30 0001262039 2025-06-30 0001262039 us-gaap:CommonStockMember 2025-12-31 0001262039 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001262039 us-gaap:RetainedEarningsMember 2025-12-31 0001262039 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001262039 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-06-30 0001262039 us-gaap:RetainedEarningsMember 2026-01-01 2026-06-30 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-06-30 0001262039 us-gaap:CommonStockMember 2024-12-31 0001262039 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001262039 us-gaap:RetainedEarningsMember 2024-12-31 0001262039 2024-12-31 0001262039 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001262039 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0001262039 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0001262039 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0001262039 ftnt:SecuritySubscriptionMember 2026-04-01 2026-06-30 0001262039 ftnt:SecuritySubscriptionMember 2025-04-01 2025-06-30 0001262039 ftnt:SecuritySubscriptionMember 2026-01-01 2026-06-30 0001262039 ftnt:SecuritySubscriptionMember 2025-01-01 2025-06-30 0001262039 ftnt:TechnicalSupportandOtherMember 2026-04-01 2026-06-30 0001262039 ftnt:TechnicalSupportandOtherMember 2025-04-01 2025-06-30 0001262039 ftnt:TechnicalSupportandOtherMember 2026-01-01 2026-06-30 0001262039 ftnt:TechnicalSupportandOtherMember 2025-01-01 2025-06-30 0001262039 2026-07-01 2026-06-30 0001262039 2027-07-01 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember 2026-06-30 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember 2025-12-31 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember 2025-12-31 0001262039 2026-01-01 2026-03-31 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 ftnt:MoneyMarketFundsExcludingCommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:CommercialPaperMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:CommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:CommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:CommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:CommercialPaperMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:CommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:CommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:CommercialPaperMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:CashEquivalentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 ftnt:CertificatesofDepositandTermDepositsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 ftnt:CertificatesofDepositandTermDepositsMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:EquitySecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:EquitySecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:EquitySecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:EquitySecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:EquitySecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:EquitySecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:EquitySecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:EquitySecuritiesMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:ShortTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:USTreasuryAndGovernmentMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:USTreasuryAndGovernmentMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:CorporateDebtSecuritiesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:CorporateDebtSecuritiesMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember ftnt:LongTermInvestmentsLineItemMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001262039 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001262039 us-gaap:LandMember 2026-06-30 0001262039 us-gaap:LandMember 2025-12-31 0001262039 us-gaap:BuildingAndBuildingImprovementsMember 2026-06-30 0001262039 us-gaap:BuildingAndBuildingImprovementsMember 2025-12-31 0001262039 us-gaap:ComputerEquipmentMember 2026-06-30 0001262039 us-gaap:ComputerEquipmentMember 2025-12-31 0001262039 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2026-06-30 0001262039 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2025-12-31 0001262039 ftnt:EvaluationUnitsMember 2026-06-30 0001262039 ftnt:EvaluationUnitsMember 2025-12-31 0001262039 us-gaap:FurnitureAndFixturesMember 2026-06-30 0001262039 us-gaap:FurnitureAndFixturesMember 2025-12-31 0001262039 us-gaap:ConstructionInProgressMember 2026-06-30 0001262039 us-gaap:ConstructionInProgressMember 2025-12-31 0001262039 ftnt:RealEstatePropertyMember us-gaap:LandMember 2026-01-01 2026-06-30 0001262039 ftnt:RealEstatePropertyMember us-gaap:BuildingAndBuildingImprovementsMember 2026-01-01 2026-06-30 0001262039 ftnt:LinksysMember 2021-01-01 2021-12-31 0001262039 ftnt:LinksysMember 2021-12-31 0001262039 ftnt:LinksysMember 2025-01-31 2025-01-31 0001262039 ftnt:LinksysMember 2025-01-31 0001262039 ftnt:LinksysMember 2025-01-31 0001262039 ftnt:LinksysMember 2025-01-31 2025-01-31 0001262039 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2025-01-01 2025-12-31 0001262039 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2025-12-31 0001262039 us-gaap:DevelopedTechnologyRightsMember 2026-01-01 2026-06-30 0001262039 us-gaap:DevelopedTechnologyRightsMember 2026-06-30 0001262039 us-gaap:CustomerRelationshipsMember 2026-01-01 2026-06-30 0001262039 us-gaap:CustomerRelationshipsMember 2026-06-30 0001262039 us-gaap:TradeNamesMember 2026-01-01 2026-06-30 0001262039 us-gaap:TradeNamesMember 2026-06-30 0001262039 ftnt:BacklogMember 2026-01-01 2026-06-30 0001262039 ftnt:BacklogMember 2026-06-30 0001262039 us-gaap:DevelopedTechnologyRightsMember 2025-01-01 2025-12-31 0001262039 us-gaap:DevelopedTechnologyRightsMember 2025-12-31 0001262039 us-gaap:CustomerRelationshipsMember 2025-01-01 2025-12-31 0001262039 us-gaap:CustomerRelationshipsMember 2025-12-31 0001262039 us-gaap:TradeNamesMember 2025-01-01 2025-12-31 0001262039 us-gaap:TradeNamesMember 2025-12-31 0001262039 ftnt:BacklogMember 2025-01-01 2025-12-31 0001262039 ftnt:BacklogMember 2025-12-31 0001262039 us-gaap:RestrictedStockUnitsRSUMember 2026-04-01 2026-06-30 0001262039 us-gaap:RestrictedStockUnitsRSUMember 2025-04-01 2025-06-30 0001262039 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-06-30 0001262039 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-06-30 0001262039 us-gaap:EmployeeStockOptionMember 2026-04-01 2026-06-30 0001262039 us-gaap:EmployeeStockOptionMember 2025-04-01 2025-06-30 0001262039 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-06-30 0001262039 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-06-30 0001262039 us-gaap:PerformanceSharesMember 2026-04-01 2026-06-30 0001262039 us-gaap:PerformanceSharesMember 2025-04-01 2025-06-30 0001262039 us-gaap:PerformanceSharesMember 2026-01-01 2026-06-30 0001262039 us-gaap:PerformanceSharesMember 2025-01-01 2025-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:RestrictedStockUnitsRSUMember 2026-04-01 2026-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:RestrictedStockUnitsRSUMember 2025-04-01 2025-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:EmployeeStockOptionMember 2026-04-01 2026-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:EmployeeStockOptionMember 2025-04-01 2025-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:EmployeeStockOptionMember 2026-01-01 2026-06-30 0001262039 us-gaap:StockCompensationPlanMember us-gaap:EmployeeStockOptionMember 2025-01-01 2025-06-30 0001262039 us-gaap:SeniorNotesMember 2021-03-05 0001262039 ftnt:A2026SeniorNotesMember us-gaap:SeniorNotesMember 2021-03-05 0001262039 ftnt:A2031SeniorNotesMember us-gaap:SeniorNotesMember 2021-03-05 0001262039 ftnt:A2026SeniorNotesMember us-gaap:SeniorNotesMember 2026-03-15 2026-03-15 0001262039 ftnt:A2026SeniorNotesMember us-gaap:SeniorNotesMember 2026-06-30 0001262039 ftnt:A2026SeniorNotesMember us-gaap:SeniorNotesMember 2025-12-31 0001262039 ftnt:A2031SeniorNotesMember us-gaap:SeniorNotesMember 2026-06-30 0001262039 ftnt:A2031SeniorNotesMember us-gaap:SeniorNotesMember 2025-12-31 0001262039 us-gaap:SeniorNotesMember 2026-06-30 0001262039 us-gaap:SeniorNotesMember 2025-12-31 0001262039 us-gaap:SeniorNotesMember 2026-04-01 2026-06-30 0001262039 us-gaap:SeniorNotesMember 2025-04-01 2025-06-30 0001262039 us-gaap:SeniorNotesMember 2026-01-01 2026-06-30 0001262039 us-gaap:SeniorNotesMember 2025-01-01 2025-06-30 0001262039 us-gaap:SeniorNotesMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001262039 ftnt:OklahomaFirefightersPensionAndRetirementSystemV.FortinetInc.EtAlAndStateOfRhodeIslandOfficeOfTheGeneralTreasurerV.FortinetInc.EtAlMember 2026-06-30 0001262039 ftnt:AloricaV.FortinetMember 2025-12-31 0001262039 ftnt:AloricaV.FortinetMember 2026-06-30 0001262039 us-gaap:StockCompensationPlanMember 2026-06-30 0001262039 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001262039 us-gaap:RestrictedStockUnitsRSUMember 2026-06-30 0001262039 srt:MinimumMember us-gaap:PerformanceSharesMember 2026-06-30 0001262039 srt:MaximumMember us-gaap:PerformanceSharesMember 2026-06-30 0001262039 us-gaap:PerformanceSharesMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2026-01-01 2026-06-30 0001262039 us-gaap:PerformanceSharesMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2026-01-01 2026-06-30 0001262039 us-gaap:PerformanceSharesMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2026-01-01 2026-06-30 0001262039 us-gaap:PerformanceSharesMember ftnt:ShareBasedPaymentArrangementTrancheFourMember 2026-01-01 2026-06-30 0001262039 srt:ExecutiveOfficerMember us-gaap:PerformanceSharesMember 2026-01-01 2026-06-30 0001262039 us-gaap:PerformanceSharesMember 2026-06-30 0001262039 ftnt:RestrictedStockUnitsAndPerformanceSharesMember 2026-04-01 2026-06-30 0001262039 ftnt:RestrictedStockUnitsAndPerformanceSharesMember 2025-04-01 2025-06-30 0001262039 ftnt:RestrictedStockUnitsAndPerformanceSharesMember 2026-01-01 2026-06-30 0001262039 ftnt:RestrictedStockUnitsAndPerformanceSharesMember 2025-01-01 2025-06-30 0001262039 us-gaap:EmployeeStockOptionMember 2025-12-31 0001262039 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0001262039 us-gaap:EmployeeStockOptionMember 2026-06-30 0001262039 ftnt:CostOfGoodsSoldMember 2026-04-01 2026-06-30 0001262039 ftnt:CostOfGoodsSoldMember 2025-04-01 2025-06-30 0001262039 ftnt:CostOfGoodsSoldMember 2026-01-01 2026-06-30 0001262039 ftnt:CostOfGoodsSoldMember 2025-01-01 2025-06-30 0001262039 ftnt:CostOfServicesMember 2026-04-01 2026-06-30 0001262039 ftnt:CostOfServicesMember 2025-04-01 2025-06-30 0001262039 ftnt:CostOfServicesMember 2026-01-01 2026-06-30 0001262039 ftnt:CostOfServicesMember 2025-01-01 2025-06-30 0001262039 us-gaap:ResearchAndDevelopmentExpenseMember 2026-04-01 2026-06-30 0001262039 us-gaap:ResearchAndDevelopmentExpenseMember 2025-04-01 2025-06-30 0001262039 us-gaap:ResearchAndDevelopmentExpenseMember 2026-01-01 2026-06-30 0001262039 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-01 2025-06-30 0001262039 us-gaap:SellingAndMarketingExpenseMember 2026-04-01 2026-06-30 0001262039 us-gaap:SellingAndMarketingExpenseMember 2025-04-01 2025-06-30 0001262039 us-gaap:SellingAndMarketingExpenseMember 2026-01-01 2026-06-30 0001262039 us-gaap:SellingAndMarketingExpenseMember 2025-01-01 2025-06-30 0001262039 us-gaap:GeneralAndAdministrativeExpenseMember 2026-04-01 2026-06-30 0001262039 us-gaap:GeneralAndAdministrativeExpenseMember 2025-04-01 2025-06-30 0001262039 us-gaap:GeneralAndAdministrativeExpenseMember 2026-01-01 2026-06-30 0001262039 us-gaap:GeneralAndAdministrativeExpenseMember 2025-01-01 2025-06-30 0001262039 ftnt:ShareRepurchaseProgramMember 2026-01-01 2026-01-31 0001262039 ftnt:ShareRepurchaseProgramMember 2026-06-30 0001262039 ftnt:ShareRepurchaseProgramMember 2026-01-01 2026-06-30 0001262039 ftnt:ReportableSegmentMember 2026-04-01 2026-06-30 0001262039 ftnt:ReportableSegmentMember 2025-04-01 2025-06-30 0001262039 ftnt:ReportableSegmentMember 2026-01-01 2026-06-30 0001262039 ftnt:ReportableSegmentMember 2025-01-01 2025-06-30 0001262039 us-gaap:ProductMember ftnt:ReportableSegmentMember 2026-04-01 2026-06-30 0001262039 us-gaap:ProductMember ftnt:ReportableSegmentMember 2025-04-01 2025-06-30 0001262039 us-gaap:ProductMember ftnt:ReportableSegmentMember 2026-01-01 2026-06-30 0001262039 us-gaap:ProductMember ftnt:ReportableSegmentMember 2025-01-01 2025-06-30 0001262039 us-gaap:ServiceMember ftnt:ReportableSegmentMember 2026-04-01 2026-06-30 0001262039 us-gaap:ServiceMember ftnt:ReportableSegmentMember 2025-04-01 2025-06-30 0001262039 us-gaap:ServiceMember ftnt:ReportableSegmentMember 2026-01-01 2026-06-30 0001262039 us-gaap:ServiceMember ftnt:ReportableSegmentMember 2025-01-01 2025-06-30 0001262039 country:US 2026-04-01 2026-06-30 0001262039 country:US 2025-04-01 2025-06-30 0001262039 country:US 2026-01-01 2026-06-30 0001262039 country:US 2025-01-01 2025-06-30 0001262039 ftnt:OtherAmericasMember 2026-04-01 2026-06-30 0001262039 ftnt:OtherAmericasMember 2025-04-01 2025-06-30 0001262039 ftnt:OtherAmericasMember 2026-01-01 2026-06-30 0001262039 ftnt:OtherAmericasMember 2025-01-01 2025-06-30 0001262039 srt:AmericasMember 2026-04-01 2026-06-30 0001262039 srt:AmericasMember 2025-04-01 2025-06-30 0001262039 srt:AmericasMember 2026-01-01 2026-06-30 0001262039 srt:AmericasMember 2025-01-01 2025-06-30 0001262039 us-gaap:EMEAMember 2026-04-01 2026-06-30 0001262039 us-gaap:EMEAMember 2025-04-01 2025-06-30 0001262039 us-gaap:EMEAMember 2026-01-01 2026-06-30 0001262039 us-gaap:EMEAMember 2025-01-01 2025-06-30 0001262039 srt:AsiaPacificMember 2026-04-01 2026-06-30 0001262039 srt:AsiaPacificMember 2025-04-01 2025-06-30 0001262039 srt:AsiaPacificMember 2026-01-01 2026-06-30 0001262039 srt:AsiaPacificMember 2025-01-01 2025-06-30 0001262039 country:US 2026-06-30 0001262039 country:US 2025-12-31 0001262039 country:CA 2026-06-30 0001262039 country:CA 2025-12-31 0001262039 srt:LatinAmericaMember 2026-06-30 0001262039 srt:LatinAmericaMember 2025-12-31 0001262039 srt:AmericasMember 2026-06-30 0001262039 srt:AmericasMember 2025-12-31 0001262039 us-gaap:EMEAMember 2026-06-30 0001262039 us-gaap:EMEAMember 2025-12-31 0001262039 srt:AsiaPacificMember 2026-06-30 0001262039 srt:AsiaPacificMember 2025-12-31 0001262039 ftnt:DistributorAMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2026-04-01 2026-06-30 0001262039 ftnt:DistributorAMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-04-01 2025-06-30 0001262039 ftnt:DistributorAMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2026-01-01 2026-06-30 0001262039 ftnt:DistributorAMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-06-30 0001262039 ftnt:DistributorBMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2026-04-01 2026-06-30 0001262039 ftnt:DistributorBMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-04-01 2025-06-30 0001262039 ftnt:DistributorBMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2026-01-01 2026-06-30 0001262039 ftnt:DistributorBMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-06-30 0001262039 ftnt:DistributorCMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2026-04-01 2026-06-30 0001262039 ftnt:DistributorCMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-04-01 2025-06-30 0001262039 ftnt:DistributorCMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2026-01-01 2026-06-30 0001262039 ftnt:DistributorCMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-06-30 0001262039 ftnt:DistributorAMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2026-01-01 2026-06-30 0001262039 ftnt:DistributorAMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-01 2025-12-31 0001262039 ftnt:DistributorBMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2026-01-01 2026-06-30 0001262039 ftnt:DistributorBMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-01 2025-12-31 0001262039 ftnt:JohnWhittleMember 2026-04-01 2026-06-30 0001262039 ftnt:JohnWhittleMember 2026-06-30 0001262039 ftnt:ChristianeOhlgartMember 2026-04-01 2026-06-30 0001262039 ftnt:ChristianeOhlgartMember 2026-06-30 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34511 ______________________________________ FORTINET, INC. (Exact name of registrant as specified in its charter) ______________________________________ Delaware 77-0560389 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 909 Kifer Road Sunnyvale , California 94086 (Address of principal executive offices, including zip code) ( 408 ) 235-7700 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $0.001 Par Value FTNT The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Table of Contents Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of July 28, 2026, there were 733,713,653 shares of the registrant’s common stock outstanding. FORTINET, INC. QUARTERLY REPORT ON FORM 10-Q For the Quarter Ended June 30, 2026 Table of Contents Page PART I — FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Income 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Statements of Stockholders’ Equity (Deficit) 7 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 10 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3. Quantitative and Qualitative Disclosures about Market Risk 43 Item 4. Controls and Procedures 44 PART II—OTHER INFORMATION Item 1. Legal Proceedings 45 Item 1A. Risk Factors 45 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 83 Item 5. Other Information 83 Item 6. Exhibits 85 Exhibit Index 85 Signatures 86 Summary of Risk Factors Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties when investing in our common stock. Some of the principal risks and uncertainties include: • Our operating results are likely to vary significantly and be unpredictable. • Adverse economic conditions, such as a possible economic downturn or recession, and possible impacts of inflation or stagflation, tariffs, trade policies or other trade disruptions, geopolitical instability and conflicts, changing interest rates, changes in government spending or regulation or reduced information technology (“IT”) spending, including firewall spending, may adversely impact our business. • We have been, are currently and may in the future be susceptible to supply chain constraints, supply shortages and disruptions, long or less predictable lead times for components and finished goods and supply changes because some of the key components in our products come from limited sources of supply. • During prior periods of supply chain disruption, including during the COVID-19 pandemic, we increased our purchase order commitments. Similar conditions could arise in the future, which may require us to accept or pay for components and finished goods regardless of our level of sales in a particular period, which may negatively or unpredictably impact our operating results and financial condition. • Our billings, revenue and free cash flow growth, including our product and service billings and revenue, may slow, and our operating margins may decline, particularly if our billings and revenue do not improve or grow as anticipated, or if customer demand, renewal rates, pricing, competitive dynamics, implementation timing, cost structure, or macroeconomic conditions adversely affect our business, which could negatively impact our financial condition and results of operations. • Our real estate assets, including construction, acquisitions, improvements, leasing activity, and ongoing maintenance and management of office buildings, warehouses, data centers and points of presence (“PoPs”), as well as data center operations, expansions or enhancements, could involve significant risks to our business. • Any weakness in sales strategy, productivity, personnel, hiring and retention, and execution could negatively impact our results of operations. • We are dependent on the continued services and performance of our senior management, as well as our ability to hire, retain and motivate qualified personnel. • We rely on third-party channel partners for substantially all of our billings, revenue, and a small number of distributors represent a large percentage of our revenue and accounts receivable. • Reliance on a concentration of shipments at the end of the quarter or changes in shipping terms could cause our billings and revenue to fall below expected levels. • We rely significantly on revenue from FortiGuard and other security subscriptions and FortiCare technical support services. Revenue generated from these services may decline or fluctuate in manners that could adversely impact our results of operations. • We face intense competition in our market, and we may not maintain or improve our competitive position. • We are susceptible to defects or vulnerabilities, including critical vulnerabilities, in our products or services, as well as reputational harm from the failure or misuse of our products or services, and any actual or perceived defects or vulnerabilities, including critical vulnerabilities, in our products or services, failure of our products or services to detect or prevent a security incident or to cause a disruption to operations, failure of our customers to implement preventative actions such as updates to one of our deployed solutions or failure to help secure our customers, could cause our products or services to allow unauthorized access to our customers’ networks and harm our operational results and reputation more significantly as compared to other companies. Our Product Security Incident Response Team publicly posts on our FortiGuard Labs website 1 known product vulnerabilities, including critical vulnerabilities, and methods for customers to mitigate the risk of vulnerabilities. However, there can be no assurance that such posts will be sufficiently timely, accurate or complete or that those customers will see such posts or take steps to mitigate the risk of vulnerabilities, and certain customers may be negatively impacted. • If our internal enterprise IT networks, our operational networks, our research and development networks, our back-end labs and cloud stacks hosted in our data centers or PoPs, colocation vendors or public cloud providers are compromised, public perception of our products and services may be harmed, our customers may be breached and harmed, we may become subject to liability, and our business, operating results and stock price may be adversely impacted. • We have incurred indebtedness and may incur other debt in the future, which may adversely affect our financial condition and future financial results. • We generate the majority of our billings, revenue and cash flow from sales outside of the United States, which may expose us to risks associated with international operations and may adversely affect our business, financial condition and results of operations. • Our backlog may fluctuate over quarters. If we experience supply chain shortages and cannot fulfill orders or if customers cancel or delay delivery of orders, our backlog may be affected, which will negatively impact our aggregate backlog to billings conversion and revenue in such quarter. Generally, a reduction to backlog increases our aggregate billings and revenue during the quarter when delivered. • We may not be successful in executing our strategy to increase our sales to large- and medium-sized end-customers. • A portion of our revenue is generated by sales to government organizations and other adjacent customers, which are subject to regulatory requirements, their own supply chain constraints and contractual requirements, challenges and risks, including impacts from geopolitical dynamics. • We order components and finished goods from third-party manufacturers based on our forecasts of future demand and targeted inventory levels, which exposes us to the risk of product shortages, tariffs, may result in lost sales, higher expenses and inventory excesses which may lead to inventory charges and costs related to future purchase commitments, possibly requiring us to sell our products at discounts or offer various other incentives. • We depend on third parties to provide various components for our products and build our products and are susceptible to manufacturing delays, capacity constraints, cost increases, and changes in the geopolitical environment. • Our inability to successfully acquire and integrate other businesses, products or technologies, or to successfully invest in and form successful strategic alliances with other businesses, could seriously harm our competitive position and could negatively affect our financial condition and results of operations. • Investors’, activists’ and regulators’ expectations of our investments and performance relating to operational sustainability factors may impose additional costs and expose us to new risks. • We are exposed to fluctuations in currency exchange rates, which could negatively affect our financial condition and results of operations. • Our proprietary rights may be difficult to enforce, and we may be subject to claims by others that we infringe their proprietary technology. • The trading price of our common stock may be volatile, which volatility may be exacerbated by share repurchases under our Share Repurchase Program (the “Repurchase Program”). • Anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt. 2 • Global economic uncertainty can weaken and harm our financial position. • Weakening product demand caused by geopolitical instability, changes in trade agreements, wars and foreign conflicts, such as the war in Ukraine, tensions between China and Taiwan or conflicts in the Middle East, could adversely affect our business and financial performance. 3 Table of Contents PART I—FINANCIAL INFORMATION ITEM 1. Financial Statements FORTINET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions, except per share amounts) June 30, 2026 December 31, 2025 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,934.9 $ 2,495.3 Short-term investments 1,134.7 1,087.2 Accounts receivable—net 1,455.6 1,691.2 Inventory 426.3 399.5 Prepaid expenses and other current assets 256.8 227.0 Total current assets 6,208.3 5,900.2 LONG-TERM INVESTMENTS 399.1 339.7 PROPERTY AND EQUIPMENT—NET 1,699.5 1,619.0 DEFERRED CONTRACT COSTS 785.1 735.5 DEFERRED TAX ASSETS 1,319.4 1,314.9 GOODWILL 257.4 257.4 OTHER INTANGIBLE ASSETS—NET 77.1 97.3 OTHER ASSETS 113.3 125.2 TOTAL ASSETS $ 10,859.2 $ 10,389.2 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 282.5 $ 230.8 Accrued liabilities 393.7 354.6 Accrued payroll and compensation 322.8 312.9 Current portion of long-term debt — 499.7 Deferred revenue 3,841.8 3,636.0 Total current liabilities 4,840.8 5,034.0 DEFERRED REVENUE 3,833.9 3,479.8 LONG-TERM DEBT 496.9 496.6 OTHER LIABILITIES 136.5 141.3 Total liabilities 9,308.1 9,151.7 COMMITMENTS AND CONTINGENCIES (Note 10) STOCKHOLDERS’ EQUITY: Common stock, $ 0.001 par value— 1,500.0 shares authorized; 733.6 and 743.0 shares issued and outstanding on June 30, 2026 and December 31, 2025, respectively 0.7 0.7 Additional paid-in capital 1,895.9 1,770.1 Accumulated other comprehensive loss ( 28.8 ) ( 25.4 ) Accumulated deficit ( 316.7 ) ( 507.9 ) Total stockholders’ equity 1,551.1 1,237.5 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 10,859.2 $ 10,389.2 See notes to condensed consolidated financial statements. 4 Table of Contents FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited, in millions, except per share amounts) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 REVENUE: Product $ 773.0 $ 508.9 $ 1,418.1 $ 968.0 Service 1,274.9 1,121.1 2,479.4 2,201.7 Total revenue 2,047.9 1,630.0 3,897.5 3,169.7 COST OF REVENUE: Product 233.8 165.9 442.1 315.8 Service 170.9 149.0 327.1 292.2 Total cost of revenue 404.7 314.9 769.2 608.0 GROSS PROFIT: Product 539.2 343.0 976.0 652.2 Service 1,104.0 972.1 2,152.3 1,909.5 Total gross profit 1,643.2 1,315.1 3,128.3 2,561.7 OPERATING EXPENSES: Research and development 225.0 209.5 439.0 408.1 Sales and marketing 669.1 592.0 1,305.4 1,134.7 General and administrative 61.1 56.9 117.3 114.7 Gain on intellectual property matters ( 1.3 ) ( 1.3 ) ( 2.7 ) ( 7.6 ) Total operating expenses 953.9 857.1 1,859.0 1,649.9 OPERATING INCOME 689.3 458.0 1,269.3 911.8 INTEREST INCOME 33.2 45.0 66.1 89.3 INTEREST EXPENSE ( 3.2 ) ( 4.6 ) ( 7.4 ) ( 9.5 ) OTHER INCOME—NET 0.9 18.9 48.8 45.0 INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS 720.2 517.3 1,376.8 1,036.6 PROVISION FOR INCOME TAXES 115.0 77.1 237.0 173.6 GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS 1.1 ( 0.1 ) 1.0 10.5 NET INCOME $ 606.3 $ 440.1 $ 1,140.8 $ 873.5 Net income per share (Note 8): Basic $ 0.83 $ 0.57 $ 1.55 $ 1.14 Diluted $ 0.82 $ 0.57 $ 1.54 $ 1.13 Weighted-average shares outstanding: Basic 733.1 765.5 735.9 766.9 Diluted 739.9 772.7 741.3 774.8 See notes to condensed consolidated financial statements. 5 Table of Contents FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited, in millions) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $ 606.3 $ 440.1 $ 1,140.8 $ 873.5 Other comprehensive income (loss): Change in foreign currency translation — 2.5 — 5.9 Change in unrealized gains (losses) on investments ( 1.4 ) ( 0.3 ) ( 4.3 ) ( 0.6 ) Less: tax benefit related to items of other comprehensive income (loss) ( 0.3 ) — ( 0.9 ) ( 0.1 ) Other comprehensive income (loss) ( 1.1 ) 2.2 ( 3.4 ) 5.4 Comprehensive income $ 605.2 $ 442.3 $ 1,137.4 $ 878.9 See notes to condensed consolidated financial statements. 6 Table of Contents FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (unaudited, in millions) Three Months Ended June 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders’ Equity Shares Amount BALANCE—March 31, 2026 734.0 $ 0.7 $ 1,798.7 $ ( 27.7 ) $ ( 782.0 ) $ 989.7 Issuance of common stock in connection with equity incentive plans - net of tax withholding 1.5 — 22.5 — — 22.5 Repurchase and retirement of common stock ( 1.9 ) — ( 4.9 ) — ( 141.0 ) ( 145.9 ) Excise tax on net stock repurchases — — 0.3 — — 0.3 Stock-based compensation expense — — 79.3 — — 79.3 Net unrealized loss on investments - net of tax — — — ( 1.1 ) — ( 1.1 ) Net income — — — — 606.3 606.3 BALANCE—June 30, 2026 733.6 $ 0.7 $ 1,895.9 $ ( 28.8 ) $ ( 316.7 ) $ 1,551.1 Three Months Ended June 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders’ Equity Shares Amount BALANCE—March 31, 2025 769.2 $ 0.8 $ 1,668.7 $ ( 22.9 ) $ 316.3 $ 1,962.9 Issuance of common stock in connection with equity incentive plans - net of tax withholding 1.0 — ( 12.0 ) — — ( 12.0 ) Repurchase and retirement of common stock ( 4.6 ) — ( 9.1 ) — ( 392.0 ) ( 401.1 ) Excise tax on net stock repurchases — — ( 0.8 ) — — ( 0.8 ) Stock-based compensation expense — — 69.1 — — 69.1 Net unrealized loss on investments - net of tax — — — ( 0.3 ) — ( 0.3 ) Foreign currency translation adjustment — — — 2.5 — 2.5 Net income — — — — 440.1 440.1 BALANCE—June 30, 2025 765.6 $ 0.8 $ 1,715.9 $ ( 20.7 ) $ 364.4 $ 2,060.4 See notes to condensed consolidated financial statements. 7 Table of Contents Six Months Ended June 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders’ Equity Shares Amount BALANCE—December 31, 2025 743.0 $ 0.7 $ 1,770.1 $ ( 25.4 ) $ ( 507.9 ) $ 1,237.5 Issuance of common stock in connection with equity incentive plans - net of tax withholding 3.1 — 3.9 — — 3.9 Repurchase and retirement of common stock ( 12.5 ) — ( 23.2 ) — ( 949.6 ) ( 972.8 ) Excise tax on net stock repurchases — — ( 6.7 ) — — ( 6.7 ) Stock-based compensation expense — — 151.8 — — 151.8 Net unrealized loss on investments - net of tax — — — ( 3.4 ) — ( 3.4 ) Net income — — — — 1,140.8 1,140.8 BALANCE—June 30, 2026 733.6 $ 0.7 $ 1,895.9 $ ( 28.8 ) $ ( 316.7 ) $ 1,551.1 Six Months Ended June 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Retained Earnings (Accumulated Deficit) Total Stockholders’ Equity Shares Amount BALANCE—December 31, 2024 767.0 $ 0.8 $ 1,636.2 $ ( 26.1 ) $ ( 117.1 ) $ 1,493.8 Issuance of common stock in connection with equity incentive plans - net of tax withholding 3.2 — ( 45.6 ) — — ( 45.6 ) Repurchase and retirement of common stock ( 4.6 ) — ( 9.1 ) — ( 392.0 ) ( 401.1 ) Excise tax on net stock repurchases — — ( 0.8 ) — — ( 0.8 ) Stock-based compensation expense — — 135.2 — — 135.2 Net unrealized loss on investments - net of tax — — — ( 0.5 ) — ( 0.5 ) Foreign currency translation adjustment — — — 5.9 — 5.9 Net income — — — — 873.5 873.5 BALANCE—June 30, 2025 765.6 $ 0.8 $ 1,715.9 $ ( 20.7 ) $ 364.4 $ 2,060.4 See notes to condensed consolidated financial statements. 8 Table of Contents FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) Six Months Ended June 30, 2026 June 30, 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,140.8 $ 873.5 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 151.8 135.2 Amortization of deferred contract costs 190.9 160.0 Depreciation and amortization 81.2 74.1 Amortization of investment discounts ( 9.3 ) ( 19.4 ) Other ( 47.7 ) ( 44.8 ) Changes in operating assets and liabilities, net of impact of business combinations: Accounts receivable—net 235.1 262.7 Inventory ( 38.0 ) ( 79.6 ) Prepaid expenses and other current assets ( 0.5 ) ( 32.1 ) Deferred contract costs ( 240.5 ) ( 202.5 ) Deferred tax assets ( 3.6 ) ( 75.3 ) Other assets ( 9.0 ) ( 11.7 ) Accounts payable 49.7 46.8 Accrued liabilities 54.5 ( 9.7 ) Accrued payroll and compensation 10.0 22.9 Deferred revenue 559.9 204.8 Other liabilities ( 4.6 ) 10.3 Net cash provided by operating activities 2,120.7 1,315.2 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments ( 756.0 ) ( 976.5 ) Sales of investments 118.4 5.7 Maturities of investments 587.5 869.6 Purchases of property and equipment ( 148.6 ) ( 234.3 ) Payments made in connection with business combinations, net of cash acquired — ( 41.6 ) Other 8.4 0.1 Net cash used in investing activities ( 190.3 ) ( 377.0 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase and retirement of common stock ( 972.8 ) ( 401.1 ) Repayment of senior notes ( 500.0 ) — Proceeds from issuance of common stock 62.3 31.3 Taxes paid related to net share settlement of equity awards ( 59.1 ) ( 77.0 ) Other ( 21.2 ) ( 0.1 ) Net cash used in financing activities ( 1,490.8 ) ( 446.9 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — 1.3 NET INCREASE IN CASH AND CASH EQUIVALENTS 439.6 492.6 CASH AND CASH EQUIVALENTS—Beginning of period 2,495.3 2,875.9 CASH AND CASH EQUIVALENTS—End of period $ 2,934.9 $ 3,368.5 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for income taxes—net $ 209.5 $ 264.0 Operating lease liabilities arising from obtaining right-of-use assets $ 18.9 $ 24.3 NON-CASH INVESTING AND FINANCING ACTIVITIES: Transfers of evaluation units and equipment from inventory to property and equipment $ 11.3 $ 14.7 Liability for purchase of property and equipment $ 25.9 $ 19.4 Excise tax payable on net stock repurchase $ 6.7 $ 0.8 See notes to condensed consolidated financial statements. 9 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Preparation —The unaudited condensed consolidated financial statements of Fortinet, Inc. and its subsidiaries (collectively, “we,” “us” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information, as well as the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2025, contained in our Annual Report on Form 10-K filed with the SEC on February 25, 2026. In the opinion of management, all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation, have been included. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year or for any future periods. The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements for the year ended December 31, 2025. The condensed consolidated financial statements include the accounts of Fortinet, Inc. and its subsidiaries. We consolidate all legal entities in which we have an absolute controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. There have been no material changes to our significant accounting policies as of and for the six months ended June 30, 2026, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC. Recent Adopted Accounting Standards Credit Losses In July 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-05—Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Revenue from Contracts with Customers (Topic 606). The amendments are effective for our annual reporting periods beginning with fiscal year 2026 and interim reporting periods within those annual reporting periods on a prospective basis, with early adoption permitted. We adopted ASU 2025-05 on January 1, 2026 and the adoption of this standard did not have a material impact on our condensed consolidated financial statements. Recent Accounting Standards Not Yet Effective Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 enhances the disclosures required for expense disaggregation in our annual and interim consolidated financial statements. The amendments are effective for our annual reporting periods beginning fiscal year 2027 and our interim reporting periods beginning in fiscal year 2028, with early adoption permitted, and can be applied prospectively or retrospectively. We are currently evaluating the ASU to determine its impact on our disclosures. 10 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which amends the cost capitalization criteria for internal-use software development costs by removing all references to prescriptive and sequential software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. The amendments are effective for our annual periods beginning fiscal year 2028 and interim reporting periods within those annual reporting periods and can be applied prospectively, retrospectively, or via a modified prospective transition method, with early adoption permitted. We are currently assessing adoption timing and the method of adoption. 2. REVENUE RECOGNITION Disaggregation of Revenue The following table presents our revenue disaggregated by major product and service lines (in millions): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Product $ 773.0 $ 508.9 $ 1,418.1 $ 968.0 Service: Security subscription 729.7 644.4 1,423.7 1,267.5 Technical support and other 545.2 476.7 1,055.7 934.2 Total service revenue 1,274.9 1,121.1 2,479.4 2,201.7 Total revenue $ 2,047.9 $ 1,630.0 $ 3,897.5 $ 3,169.7 Deferred Revenue During the three and six months ended June 30, 2026, we recognized $ 996.9 million and $ 2.09 billion in revenue that was included in the deferred revenue balance as of December 31, 2025, respectively. During the three and six months ended June 30, 2025, we recognized $ 876.8 million and $ 1.85 billion in revenue that was included in the deferred revenue balance as of December 31, 2024, respectively. Transaction Price Allocated to the Remaining Performance Obligations As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 7.73 billion, which was substantially comprised of deferred security subscription and technical support services revenue as well as unbilled contract revenue from non-cancellable contracts that will be recognized in future periods. We expect to recognize approximately $ 3.86 billion as revenue over the next 12 months, $ 3.08 billion in years two and three, and the remainder thereafter. Deferred Contract Costs Amortization of deferred contract costs, primarily consisting of sales commissions earned by our sales force, was $ 96.7 million and $ 82.0 million during the three months ended June 30, 2026 and 2025, respectively, and $ 190.9 million and $ 160.0 million during the six months ended June 30, 2026 and 2025, respectively. 11 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 3. FINANCIAL INSTRUMENTS AND FAIR VALUE Short-Term and Long-Term Investments Our short-term and long-term investments consisted of available-for-sale investments and marketable equity securities. The following tables summarize our short-term and long-term investments (in millions): June 30, 2026 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government and agency securities $ 563.0 $ — $ ( 1.3 ) $ 561.7 Corporate debt securities 518.0 — ( 1.3 ) 516.7 Commercial paper 314.9 — ( 0.2 ) 314.7 Certificates of deposit and term deposits 106.3 — ( 0.1 ) 106.2 Total available-for-sale investments 1,502.2 — ( 2.9 ) 1,499.3 Marketable equity securities 34.5 Total short-term and long-term investments $ 1,502.2 $ — $ ( 2.9 ) $ 1,533.8 December 31, 2025 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. government and agency securities $ 513.7 $ 0.9 $ — $ 514.6 Corporate debt securities 368.5 0.4 ( 0.1 ) 368.8 Commercial paper 354.8 0.1 — 354.9 Certificates of deposit and term deposits 90.3 0.1 — 90.4 Total available-for-sale investments 1,327.3 1.5 ( 0.1 ) 1,328.7 Marketable equity securities 98.2 Total short-term and long-term investments $ 1,327.3 $ 1.5 $ ( 0.1 ) $ 1,426.9 The following tables show the gross unrealized losses and the related fair values of our available-for-sale investments that have been in a continuous unrealized loss position (in millions): June 30, 2026 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government and agency securities $ 561.7 $ ( 1.3 ) $ — $ — $ 561.7 $ ( 1.3 ) Corporate debt securities 516.7 ( 1.3 ) — — 516.7 ( 1.3 ) Commercial paper 314.7 ( 0.2 ) — — 314.7 ( 0.2 ) Certificates of deposit and term deposits 106.2 ( 0.1 ) — — 106.2 ( 0.1 ) Total available-for-sale investments $ 1,499.3 $ ( 2.9 ) $ — $ — $ 1,499.3 $ ( 2.9 ) 12 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) December 31, 2025 Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government and agency securities $ 514.5 $ — $ — $ — $ 514.5 $ — Corporate debt securities 368.9 ( 0.1 ) — — 368.9 ( 0.1 ) Commercial paper 354.9 — — — 354.9 — Certificates of deposit and term deposits 90.4 — — — 90.4 — Total available-for-sale investments $ 1,328.7 $ ( 0.1 ) $ — $ — $ 1,328.7 $ ( 0.1 ) The contractual maturities of our available-for-sale investments were (in millions): June 30, 2026 December 31, 2025 Due within one year $ 1,100.2 $ 989.0 Due within one to three years 399.1 339.7 Total $ 1,499.3 $ 1,328.7 Available-for-sale investments are reported at fair value, with unrealized gains and losses and the related tax impact included as a separate component of stockholders’ equity and in comprehensive income. We do not intend to sell any of the securities in an unrealized loss position and it is not more likely than not that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. Realized gains and losses on available-for-sale investments were not material in the periods presented. Gains and losses on our marketable equity securities are recorded in other income—net on the condensed consolidated statements of income. During the first quarter of 2026, we sold certain marketable equity securities for net proceeds of $ 115.9 million, for which we recognized net gains of $ 50.7 million during the period. We had no sales of marketable equity securities during the second quarter of 2026 and the six months ended June 30, 2025. During the three and six months ended June 30, 2026, we recognized a $ 5.1 million and $ 1.5 million unrealized gain, respectively, related to the changes in the fair value of our marketable equity securities still held at the reporting date. During the three and six months ended June 30, 2025, we recognized an $ 11.3 million gain and $ 3.4 million unrealized loss, respectively. 13 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Assets Measured at Fair Value on a Recurring Basis The following table presents the fair value of our financial assets measured at fair value on a recurring basis (in millions): June 30, 2026 December 31, 2025 Aggregate Fair Value Quoted Prices in Active Markets For Identical Assets Significant Other Observable Remaining Inputs Significant Other Unobservable Remaining Inputs Aggregate Fair Value Quoted Prices in Active Markets For Identical Assets Significant Other Observable Remaining Inputs Significant Other Unobservable Remaining Inputs (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 158.5 $ 158.5 $ — $ — $ 174.4 $ 174.4 $ — $ — U.S. government and agency securities 1.3 1.3 — — — — — — Corporate debt securities — — — — 1.1 — 1.1 — Commercial paper 19.4 — 19.4 — 38.1 — 38.1 — Certificates of deposit and term deposits 30.2 — 30.2 — — — — — Total cash equivalents 209.4 159.8 49.6 — 213.6 174.4 39.2 — Short-term investments: U.S. government and agency securities 404.3 404.3 — — 383.5 381.5 2.0 — Corporate debt securities 275.0 — 275.0 — 160.2 — 160.2 — Commercial paper 314.7 — 314.7 — 354.9 — 354.9 — Certificates of deposit and term deposits 106.2 — 106.2 — 90.4 — 90.4 — Marketable equity securities 34.5 34.5 — — 98.2 98.2 — — Total short-term investments 1,134.7 438.8 695.9 — 1,087.2 479.7 607.5 — Long-term investments: U.S. government and agency securities 157.4 140.7 16.7 — 131.1 121.8 9.3 — Corporate debt securities 241.7 — 241.7 — 208.6 — 208.6 — Total long-term investments 399.1 140.7 258.4 — 339.7 121.8 217.9 — Total $ 1,743.2 $ 739.3 $ 1,003.9 $ — $ 1,640.5 $ 775.9 $ 864.6 $ — There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2026 and year ended December 31, 2025. 4. INVENTORY Inventory, net of reserves, consisted of (in millions): June 30, 2026 December 31, 2025 Raw materials $ 70.3 $ 61.9 Work in process 2.4 3.0 Finished goods 353.6 334.6 Inventory $ 426.3 $ 399.5 14 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The excess and obsolete inventory reserve was $ 122.8 million and $ 137.5 million as of June 30, 2026 and December 31, 2025, respectively. Inventory write-downs related to excess and obsolete inventory were not material during the three and six months ended June 30, 2026 and 2025. These were recorded in cost of product revenue on the condensed consolidated statements of income. 5. PROPERTY AND EQUIPMENT—Net Property and equipment—net consisted of (in millions): June 30, 2026 December 31, 2025 Land $ 649.0 $ 592.4 Buildings and improvements 974.8 974.0 Computer equipment and software 400.2 341.0 Leasehold improvements 58.8 58.5 Evaluation units 18.5 24.1 Furniture and fixtures 39.2 36.3 Construction-in-progress 86.5 74.6 Total property and equipment 2,227.0 2,100.9 Less: accumulated depreciation ( 527.5 ) ( 481.9 ) Property and equipment—net $ 1,699.5 $ 1,619.0 During the six months ended June 30, 2026, we purchased certain real estate property in the United States totaling $ 62.1 million, to be used for future development to expand our data center and office space. The purchase was accounted for under the asset acquisition method, with $ 59.5 million allocated to land and $ 2.6 million allocated to buildings and improvements, based on their relative fair values. Depreciation expense was $ 31.5 million and $ 25.1 million during the three months ended June 30, 2026 and 2025, respectively. Depreciation expense was $ 61.0 million and $ 49.1 million during the six months ended June 30, 2026 and 2025, respectively. 6. BUSINESS COMBINATIONS 2025 Acquisitions Linksys Holdings, Inc. In 2021, we invested $ 160.0 million in cash for shares of the Series A Preferred Stock of Linksys for a 50.8 % ownership interest in the outstanding equity of Linksys. On January 31, 2025 ( “ Linksys Acquisition Date ”) , we acquired all of the remaining outstanding Series A Preferred Stock of Linksys for $ 20.8 million in cash and now own 100 % of the outstanding equity of Linksys. Our pre-existing equity method investment in Linksys of 50.8 % ownership interest was remeasured to the fair value of $ 21.5 million at the Linksys Acquisition Date, which resulted in a $ 10.8 million gain recorded in gain (loss) from equity method investments on the condensed consolidated statements of income. Therefore, the aggregate purchase consideration for Linksys’ equity equaling the fair value of the previously owned stock and the purchase price for the remaining stock acquired was $ 42.3 million. This acquisition was accounted for as a business combination using the acquisition method of accounting. Of the aggregate purchase price, $ 17.5 million was allocated to identifiable intangible assets acquired, and $ 64.7 million was allocated to other net assets acquired which predominantly included deferred tax asset of $ 45.8 million, inventory of $ 21.4 million, and cash of $ 8.8 million, offset by $ 11.3 million of net other assets and liabilities assumed. The excess of the fair values of the net assets acquired over the net purchase consideration was recorded as a gain on bargain purchase of $ 39.9 million within other income — net on the condensed consolidated statements of income. The gain on bargain purchase occurred primarily due to the recognition of the deferred tax assets, which were comprised primarily of pre-acquisition federal net operating loss carryforwards with an indefinite carryforward period. In addition, we had previously recorded a deferred tax asset of $ 30.6 million for an outside basis difference in our investment in Linksys when it was accounted for under the equity method. As a result of the acquisition of the remaining shares, we now account for our investment in Linksys under the consolidation 15 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) method, and therefore we have derecognized this deferred tax asset. The charge is included in the provision for income taxes on the condensed consolidated statements of income. Acquisition-related costs related to this acquisition were not material and were recorded as general and administrative expenses. Other Acquisitions In 2025 , we completed other acquisitions for total purchase consideration of $ 38.3 million in cash. We have accounted for the transactions as business combinations and recorded goodwill of $ 21.9 million, among which $ 8.6 million of goodwill is expected to be deductible and $ 13.3 million of goodwill is not deductible for income tax purposes. Acquisition-related costs were not material and were recorded as general and administrative expenses. Additional acquisition-related information The operating results of the acquired companies are included in our condensed consolidated statements of income from the respective dates of acquisition. Acquisition-related costs related to each acquisition were not material. The operating results of the acquired companies were not material in the period presented. Pro forma information has not been presented, as the impact of these acquisitions, individually and in the aggregate, in each period was not material to our condensed consolidated financial statements. 7. GOODWILL AND OTHER INTANGIBLE ASSETS—Net Goodwill As of June 30, 2026 and December 31, 2025, we had goodwill of $ 257.4 million. There were no impairments to goodwill during the six months ended June 30, 2026 or during prior periods. Other Intangible Assets—Net The following tables present other intangible assets—net (in millions, except years): June 30, 2026 Weighted-Average Useful Life (in Years) Gross Accumulated Amortization Net Other intangible assets—net: Finite-lived intangible assets: Developed technologies 4.3 $ 159.1 $ 106.0 $ 53.1 Customer relationships 5.3 66.9 48.3 18.6 Trade names 4.2 11.3 8.1 3.2 Backlog 2.5 13.5 11.3 2.2 Total other intangible assets—net $ 250.8 $ 173.7 $ 77.1 December 31, 2025 Weighted-Average Useful Life (in Years) Gross Accumulated Amortization Net Other intangible assets—net: Finite-lived intangible assets: Developed technologies 4.3 $ 159.1 $ 96.0 $ 63.1 Customer relationships 5.3 66.9 42.4 24.5 Trade names 4.2 11.3 5.4 5.9 Backlog 2.5 13.5 9.7 3.8 Total other intangible assets—net $ 250.8 $ 153.5 $ 97.3 16 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Amortization expense was $ 9.9 million and $ 13.2 million during the three months ended June 30, 2026 and 2025, respectively. Amortization expense was $ 20.2 million and $ 25.0 million during the six months ended June 30, 2026 and 2025, respectively. The following table summarizes estimated future amortization expense of finite-lived intangible assets—net (in millions): Amount Years: 2026 (the remainder of 2026) $ 17.0 2027 27.5 2028 20.0 2029 9.3 2030 1.0 Thereafter 2.3 Total $ 77.1 8. NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the dilutive effects of restricted stock units (“RSUs”), stock options and performance stock units (“PSUs”). Dilutive shares of common stock are determined by applying the treasury stock method. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share is (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Numerator: Net income $ 606.3 $ 440.1 $ 1,140.8 $ 873.5 Denominator: Basic shares: Weighted-average common stock outstanding-basic 733.1 765.5 735.9 766.9 Diluted shares: Weighted-average common stock outstanding-basic 733.1 765.5 735.9 766.9 Effect of potentially dilutive securities: RSUs 3.1 2.6 2.1 3.0 Stock options 3.1 4.0 2.8 4.3 PSUs 0.6 0.6 0.5 0.6 Weighted-average shares used to compute diluted net income per share 739.9 772.7 741.3 774.8 Net income per share Basic $ 0.83 $ 0.57 $ 1.55 $ 1.14 Diluted $ 0.82 $ 0.57 $ 1.54 $ 1.13 17 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following weighted-average shares of common stock were excluded from the computation of diluted net income per share for the periods presented, as their effect would have been antidilutive (in millions): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 RSUs 0.3 2.1 1.3 1.5 Stock options 0.6 0.6 1.0 0.5 Total 0.9 2.7 2.3 2.0 9. DEBT 2026 and 2031 Senior Notes On March 5, 2021, we issued $ 1.0 billion aggregate principal amount of senior notes (collectively, the “Senior Notes”), consisting of $ 500.0 million aggregate principal amount of 1.0 % notes due March 15, 2026 (the “2026 Senior Notes”) and $ 500.0 million aggregate principal amount of 2.2 % notes due March 15, 2031 (the “2031 Senior Notes”), in an underwritten registered public offering. The Senior Notes are senior unsecured obligations and rank equally with each other in right of payment and with our other outstanding obligations. Upon maturity on March 15, 2026, we repaid the full $ 500.0 million aggregate principal amount of the 2026 Senior Notes. We may redeem the 2031 Senior Notes at any time in whole or in part for cash, at specified redemption prices that include accrued and unpaid interest, if any, and a make-whole premium. However, no make-whole premium will be paid for redemptions of the 2031 Senior Notes on or after December 15, 2030. Interest on the Senior Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2021. The Senior Notes were recorded net of discount and issuance costs, which are amortized to interest expense over the respective contractual terms of these notes using the effective interest method. The total outstanding debt is summarized below (in millions, except percentages): Maturity Coupon Rate Effective Interest Rate June 30, 2026 December 31, 2025 Debt 2026 Senior Notes March 2026 1.0 % 1.3 % $ — $ 500.0 2031 Senior Notes March 2031 2.2 % 2.3 % 500.0 500.0 Total debt 500.0 1,000.0 Less: Unamortized discount and debt issuance costs 3.1 3.7 Less: Current portion of long-term debt — 499.7 Total long-term debt $ 496.9 $ 496.6 As of June 30, 2026 and December 31, 2025, we accrued interest payable of $ 3.2 million and $ 4.7 million, respectively, and there are no financial covenants with which we must comply. During the three months ended June 30, 2026 and 2025, we recorded $ 2.9 million and $ 4.5 million of total interest expense in relation to these Senior Notes, respectively. During the six months ended June 30, 2026 and 2025, we recorded $ 7.1 million and $ 9.0 million of total interest expense in relation to these Senior Notes, respectively. No interest costs were capitalized for the six months ended June 30, 2026 and 2025, as the costs that qualified for capitalization were not material. The total estimated fair value of the outstanding 2031 Senior Notes was approximately $ 449.5 million, including accrued and unpaid interest, as of June 30, 2026. The fair value was determined based on observable market prices of identical instruments in less active markets. The estimated fair values are based on Level 2 inputs. 18 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 10. COMMITMENTS AND CONTINGENCIES The following table summarizes our inventory purchase commitments as of June 30, 2026 (in millions): Total 2026 Thereafter Inventory purchase commitments $ 1,667.1 $ 1,337.5 $ 329.6 Inventory Purchase Commitments —We purchase components of our inventory from certain suppliers and use several independent contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, non-cancelable and unconditional commitments. Certain of these inventory purchase commitments with contract manufacturers and suppliers relate to arrangements to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to reschedule and adjust our requirements based on our business needs prior to firm orders being placed. As of June 30, 2026, we had $ 1.67 billion of non-cancelable inventory purchase commitments with our independent contract manufacturers. We recorded a liability for these purchase commitments for quantities in excess of our future estimated demand forecasts, consistent with the valuation of our excess and obsolete inventory. As of June 30, 2026 and December 31, 2025, the liability for these inventory purchase commitments was $ 24.0 million and $ 26.7 million, respectively, and was recorded in accrued liabilities on our condensed consolidated balance sheets. The expense related to such accrued liability for inventory purchase commitments is recorded in cost of product revenue on the condensed consolidated statements of income. The expense related to such accrued liability for inventory purchase commitments was not material during the three and six months ended June 30, 2026 and 2025. Other Contractual Commitments and Open Purchase Orders —In addition to commitments with contract manufacturers, we have open purchase orders and contractual obligations in the ordinary course of business for which we have not received goods or services. A significant portion of our reported purchase commitments consists of non-cancelable commitments. In certain instances, contractual commitments allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to firm orders being placed. As of June 30, 2026, we had $ 110.9 million in other contractual commitments having a remaining term in excess of one year that are non-cancelable. As of June 30, 2026, we had $ 64.5 million in contractual commitments related to payments for operating leases. Litigation —We are subject to legal proceedings arising in the ordinary course of business. We record accruals for litigation contingencies when a loss is probable and reasonably estimable, based on management’s assessment of the expected outcome and currently available information. As of June 30, 2026 and December 31, 2025, litigation loss contingency accruals associated with outstanding matters were not material. On September 22, 2025, a securities class action was filed against us, our chief executive officer, our chief technology officer, our current chief financial officer and our former chief financial officer in the United States District Court, Northern District of California, captioned Oklahoma Firefighters Pension and Retirement System v. Fortinet, Inc., et al., Case No. 3:25-cv-08037. On October 16, 2025, a securities class action was filed against us, our chief executive officer, our current chief financial officer and our former chief financial officer in the same court, captioned State of Rhode Island Office of the General Treasurer v. Fortinet, Inc., et al., Case No. 3:25-cv-08888. These suits are brought on behalf of an alleged class of stockholders who purchased or acquired shares of our common stock from November 8, 2024 through August 6, 2025. The complaints allege that defendants made false or misleading statements about our business, operations and prospects, including regarding the 2026 firewall refresh cycle, and purport to assert claims under Sections 10(b) and 20(a) of the Exchange Act. The court subsequently consolidated these actions under a new caption, In re Fortinet, Inc. Securities Litigation, Lead Case No. 3:25-cv-08037 (the “Consolidated Securities Class Action”), and appointed a lead plaintiff and lead counsel. A consolidated amended complaint was filed on April 24, 2026, which asserts claims under Section 10(b), 20(a) and 20A of the Exchange Act against our chief executive officer, our chief technology officer, our current chief financial officer, and our former chief financial officer relating to the same events and circumstances alleged in the initial complaints, and adds a Section 10(b) claim against our head of investor relations. The Consolidated Securities Class Action seeks damages, attorneys’ fees and costs, and other relief that the court may deem appropriate. Defendants filed a motion to dismiss the consolidated amended complaint on June 15, 2026. We believe the Consolidated Securities Class Action is without merit and intend to defend the suit vigorously. Based on the preliminary nature of the proceedings in the Consolidated Securities Class Action, the outcome of that matter remains uncertain 19 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) and we cannot estimate the potential impact, if any, on our business or financial statements at this time. Accordingly, no loss accrual was recorded as of June 30, 2026 related to this litigation. On October 8, 2025, Plaintiff Jack Pittrof filed a stockholder derivative complaint against us as a nominal defendant and certain of our current and former directors and officers in the United States District Court for the Northern District of California, captioned Pittrof v. Xie, et al., Case No. 3:2025-cv-08592 (“Pittrof”). The complaint alleges claims based on events similar to those in the securities class action and asserts causes of action against the individual defendants for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste of corporate assets, and for violations of Section 10(b) of the Exchange Act. On November 5, 2025, Plaintiff Michael J. Marrinan filed a stockholder derivative complaint against us as a nominal defendant and certain of our current and former directors and officers in the United States District Court for the Northern District of California, captioned Marrinan v. Xie, et al., Case No. 3:25-cv-09546 (“Marrinan”). The complaint alleges claims based on events similar to those in the securities class action and asserts causes of action against the individual defendants for breach of fiduciary duty, unjust enrichment, insider trading, gross mismanagement, waste of corporate assets, violations of California Corporations Code §§ 24400, 25500, et seq., and violations of Section 10(b) of the Exchange Act. On November 6, 2025, Plaintiff Bryan Foster filed a stockholder derivative complaint against us as a nominal defendant and certain of our current and former directors and officers in the United States District Court for the Northern District of California, captioned Foster v. Xie, et al., Case No. 3:25-cv-09611 (“Foster”). The complaint alleges claims based on events similar to those in the securities class action and asserts causes of action against the individual defendants for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, for violations of Section 10(b), 14(a), and 20(a) of the Exchange Act, and for contribution under Section 21D of the Exchange Act. On December 2, 2025, Plaintiff LR Trust filed a stockholder derivative complaint against us as a nominal defendant and certain of our current and former directors and officers in the United States District Court for the Northern District of California, captioned LR Trust v. Xie, et al., Case No. 3:25-cv-10350 (“LR Trust,” together with Pittrof, Marrinan, and Foster, the “Derivative Actions”). The complaint alleges claims based on events similar to those in the securities class action and asserts causes of action against the individual defendants for breach of fiduciary duty, unjust enrichment, insider trading, aiding and abetting, violations of Sections 10(b) and 14(a) of the Exchange Act, and for contribution under Section 21D of the Exchange Act. On behalf of the Company, the Derivative Actions seek damages, disgorgement, remedial actions, restitution, and attorneys’ fees and costs. The Derivative Actions have been consolidated under a new caption, In re Fortinet, Inc. Stockholder Derivative Litigation, Lead Case No. 3:2025-cv-08592 (the “Consolidated Derivative Action”). On April 2, 2026, the Court stayed all proceedings in the Consolidated Derivative Action pending the final resolution of the Consolidated Securities Class Action. On March 21, 2019, we were sued by Alorica Inc. (“Alorica”) in Santa Clara County Superior Court in California. Alorica alleged breach of warranty and misrepresentation claims, which we denied. After trial, a jury returned a verdict fully in favor of us and against Alorica on October 4, 2024. Alorica has filed a notice of appeal. We believe that the ultimate outcome of this matter will not materially impact our financial position, results of operations or cash flows. However, any further legal proceedings, including Alorica’s appeal, would be subject to inherent uncertainties, and a future unfavorable ruling could occur. No loss accrual had been recorded as of June 30, 2026 or December 31, 2025 related to this litigation. Indemnification and Other Matters —We enter into indemnification provisions in the ordinary course of business with other companies such as partners, customers, and vendors, where we agree to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of our activities, including defending against third-party claims asserting various allegations such as product defects, breach of representations or covenants, and infringement of certain Intellectual Property (“IP”) rights, which may include patents, copyrights, trademarks or trade secrets, and to pay judgments entered on such claims. In some contracts, our exposure under these indemnification provisions is limited by the terms of the contracts to certain defined limits, such as the total amount paid by our customer under the agreement. However, certain agreements include covenants, penalties and indemnification provisions including and beyond indemnification for third-party claims of IP infringement that could potentially expose us to losses in excess of the amount received under the agreement, and in some instances to potential liability that is not contractually limited. Although from time to time there are indemnification claims asserted against us and currently there are pending indemnification claims, to date there have been no material awards under such indemnification provisions. Similar to other security companies and companies in other industries, we have experienced and may experience in the future, cybersecurity threats, malicious activity directed against our information technology infrastructure or unauthorized attempts to gain access to our and our customers’ sensitive information and systems. We currently are unaware of any claims or proceedings related to these types of matters that we believe are likely to have a material adverse effect on our financial position, results of operations or cash flows. 20 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 11. EQUITY PLANS AND SHARE REPURCHASE PROGRAM Stock-Based Compensation Plans We maintain the Amended and Restated Fortinet, Inc. 2009 Equity Incentive Plan (the “Amended Plan”) pursuant to which we have granted RSUs, stock options and PSUs. As of June 30, 2026, there were a total of 45.4 million shares of common stock available for grant under the Amended Plan. Restricted Stock Units and Market/Performance-Based PSUs The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts): RSUs Outstanding Number of Shares Weighted-Average Grant Date Fair Value per Share Balance—December 31, 2025 7.6 $ 81.51 Granted 3.2 88.90 Forfeited ( 0.4 ) 81.59 Vested ( 1.9 ) 79.97 Balance—June 30, 2026 8.5 $ 84.61 We grant RSUs under the Amended Plan to employees and non-employees. Subject to certain exceptions, RSUs vest generally over four years subject to continued service. We grant market/performance-based PSUs under the Amended Plan to certain of our executives. Based on the achievement of the market/performance-based vesting conditions during the applicable performance period for such PSUs, the final settlement of the PSUs will range between 0 % and 200 % of the target shares underlying the PSUs based on the percentile ranking of our total stockholder return over one -, two -, three - and four-year periods among companies included in the S&P 500 Index. 20 %, 20 %, 20 % and 40 % of the PSUs vest over one -, two -, three - and four-year service periods, respectively. During the six months ended June 30, 2026, we granted approximately 0.1 million shares of PSU awards to certain of our executives, with a weighted-average grant date fair value of $ 103.01 . The grant date fair value of these awards was determined using a Monte Carlo simulation pricing model. The following table summarizes the weighted-average assumptions relating to our PSUs: Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Expected term in years 2.8 2.7 2.8 2.7 Volatility 42.4 % 41.5 % 42.4 % 41.5 % Risk-free interest rate 3.5 % 4.2 % 3.5 % 4.2 % Dividend rate — % — % — % — % Approximately 0.1 million shares of PSUs were vested and less than 0.1 million shares of PSUs were forfeited during the six months ended June 30, 2026. Stock compensation expense is recognized on a straight-line basis over the vesting period of each RSU while compensation expense for PSUs is recognized on a graded vesting method. As of June 30, 2026, total compensation expense related to unvested RSUs and PSUs that were granted to employees, non-employees and certain executives, but not yet recognized, was $ 659.8 million, with a weighted-average vesting period of 2.9 years, and $ 25.1 million, with a weighted-average vesting period of 2.1 years, respectively. RSUs and PSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs and PSUs, we net-settle the RSUs and PSUs and withhold a portion of the shares to satisfy employee withholding tax requirements. The payment 21 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) of the withheld taxes to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows. The following summarizes the number and value of the shares withheld for employee taxes (in millions): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Shares withheld for taxes 0.3 0.2 0.7 0.7 Amount withheld for taxes $ 22.5 $ 23.4 $ 59.0 $ 77.2 Employee Stock Options The following table summarizes the weighted-average assumptions relating to our employee stock options: Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Expected term in years 4.6 4.5 4.6 4.5 Volatility 46.6 % 41.4 % 43.8 % 41.6 % Risk-free interest rate 4.2 % 4.1 % 3.7 % 4.2 % Dividend rate — % — % — % — % The following table summarizes the stock option activity and related information for the periods presented below (in millions, except exercise prices and contractual life): Options Outstanding Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance—December 31, 2025 7.4 $ 49.39 3.0 $ 241.7 Granted 0.7 84.15 Forfeited ( 0.1 ) 86.18 Exercised ( 1.9 ) 33.27 Balance—June 30, 2026 6.1 $ 57.46 Options vested and expected to vest—June 30, 2026 6.1 $ 57.46 3.3 $ 583.3 Options exercisable—June 30, 2026 4.3 $ 46.98 2.3 $ 461.4 The aggregate intrinsic value represents the difference between the exercise price of stock options and the quoted market price of our common stock at the date of the balance sheet for all in-the-money stock options. Stock compensation expense is recognized on a straight-line basis over the vesting period of each stock option. As of June 30, 2026, total compensation expense related to unvested stock options granted to employees but not yet recognized was $ 56.4 million, with a weighted-average remaining vesting period of 2.8 years. Additional information related to our stock options is summarized below (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Weighted-average fair value per share granted $ 57.26 $ 41.05 $ 34.93 $ 43.83 Intrinsic value of options exercised $ 91.8 $ 28.9 $ 139.6 $ 131.2 Fair value of options vested $ 5.8 $ 5.5 $ 16.7 $ 15.0 22 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Stock-Based Compensation Expense Stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses (in millions): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Cost of product revenue $ 0.6 $ 0.5 $ 1.2 $ 1.0 Cost of service revenue 8.1 7.0 15.2 13.5 Research and development 26.9 25.1 52.0 48.1 Sales and marketing 36.7 29.7 68.6 56.2 General and administrative 8.5 7.6 17.0 18.0 Total stock-based compensation expense $ 80.8 $ 69.9 $ 154.0 $ 136.8 The following table summarizes stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, by award type (in millions): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 RSUs $ 70.2 $ 60.8 $ 133.3 $ 117.1 Stock options 6.5 6.8 13.1 13.4 PSUs 4.1 2.3 7.6 6.3 Total stock-based compensation expense $ 80.8 $ 69.9 $ 154.0 $ 136.8 Total income tax benefit associated with stock-based compensation that is recognized in the condensed consolidated statements of income is (in millions): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Income tax benefit associated with stock-based compensation $ 17.7 $ 15.3 $ 33.7 $ 30.0 Share Repurchase Program In January 2026, our board of directors approved a $ 1.0 billion increase in the authorized stock repurchase amount under the Repurchase Program, bringing the aggregate amount authorized for repurchases to $ 10.25 billion of our outstanding common stock through February 28, 2027. Share repurchases may be made by us from time to time in privately negotiated transactions or in open-market transactions. The Repurchase Program does not require us to purchase a minimum number of shares, and may be suspended, modified or discontinued at any time without prior notice. During the six months ended June 30, 2026, we repurchased 12.5 million shares of our common stock under the Repurchase Program in open-market transactions, at a weighted-average price of $ 77.73 per share, for an aggregate purchase price of $ 972.8 million, which excludes a $ 6.7 million accrual related to the 1% excise tax imposed by the Inflation Reduction Act of 2022. As of June 30, 2026, approximately $ 765.8 million remained available for future share repurchases under the Repurchase Program. 12. INCOME TAXES Our effective tax rate was 16 % for the three months ended June 30, 2026, compared to an effective tax rate of 15 % for the same period last year. Our effective tax rate was 17 % for the six months ended June 30, 2026, compared to an effective tax rate of 17 % for the same period last year. The tax rates for the three months ended June 30, 2026 and 2025 were comprised of U.S. federal and state taxes, withholding taxes and foreign taxes that amounted to $ 166.6 million and $ 114.6 million, respectively. The tax rate for the three months ended June 30, 2026 included a tax benefit of $ 33.9 million from the Foreign- 23 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Derived Deduction Eligible Income (“FDDEI”) deduction and excess tax benefits from stock-based compensation expense of $ 17.7 million. The tax rate for the three months ended June 30, 2025 included a tax benefit of $ 25.1 million from the FDDEI deduction and excess tax benefits from stock-based compensation expense of $ 12.4 million. The tax rates for the six months ended June 30, 2026 and 2025 were comprised of U.S. federal and state taxes, withholding taxes and foreign taxes that amounted to $ 332.0 million and $ 243.2 million, respectively. The tax rate for the six months ended June 30, 2026 included a tax benefit of $ 68.0 million from the FDDEI deduction and excess tax benefits from stock-based compensation expense of $ 27.1 million. The tax rate for the six months ended June 30, 2025 included a tax provision of $ 30.6 million related to the derecognition of deferred tax assets from the business combination with Linksys, a tax benefit of $ 50.9 million from the FDDEI deduction, and excess tax benefits from stock-based compensation expense of $ 49.3 million. On July 4, 2025, H.R. 1, an Act to Provide for Reconciliation Pursuant to Title II of House Concurrent Resolution 14 (the “Act”) commonly referred to as the One Big Beautiful Bill Act, was enacted. The Act makes permanent certain elements of the Tax Cuts and Jobs Act, including immediate expensing of U.S. research and development expenditures, immediate expensing of certain eligible assets, and various modifications to the international tax framework. The income tax effects of the Act have been recognized in our provision for income taxes as of June 30, 2026. As of June 30, 2026 and December 31, 2025, unrecognized tax benefits were $ 92.4 million and $ 90.4 million, respectively. If recognized, $ 75.2 million of the unrecognized tax benefits as of June 30, 2026 would favorably affect our effective tax rate. It is our policy to include accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of June 30, 2026 and December 31, 2025, accrued interest and penalties were $ 12.6 million and $ 12.5 million, respectively. We file income tax returns in the U.S. federal jurisdiction and in various U.S. state and foreign jurisdictions. Generally, we are no longer subject to examination by U.S. federal income tax authorities for tax years prior to 2020 and by U.S. state and foreign tax authorities in our significant jurisdictions for tax years prior to 2016. We currently have ongoing tax audits in the United Kingdom, Canada, Germany and several other jurisdictions. The primary focus of these audits is the inter-company profit allocation. On January 4, 2022, the U.S. Treasury published another tranche of final regulations regarding the foreign tax credit. These final regulations impose new requirements that a foreign tax must meet in order to be creditable against U.S. income taxes, and generally apply to tax years beginning on or after December 28, 2021. On July 26, 2022, the U.S. Treasury released corrections to the final regulations. On July 21, 2023, the Internal Revenue Service (“IRS”) released a notice that suspended the application of significant portions of the final regulations regarding the foreign tax credit for tax years 2022 and 2023. The notice released in July 2023 favorably impacted our ability to claim foreign tax credits in the United States for certain taxes imposed by certain foreign jurisdictions. On December 11, 2023, the IRS released a notice that extended the suspension of significant portions of the final regulations beyond December 31, 2023, until further guidance is issued. In December 2021, the Organisation for Economic Co-operation and Development (the “OECD”) enacted model rules for a new global minimum tax framework (“BEPS Pillar Two”), and various governments around the world have enacted, or are in the process of enacting, legislation on this. In January 2026, the OECD released additional guidance related to the global minimum tax framework, including new safe harbors and potential exemptions for certain U.S.-based multinational companies, and continues to release additional guidance on these rules. Based on the enacted laws, BEPS Pillar Two has no impact to our effective tax rate or cash flows for the six months ended June 30, 2026. We will continue to evaluate the impact of these tax law changes on future reporting periods. 13. SEGMENT INFORMATION Operating segments are determined based on the financial information that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. The Company’s CODM is our Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region for purposes of allocating resources and evaluating financial performance. We have one operating and reportable segment. 24 Table of Contents FORTINET, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The following table reflects certain financial data for our reportable segment (in millions): Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Total revenue $ 2,047.9 $ 1,630.0 $ 3,897.5 $ 3,169.7 Less: Cost of product revenue 233.8 165.9 442.1 315.8 Cost of service revenue 170.9 149.0 327.1 292.2 Research and development expenses 225.0 209.5 439.0 408.1 Adjusted sales and marketing expenses (1) 537.8 483.7 1,052.6 923.4 Commission expense 131.3 108.3 252.8 211.3 General and administrative expenses 61.1 56.9 117.3 114.7 Provision for income taxes 115.0 77.1 237.0 173.6 Add: Other segment items (2) 33.3 60.5 111.2 142.9 Net income $ 606.3 $ 440.1 $ 1,140.8 $ 873.5 (1) Excludes commission expense. (2) Includes gain on intellectual property matters, interest income, interest expense, other income—net and gain (loss) from equity method investments. Revenue by geographic region is based on the billing address of our customers. The following tables set forth revenue and property and equipment—net by geographic region (in millions): Three Months Ended Six Months Ended Revenue June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Americas: United States $ 579.7 $ 473.0 $ 1,106.2 $ 928.4 Other Americas 228.5 185.8 441.8 360.2 Total Americas 808.2 658.8 1,548.0 1,288.6 Europe, Middle East and Africa (“EMEA”) 871.7 667.1 1,656.5 1,295.5 Asia Pacific (“APAC”) 368.0 304.1 693.0 585.6 Total revenue $ 2,047.9 $ 1,630.0 $ 3,897.5 $ 3,169.7 Property and Equipment — net June 30, 2026 December 31, 2025 Americas: United States $ 1,088.9 $ 1,000.8 Canada 322.4 329.2 Latin America 4.1 4.9 Total Americas 1,415.4 1,334.9 EMEA 211.7 211.3 APAC 72.4 72.8 Total property and equipment—net $ 1,699.5 $ 1,619.0 25 The following distributor customers accounted for 10% or more of our revenue: Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Distributor A 27 % 27 % 28 % 27 % Distributor B 15 % 15 % 15 % 15 % Distributor C 11 % 12 % 12 % 12 % The following distributor customers accounted for 10% or more of net accounts receivable: June 30, 2026 December 31, 2025 Distributor A 26 % 32 % Distributor B 13 % 12 % Distributor C * * * Represents less than 10% 26 Table of Contents ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations In addition to historical information, this Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, among other things, statements concerning our expectations regarding: • continued growth and market share gains; • variability in sales in certain product and service categories from year to year and between quarters; • expected impact of sales from certain products and services; • increasing or decreasing inflation or stagflation, and changing interest rates in many geographies and changes in currency exchange rates and currency regulations; • competition in our markets; • macroeconomic, geopolitical factors and other disruptions to our manufacturing or sales, including tariffs or other trade disruptions, public health issues, wars, natural disasters and economic growth; • government regulation and other policies; • drivers of long-term growth and operating leverage, such as pricing of our products and services, sales productivity, pipeline and capacity, functionality, value and technology improvements in our product and service offerings; • growing our solution sales through channel partners to businesses, service providers and government organizations, our ability to execute these sales and the complexity of providing solutions to all segments (including the increased competition and unpredictability of timing associated with sales to larger enterprises), the impact of sales to these organizations on our long-term growth, expansion and operating results, and the effectiveness of our sales organization; • our ability to successfully anticipate market changes, including those related to cloud-based and Artificial Intelligence (“AI”) solutions and to sell, support and meet service level agreements related to cloud-based solutions; • growth expectations for the secure networking market; • supply chain constraints (including constraints on the availability of memory chips), component availability and other factors affecting our manufacturing capacity, delivery, cost and inventory management; • forecasts of future demand and targeted inventory levels, including changing market drivers and demands; • the effect of backlog from current or prior quarters, including its effect on growth of in-quarter billings and revenue; • our ability to hire properly qualified and effective sales, support and engineering employees; • risks and expectations related to acquisitions and equity interests in private and public companies, including integration issues related to go-to-market plans, product plans, employees of such companies, controls and processes and the acquired technology, and risks of negative impact by such acquisitions and equity investments on our financial results; • trends in revenue, cost of revenue and gross margin, including product revenue, service revenue and inventory related charges; • trends in our operating expenses, including sales and marketing expenses, research and development expenses, general and administrative expenses; 27 Table of Contents • expected impact of plans and strategy for the acceleration of our data center footprint and our PoP deployment; • our gross margins and operating margins for 2026; • expectations that proceeds from the exercise of stock options in future years will be adversely impacted by the increased mix of restricted stock units and performance stock units versus stock options granted or a decline in our stock price; • uncertain tax benefits and our effective domestic and global tax rates, the impact of interpretations of or changes to tax law, and the timing of tax payments; • spending related to real estate assets, acquisitions and development, including data centers and points of presence, office building and warehouse investments, as well as other capital expenditures and to the impact on free cash flow and expenses; • estimates of a range of 2026 spending on capital expenditures; • expansions, development, improvements, operating, subleasing and other real property holdings activities; • expected outcomes and liabilities in litigation; • our intentions regarding share repurchases and the sufficiency of our existing cash, cash equivalents and investments to meet our cash needs, including our debt servicing requirements, for at least the next 12 months; • our expectation to have sufficient liquidity to meet our operating requirements for at least the next 12 months and thereafter for the foreseeable future; • other statements regarding our future operations, financial condition and prospects and business strategies; and • adoption and impact of new accounting standards. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q and, in particular, the risks discussed under the heading “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and those discussed in other documents we file with the SEC. We undertake no obligation, and specifically disclaim any obligation, to revise or publicly release the results of any revision to these and any other forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Business Overview Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our mission is to secure people, devices and data everywhere. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge (“SASE”) and AI-driven security operations (“SecOps”). As of June 30, 2026, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology (“OT”) market verticals, communication and security service providers, and government organizations. As a global company headquartered in Sunnyvale, California, our research and development is centered in the United States and Canada with a global footprint of support and centers of excellence around the world. As of June 30, 2026, we held 1,115 U.S. patents and a total of 1,448 global patents. Our competitive differentiation lies in our core technologies, which together provide performance, security, flexibility and integration across diverse environments. • FortiOS —Our unified operating system enables the convergence of networking and AI-powered security to enforce consistent policies across all form factors and edges. As the foundational engine of the Fortinet 28 Table of Contents Security Fabric, FortiOS empowers organizations to unify management and analytics, providing network visibility and control at scale. FortiOS includes advanced encryption, quantum safe tools, and other security technologies designed to address evolving cybersecurity threats, including emerging quantum-resistant cryptographic capabilities. • FortiASIC —Our Application-Specific Integrated Circuit (“ASIC”)-based Security Processing Units (“SPUs”) increase the speed, scale, efficiency and value of our solutions while reducing footprint and power requirements. From branch and campus to data center solutions, SPU-powered Fortinet appliances deliver superior Security Compute Ratings versus industry alternatives. • FortiCloud —Our organically built global cloud infrastructure provides customers with global reach, flexible connectivity and cost savings. FortiCloud is our private cloud software as a service (“SaaS”) platform, powered by FortiStack, which is our secure SaaS platform operating as a private cloud service provider, and leveraging software and hardware to optimize and secure all layers. • FortiAI —FortiAI brings AI and agentic capabilities to products within the Fortinet Security Fabric. Generative and agentic AI support Network Operations Center (“NOC”) and Security Operations Center (“SOC”) teams in monitoring, analysis and response activities across enterprise environments, including automating operational workflows and assisting security personnel with analysis and response activities. AI within our firewalls allows for improved defense against evolving, AI-driven and zero-day attacks. AI focused features enable our customers to improve their governance over generative AI (“GenAI”) applications by providing visibility into AI application usage and helping organizations govern and control the flow of data across public and private AI applications. Products such as FortiAIGate focus on protecting an organization’s AI infrastructure, including large language models (“LLMs”) and Application Programming Interface, supporting the secure deployment and operation of enterprise AI and LLM environments while preventing data leakage into and out of LLMs. Fortinet’s AI offerings protect the AI ecosystem, infrastructure, models, workloads, data and supply chains, while leveraging unified AI intelligence across the Fortinet Security Fabric to defend against threats. • FortiEndpoint —FortiEndpoint converges secure connectivity, endpoint protection and advanced capabilities like endpoint detection and response and universal Zero Trust Network Access (“ZTNA”), into a unified agent and management console. It simplifies management and enhances visibility while reducing costs and complexity. The solution gives IT teams the visibility and control they need, while security teams benefit from automated threat detection and response. This minimizes the need for manual intervention and provides faster remediation of threats across environments. • OT Security —The Fortinet Security Fabric enables security for OT systems and Cyber-Physical Systems (“CPS”), including converged IT/OT architectures. Our OT Security Platform is purpose-built to protect the engineered systems that underpin critical infrastructure and supply chains around the world. This includes securing energy and utilities systems, manufacturing environments, and transportation, utilizing FortiGuard OT Security Services. These offerings include security capabilities for CPS assets and tools that support centralized NOC and SOC functions. These competitive differentiators provide networking and security professionals with a cybersecurity platform comprised of over 50 products across three solution pillars: • Secure Networking —Our Secure Networking solutions focus on the convergence of networking and security via FortiOS, our networking and security operating system that is the foundation of our Fortinet Security Fabric platform and supports a broad range of functions that can be delivered via physical, virtual, cloud or SaaS solutions. When delivered through our network firewall appliances, functionality is accelerated through our proprietary ASIC technology. These proprietary ASICs allow our systems to scale, run multiple applications at higher performance, lower power consumption and perform more processor-intensive operations, such as inspecting encrypted traffic, including streaming video. Our network firewall offerings consist of a FortiGate, which can be deployed at branch, campus, data center, internal segmentation, private and public cloud to enable hybrid mesh firewall solutions, as well as encrypted applications (secure sockets layer inspection, virtual private network and Internet Protocol Security connectivity). Our ability to converge networking and security also enables ethernet or Wi-Fi to become an extension of our customers’ security infrastructure through FortiLink and FortiSwitch and FortiAP. FortiExtender secures 5G/LTE and remote ethernet extenders to connect and secure any branch environment. Our Secure Connectivity solution includes 29 Table of Contents FortiSwitch secure ethernet switches, FortiAP wireless local area network access points and FortiExtender 5G connectivity gateways and Network Access Control for securing Internet of Things (“IoT”) devices. • Unified Secure Access Service Edge (SASE) —With applications in the cloud and employees working from anywhere, organizations need to secure access for users everywhere through a Zero Trust model. Fortinet’s Unified SASE offering brings together firewall, SD-WAN, secure web gateway, cloud access security broker, data loss prevention (“DLP”), digital experience monitoring and ZTNA in a single platform for user access across branch, campus, remote, and cloud environments. It provides consistent integration across secure SD-WAN and Security Service Edge, using FortiOS as the common operating system and policy framework. Fortinet’s cloud network includes more than 200 PoPs, supporting global access and inspection. The rise of AI use paired with work from anywhere leaves businesses vulnerable to AI tool abuse with sensitive data leakage. AI visibility and control is built into FortiOS, allowing SASE PoPs to give companies control over AI usage and data exfiltration regardless of where the user is. The platform also supports sovereign SASE deployments, allowing organizations to run SASE capabilities in infrastructure they control, including on-premises environments, private data centers, and trusted colocation facilities. This enables local inspection, data residency, and jurisdiction-specific control where required. Fortinet also provides integrated cloud security capabilities for protecting applications and workloads across the application lifecycle, including web application firewalls, virtual and cloud-native firewalls, cloud-native application protection, and code security. These capabilities help organizations secure applications across hybrid and multi-cloud environments through a common platform rather than multiple disconnected tools. Flexible consumption and licensing models support different cloud deployment and procurement models. Fortinet continues to build out core SASE capabilities—including next-generation firewall, Secure SD-WAN, Universal ZTNA, secure web gateway, cloud access security broker, and DLP—within FortiOS. This provides a common operating model across networking and security functions and forms the basis for convergence between firewall, SD-WAN, and SASE services. • AI-Driven Security Operations (SecOps) —Our AI-Driven Security Operations solutions provide software and services that support the identification, protection, detection, investigation, response, and recovery from cybersecurity threats across the incident lifecycle. These solutions integrate with Fortinet and third-party environments and support deployment across physical, virtual, cloud, and SaaS delivery models. FortiAnalyzer provides integrated security operations capabilities through the unified security data lake for the Fortinet Security Fabric, centralized log management, reporting, and threat intelligence. FortiSIEM provides security information and event management, while FortiSOAR provides security orchestration, automation, and response. FortiSOC brings these core capabilities together in a unified cloud-delivered SaaS offering. The portfolio also includes unified endpoint security with FortiEndpoint; identity security, including workforce and non-human identity management, with FortiAuthenticator and FortiPAM; and email and workspace security with FortiMail. AI-assisted capabilities are embedded across these solutions to support investigations, operational workflows, and analyst productivity. Organizations may also utilize FortiGuard managed security services, including SOC-as-a-Service and Managed Detection and Response, to augment or co-manage security operations based on operational requirements, available resources, and security maturity. FortiGuard Labs is our cybersecurity threat intelligence and research organization comprised of experienced threat hunters, researchers, analysts, engineers and data scientists who develop and utilize Machine Learning (“ML”) and AI technologies to provide timely protection updates and actionable threat intelligence for the benefit of our customers. Using millions of global network sensors, FortiGuard Labs monitors the worldwide attack surface and employs AI to mine that data for new threats. FortiGuard and Other Security Services are a suite of AI-powered security capabilities that are natively integrated as part of the Fortinet Security Fabric to deliver coordinated detection and enforcement across the entire attack surface. The portfolio consists of FortiGuard application security services, content security services, device security services, NOC/SOC security services and web security services. FortiCare Technical Support Service is a technical support service, which provides customers access to experts to ensure efficient and effective operations and maintenance of their Fortinet solution. Global technical support is offered 24x7 with flexible add-ons, including enhanced service-level agreements and priority hardware replacement through in-country and local depots. Organizations have the flexibility to procure different levels of service for different solutions based on their availability needs. We offer three support options tailored to the needs of our enterprise customers: FortiCare Elite, FortiCare Premium and FortiCare Essential. The FortiCare Elite service aims to provide a 15-minute response time for key product families. In addition to FortiCare solution-based services, Advanced Support service options are available per account. These services are available for regional account support in three options: Core, Pro and Pro Plus, and can be available or provided on 30 Table of Contents a global basis at the Pro and Pro Plus levels. Advanced Support brings support directly to each account, helping account holders to make their operations more effective and to plan and manage their solution lifecycle. Additionally, we are committed to addressing the cybersecurity skills shortage through training and certification programs for customers, partners and employees. The Fortinet Training Institute’s ecosystem of public and private partnerships around the world extends to industry, academia, government and nonprofits to ensure we are reaching and increasing access of our cybersecurity certifications and training to all populations. The Fortinet Training Institute has issued approximately two million certifications to date. Financial Highlights • Total revenue was $2.05 billion and $3.90 billion during the three and six months ended June 30, 2026, an increase of 26% and 23%, respectively, compared to $1.63 billion and $3.17 billion in the same periods last year. Product revenue was $773.0 million and $1.42 billion during the three and six months ended June 30, 2026, an increase of 52% and 46%, respectively, compared to $508.9 million and $968.0 million in the same periods last year. Service revenue was $1.27 billion and $2.48 billion during the three and six months ended June 30, 2026, an increase of 14% and 13%, respectively, compared to $1.12 billion and $2.20 billion in the same periods last year. • Total gross profit was $1.64 billion and $3.13 billion during the three and six months ended June 30, 2026, an increase of 25% and 22%, respectively, compared to $1.32 billion and $2.56 billion in the same periods last year. • Total gross margin was 80.2% and 80.3% during the three and six months ended June 30, 2026, a decrease of 0.5 in each period, compared to 80.7% and 80.8% in the same periods last year. • Operating income was $689.3 million and $1.27 billion during the three and six months ended June 30, 2026, an increase of 51% and 39%, respectively, compared to $458.0 million and $911.8 million in the same periods last year. • Operating margin was 33.7% and 32.6% during the three and six months ended June 30, 2026, an increase of 5.6 and 3.8 percentage points, respectively, compared to 28.1% and 28.8% in the same periods last year. • Cash, cash equivalents, short-term and long-term investments were $4.47 billion as of June 30, 2026. • Deferred revenue was $7.68 billion, including short-term deferred revenue of $3.84 billion, as of June 30, 2026. • Cash flows from operating activities were $2.12 billion during the six months ended June 30, 2026, an increase of $805.5 million, or 61%, compared to the same period last year. Revenue continues to be diversified globally, which remains a key strength of our business. During the three months ended June 30, 2026, the EMEA region, the Americas region and the APAC region contributed 43%, 39% and 18% of our total revenue, respectively, and revenue grew 31%, 23% and 21% in these regions compared to the same period last year, respectively. During the six months ended June 30, 2026, EMEA, the Americas and APAC regions contributed 42%, 40% and 18% of our total revenue, respectively, and revenue grew by 28%, 20% and 18% in these regions compared to the same period last year, respectively. Product revenue increased 52% and 46% during the three and six months ended June 30, 2026, respectively, compared to the same periods last year, primarily driven by hardware revenue growth resulting from higher unit shipments year over year and recent pricing actions. We experienced product revenue growth across our hardware products and software licensing, which mainly benefited from growth in secure networking hardware products and term licenses, including increased demand for higher performance products, deployments related to AI infrastructure, technology upgrades, upsell activity, and expansion into new use cases. We expect our product revenue to continue to grow year over year for the remainder of 2026 compared to the same periods of 2025. Service revenue increased $153.8 million, or 14% and $277.7 million, or 13%, during the three and six months ended June 30, 2026, respectively, as compared to the same periods last year, primarily driven by the strength of our security subscription revenue, which increased $85.3 million, or 13% and $156.2 million, or 12%, respectively, and our technical support and other services revenue, which increased $68.5 million, or 14% and $121.5 million, or 13%, respectively. The increase was primarily due to the recognition of revenue from our growing deferred revenue balance related to FortiGuard and other security subscriptions delivered to on-premise and cloud-based environments and strength in unified SASE and SecOps, as well as FortiCare technical support service. We expect our service revenue to continue to grow year over year for the remainder of 2026. 31 Table of Contents Our billings were diversified on a geographic basis. During the three months ended June 30, 2026, seven countries represented approximately 50% of our billings and the remaining approximately 50% in the aggregate were from over 100 countries that each individually contributed less than 3% of our billings. Total gross margin decreased 0.5 percentage points during each of the three and six months ended June 30, 2026, compared to the same periods last year, primarily due to a shift in the revenue mix from service revenue to lower margin product revenue. Our overall gross margin for the full year of 2026 will be impacted by service and product revenue mix and their respective gross margins. Our product gross margin may decline for the full year 2026 as compared to 2025 primarily due to continued higher hardware component costs. We also expect service gross margin to decline slightly for the full year 2026 as compared to 2025, primarily due to continued expansion of our data center footprint and colocation and cloud hosting capacity to support the growth in our unified SASE and SecOps offerings. We currently do not expect the U.S. tariffs to have a meaningful impact on our gross margin. However, changes in trade policy, including increases in tariff rates, changes in customs or tariffs classifications, or modifications to tariff exemptions, could adversely affect our gross margin in the future, and we expect any resulting impact would primarily relate to our hardware sales to the U.S. customers. Operating expenses as a percentage of revenue decreased by 6.0 and 4.4 percentage points during the three and six months ended June 30, 2026, respectively, compared to the same periods last year, mainly because our revenue growth outpaced the growth in our personnel costs. Headcount increased to 15,472 employees as of June 30, 2026, a 4% increase compared to 14,898 as of June 30, 2025. Operating margin increased 5.6 and 3.8 percentage points during the three and six months ended June 30, 2026, respectively, driven by revenue growth exceeding expense growth, resulting in improved operating leverage, partially offset by lower total gross margin. For the full year 2026, we expect our operating margin to increase slightly compared to 2025, benefiting from operating leverage and measured investments. Both total revenue and operating expense are expected to increase in 2026 compared to the prior year. The increase in expense is expected to primarily reflect investments in sales and marketing headcount, product development, and continued investments in data centers and real estate. We expect these and other investments to support long-term revenue growth and market expansion. Impact of Macroeconomic and Geopolitical and Supply Chain Developments Our overall performance depends in part on worldwide economic and geopolitical conditions, such as trade policies and tariffs, GDP growth or contraction (both domestically and internationally), geopolitical instability and uncertainty, the war in Ukraine, tensions between China and Taiwan or conflicts in the Middle East, and their impact on customer behavior. Worsening economic conditions, including tariffs, inflation, changing interest rates and other trade disruptions, slower growth, any recession, fluctuations in foreign exchange rates and other changes in economic conditions, may result in decreased sales productivity, lower growth and adversely affect our results of operations and financial performance. We have seen, and could continue to see, certain impacts on our business, results of operations, financial condition, cash flows, liquidity and capital and financial resources such as longer sales cycles, delayed purchases and increased commitments with certain suppliers and increased inventory and inventory purchase commitment reserves. Tariffs imposed by the United States, as well as any new or additional retaliatory tariffs that could be imposed by other countries in response, could have a material adverse impact on global trade, supply chains and other worldwide economic and geopolitical conditions, which could increase our product costs and also affect customer sentiment in deciding whether to purchase our products. We continue to monitor the impact of tariffs on our business. In addition, as a result of the rapid global build-out of AI infrastructure, there is currently a global shortage of memory chips, which are a component in certain of our products. As a result, we are currently experiencing, and may continue to experience, constraints on the availability of memory chips, which may lead to delays in the production and delivery of our products and increased costs to source available memory chips, any of which could harm our business, financial condition and results of operations. To mitigate increased hardware costs resulting from these shortages, we are implementing price increases, which may negatively impact demand for our products and may not be sufficient or timely to offset rising input costs, potentially resulting in margin compression and adversely affecting our business, financial condition and results of operations. Worsening economic, geopolitical and supply chain developments may have a material negative impact on our results in future periods and may negatively impact our billings, revenue and costs, and may decrease growth and profitability. The extent of the impact of such conditions on our operational and financial performance will depend on ongoing developments, including those discussed above and others identified in Part II, Item 1A “Risk Factors” in this Form 10-Q. Given the dynamic nature of these circumstances, the full impact of worsening economic, geopolitical and supply chain developments on our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources cannot be reasonably estimated at this time. 32 Table of Contents Business Model We typically sell our security solutions to distributors that sell to networking security focused resellers and to certain service providers and managed security service providers (“MSSPs”), who, in turn, sell to end-customers or use our products and services to provide hosted solutions to other enterprises. At times, we also sell directly to enterprise customers, service providers, systems integrators and large enterprises. We also sell our software licenses and cloud delivered services via third-party cloud service provider platforms, both directly and through our channel partners. Our end-customers are located in over 100 countries and include small, medium and large enterprises and government organizations across a wide range of industries, including financial services, government, healthcare, manufacturing, retail, technology and telecommunications. An end-customer deployment may involve as few as one or as many as thousands of secure networking, unified SASE and security operations technology products or users, depending on the end-customer’s size and security requirements. Our customers purchase our hardware products, software licenses, SaaS subscriptions and cloud-delivered solutions, including our FortiGuard security subscriptions and FortiCare technical support services. Depending on the solution, these may be sold in a bundle or standalone as part of a solution sale. We generally invoice at the time of our sale for the total price of the products and services. Standard payment terms are generally no more than 60 days, though we may offer extended payment terms to certain distributors or large enterprises. We offer our products hosted in our own data centers, PoPs, and through colocations and major cloud service providers, including Amazon Web Services, Microsoft Azure and Google Cloud. Key Metrics We monitor several key metrics, including the key financial metrics set forth below, in order to help us evaluate growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. The following table summarizes revenue, deferred revenue, billings (non-GAAP), net cash provided by operating activities, and free cash flow (non-GAAP). We discuss revenue below under “Results of Operations,” and we discuss net cash provided by operating activities below under “—Liquidity and Capital Resources.” Deferred revenue, billings (non-GAAP), and free cash flow (non-GAAP) are discussed immediately below the following table: Three Months Ended Or As Of June 30, 2026 June 30, 2025 (in millions) Revenue $ 2,047.9 $ 1,630.0 Deferred revenue $ 7,675.7 $ 6,567.6 Billings (non-GAAP) $ 2,372.1 $ 1,778.4 Net cash provided by operating activities $ 1,043.6 $ 451.9 Free cash flow (non-GAAP) $ 965.6 $ 284.1 Deferred revenue. Our deferred revenue consists of amounts that have been invoiced but that have not yet been recognized as revenue. The majority of our deferred revenue balance consists of the unrecognized portion of service revenue from FortiGuard and other security subscriptions and FortiCare technical support service contracts, which is recognized as revenue ratably over the service term. We monitor our deferred revenue balance, short-term and total deferred revenue growth and the mix of short-term and long-term deferred revenue because deferred revenue represents a significant portion of free cash flow and of revenue to be recognized in future periods. Deferred revenue was $7.68 billion as of June 30, 2026, an increase of $559.9 million, or 8%, from December 31, 2025. Short-term deferred revenue was $3.84 billion as of June 30, 2026, an increase of $205.8 million, or 6%, from December 31, 2025. Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combinations during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue as well as cash flows. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings are impacted by the term of security subscription and support agreements and do not provide an indication as to the timing of revenue being recognized from these service contracts. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue. Total billings were $2.37 billion for the three months ended June 30, 2026, an increase of 33% compared to $1.78 billion in the same period last year. 33 Table of Contents A reconciliation of revenue, the most directly comparable financial measure calculated and presented in accordance with GAAP, to billings is provided below: Three Months Ended June 30, 2026 June 30, 2025 (in millions) Billings: Revenue $ 2,047.9 $ 1,630.0 Add: Change in deferred revenue 324.2 149.2 Less: Deferred revenue balance acquired in business combinations — (0.8) Total billings (non-GAAP) $ 2,372.1 $ 1,778.4 Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the condensed consolidated statements of cash flows and under “Liquidity and Capital Resources” and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure. A reconciliation of net cash provided by operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP, to free cash flow is provided below: Three Months Ended June 30, 2026 June 30, 2025 (in millions) Free Cash Flow: Net cash provided by operating activities $ 1,043.6 $ 451.9 Less: Purchases of property and equipment (78.0) (167.8) Free cash flow (non-GAAP) $ 965.6 $ 284.1 Net cash used in investing activities $ (184.6) $ (266.2) Net cash used in financing activities $ (147.9) $ (414.2) Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. These principles require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, cost of revenue and expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and our actual results, our future financial statements will be affected. There were no material changes to our critical accounting policies and estimates as of and for the six months ended June 30, 2026, as compared to the critical accounting policies and estimates described in our Annual Report on Form 10-K filed with the SEC on February 25, 2026 (the “Form 10-K”). See Note 1 of the notes to condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding recent accounting pronouncements. 34 Table of Contents Results of Operations Three Months Ended June 30, 2026 and 2025 Revenue Three Months Ended June 30, 2026 June 30, 2025 Amount % of Revenue Amount % of Revenue Change % Change (in millions, except percentages) Revenue: Product $ 773.0 38 % $ 508.9 31 % $ 264.1 52 % Service 1,274.9 62 1,121.1 69 153.8 14 Total revenue $ 2,047.9 100 % $ 1,630.0 100 % $ 417.9 26 % Revenue by geography: Americas $ 808.2 39 % $ 658.8 40 % $ 149.4 23 % EMEA 871.7 43 667.1 41 204.6 31 APAC 368.0 18 304.1 19 63.9 21 Total revenue $ 2,047.9 100 % $ 1,630.0 100 % $ 417.9 26 % Total revenue increased $417.9 million, or 26%, during the three months ended June 30, 2026 compared to the same period last year. We continued to experience geographically diversified revenue, as well as diversification across customer and industry verticals. Revenue from all regions grew, with EMEA contributing the largest portion of the increase on an absolute dollar basis and on a percentage basis. Product revenue increased $264.1 million, or 52%, during the three months ended June 30, 2026 compared to the same period last year, primarily driven by hardware revenue growth resulting from higher unit shipments year over year, higher average selling prices resulting from customer demand for higher-performing models and recent pricing actions. We experienced product revenue growth across our hardware products and software licensing, mainly driven by growth in secure networking hardware products and term licenses, including increased demand for higher performance products, deployments related to AI infrastructure, technology upgrades, upsell activity, and expansion into new use cases. Service revenue increased $153.8 million, or 14%, during the three months ended June 30, 2026 compared to the same period last year. Security subscription revenue increased $85.3 million, or 13%, and technical support and other services revenue increased $68.5 million, or 14%, during the three months ended June 30, 2026 compared to the same period last year. The increase was primarily due t o th e reco gnition of revenue from our growing deferred revenue balance related to FortiGuard and other security subscriptions delivered to on-premise and cloud-based environments and growth in SaaS solutions, including unified SASE and SecOps, as well as FortiCare technical support service . Of the service revenue recognized during the three months ended June 30, 2026 and 2025, 90% was included in the deferred revenue balance as of March 31, 2026 and 2025, respectively. 35 Table of Contents Cost of revenue and gross margin Three Months Ended June 30, 2026 June 30, 2025 Change % Change (in millions, except percentages) Cost of revenue: Product $ 233.8 $ 165.9 $ 67.9 41 % Service 170.9 149.0 21.9 15 Total cost of revenue $ 404.7 $ 314.9 $ 89.8 29 % Gross margin (%): Product 69.8 % 67.4 % Service 86.6 86.7 Total gross margin 80.2 % 80.7 % Total gross margin decreased 0.5 percentage points during the three months ended June 30, 2026 compared to the same period last year, primarily driven by a shift in the revenue mix to lower margin product revenue. Revenue mix shifted by 6.5 percentage points from service revenue to product revenue, as a percentage of total revenue. Product gross margin increased 2.4 percentage points during the three months ended June 30, 2026 compared to the same period last year, primarily driven by recent pricing actions, partially offset by a shift in revenue mix to hardware and increased costs of memory chips. Cost of product revenue was comprised primarily of third-party contract manufacturers’ costs and costs of materials used in production. Service gross margin decreased 0.1 percentage points during the three months ended June 30, 2026 compared to the same period last year, primarily driven by increased costs related to the continued expansion of our data center and cloud services, partially offset by service revenue growth outpacing increases in labor costs. Cost of service revenue was comprised primarily of personnel-related costs, replacement and repair costs, cloud services costs from owned data centers, colocation providers and cloud service providers, infrastructure depreciation and related operating costs, software and delivery costs, and facility-related costs. Operating expenses Three Months Ended Change % Change June 30, 2026 June 30, 2025 Amount % of Revenue Amount % of Revenue (in millions, except percentages) Operating expenses: Research and development $ 225.0 11 % $ 209.5 13 % $ 15.5 7 % Sales and marketing 669.1 33 592.0 36 77.1 13 General and administrative 61.1 3 56.9 4 4.2 7 Gain on intellectual property matters (1.3) — (1.3) — — — Total operating expenses $ 953.9 47 % $ 857.1 53 % $ 96.8 11 % Research and development Research and development expenses increased $15.5 million, or 7%, during the three months ended June 30, 2026 compared to the same period last year, primarily due to an increase of $13.5 million in personnel-related costs as a result of increased headcount and compensation rates to support the development of new products and continued enhancements to our existing products and the impact of the recent acquisitions. We expect research and development expenses to increase in absolute dollars year over year during the remainder of 2026 as we invest to drive continued innovation in our products and services. 36 Table of Contents Sales and marketing Sales and marketing expenses increased $77.1 million, or 13%, during the three months ended June 30, 2026 compared to the same period last year, primarily due to an increase of $73.4 million in personnel-related costs. We expect our sales and marketing expenses to increase in absolute dollars year over year during the remainder of 2026 as we continue to invest in our global sales and marketing organization to capture additional market share. General and administrative General and administrative expenses increased $4.2 million, or 7%, during the three months ended June 30, 2026 compared to the same period last year, primarily due to an increase of $2.1 million in legal related fees and other professional services fees and an increase of $1.5 million in personnel-related costs. We expect our general and administrative expenses to increase in absolute dollars year over year during the remainder of 2026, primarily to support our growing operations while continuing to leverage scale and efficiencies. Operating income and margin We generated operating income of $689.3 million during the three months ended June 30, 2026, an increase of $231.3 million, or 51%, compared to $458.0 million in the same period last year. Operating margin was 33.7% during the three months ended June 30, 2026, compared to 28.1% in the same period last year. The improvement in operating margin was primarily driven by operating leverage, as revenue growth outpaced the increase in operating expenses, partially offset by lower total gross margin. The 5.6 percentage point increase in operating margin was primarily due to 3.6, 1.9 and 0.6 percentage points decreases in sales and marketing expenses, research and development expenses and general and administrative expenses, as a percentage of revenue, respectively, partially offset by a 0.5 percentage point decrease in gross margin as a percentage of revenue. Interest income, interest expense and other income — net Three Months Ended June 30, 2026 June 30, 2025 Change % Change (in millions, except percentages) Interest income $ 33.2 $ 45.0 $ (11.8) (26) % Interest expense $ (3.2) $ (4.6) $ 1.4 (30) % Other income—net $ 0.9 $ 18.9 $ (18.0) (95) % Interest income decreased $11.8 million during the three months ended June 30, 2026 compared to the same period last year, primarily due to lower average interest rates and lower average cash and cash equivalents balances as a result of share repurchases and debt repayment. Interest income varies depending on our average cash, cash equivalents and short-term and long-term investments balances during the period, types and mix of deposits and investments, and interest rates. Interest expense decreased $1.4 million during the three months ended June 30, 2026 compared to the same period last year, primarily due to the repayment of our 2026 Senior Notes at maturity in March 2026. Other income—net decreased $18.0 million during the three months ended June 30, 2026 compared to the same period last year, primarily due to a $10.1 million increase in foreign currency exchange losses and a $6.3 million decrease in net gains on marketable equity securities . Provision for income taxes Three Months Ended Change % Change June 30, 2026 June 30, 2025 (in millions, except percentages) Provision for income taxes $ 115.0 $ 77.1 $ 37.9 49 % Effective tax rate (%) 16 % 15 % Our effective tax rate was 16% for the three months ended June 30, 2026, compared to an effective tax rate of 15% for the same period last year. The provision for income taxes for the three months ended June 30, 2026 was primarily comprised of U.S. federal and state taxes, withholding taxes and foreign taxes totaling $166.6 million, which was favorably affected by a tax benefit of $33.9 million from the FDDEI deduction and excess tax benefits from stock-based compensation expense of $17.7 million. 37 Table of Contents The provision for income taxes for the three months ended June 30, 2025 was primarily comprised of U.S. federal and state taxes, withholding taxes, and foreign taxes totaling $114.6 million, which was favorably affected by a tax benefit of $25.1 million from the FDDEI deduction and excess tax benefits from stock-based compensation expense of $12.4 million. Six Months Ended June 30, 2026 and 2025 Revenue Six Months Ended June 30, 2026 June 30, 2025 Amount % of Revenue Amount % of Revenue Change % Change (in millions, except percentages) Revenue: Product $ 1,418.1 36 % $ 968.0 31 % $ 450.1 46 % Service 2,479.4 64 2,201.7 69 277.7 13 Total revenue $ 3,897.5 100 % $ 3,169.7 100 % $ 727.8 23 % Revenue by geography: Americas $ 1,548.0 40 % $ 1,288.6 41 % $ 259.4 20 % EMEA 1,656.5 42 1,295.5 41 361.0 28 APAC 693.0 18 585.6 18 107.4 18 Total revenue $ 3,897.5 100 % $ 3,169.7 100 % $ 727.8 23 % Total revenue increased $727.8 million, or 23%, during the six months ended June 30, 2026 compared to the same period last year. We continued to experience geographically diversified revenue, as well as diversification across customer and industry verticals. Revenue from all regions grew, with EMEA contributing the largest portion of the increase on an absolute dollar basis and on a percentage basis. Product revenue increased $450.1 million, or 46%, during the six months ended June 30, 2026 compared to the same period last year, primarily driven by hardware revenue growth resulting from higher unit shipments year over year and recent pricing actions. We experienced product revenue growth across our hardware products and software licensing, mainly driven by growth in secure networking hardware products and term licenses, including increased demand for higher performance products, deployments related to AI infrastructure, technology upgrades, upsell activity, and expansion into new use cases. Service revenue increased $277.7 million, or 13%, during the six months ended June 30, 2026 compared to the same period last year. Security subscription revenue increased $156.2 million, or 12%, and technical support and other services revenue increased $121.5 million, or 13%, during the six months ended June 30, 2026 compared to the same period last year. The increase was primarily due to the recognition of revenue from our growing deferred revenue balance related to FortiGuard and other security subscriptions delivered to on-premise and cloud -based environments and growth in SaaS solutions, including unified SASE and SecOps, as well as FortiCare technical support service. Of the service revenue recognized during the six months ended June 30, 2026 and 2025, 84% was included in the deferred revenue balance as of December 31, 2025 and 2024 , respectively . 38 Table of Contents Cost of revenue and gross margin Six Months Ended June 30, 2026 June 30, 2025 Change % Change (in millions, except percentages) Cost of revenue: Product $ 442.1 $ 315.8 $ 126.3 40 % Service 327.1 292.2 34.9 12 Total cost of revenue $ 769.2 $ 608.0 $ 161.2 27 % Gross margin (%): Product 68.8 % 67.4 % Service 86.8 86.7 Total gross margin 80.3 % 80.8 % Total gross margin decreased 0.5 percentage points during the six months ended June 30, 2026 compared to the same period last year, primarily driven by a shift in the revenue mix to lower margin product revenue. Revenue mix shifted by 5.9 percentage points from service revenue to product revenue, as a percentage of total revenue. Product gross margin increased 1.4 percentage points during the six months ended June 30, 2026 compared to the same period last year, primarily driven by recent pricing actions, partially offset by a shift in revenue mix to hardware and increased costs of memory chips. Cost of product revenue was comprised primarily of third-party contract manufacturers’ costs and costs of materials used in production. Service gross margin remained flat during the six months ended June 30, 2026 compared to the same period last year. Cost of service revenue was comprised primarily of personnel-related costs, replacement and repair costs, cloud services costs from owned data centers, colocation providers and cloud service providers, infrastructure depreciation and related operating costs, software and delivery costs, and facility-related costs. Operating expenses Six Months Ended Change % Change June 30, 2026 June 30, 2025 Amount % of Revenue Amount % of Revenue (in millions, except percentages) Operating expenses: Research and development $ 439.0 11 % $ 408.1 13 % $ 30.9 8 % Sales and marketing 1,305.4 34 1,134.7 36 170.7 15 General and administrative 117.3 3 114.7 4 2.6 2 Gain on intellectual property matters (2.7) — (7.6) — 4.9 (64) Total operating expenses $ 1,859.0 48 % $ 1,649.9 52 % $ 209.1 13 % Percentages have been rounded for presentation purposes and may differ from unrounded results. Research and development Research and development expenses increased $30.9 million, or 8%, during the six months ended June 30, 2026 compared to the same period last year, primarily due to an increase of $29.7 million in personnel-related costs as a result of increased headcount and compensation rates to support the development of new products and continued enhancements to our existing products and the impact of the recent acquisitions. 39 Table of Contents Sales and marketing Sales and marketing expenses increased $170.7 million, or 15%, during the six months ended June 30, 2026 compared to the same period last year, primarily due to an increase of $146.5 million in personnel-related costs and an increase of $11.6 million in marketing program and related expenses. General and administrative General and administrative expenses increased $2.6 million, or 2%, during the six months ended June 30, 2026 compared to the same period last year, primarily due to an increase of $1.3 million in provision for expected credit losses and $0.9 million in legal related fees and other professional services fees. Operating income and margin We generated operating income of $1.27 billion during the six months ended June 30, 2026, an increase of $357.5 million, or 39%, compared to $911.8 million in the same period last year. Operating margin was 32.6% during the six months ended June 30, 2026, compared to 28.8% in the same period last year. The improvement in operating margin was primarily driven by operating leverage, as revenue growth outpaced the increase in operating expenses, partially offset by lower total gross margin. The 3.8 percentage point increase in operating margin was primarily due to 2.3, 1.6 and 0.6 percentage points decrease in sales and marketing expenses, research and development expenses and general and administrative expenses as a percentage of revenue, respectively, partially offset by a 0.5 percentage point decrease in gross margin and 0.2 percentage point decrease in gain on intellectual property matters as a percentage of revenue. Interest income, interest expense and other income — net Six Months Ended June 30, 2026 June 30, 2025 Change % Change (in millions, except percentages) Interest income $ 66.1 $ 89.3 $ (23.2) (26) % Interest expense $ (7.4) $ (9.5) $ 2.1 (22) % Other income—net $ 48.8 $ 45.0 $ 3.8 8 % Interest income decreased $23.2 million during the six months ended June 30, 2026 compared to the same period last year, primarily due to lower average interest rates and lower average cash and cash equivalents balances as a result of share repurchases and debt repayment. Interest income varies depending on our average cash, cash equivalents and short-term and long-term investments balances during the period, types and mix of deposits and investments, and interest rates. Interest expense decreased $2.1 million during the six months ended June 30, 2026 compared to the same period last year, primarily due to the repayment of our 2026 Senior Notes at maturity in March 2026. Other income—net increased $3.8 million during the six months ended June 30, 2026 compared to the same period last year, primarily due to a net change of $55.6 million from net losses to net gains on marketable equity securities, partially offset by a change of $39.9 million in gain on bargain purchase related to our acquisition of Linksys recognized only in the three months ended March 31, 2025 and an $11.0 million increase in foreign currency exchange loss. Provision for income taxes Six Months Ended Change % Change June 30, 2026 June 30, 2025 (in millions, except percentages) Provision for income taxes $ 237.0 $ 173.6 $ 63.4 37 % Effective tax rate (%) 17 % 17 % Our effective tax rate was 17% for each of the six months ended June 30, 2026 and 2025. The provision for income taxes for the six months ended June 30, 2026 was primarily comprised of U.S. federal and state taxes, withholding taxes and foreign taxes totaling $332.0 million, which was favorably affected by a tax benefit of $68.0 million from the FDDEI deduction and excess tax benefits from stock-based compensation expense of $27.1 million. 40 Table of Contents The provision for income taxes for the six months ended June 30, 2025 was primarily comprised of U.S. federal and state taxes, withholding taxes and foreign taxes totaling $243.2 million as well as a tax provision of $30.6 million related to the derecognition of deferred tax assets from the business combination with Linksys. This provision for income taxes was favorably affected by a tax benefit of $50.9 million from the FDDEI deduction and excess tax benefits from stock-based compensation expense of $49.3 million. Liquidity and Capital Resources As of June 30, 2026 December 31, 2025 (in millions) Cash and cash equivalents $ 2,934.9 $ 2,495.3 Short-term investments 1,134.7 1,087.2 Long-term investments 399.1 339.7 Total cash, cash equivalents and investments $ 4,468.7 $ 3,922.2 Working capital $ 1,367.5 $ 866.2