Fortinet Q1 FY25: where the revenue came from and where it went
The whole income statement of Fortinet for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jan 1 – Mar 31, 2025
- Reported
- May 8, 2025
Revenue$1.54B
+14% year over year
Gross profit$1.25B
81% margin
Operating profit$0.45B
29% margin
Net profit$0.43B
28% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 1.54 | 100% | +14% |
| Security subscription | 0.62 | 40% | +16% |
| Product | 0.46 | 30% | +12% |
| Technical support & other | 0.46 | 30% | +12% |
| Cost of revenue | −0.29 | 19% | |
| Gross profit | 1.25 | 81% margin | +3pp |
| R&D | −0.20 | 13% | +0pp |
| Sales & marketing | −0.54 | 35% | −2pp |
| G&A | −0.06 | 3% | +0pp |
| Operating profit | 0.45 | 29% margin | +6pp |
| Other income, net | 0.08 | ||
| Tax | −0.10 | ||
| Net profit | 0.43 | 28% margin | +6pp |
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