Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2009
- Return on Equity (ROE) since 2009
- Current Ratio since 2009
- Price to Book Value (P/BV) since 2009
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Fortinet Inc., consolidated income statement
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Revenue Trends
- Revenue demonstrated a consistent upward trajectory, increasing from $1.8 billion in 2018 to $4.42 billion in 2022. Both product and service revenues contributed to this growth, with product revenue rising from $674.4 million to $1.78 billion and service revenue growing from $1.13 billion to $2.64 billion over the same period.
- Cost of Revenue and Gross Profit
- The cost of revenue increased significantly in line with revenue, moving from approximately $450.4 million in 2018 to about $1.08 billion in 2022. Product costs and service costs both rose, with product costs increasing from $291 million to $691 million and service costs from $159.4 million to $393.6 million. Despite these increases, gross profit expanded robustly, nearly doubling from $1.35 billion to $3.33 billion, reflecting improving efficiency or pricing power in the business.
- Operating Expenses
- Operating expenses saw a marked increase, from roughly $1.12 billion in 2018 to $2.36 billion in 2022. This includes growth in research and development expenses, which rose from $244.5 million to $512.4 million, indicating a strong focus on innovation and product development. Sales and marketing expenses also increased from $782.3 million to $1.69 billion, suggesting intensified efforts to support revenue growth. General and administrative costs grew moderately from $93 million to $169 million. Notably, the company recorded gains related to intellectual property matters in 2020 and subsequent years, which contributed positively to overall expenses.
- Operating Income
- Operating income increased substantially, from $231 million in 2018 to $969.6 million in 2022, reflecting effective management of cost growth relative to revenue expansion. The gain from intellectual property issues provided a marginal boost during the 2020 to 2022 period.
- Interest and Other Expenses
- Interest income fluctuated, peaking in 2019 at $42.5 million before declining and slightly recovering in 2022. Interest expenses began to be recognized starting in 2021, with $14.9 million, rising to $18 million in 2022, potentially indicating new debt obligations. Other expenses remained relatively stable, gradually increasing from $6.6 million to $13.5 million.
- Income Taxes and Net Income
- Income before taxes followed a similar growth pattern to operating income, increasing from $250.9 million in 2018 to $955.5 million in 2022. The provision for income taxes varied, switching from a benefit of $81.3 million in 2018 to a provision of $30.8 million in 2022. The company experienced losses from equity method investments starting in 2021, significantly increasing in 2022 to $68.1 million, which may have impacted net income.
- Net Income Attributable to Fortinet, Inc.
- Net income showed sustained growth from $332.2 million in 2018 to $857.3 million in 2022. Despite fluctuations in tax benefits and losses in equity investments, the company's profit attributable to shareholders more than doubled over this period. Non-controlling interests had a minimal impact on net income throughout the years.