Name: Fortinet Inc. (NASDAQ:FTNT) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Fortinet Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income including non-controlling interests	856,600)	606,700)	488,500)	326,500)	332,200)
Change in foreign currency translation	(9,700)	(3,800)	—)	—)	—)
Change in unrealized gains (losses) on investments	(6,200)	(3,500)	(200)	2,500)	—)
Tax (provision) benefit related to items of other comprehensive loss	1,400)	800)	(200)	(500)	—)
Other comprehensive income (loss)	(14,500)	(6,500)	(400)	2,000)	—)
Comprehensive income including non-controlling interests	842,100)	600,200)	488,100)	328,500)	332,200)
Comprehensive (income) loss attributable to non-controlling interests	(200)	1,100)	—)	—)	—)
Comprehensive income attributable to Fortinet, Inc.	841,900)	601,300)	488,100)	328,500)	332,200)

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).

Fortinet Inc. exhibited strong growth in overall profitability and comprehensive income between 2018 and 2022. While net income followed a consistent upward trajectory, other comprehensive income shifted from a positive contributor to a growing detractor, indicating increased exposure to external market volatility.

Net Income Growth Trends: Net income including non-controlling interests demonstrated significant growth, rising from $332.2 million in 2018 to $856.6 million in 2022. After a marginal contraction in 2019, the company experienced accelerated growth, with the most substantial year-over-year increase occurring between 2021 and 2022.
Analysis of Other Comprehensive Income (OCI): A downward trend is observed in other comprehensive income, which transitioned from a gain of $2 million in 2019 to a loss of $14.5 million in 2022. This deterioration was primarily driven by two factors: increasing losses in foreign currency translation, which reached $9.7 million in 2022, and expanding unrealized losses on investments, which grew to $6.2 million in the same year.
Comprehensive Income Attributable to Fortinet, Inc.: Comprehensive income attributable to the company grew from $332.2 million in 2018 to $841.9 million in 2022. Although OCI losses expanded during the latter half of the period, they remained immaterial relative to the growth in net income, resulting in a strong and steady increase in total comprehensive income over the five-year span.

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