Fortinet, Inc. logo FTNT - Fortinet, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 30
HOLD 32
SELL 6
STRONG
SELL
0
| PRICE TARGET: $96.59 DETAILS
HIGH: $125.00
LOW: $70.00
MEDIAN: $92.50
CONSENSUS: $96.59
DOWNSIDE: 27.88%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3
Revenue
Revenue 1,849.6 1,905 1,724.9 1,630 1,539.7 1,660.1 1,508.1 1,434.3 1,353.3 1,415.1 1,334.6 1,292.8 1,262.3 1,283 1,149.5 1,030.1 954.8 963.6 867.2 801.1 710.3 748 651.1 617.6 577.7 614.4 548.1 521.7 472.6 507 453.9 441.3 399 416.7 374.2 363.5 340.6 362.8 316.6 311.4 284.6 296.5 260.1 239.8 212.9 224.0 193.3 184.1 168.9 177.3 154.7 147.4 135.8 151.2 136.3 129.0 117.2 120.9 116.4 103.0 93.3 93.6 85.0 76.3 69.8 70.7 65.9 61.3 54.2 59.1 54.4
Cost of Revenue 364.5 389.2 318.6 301.7 293.1 314.5 263.4 275 304.7 315.9 317.7 295.8 307.8 297.3 283 250.8 253.8 228.3 211.2 186.9 156.6 167 139.2 135.1 128.7 140.5 124.1 128.3 113 128.5 111.6 113.1 97.2 105.4 93.6 95.7 90.6 90.9 84.8 84.5 77.6 82.0 71.7 69.5 63.6 65.6 56.9 57.8 50.7 53.9 43.9 43.7 39.1 41.4 37.8 37.1 31.0 32.5 31.1 26.6 23.4 24.2 21.4 20.2 19.4 20.9 17.4 17.0 14.7 17.9 15.8
Gross Profit 1,485.1 1,515.8 1,406.3 1,328.3 1,246.6 1,345.6 1,244.7 1,159.3 1,048.6 1,099.2 1,016.9 997 954.5 985.7 866.5 779.3 701 735.3 656 614.2 553.7 581 511.9 482.5 449 473.9 424 393.4 359.6 378.5 342.3 328.2 301.8 311.2 280.6 267.8 250 271.9 231.8 226.9 206.9 214.6 188.4 170.3 149.3 158.3 136.5 126.3 118.2 123.5 110.8 103.7 96.7 109.7 98.5 91.8 86.2 88.4 85.3 76.5 69.8 69.4 63.5 56.2 50.4 49.8 48.4 44.4 39.5 41.2 38.6
Operating Expenses
R&D Expenses 214 205 202.4 209.5 198.6 191.1 187.3 165.4 173 152.5 156.9 153.3 151.1 128.9 134.3 124.3 124.9 112.6 107.8 106.6 97.2 89 90 82.1 80.3 71.2 69.9 67.4 68.6 65.5 58.7 61.2 59.1 54.8 53.5 51.2 51.2 45.6 47.2 45.5 44.8 42.8 42.1 37.4 35.8 33.1 30.8 29.9 29.1 27.7 26.4 25.2 23.3 20.5 20.5 20.4 19.7 16.4 16.8 15.9 14.4 12.8 12.4 12.7 11.9 11.0 10.8 10.5 9.9 8.8 10.0
SG&A Expenses 692.5 686.6 644.9 648.9 600.5 581.6 587.6 557.9 555.5 562.5 557.9 565.8 531.1 500.2 467.8 460.9 426.2 409 382.9 361.3 336 323.8 296.1 282.7 288.8 284.3 253.5 250.8 240.4 227.9 220.8 216.3 210.3 214.3 193.4 188.2 193 180.3 176.8 184.9 165.5 157.2 142.2 129.9 112.6 105.3 90.2 85.3 76.3 71.1 66.1 64.8 58.0 54.2 52.2 50.5 47.8 45.5 42.3 41.7 38.0 35.9 33.0 33.7 31.8 31.4 28.0 28.9 26.4 26.1 25.4
Other Expenses 0 0 13.1 13.2 (6.3) (1.2) (1.1) (1.2) (1.1) (1.2) (1.1) (1.1) (1.2) (1.2) (1.1) (1.2) (1.1) (1.2) (1.1) (1.2) (1.1) (1.2) (1.1) (1.1) (36.8) 0 0 0 0 0 0 0 0 0 0 (0.1) 0.4 0.8 2.3 0.6 0.3 1.7 5.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 906.5 891.6 860.4 871.6 792.8 771.5 773.8 722.1 727.4 713.8 713.7 718 681 627.9 601 584 550 520.4 489.6 466.7 432.1 411.6 385 363.7 332.3 355.5 323.4 318.2 309 293.4 279.5 277.5 269.4 269.1 246.9 239.3 244.6 226.7 226.4 230.9 210.6 201.7 190.2 167.3 148.4 138.4 121.0 115.2 105.4 98.8 92.5 89.9 81.3 74.7 72.7 70.9 67.5 61.9 59.1 57.7 52.4 48.7 45.4 46.4 43.7 42.3 38.8 39.4 36.3 34.9 35.4
Operating Income
Operating Income 580 625.6 545.9 456.7 453.8 574.1 470.9 437.2 321.2 385.4 303.2 279 273.5 357.8 265.5 195.3 151 214.9 166.4 147.5 121.6 169.4 126.9 118.8 116.7 118.4 100.6 75.2 50.6 85.1 62.8 50.7 32.4 42.2 33.7 28.5 5.4 45.2 5.5 (4.0) (3.7) 12.9 (1.8) 3.0 0.9 19.9 15.5 11.1 12.8 24.6 18.3 13.8 15.4 35.0 25.8 20.9 18.7 26.5 26.2 18.8 17.4 20.7 18.2 9.8 6.7 7.5 9.7 5.0 3.2 6.3 3.2
Interest Expense 4.2 4.4 6.2 4.6 4.9 4.9 5 5 5.1 5.4 5.4 5.2 5 4.5 4.5 4.5 4.5 4.5 4.6 4.5 1.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 32.9 32.3 40.7 45 44.3 42.3 42.4 38.3 32.2 30.5 37 31.6 20.6 9.1 4.6 2.4 1.3 1 1.2 1.2 1.1 2 2.5 4 9.2 9.9 11.4 11 10.2 9.3 6.9 5.8 4.5 4.1 3.9 3.2 2.4 2.0 1.9 1.7 1.7 1.2 1.3 1.4 1.4 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.3 1.2 1.1 1.0 0.9 0.9 0.8 0.6 0.5 0.4 0.3 0.3 0.4 0.5 0.7 0.7 0.6
Profitability
EBITDA 712.6 694.7 639.2 560.2 560 658.5 661.2 502.5 379.1 451.2 361.5 331.8 323.6 400 295.6 213.5 168.7 237.1 184.2 168.4 138 186.1 145.1 141.5 134.3 134.1 115.6 90.4 66.3 99.8 77 64.3 45.6 56.5 47.4 42.4 19.3 59.6 20.8 7.8 7.2 24.0 12.9 10.0 7.3 25.4 21.1 17.6 17.2 28.8 22.5 17.6 18.9 38.5 28.8 23.9 20.8 28.4 27.9 20.4 19.1 22.2 19.6 11.2 8.1 9.1 11.2 6.5 4.6 7.2 4.4
EBIT 580 655.2 600.8 521.9 524.2 623.3 631.4 473.3 350.5 421 333.2 304.4 296.1 372.7 269.2 188.4 143.2 211.8 161.3 149.5 120.7 169.4 128.4 123.7 116.7 118.4 100.6 75.2 50.6 85.1 62.8 50.7 32.4 42.2 33.7 28.4 5.8 46.0 7.8 (3.5) (3.4) 14.6 4.0 3.0 0.9 19.9 15.5 11.1 12.8 24.6 18.3 13.8 15.4 35.0 25.8 20.9 18.7 26.5 26.2 18.8 17.4 20.7 18.2 9.8 6.7 7.5 9.7 5.0 3.2 6.3 3.2
Income Before Tax 656.6 650.8 594.6 517.2 529.9 612.9 621.1 456.3 338.8 406.1 322.6 293.9 269 323 258.4 175.8 130.2 202.5 153.9 145 119.4 171.7 128.4 123.7 117.9 127.7 106 85.8 60.3 92.1 70.6 51.5 36.7 45.1 38 32.9 8.1 43.5 6.6 (3.7) (3.3) 13.0 (1.2) 3.5 1.6 20.1 15.8 11.9 13.8 25.5 18.4 15.0 17.0 36.3 26.8 22.2 19.7 27.4 27.1 19.4 18.1 21.1 18.3 10.3 6.7 7.8 10.0 5.2 4.4 8.6 4.7
Income Tax Expense 122 144.8 120.7 77.1 96.5 86.7 81.2 76.5 39.5 95.2 (0.3) 27.6 21.3 9.2 27.3 2.4 (8.1) 3.7 (9.3) 7.5 12.2 25 5 9.9 13.3 12.5 25.8 13.1 1.5 (90.5) 11.9 2.2 (4.9) 74.0 11.3 9.9 (2.6) 18.3 0.3 (2.3) (5.4) 15.6 (9.3) 2.7 0.1 13.3 11.7 5.8 5.4 13.5 7.4 6.0 4.7 14.8 9.6 8.3 5.6 10.9 9.2 4.9 4.6 4.9 4.3 3.4 2.5 (36.1) 2.2 0.7 0.7 0.6 0.2
Net Income 534.5 506 473.9 440.1 433.4 526.2 539.9 379.8 299.3 310.9 322.9 266.3 247.7 313.8 231.6 173.5 138.4 199 163.1 137.5 107.2 146.7 123.4 113.8 104.6 115.2 80.2 72.7 58.8 182.6 58.7 49.3 41.6 (29.0) 26.7 23 10.7 25.2 6.3 (1.4) 2.1 (2.5) 8.2 0.8 1.6 6.8 4.1 6.1 8.4 12.0 11.0 9.0 12.2 21.5 17.2 13.9 14.2 16.5 17.9 14.5 13.6 16.1 14.0 6.9 4.2 43.9 7.9 4.6 3.8 7.9 4.5
Per Share Data
EPS (Basic) 0.72 0.68 0.63 0.57 0.56 0.69 0.71 0.50 0.39 0.41 0.41 0.34 0.32 0.40 0.29 0.22 0.17 0.24 0.20 0.17 0.13 0.18 0.15 0.14 0.12 0.13 0.09 0.08 0.07 0.21 0.07 0.06 0.05 -0.03 0.03 0.03 0.01 0.03 0.01 -0.00 -0.00 -0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.07 0.01 0.01 0.01 0.01 0.01
EPS (Diluted) 0.72 0.68 0.62 0.57 0.56 0.68 0.70 0.49 0.39 0.40 0.41 0.33 0.31 0.40 0.29 0.21 0.17 0.24 0.19 0.16 0.13 0.18 0.15 0.14 0.12 0.13 0.09 0.08 0.07 0.21 0.07 0.06 0.05 -0.03 0.03 0.03 0.01 0.03 0.01 -0.00 -0.00 -0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01
Shares Outstanding 738.8 743.1 763.1 766.9 768.3 766.5 765 763.8 762.4 764.9 781.2 785 783.2 780.9 786.2 795.4 803.4 815 817.7 816.7 815 812.5 810.5 808 853 857.5 856.5 855.5 851 852 849 843 838.5 857.6 877.6 878.7 872.4 872.4 866.7 860.4 858.7 859.2 858.2 849.6 840.4 827.2 821.5 815.8 812.0 816.4 814.5 811.2 806.4 800.2 793.8 787.4 780.0 780.0 766.3 761.3 751.5 751.5 718.4 685.0 671.8 671.8 623.4 623.4 623.4 623.4 623.4
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2010 Q2 2010 Q1 2009 Q4 2009 Q2
Current Assets
Cash & Cash Equivalents 2,223.8 2,495.3 1,995.7 3,368.5 3,596.6 2,875.9 2,489.3 2,203.2 1,926.3 1,397.9 2,186.8 2,376.3 2,304.2 1,682.9 964 710 923.5 1,319.1 1,852.1 1,879.3 1,860.2 1,061.8 882.3 916.4 626.1 1,222.5 1,175.5 1,022.1 1,216.9 1,112.4 1,169.3 972.1 835.6 811.0 905.8 853.1 823.2 709.0 647.5 596.4 568.0 116.4 174.3 212.5 51.8
Short-Term Investments 1,071.1 1,087.2 1,127.7 1,194.4 1,183.9 1,190.6 1,211.4 1,136.1 1,096.8 1,042.5 982 937.2 574.9 528.1 766.4 1,044.9 1,218.1 1,232.6 1,268.9 1,233.9 1,076.7 775.5 774.4 610.5 775.2 843.1 764.8 808.1 584.9 537.2 464.9 461.6 468.3 440.3 370.0 354.2 375.4 376.5 382.9 388.4 384.6 135.9 73.9 47.9 84.6
Net Receivables 1,486.2 1,691.2 1,168.3 1,215.7 1,174 1,463.4 1,044.1 1,083.4 996.2 1,402 1,013.8 1,078.8 1,087.2 1,261.7 963.2 919.5 790.4 807.7 604.9 584.6 637.3 720 546.6 498.7 474.7 544.3 384.1 403.1 381 444.5 324.4 333.6 313.1 348.2 258.0 274.5 270.1 313.0 239.0 254.4 220.1 59.8 51.3 54.6 43.5
Inventory 369.6 399.5 426.6 405.2 362.7 315.5 354.3 383.2 439.5 484.8 467.5 376.3 302.7 264.6 215.8 195.2 184.6 175.8 177.9 149.8 149.6 139.8 134.5 126 105 117.9 99.2 85.7 88.4 90 80.8 78.2 80 77.3 73.6 86.4 105.0 106.9 93.7 81.2 78.2 12.1 9.9 10.6 9.8
Other Current Assets 181.9 227 195.2 162.5 125.4 126.1 121.5 113.4 100.9 101.1 102.6 109.5 89.7 73.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16.6 13.6 13.6 0.1
Total Current Assets 5,332.6 5,900.2 4,913.5 6,346.3 6,442.6 5,971.5 5,220.6 4,919.3 4,559.7 4,428.3 4,752.7 4,878.1 4,358.7 3,810.4 2,982.2 2,952.9 3,208.3 3,600.6 3,963.5 3,908.2 3,781.2 2,740.4 2,384.6 2,208.7 2,035.3 2,769 2,466.2 2,360.7 2,313.3 2,220.9 2,078.1 1,884.8 1,735.8 1,716.8 1,650.7 1,604.6 1,616.1 1,538.7 1,394.9 1,353.9 1,285.7 345.4 326.6 342.2 194.8
Non-Current Assets
Property, Plant & Equipment 1,691.5 1,619 1,605.2 1,544.8 1,403.8 1,349.5 1,273.4 1,242.7 1,247.4 1,044.4 1,038 981.9 917.4 898.5 889.5 814.6 786.5 687.6 556.6 506.5 494.2 448 419.4 392.6 374.2 344.3 305.5 284.7 272 271.4 265.4 256 245.1 245.4 239.9 238.5 155.5 137.2 126.1 125.6 115.8 6.7 6.7 6.4 5.7
Goodwill 344.4 354.7 258.3 258.9 236.2 235.4 212.8 127.9 129 126.5 125.4 126 127.8 128 120.2 121.3 123.8 125.1 127.6 99.2 99.2 93 68.2 67.2 67.2 67.2 38.2 38.2 38.2 38.2 25.7 25.1 14.6 14.6 14.6 14.6 14.6 14.6 14.6 14.2 4.7 0 0 0 0
Intangible Assets 0 0 110.2 123.3 121.2 115 111.6 30.2 34.1 35.3 39.6 44.6 51.1 56 38.8 45.4 55.1 63.6 71 28.7 32.3 31.6 25.3 23.4 27.1 31.1 14 16.2 19.1 22.1 18.1 21.4 14.5 16.3 18.3 20.3 22.5 24.8 27.8 31.5 16.5 0 0 0 0
Long-Term Investments 339.7 339.7 289.1 112 35.2 0 0 0 0 0 1.5 4.2 15.6 45.5 84 188.5 360.8 440.8 298.2 246.6 151.1 118.3 117.9 100.4 172 144.3 204.2 149.5 50.2 67 38.6 65.3 82.5 98 247.9 257.6 242.3 225.0 240.2 237.2 241.9 56.6 32.8 0 0
Other Non-Current Assets 870.8 860.7 817.2 798.9 756.4 756.1 733.2 734.3 749.4 755.6 733.6 722.1 712.1 720.2 705.7 691.6 684.9 659.1 616.4 498.5 463.6 368 340.7 319.4 303.9 297 273.8 261.3 250.2 203.4 189.8 181.2 169.5 19.9 19.3 18.0 17.2 16.9 17.1 16.9 15.3 7.2 6.5 6.9 10.0
Total Non-Current Assets 4,550.9 4,489 4,447.8 4,295.1 3,964.4 3,791.6 3,631.4 3,133.6 3,102.4 2,830.6 2,726.6 2,608 2,473.6 2,417.6 2,353.7 2,341.6 2,442.8 2,318.5 2,007.1 1,650.7 1,501 1,304.1 1,201.6 1,121.9 1,170.9 1,110.2 1,079.4 1,008.7 892.4 857.1 685.4 690.9 664.9 541.1 744.6 756.1 651.3 601.2 615.3 606.3 525.8 102.2 77.7 45.0 15.7
Total Assets 9,883.5 10,389.2 9,361.3 10,641.4 10,407 9,763.1 8,852 8,052.9 7,662.1 7,258.9 7,479.3 7,486.1 6,832.3 6,228 5,335.9 5,294.5 5,651.1 5,919.1 5,970.6 5,558.9 5,282.2 4,044.5 3,586.2 3,330.6 3,206.2 3,879.2 3,545.6 3,369.4 3,205.7 3,078 2,763.5 2,575.7 2,400.7 2,257.9 2,395.3 2,360.7 2,267.4 2,139.9 2,010.2 1,960.2 1,811.5 447.6 404.2 387.2 210.6
Current Liabilities
Account Payables 238.7 230.8 221.3 245.2 224.5 190.9 177.9 132.1 135.2 204.3 253.9 238.3 238.4 243.4 215.1 193.1 174.7 148.4 142.3 132 129.5 141.6 95.9 107.2 87.8 96.4 85.9 72.4 69.2 86.4 66.6 63.7 55.7 70 44.5 42.2 48.7 56.7 57.5 56.9 48.0 12.6 10.2 11.0 7.7
Short-Term Debt 0 499.7 499.4 499 498.7 0 0 0 0 0 0 0 0 0 0 0 0 0 17.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 3,726.3 3,636 3,460.5 3,412.5 3,339.4 3,276.2 3,081.2 2,975.3 2,912 2,848.7 2,647.3 2,587.7 2,463.3 2,349.3 2,129 2,013.2 1,893.3 1,777.4 1,616.1 1,533 1,465.1 1,392.8 1,300 1,275.8 1,230.2 1,155.8 1,063.6 1,031.5 991.1 965.9 876.2 849.5 817.1 793.8 734.3 706.7 677.1 645.3 582.1 563.2 538.4 154.3 145.1 140.5 130.7
Other Current Liabilities 658.5 667.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15.9 0 0 0
Total Current Liabilities 4,623.5 5,034 4,786.1 4,777.1 4,727.8 4,060.7 3,883.9 3,725.3 3,800.4 3,719 3,649 3,500.6 3,261.8 3,078.4 2,779.6 2,634.9 2,510.5 2,318.1 2,198 1,998.5 1,879.7 1,829.5 1,645.6 1,611.9 1,543 1,455.8 1,341.9 1,293.7 1,254.3 1,256.4 1,111.9 1,085.2 1,029.7 1,027.2 910.6 885.5 856.6 829.4 750.4 732.0 687.3 197.1 183.9 180.6 163.2
Non-Current Liabilities
Long-Term Debt 496.8 496.6 496.5 496.3 496.2 994.3 993.8 993.3 992.8 992.3 991.8 991.3 990.9 990.4 989.9 989.4 988.9 988.4 988 987.5 987 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 3,773.5 141.3 153.7 152.5 141.1 129.6 135.7 125.2 128.5 124.7 126.4 132.1 150.6 149.8 124.7 131 153.9 138.7 158.7 150.3 154.2 146.5 135.4 127.8 130.3 127.7 121.3 118.4 118.6 90.5 91.8 89 98.2 98.8 97.8 98.2 91.6 82.8 84.1 82.8 83.0 2.9 2.8 2.8 0.8
Total Non-Current Liabilities 4,270.3 4,117.7 3,840.1 3,803.9 3,716.3 4,208.6 4,060 4,039.4 3,999.2 4,003.3 3,756.2 3,664.3 3,559.1 3,431.2 3,179.1 3,039.2 2,907.4 2,802.6 2,637 2,510.2 2,421.7 1,359 1,227.4 1,174.8 1,126.9 1,081 1,003.3 953.4 893.3 811.4 760 710.3 677.5 641.3 582.4 553.0 512.5 472.8 436.7 423.6 381.8 74.1 69.2 64.2 55.2
Total Liabilities 8,893.8 9,151.7 8,626.2 8,581 8,444.1 8,269.3 7,943.9 7,764.7 7,799.6 7,722.3 7,405.2 7,164.9 6,820.9 6,509.6 5,958.7 5,674.1 5,417.9 5,120.7 4,835 4,508.7 4,301.4 3,188.5 2,873 2,786.7 2,669.9 2,536.8 2,345.2 2,247.1 2,147.6 2,067.8 1,871.9 1,795.5 1,707.2 1,668.5 1,493.1 1,438.6 1,369.1 1,302.3 1,187.1 1,155.6 1,069.1 271.2 253.1 244.8 218.4
Stockholders' Equity
Common Stock 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.2 0.8 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.0
Retained Earnings (782) (507.9) (958.5) 364.4 316.3 (117.1) (643.3) (1,182.6) (1,562.4) (1,861.7) (1,299.4) (1,032.4) (1,298.7) (1,546.4) (1,860.2) (1,607.6) (1,003.4) (467.9) (138.6) (195.7) (244.9) (352.1) (466.9) (613.1) (589.2) 160.8 46.5 (9) (50) (57.5) (156) (214.7) (262.6) (319.6) (9.6) 42.3 48.3 37.6 43.1 58.8 23.1 (48.9) (55.8) (60.0) (111.8)
Accumulated Other Comprehensive Income (27.7) (25.4) (21.8) (20.7) (22.9) (26.1) (18) (29) (24.8) (18.9) (24.3) (23.1) (18.1) (20.2) (25.5) (23.4) (15.4) (4.8) (1.2) (0.1) 0.3 0.7 1.4 2.5 (3.1) 1.1 1.1 0.9 (0.2) (0.8) (1) (1.4) (2) (0.8) (0.4) (0.5) (0.5) (0.8) 0.2 0.7 0.3 0.6 1.2 1.1 0.2
Total Stockholders' Equity 989.7 1,237.5 735.1 2,060.4 1,962.9 1,493.8 908.1 288.2 (137.5) (463.4) 74.1 321.2 11.4 (281.6) (634.7) (392.9) 217.7 781.7 1,118.1 1,050.2 980.8 856 713.2 543.9 536.3 1,342.4 1,200.4 1,122.3 1,058.1 1,010.2 891.6 780.2 693.5 589.4 902.2 922.1 898.2 837.7 823.1 804.6 742.4 176.4 151.1 142.5 (7.8)
Total Liabilities & Equity 9,883.5 10,389.2 9,361.3 10,641.4 10,407 9,763.1 8,852 8,052.9 7,662.1 7,258.9 7,479.3 7,486.1 6,832.3 6,228 5,335.9 5,294.5 5,651.1 5,919.1 5,970.6 5,558.9 5,282.2 4,044.5 3,586.2 3,330.6 3,206.2 3,879.2 3,545.6 3,369.4 3,205.7 3,078 2,763.5 2,575.7 2,400.7 2,257.9 2,395.3 2,360.7 2,267.4 2,139.9 2,010.2 1,960.2 1,811.5 447.6 404.2 387.2 210.6
Debt Metrics
Total Debt 496.8 996.3 995.9 995.3 994.9 994.3 993.8 993.3 992.8 992.3 991.8 991.3 990.9 990.4 989.9 989.4 988.9 988.4 1,005.6 987.5 987 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt (1,727) (1,499) (999.8) (2,373.2) (2,601.7) (1,881.6) (1,495.5) (1,209.9) (933.5) (405.6) (1,195) (1,385) (1,313.3) (692.5) 25.9 279.4 65.4 (330.7) (846.5) (891.8) (873.2) (1,061.8) (882.3) (916.4) (626.1) (1,222.5) (1,175.5) (1,022.1) (1,216.9) (1,112.4) (1,169.3) (972.1) (835.6) (811) (905.8) (853.1) (823.2) (709.0) (647.5) (596.4) (568.0) (116.4) (174.3) (212.5) (51.8)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income 534.5 506 473.9 440.1 433.4 526.2 539.9 379.8 299.3 310.9 322.9 266.3 247.7 313.8 231.1 173.4 138.3 198.8 163.2 137.5 107.2 146.7 123.4 113.8 104.6 115.2 82 72.7 58.8 182.6 58.7 49.3 41.6 (29.0) 26.7 23 10.7 25.2 6.3 (1.4) 2.1
Depreciation & Amortization 94.2 129.8 38.4 38.3 35.8 35.2 29.8 29.2 28.6 30.2 28.3 27.4 27.5 27.3 26.4 25.1 25.5 25.3 22.9 18.9 17.3 16.7 16.7 17.8 17.6 15.7 15 15.2 15.7 14.7 14.2 13.6 13.2 14.3 13.7 14 13.5 13.6 13.1 11.3 10.6
Stock-Based Compensation 72.5 73.1 71.8 69.1 66.1 65.8 65.9 63.9 62.3 63.4 64.3 65 56.3 54.7 54.7 54.7 53.2 53.1 52.7 52.6 49.5 48.7 49.3 48.9 44.8 43.7 42.4 45 43 42.6 43.2 40.6 36.5 34.5 34.3 35.1 33.3 32.1 31.1 30.3 28.9
Change in Working Capital 374.8 (134.6) 1.3 (159.2) 295.8 (207.1) 22.6 (206.6) 370.5 (285.9) 67.8 86.3 257.9 24.4 108.6 (8) 108 30.2 106.1 165.5 100.6 45.5 (4.8) 31.9 117.4 (13) 51.5 38 59.5 (84.5) 39.8 16.2 27.2 136.8 85.5 72.1 69.7 31.4 21.0 24.8 57.9
Other Non-Cash Items (9.9) (6.6) 69.8 63.6 32.2 57.5 (50.1) 75.7 69.7 73.1 67.9 70.1 88.1 107.9 62.2 78.2 71.1 59.4 53.9 43.7 41.3 38.9 36.2 34.6 35 28.8 30.3 24.2 24.3 24.8 20.8 22.6 21.2 1.0 2.2 0.6 2.5 (1.2) 4.7 2.9 1.1
Operating Cash Flow 1,077.1 620.2 655.2 451.9 863.3 477.6 608.1 342 830.4 191.7 551.2 515.1 677.5 528.1 483 323.4 396.1 366.8 398.8 418.2 315.9 296.5 220.8 247 319.4 190.4 221.2 195.1 201.3 180.2 176.7 142.3 139.7 157.5 162.4 144.8 129.7 101.0 76.1 67.9 100.6
Investing Activities
Capital Expenditure (70.6) (42.8) (87.7) (167.8) (66.5) (97.6) (36.3) (23.1) (221.9) (26.9) (70.1) (76.8) (30.3) (30.9) (87.8) (39.9) (122.6) (151.3) (69) (23.5) (52.1) (32.3) (35.1) (30.9) (27.6) (47.2) (17.5) (17.3) (10.2) (11.6) (18.2) (11.6) (11.6) (13.7) (21.7) (86.4) (13.5) (16.9) (5.9) (14.4) (30.0)
Acquisitions 0 0 0 (30.4) (11.2) (28.5) (241.3) 0 (5.7) 0 (8.5) 0 0 (30.8) 0 0 0 (1.5) (148.1) 0 (85.3) (31) (6.1) 0 (3.1) (34.6) 0 0 0 (15.7) 0 0 0 0 0 0 0 0 (1.4) 0 0
Purchases of Investments (350.7) (483.5) (536.1) (473.5) (503) (463.3) (527.7) (538.2) (436.1) (528.2) (523) (597.4) (207.2) 0 0 (3.9) (385.2) (558.1) (529.9) (615.4) (647.1) (302.7) (377.4) (31) (368.3) (259.9) (324.3) (483.6) (264.5) (276.6) (142.9) (127.4) (134.9) (309.6) (89.1) (137.5) (133) (103.0) (139.7) (115.2) (115.7)
Sales/Maturities of Investments 415.6 480 448 405.6 469.7 509.5 478.1 511.2 393.4 483.3 490.4 250.1 195 279.1 385.6 337.9 462.4 444.6 439.5 360.7 311 299.3 193.6 274.1 404 242.1 314.7 164.3 235.7 176.4 172.2 152 121 388.6 81.9 142 115.2 122.0 140.3 115.1 111.4
Other Investing Activities 0 0 0 (0.1) 0.2 0 0.1 0 0 0.2 0 0 0.1 0 0 0 0 0.4 0 0 0 1.7 0.4 0 (0.4) 0 0 0 0 0 0 (6) 0 0 0 0 0 0 0 (20.7) 0
Investing Cash Flow (5.7) (46.3) (175.8) (266.2) (110.8) (79.9) (327.1) (50.1) (270.3) (71.6) (111.2) (424.1) (42.4) 217.4 297.8 294.1 (45.4) (265.9) (307.5) (278.2) (473.5) (65) (224.6) 212.2 4.6 (99.6) (27.1) (336.6) (39) (127.5) 11.1 7 (25.5) 65.3 (28.9) (81.9) (31.3) 2.1 (6.8) (35.2) (34.2)
Financing Activities
Net Debt Issuance (500) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (17.3) (2.2) (0.5) 989.4 0 (4.1) 0 0 (3.7) 0 0 0 (0.6) 0 0 0 0 0 0 0 0.0 0 0 0
Stock Repurchased (823) (57.2) (1,831.5) (401.1) 0 0 (0.6) 0 0 (896.2) (604.3) 0 0 0 (500) (800) (691.2) (571.8) (78.4) (91.6) 0 (34.1) 0 (156.1) (889.9) (27.5) (23.4) (33.8) (60.4) (94.7) 0 (14.9) (115.5) (322.4) (90.9) (33.1) 0 (35.8) (25) 0 (50)
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (37.5) (22.6) (26.7) (24.2) (52.9) (32.2) (16.5) (20.2) (43.7) (21.7) (31.3) (25.8) (34.9) (31.8) (32.4) (35.2) (65.8) (49.8) (43) (35.2) (43.3) (21.8) (28.7) (21.1) (37.9) (20.3) (19.5) (24.5) (32) (19.2) (15.5) 2.1 (19.2) (9.3) (10) (12.2) (13.7) (8.4) (12.5) (9.5) (9.4)
Financing Cash Flow (1,342.9) (72.7) (1,851.9) (414.2) (32.7) (8.8) 3 (14) (30.3) (910.1) (628.9) (17.7) (13.7) (27.4) (526.6) (830.3) (746) (633.6) (118.7) (120.9) 956 (52) (30.3) (168.9) (920.4) (43.8) (40.7) (53.3) (57.8) (109.6) 9.4 (12.8) (89.6) (317.6) (80.8) (33) 15.8 (41.6) (18.2) (4.4) (41.7)
Cash Position
Net Change in Cash (271.5) 499.6 (1,372.8) (228.1) 720.7 386.6 286.1 276.9 528.4 (788.9) (189.5) 72.1 621.3 718.9 254 (213.5) (395.6) (533) (27.2) 19.1 798.4 179.5 (34.1) 290.3 (596.4) 47 153.4 (194.8) 104.5 (56.9) 197.2 136.5 24.6 (94.8) 52.7 29.9 114.2 61.5 51.1 28.4 24.7
Cash at Beginning 2,495.3 1,995.7 3,368.5 3,596.6 2,875.9 2,489.3 2,203.2 1,926.3 1,397.9 2,186.8 2,376.3 2,304.2 1,682.9 964 710 923.5 1,319.1 1,852.1 1,879.3 1,860.2 1,061.8 882.3 916.4 626.1 1,222.5 1,175.5 1,022.1 1,216.9 1,112.4 1,169.3 972.1 835.6 811 905.8 853.1 823.2 709 647.5 596.4 568.0 543.3
Cash at End 2,223.8 2,495.3 1,995.7 3,368.5 3,596.6 2,875.9 2,489.3 2,203.2 1,926.3 1,397.9 2,186.8 2,376.3 2,304.2 1,682.9 964 710 923.5 1,319.1 1,852.1 1,879.3 1,860.2 1,061.8 882.3 916.4 626.1 1,222.5 1,175.5 1,022.1 1,216.9 1,112.4 1,169.3 972.1 835.6 811.0 905.8 853.1 823.2 709.0 647.5 596.4 568.0
Free Cash Flow 1,006.5 577.4 567.5 284.1 796.8 380 571.8 318.9 608.5 164.8 481.1 438.3 647.2 497.2 395.2 283.5 273.5 215.5 329.8 394.7 263.8 264.2 185.7 216.1 291.8 143.2 203.7 177.8 191.1 168.6 158.5 130.7 128.1 143.9 140.7 58.4 116.2 84.2 70.2 53.5 70.6
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3
Income Statement
Revenue 1,849.6 1,905 1,724.9 1,630 1,539.7 1,660.1 1,508.1 1,434.3 1,353.3 1,415.1 1,334.6 1,292.8 1,262.3 1,283 1,149.5 1,030.1 954.8 963.6 867.2 801.1 710.3 748 651.1 617.6 577.7 614.4 548.1 521.7 472.6 507 453.9 441.3 399 416.7 374.2 363.5 340.6 362.8 316.6 311.4 284.6 296.5 260.1 239.8 212.9 224.0 193.3 184.1 168.9 177.3 154.7 147.4 135.8 151.2 136.3 129.0 117.2 120.9 116.4 103.0 93.3 93.6 85.0 76.3 69.8 70.7 65.9 61.3 54.2 59.1 54.4
Gross Profit 1,485.1 1,515.8 1,406.3 1,328.3 1,246.6 1,345.6 1,244.7 1,159.3 1,048.6 1,099.2 1,016.9 997 954.5 985.7 866.5 779.3 701 735.3 656 614.2 553.7 581 511.9 482.5 449 473.9 424 393.4 359.6 378.5 342.3 328.2 301.8 311.2 280.6 267.8 250 271.9 231.8 226.9 206.9 214.6 188.4 170.3 149.3 158.3 136.5 126.3 118.2 123.5 110.8 103.7 96.7 109.7 98.5 91.8 86.2 88.4 85.3 76.5 69.8 69.4 63.5 56.2 50.4 49.8 48.4 44.4 39.5 41.2 38.6
Operating Income 580 625.6 545.9 456.7 453.8 574.1 470.9 437.2 321.2 385.4 303.2 279 273.5 357.8 265.5 195.3 151 214.9 166.4 147.5 121.6 169.4 126.9 118.8 116.7 118.4 100.6 75.2 50.6 85.1 62.8 50.7 32.4 42.2 33.7 28.5 5.4 45.2 5.5 (4.0) (3.7) 12.9 (1.8) 3.0 0.9 19.9 15.5 11.1 12.8 24.6 18.3 13.8 15.4 35.0 25.8 20.9 18.7 26.5 26.2 18.8 17.4 20.7 18.2 9.8 6.7 7.5 9.7 5.0 3.2 6.3 3.2
Net Income 534.5 506 473.9 440.1 433.4 526.2 539.9 379.8 299.3 310.9 322.9 266.3 247.7 313.8 231.6 173.5 138.4 199 163.1 137.5 107.2 146.7 123.4 113.8 104.6 115.2 80.2 72.7 58.8 182.6 58.7 49.3 41.6 (29.0) 26.7 23 10.7 25.2 6.3 (1.4) 2.1 (2.5) 8.2 0.8 1.6 6.8 4.1 6.1 8.4 12.0 11.0 9.0 12.2 21.5 17.2 13.9 14.2 16.5 17.9 14.5 13.6 16.1 14.0 6.9 4.2 43.9 7.9 4.6 3.8 7.9 4.5
EPS (Diluted) 0.72 0.68 0.62 0.57 0.56 0.68 0.70 0.49 0.39 0.40 0.41 0.33 0.31 0.40 0.29 0.21 0.17 0.24 0.19 0.16 0.13 0.18 0.15 0.14 0.12 0.13 0.09 0.08 0.07 0.21 0.07 0.06 0.05 -0.03 0.03 0.03 0.01 0.03 0.01 -0.00 -0.00 -0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01
Balance Sheet
Cash & Equivalents 2,223.8 2,495.3 1,995.7 3,368.5 3,596.6 2,875.9 2,489.3 2,203.2 1,926.3 1,397.9 2,186.8 2,376.3 2,304.2 1,682.9 964 710 923.5 1,319.1 1,852.1 1,879.3 1,860.2 1,061.8 882.3 916.4 626.1 1,222.5 1,175.5 1,022.1 1,216.9 1,112.4 1,169.3 972.1 835.6 811.0 905.8 853.1 823.2 709.0 647.5 596.4 568.0 116.4 174.3 212.5 51.8
Total Assets 9,883.5 10,389.2 9,361.3 10,641.4 10,407 9,763.1 8,852 8,052.9 7,662.1 7,258.9 7,479.3 7,486.1 6,832.3 6,228 5,335.9 5,294.5 5,651.1 5,919.1 5,970.6 5,558.9 5,282.2 4,044.5 3,586.2 3,330.6 3,206.2 3,879.2 3,545.6 3,369.4 3,205.7 3,078 2,763.5 2,575.7 2,400.7 2,257.9 2,395.3 2,360.7 2,267.4 2,139.9 2,010.2 1,960.2 1,811.5 447.6 404.2 387.2 210.6
Total Debt 496.8 996.3 995.9 995.3 994.9 994.3 993.8 993.3 992.8 992.3 991.8 991.3 990.9 990.4 989.9 989.4 988.9 988.4 1,005.6 987.5 987 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stockholders' Equity 989.7 1,237.5 735.1 2,060.4 1,962.9 1,493.8 908.1 288.2 (137.5) (463.4) 74.1 321.2 11.4 (281.6) (634.7) (392.9) 217.7 781.7 1,118.1 1,050.2 980.8 856 713.2 543.9 536.3 1,342.4 1,200.4 1,122.3 1,058.1 1,010.2 891.6 780.2 693.5 589.4 902.2 922.1 898.2 837.7 823.1 804.6 742.4 176.4 151.1 142.5 (7.8)
Cash Flow
Operating Cash Flow 1,077.1 620.2 655.2 451.9 863.3 477.6 608.1 342 830.4 191.7 551.2 515.1 677.5 528.1 483 323.4 396.1 366.8 398.8 418.2 315.9 296.5 220.8 247 319.4 190.4 221.2 195.1 201.3 180.2 176.7 142.3 139.7 157.5 162.4 144.8 129.7 101.0 76.1 67.9 100.6
Capital Expenditure (70.6) (42.8) (87.7) (167.8) (66.5) (97.6) (36.3) (23.1) (221.9) (26.9) (70.1) (76.8) (30.3) (30.9) (87.8) (39.9) (122.6) (151.3) (69) (23.5) (52.1) (32.3) (35.1) (30.9) (27.6) (47.2) (17.5) (17.3) (10.2) (11.6) (18.2) (11.6) (11.6) (13.7) (21.7) (86.4) (13.5) (16.9) (5.9) (14.4) (30.0)
Free Cash Flow 1,006.5 577.4 567.5 284.1 796.8 380 571.8 318.9 608.5 164.8 481.1 438.3 647.2 497.2 395.2 283.5 273.5 215.5 329.8 394.7 263.8 264.2 185.7 216.1 291.8 143.2 203.7 177.8 191.1 168.6 158.5 130.7 128.1 143.9 140.7 58.4 116.2 84.2 70.2 53.5 70.6