FORTINET, INC. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $6.8B |
| Gross margin | 80.5% |
| Operating income | $2.1B |
| Net income | $1.9B |
| Diluted EPS | $2.42 |
| Cash & equivalents | $2.5B |
| Total assets | $10.4B |
| Long-term debt | $496.6M |
Key takeaway
Fortinet delivered $6.8 billion in revenue with an 80.5% gross margin and $2.08 billion in operating income for fiscal 2025.
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Beneath the surface
Cash and equivalents of $2.495 billion plus available-for-sale securities of $1.329 billion (nearly $3.82 billion in liquid assets) comfortably exceeds total debt carrying value of $1.0 billion, indicating a net cash position despite the headline long-term debt figure of $496.6 million.
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