Fortinet (FTNT) Operating Expenses (2010 - 2026)
Fortinet's Operating Expenses came in at $953.9 million for Q2 2026, up 11.3% from $857.1 million a year earlier and up 5.4% from the prior quarter.
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Analysis
Fortinet (FTNT) Operating Expenses (2010 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Fortinet reported Operating Expenses of $3.6 billion, up 12.5% year-over-year; for FY2025, it came in at $3.39 billion, up 13.1% from FY2024.
- Operating Expenses has increased in each of the last 16 years, with a five-year compound annual growth rate of 17.8% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $2.99 billion in FY2024 (+6.0%), $2.83 billion in FY2023 (+19.6%), $2.36 billion in FY2022 (+23.8%) and $1.91 billion in FY2021 (+27.9%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q2 2010.
- Year-over-year, Operating Expenses has increased for 61 consecutive quarters, with growth averaging 11.8% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 0.6% in Q2 2024 to 27.3% in Q1 2022.
- Business Quant data shows FTNT's Operating Expenses at $905.1 million (Q1 2026), $890.2 million (Q4 2025) and $845.9 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 264.72 Bn | 249.79 Bn | 2.30 Bn | 2.13 Bn |
| 2 | CrowdStrike Holdings | 238.73 Bn | 219.14 Bn | 1.10 Bn | 1.13 Bn |
| 3 | Fortinet | 127.27 Bn | 113.20 Bn | 1.64 Bn | 953.90 Mn |
| 4 | Snowflake | 110.23 Bn | 97.55 Bn | 1.04 Bn | 1.30 Bn |
| 5 | Datadog | 89.17 Bn | 70.81 Bn | 881.34 Mn | 875.89 Mn |
| 6 | Zscaler | 33.92 Bn | 20.04 Bn | - | - |
| 7 | Okta | 33.82 Bn | 23.92 Bn | 641.00 Mn | 534.00 Mn |
| 8 | Axon Enterprise | 33.04 Bn | 27.56 Bn | 546.45 Mn | 499.67 Mn |
| 9 | MongoDB | 27.87 Bn | 18.34 Bn | 569.77 Mn | 541.37 Mn |
| 10 | F5 | 25.05 Bn | 19.46 Bn | 711.51 Mn | 498.25 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 953.90 Mn |
| Mar 31, 2026 | 905.10 Mn |
| Dec 31, 2025 | 890.20 Mn |
| Sep 30, 2025 | 845.90 Mn |
| Jun 30, 2025 | 857.10 Mn |
| Mar 31, 2025 | 792.80 Mn |
| Dec 31, 2024 | 771.50 Mn |
| Sep 30, 2024 | 773.80 Mn |
| Jun 30, 2024 | 722.10 Mn |
| Mar 31, 2024 | 727.40 Mn |
| Dec 31, 2023 | 713.80 Mn |
| Sep 30, 2023 | 713.70 Mn |
| Jun 30, 2023 | 718.00 Mn |
| Mar 31, 2023 | 681.00 Mn |
| Dec 31, 2022 | 627.90 Mn |
| Sep 30, 2022 | 601.00 Mn |
| Jun 30, 2022 | 584.00 Mn |
| Mar 31, 2022 | 550.00 Mn |
| Dec 31, 2021 | 520.40 Mn |
| Sep 30, 2021 | 489.60 Mn |
API Access
Fortinet Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "FTNT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();