Fortinet (FTNT) Operating Margin (2010 - 2026)
Fortinet (FTNT) recorded quarterly Operating Margin of 31.36% in Q1 2026, down 4.51% quarter-over-quarter from 32.84% in Q4 2025, and up 188.0% on a YoY basis from 10.89% in Q1 2025.
Fortinet (FTNT) Operating Margin (2010 - 2026) Analysis & Trends
Fortinet's Operating Margin history runs 17 years deep, the most recent figure standing at 31.36% for Q1 2026.
- In Q1 2026, Operating Margin rose 188.0% year-over-year to 31.36%; the TTM figure through Mar 2026 stood at 31.1% (down 1180.0% YoY), while the FY2025 annual figure was 30.66%, up 38.0% from the prior year.
- Operating Margin was 31.36% for Q1 2026 at Fortinet, down from 32.84% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 1845.98% in Q4 2024 to a low of 15.81% in Q1 2022.
- Historically, Operating Margin has averaged 133.17% across 5 years, with a median of 27.89% in 2022.
- The sharpest annual moves came in 2024 and 2025: Operating Margin jumped 181875 bps in 2024, then slumped 181314 bps in 2025.
- A 5-year view of Operating Margin shows it stood at 27.89% in 2022, then dropped by 2 bps to 27.23% in 2023, then surged by 6678 bps to 1845.98% in 2024, then sank by 98 bps to 32.84% in 2025, then slipped by 5 bps to 31.36% in 2026.
- The last three Operating Margin figures came in at 31.36% (Q1 2026), 32.84% (Q4 2025), and 31.73% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,064.95 Bn | 2,986.68 Bn | 56.06 Bn | 46.33% |
| 2 | Alarum Technologies | 1,117.04 Bn | 1,102.89 Bn | 7.23 Mn | 6.91% |
| 3 | Oracle | 608.54 Bn | 569.96 Bn | 15.14 Bn | 31.79% |
| 4 | Palantir Technologies | 326.97 Bn | 319.05 Bn | 1.42 Bn | 46.18% |
| 5 | Palo Alto Networks | 185.10 Bn | 180.56 Bn | 1.91 Bn | 15.30% |
| 6 | CrowdStrike Holdings | 165.31 Bn | 162.25 Bn | 993.68 Mn | 1.06% |
| 7 | Fortinet | 105.66 Bn | 102.37 Bn | 1.49 Bn | 31.36% |
| 8 | Synopsys | 89.71 Bn | 89.60 Bn | 1.77 Bn | 8.43% |
| 9 | Cloudflare | 87.54 Bn | 86.60 Bn | 455.60 Mn | -9.69% |
| 10 | CoreWeave | 53.90 Bn | 51.63 Bn | 2.01 Bn | -6.93% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 31.36% |
| Dec 31, 2025 | 32.84% |
| Sep 30, 2025 | 31.73% |
| Jun 30, 2025 | 28.10% |
| Mar 31, 2025 | 29.47% |
| Dec 31, 2024 | 1,845.98% |
| Sep 30, 2024 | 31.22% |
| Jun 30, 2024 | 30.48% |
| Mar 31, 2024 | 23.73% |
| Dec 31, 2023 | 27.23% |
| Sep 30, 2023 | 22.72% |
| Jun 30, 2023 | 21.58% |
| Mar 31, 2023 | 21.67% |
| Dec 31, 2022 | 27.89% |
| Sep 30, 2022 | 23.10% |
| Jun 30, 2022 | 18.96% |
| Mar 31, 2022 | 15.81% |
| Dec 31, 2021 | 484.01% |
| Sep 30, 2021 | 1,066.67% |
| Jun 30, 2021 | 18.41% |