Fortinet (FTNT) Operating Margin (2010 - 2026)

Fortinet's Operating Margin history runs 17 years deep, the most recent figure standing at 31.36% for Q1 2026.

• On a quarterly basis, Operating Margin rose 188.0% year-over-year to 31.36% in Q1 2026; TTM through Mar 2026 was 31.1%, a 1180.0% decrease from a year earlier, with the FY2025 full-year figure at 30.66%, up 38.0% from the prior year.
• Operating Margin fell to 31.36% in Q1 2026 per FTNT's latest filing, from 32.84% in the prior quarter.
• Across five years, Operating Margin topped out at 1845.98% in Q4 2024 and bottomed at 15.81% in Q1 2022.
• The 5-year median for Operating Margin is 27.89% (2022), against an average of 133.17%.
• Across the five-year window, Operating Margin soared 181875 bps in 2024 and slumped 181314 bps in 2025, its largest moves.
• Year by year, Operating Margin 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 tumbled by 98 bps to 32.84% in 2025, then slipped by 5 bps to 31.36% in 2026.
• Per Business Quant, the three latest FTNT Operating Margin figures stand at 31.36% (Q1 2026), 32.84% (Q4 2025), and 31.73% (Q3 2025).