Fortinet (FTNT) Operating Margin (2010 - 2026)
Fortinet (FTNT) posted Operating Margin of 33.66% for Q2 2026, up 7.34% on a QoQ basis from 31.36% in Q1 2026, and up 556.0% year-over-year from 5.13% in Q2 2025.
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Analysis
Fortinet (FTNT) Operating Margin (2010 - 2026) Analysis & Trends
Fortinet has reported Operating Margin for 17 years, with the latest figure at 33.66% in Q2 2026.
- On a quarterly basis, Operating Margin rose 556.0% year-over-year to 33.66% in Q2 2026; TTM through Jun 2026 was 32.44%, a 911.0% decrease from a year earlier, with the FY2025 full-year figure at 30.66%, up 38.0% from the prior year.
- Operating Margin was 33.66% for Q2 2026 at Fortinet, up from 31.36% in the prior quarter.
- The five-year high for Operating Margin was 1845.98% in Q4 2024, with the low at 15.81% in Q1 2022.
- Average Operating Margin over 5 years is 127.64%, with a median of 27.99% recorded in 2022.
- The sharpest annual moves came in 2024 and 2025: Operating Margin surged 181875 bps in 2024, then sank 181314 bps in 2025.
- Over 5 years, Operating Margin stood at 27.89% in 2022, then declined by 2 bps to 27.23% in 2023, then soared by 6678 bps to 1845.98% in 2024, then plunged by 98 bps to 32.84% in 2025, then climbed by 2 bps to 33.66% in 2026.
- The last three Operating Margin figures came in at 33.66% (Q2 2026), 31.36% (Q1 2026), and 32.84% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 5.04% |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | -2.26% |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 33.66% |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | -17.00% |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 0.49% |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | 5.17% |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 3.68% |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 13.29% |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 9.66% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 33.66% |
| 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 | 19.19% |
API Access
Fortinet Operating Margin 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-margin&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();