Fortinet (FTNT) Operating Margin (2010 - 2026)
Fortinet's Operating Margin was 33.66% in Q2 2026, up 5.56 percentage points from 28.10% a year earlier and up 2.30 percentage points from the prior quarter.
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Analysis
Fortinet (FTNT) Operating Margin (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Fortinet's Operating Margin was 32.44% through Jun 30, 2026, up 1.57 percentage points year-over-year; for FY2025, it was 30.66%, up 0.38 percentage points from FY2024.
- Operating Margin has now increased for four consecutive years, with a five-year change of +10.16 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 30.28% in FY2024 (+6.88 pp), 23.40% in FY2023 (+1.45 pp), 21.95% in FY2022 (+2.49 pp) and 19.46% in FY2021 (-1.04 pp).
- The Q2 2026 figure marks the highest quarterly Operating Margin since Q4 2024.
- Compared with a year earlier, Operating Margin was higher in six of the last eight quarters, with an average year-over-year change of +3.18 percentage points.
- The best year-over-year quarter for Operating Margin over five years was Q2 2024 (a gain of 8.90 percentage points); the worst was Q2 2025 (a drop of 2.38 percentage points).
- Per Business Quant data, FTNT's Operating Margin in the three quarters before Q2 2026 was 31.36% (Q1 2026), 32.84% (Q4 2025) and 31.73% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 259.94 Bn | 245.01 Bn | 2.30 Bn | 5.04% |
| 2 | CrowdStrike Holdings | 232.51 Bn | 212.91 Bn | 1.10 Bn | -2.26% |
| 3 | Fortinet | 123.97 Bn | 109.90 Bn | 1.64 Bn | 33.66% |
| 4 | Snowflake | 108.53 Bn | 95.85 Bn | 1.04 Bn | -17.00% |
| 5 | Datadog | 88.63 Bn | 70.27 Bn | 881.34 Mn | 0.49% |
| 6 | Zscaler | 33.03 Bn | 19.15 Bn | - | - |
| 7 | Okta | 33.00 Bn | 23.10 Bn | 641.00 Mn | 13.29% |
| 8 | Axon Enterprise | 32.34 Bn | 26.86 Bn | 546.45 Mn | 5.17% |
| 9 | MongoDB | 27.29 Bn | 17.76 Bn | 569.77 Mn | 3.68% |
| 10 | F5 | 25.08 Bn | 19.48 Bn | 711.51 Mn | 24.65% |
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 | 34.58% |
| 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 | 22.30% |
| 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();