Fortinet (FTNT) Research & Development (2010 - 2026)
Fortinet's Research & Development was $225 million in Q2 2026, up 7.4% from $209.5 million a year earlier and up 5.1% from the prior quarter.
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Analysis
Fortinet (FTNT) Research & Development (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Fortinet's Research & Development was $846.4 million through Jun 30, 2026, up 7.6% year-over-year; for FY2025, it was $815.5 million, up 13.8% from FY2024.
- Research & Development has now increased for 16 consecutive years, with a five-year compound annual growth rate of 19.0% (FY2020 to FY2025).
- In earlier years, Research & Development was $716.8 million in FY2024 (+16.8%), $613.8 million in FY2023 (+19.8%), $512.4 million in FY2022 (+20.8%) and $424.2 million in FY2021 (+24.3%).
- The Q2 2026 figure marks the highest quarterly Research & Development in data going back to Q2 2010.
- Compared with a year earlier, Research & Development has increased for 61 straight quarters, with growth averaging 14.6% over the last eight quarters.
- Across the past five years, year-over-year growth in Research & Development ran from 7.3% in Q4 2025 to 28.5% in Q1 2022.
- Per Business Quant data, FTNT's Research & Development in the three quarters before Q2 2026 was $214 million (Q1 2026), $205 million (Q4 2025) and $202.4 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 255.53 Bn | 240.60 Bn | 2.30 Bn | 779.00 Mn |
| 2 | CrowdStrike Holdings | 230.03 Bn | 210.43 Bn | 1.10 Bn | 444.20 Mn |
| 3 | Fortinet | 123.13 Bn | 109.06 Bn | 1.64 Bn | 225.00 Mn |
| 4 | Snowflake | 107.35 Bn | 94.67 Bn | 1.04 Bn | 567.48 Mn |
| 5 | Datadog | 87.69 Bn | 69.33 Bn | 881.34 Mn | 477.97 Mn |
| 6 | Zscaler | 32.63 Bn | 18.74 Bn | - | - |
| 7 | Okta | 32.61 Bn | 22.70 Bn | 641.00 Mn | 163.00 Mn |
| 8 | Axon Enterprise | 32.22 Bn | 26.75 Bn | 546.45 Mn | 208.69 Mn |
| 9 | MongoDB | 26.93 Bn | 17.40 Bn | 569.77 Mn | 213.87 Mn |
| 10 | F5 | 24.99 Bn | 19.40 Bn | 711.51 Mn | 164.66 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 225.00 Mn |
| Mar 31, 2026 | 214.00 Mn |
| Dec 31, 2025 | 205.00 Mn |
| Sep 30, 2025 | 202.40 Mn |
| Jun 30, 2025 | 209.50 Mn |
| Mar 31, 2025 | 198.60 Mn |
| Dec 31, 2024 | 191.10 Mn |
| Sep 30, 2024 | 187.30 Mn |
| Jun 30, 2024 | 165.40 Mn |
| Mar 31, 2024 | 173.00 Mn |
| Dec 31, 2023 | 152.50 Mn |
| Sep 30, 2023 | 156.90 Mn |
| Jun 30, 2023 | 153.30 Mn |
| Mar 31, 2023 | 151.10 Mn |
| Dec 31, 2022 | 128.90 Mn |
| Sep 30, 2022 | 134.30 Mn |
| Jun 30, 2022 | 124.30 Mn |
| Mar 31, 2022 | 124.90 Mn |
| Dec 31, 2021 | 112.60 Mn |
| Sep 30, 2021 | 107.80 Mn |
API Access
Fortinet Research & Development 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=research-and-development&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();