Fortinet, Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
Net income | $ | 1,853.4 | $ | 1,745.2 | $ | 1,147.8 | |||||||||||
| Denominator: | |||||||||||||||||
| Basic shares: | |||||||||||||||||
| Weighted-average common stock outstanding-basic | 758.0 | 764.4 | 778.6 | ||||||||||||||
| Diluted shares: | |||||||||||||||||
| Weighted-average common stock outstanding-basic | 758.0 | 764.4 | 778.6 | ||||||||||||||
| Effect of potentially dilutive securities: | |||||||||||||||||
| RSUs | 2.3 | 2.4 | 3.3 | ||||||||||||||
| Stock options | 3.8 | 4.7 | 6.2 | ||||||||||||||
PSUs | 0.5 | 0.4 | 0.1 | ||||||||||||||
Weighted-average shares used to compute diluted net income per share | 764.6 | 771.9 | 788.2 | ||||||||||||||
Net income per share: | |||||||||||||||||
| Basic | $ | 2.45 | $ | 2.28 | $ | 1.47 | |||||||||||
| Diluted | $ | 2.42 | $ | 2.26 | $ | 1.46 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| RSUs | 1.9 | 0.2 | 0.7 | ||||||||||||||
| Stock options | 0.7 | 2.5 | 2.8 | ||||||||||||||
PSUs | — | 0.1 | 0.1 | ||||||||||||||
| Total | 2.6 | 2.8 | 3.6 | ||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.