Fortinet, Inc. Leases Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating lease expense | $ | 51.7 | $ | 44.5 | $ | 43.0 | |||||||||||
Variable lease expense (1) | 7.0 | 7.4 | 5.8 | ||||||||||||||
| Short-term lease expense | 13.7 | 10.2 | 9.3 | ||||||||||||||
| Total lease expense | $ | 72.4 | $ | 62.1 | $ | 58.1 | |||||||||||
(1) Variable lease expense for the years ended December 31, 2025, 2024 and 2023 predominantly included common area maintenance charges, real estate taxes, certain parking expense, utilities based on actual usage and insurance costs. | |||||||||||||||||
| Classification | December 31, 2025 | December 31, 2024 | |||||||||||||||
| Operating lease ROU assets – non-current | $ | 64.4 | $ | 72.2 | |||||||||||||
| Operating lease liabilities – current | $ | 36.1 | $ | 32.7 | |||||||||||||
| Operating lease liabilities – non-current | 29.4 | 46.4 | |||||||||||||||
| Total operating lease liabilities | $ | 65.5 | $ | 79.1 | |||||||||||||
| Weighted average remaining lease term in years – operating leases | 2.1 | 3.0 | |||||||||||||||
| Weighted average discount rate – operating leases | 4.1 | % | 4.2 | % | |||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||
| Operating cash flows used for operating leases | $ | 51.3 | $ | 38.6 | $ | 40.0 | |||||||||||
| Year Ending December 31, | Amount | ||||
2026 | $ | 37.6 | |||
2027 | 21.3 | ||||
2028 | 7.9 | ||||
2029 | 1.2 | ||||
2030 | 0.1 | ||||
| Thereafter | — | ||||
| Total lease payments | $ | 68.1 | |||
| Less imputed interest | (2.6) | ||||
| Total | $ | 65.5 | |||
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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 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 26, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.