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Sankey diagram of Fortinet, Inc.. A complete text table follows the diagram.
Appliances open the customer relationship, but security subscriptions and technical support now produce nearly two-thirds of revenue and most gross profit
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The IP-matters gain is shown as a separate source because it increases operating income. Non-operating income combines directly reported $32.9M interest income and $47.9M other income.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Security appliances | 1 | $645M | Hardware landing point · +40.5% |
| Security subscriptions | 1 | $694M | Threat intelligence and security services |
| Technical support & other | 1 | $511M | Recurring support relationships |
| Revenue | 2 | $1.8B | 20.1% year-over-year growth |
| Gross profit | 3 | $1.5B | 80.3% gross margin |
| Cost of revenue | 3 | $365M | Hardware and service delivery |
| IP-matters gain | 3 | $1.4M | Reported operating credit |
| Operating income | 4 | $580M | 31.4% operating margin |
| Research & development | 4 | $214M | Security platform innovation |
| Sales & marketing | 4 | $636M | 34.4% of revenue |
| General & administrative | 4 | $56.2M | Corporate operations |
| Non-operating income | 4 | $80.8M | Interest and other income |
| Income before tax & equity loss | 5 | $657M | 35.5% of revenue |
| Interest expense | 5 | $4.2M | Financing cost |
| Net income | 6 | $535M | $0.72 diluted EPS |
| Income tax | 6 | $122M | 18.6% effective rate |
| Equity-method loss | 6 | $0.1 | Investment loss |
| From | To | Value |
|---|---|---|
| Security appliances | Revenue | $645M |
| Security subscriptions | Revenue | $694M |
| Technical support & other | Revenue | $511M |
| Revenue | Gross profit | $1.5B |
| Revenue | Cost of revenue | $365M |
| Gross profit | Operating income | $579M |
| IP-matters gain | Operating income | $1.4M |
| Gross profit | Research & development | $214M |
| Gross profit | Sales & marketing | $636M |
| Gross profit | General & administrative | $56.2M |
| Operating income | Income before tax & equity loss | $576M |
| Non-operating income | Income before tax & equity loss | $80.8M |
| Operating income | Interest expense | $4.2M |
| Income before tax & equity loss | Net income | $535M |
| Income before tax & equity loss | Income tax | $122M |
| Income before tax & equity loss | Equity-method loss | $0.1 |