Fortinet debt and dilution83

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$496.9M

Cash & equivalents

USD millions

$2,934.9M

Net debt

USD millions

$-2,438M

Debt / equity

0.32×

Debt / assets

4.58%

Net debt / EBITDA

× · TTM

-0.94×

Debt / FCF

× · TTM

0.16×

Interest coverage

× · TTM

—

Current ratio

1.28×

Diluted shares

Million shares

739.9M shares

Basic shares

Million shares

733.1M shares

Share count growth

-4.23%

Share repurchases

USD millions

$149.8M

Quarterly data

Fortinet capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	496.9	2,934.9	-2,438	0.32×	4.58%	-0.94×	0.16×	—	1.28×	739.9	733.1	-4.23%	149.8
FY 2026 Q1	Mar 31, 2026	496.8	2,223.8	-1,727	0.5×	5.03%	-0.73×	0.2×	—	1.15×	742.8	738.8	-3.84%	823
FY 2025 Q4	Dec 31, 2025	996.3	2,495.3	-1,499	0.81×	9.59%	-0.67×	0.45×	103.72×	1.17×	747.98	742.87	-3.08%	57.2
FY 2025 Q3	Sep 30, 2025	995.9	1,995.7	-999.8	1.35×	10.64%	-0.46×	0.49×	—	1.03×	761.2	755.5	-1.24%	1,831.5
FY 2025 Q2	Jun 30, 2025	995.3	3,368.5	-2,373.2	0.48×	9.35%	-1.13×	0.49×	—	1.33×	772.7	765.5	0.22%	401.1
FY 2025 Q1	Mar 31, 2025	994.9	3,596.6	-2,601.7	0.51×	9.56%	-1.26×	0.48×	—	1.36×	776.8	768.3	0.77%	0
FY 2024 Q4	Dec 31, 2024	994.3	2,875.9	-1,881.6	0.67×	10.18%	-0.98×	0.53×	90.17×	1.47×	775.18	766.48	0.16%	0
FY 2024 Q3	Sep 30, 2024	—	2,489.3	—	—	—	—	—	78.77×	1.34×	771.9	765	-2.07%	0.6
FY 2024 Q2	Jun 30, 2024	—	2,203.2	—	—	—	—	—	69.23×	1.32×	769.9	763.8	-2.7%	—
FY 2024 Q1	Mar 31, 2024	—	1,926.3	—	—	—	—	—	61.08×	1.2×	770.5	762.4	-2.66%	—
FY 2023 Q4	Dec 31, 2023	—	1,397.9	—	—	—	—	—	59.1×	1.19×	772.47	765.25	-1.98%	896.2
FY 2023 Q3	Sep 30, 2023	—	2,186.8	—	—	—	—	—	60.37×	1.3×	791.2	781.2	-0.64%	604.3
FY 2023 Q2	Jun 30, 2023	—	2,376.3	—	—	—	—	—	61.24×	1.39×	795.9	785	-1.31%	0
FY 2023 Q1	Mar 31, 2023	—	2,304.2	—	—	—	—	—	59.03×	1.34×	793.4	783.2	-2.53%	0
FY 2022 Q4	Dec 31, 2022	—	1,682.9	—	—	—	—	—	53.87×	1.24×	791.95	780.72	-4.15%	0
FY 2022 Q3	Sep 30, 2022	—	964	—	—	—	—	—	45.93×	1.07×	798.6	786.2	-3.83%	500
FY 2022 Q2	Jun 30, 2022	—	710	—	—	—	—	—	40.2×	1.12×	810.1	795.4	-2.58%	800
FY 2022 Q1	Mar 31, 2022	—	923.5	—	—	—	—	—	37.56×	1.28×	821	803.5	-1.41%	691.2
FY 2021 Q4	Dec 31, 2021	—	1,319.1	—	—	—	—	—	43.65×	1.55×	835.5	814.52	0.3%	571.8
FY 2021 Q3	Sep 30, 2021	1,005.6	1,852.1	-846.5	0.89×	16.84%	-1.24×	—	58.16×	1.8×	838.5	817.5	0.86%	78.4
FY 2021 Q2	Jun 30, 2021	987.5	1,879.3	-891.8	0.94×	17.76%	-1.4×	—	97.48×	1.96×	835.5	816.5	1.05%	91.6
FY 2021 Q1	Mar 31, 2021	987	1,860.2	-873.2	1.01×	18.69%	-1.45×	—	411.23×	2.01×	832	815	-4.45%	0
FY 2020 Q4	Dec 31, 2020	0	1,061.8	-1,061.8	0×	0%	-1.77×	0×	—	1.5×	828.08	812.07	-5.19%	34.1
FY 2020 Q3	Sep 30, 2020	—	882.3	—	—	—	—	—	—	1.45×	828	810.5	-5.37%	0
FY 2020 Q2	Jun 30, 2020	—	916.4	—	—	—	—	—	—	1.37×	827	808	-5.55%	156.1
FY 2020 Q1	Mar 31, 2020	—	626.1	—	—	—	—	—	—	1.32×	871	853	0.24%	889.9
FY 2019 Q4	Dec 31, 2019	—	1,222.5	—	—	—	—	—	—	1.88×	876.48	856.48	0.59%	27.5
FY 2019 Q3	Sep 30, 2019	—	1,175.5	—	—	—	—	—	—	1.84×	874	856.5	0.88%	23.4
FY 2019 Q2	Jun 30, 2019	—	1,022.1	—	—	—	—	—	—	1.82×	875.5	855.5	1.48%	33.8
FY 2019 Q1	Mar 31, 2019	—	1,216.9	—	—	—	—	—	—	1.84×	874	851	1.49%	60.4
FY 2018 Q4	Dec 31, 2018	—	1,112.4	—	—	—	—	—	—	1.77×	878.42	851.43	-0.73%	94.7
FY 2018 Q3	Sep 30, 2018	—	1,169.3	—	—	—	—	—	—	1.87×	878.5	849	-3.26%	0
FY 2018 Q2	Jun 30, 2018	—	972.1	—	—	—	—	—	—	1.74×	867.5	843	-4.06%	1.6
FY 2018 Q1	Mar 31, 2018	—	835.6	—	—	—	—	—	—	1.69×	859	838.5	-3.89%	115.5
FY 2017 Q4	Dec 31, 2017	—	811	—	—	—	—	—	—	1.67×	876.92	857.66	-1.33%	322.38
FY 2017 Q3	Sep 30, 2017	—	905.79	—	—	—	—	—	—	1.81×	894.87	877.6	1.26%	90.8
FY 2017 Q2	Jun 30, 2017	—	853.14	—	—	—	—	—	—	1.81×	898.51	878.71	2.13%	33.15
FY 2017 Q1	Mar 31, 2017	—	823.25	—	—	—	—	—	—	1.89×	891.39	872.45	1.6%	0
FY 2016 Q4	Dec 31, 2016	—	709	—	—	—	—	—	—	1.86×	886.04	869.2	1.17%	35.83
FY 2016 Q3	Sep 30, 2016	—	647.51	—	—	—	—	—	—	1.86×	889.69	866.68	0.98%	25
FY 2016 Q2	Jun 30, 2016	—	596.38	—	—	—	—	—	—	1.85×	860.38	860.38	1.26%	0
FY 2016 Q1	Mar 31, 2016	—	568.01	—	—	—	—	—	—	1.87×	858.73	858.73	2.18%	50
FY 2015 Q4	Dec 31, 2015	—	543.28	—	—	—	—	—	—	1.87×	883.35	859.15	3.86%	60
FY 2015 Q3	Sep 30, 2015	—	540.71	—	—	—	—	—	—	2.08×	889.48	858.24	4.48%	0
FY 2015 Q2	Jun 30, 2015	—	481.39	—	—	—	—	—	—	2.11×	881.17	849.65	4.15%	0
FY 2015 Q1	Mar 31, 2015	—	386.35	—	—	—	—	—	—	2.14×	868.6	840.39	3.5%	0
FY 2014 Q4	Dec 31, 2014	—	283.25	—	—	—	—	—	—	2.11×	854.66	827.2	1.32%	5.74
FY 2014 Q3	Sep 30, 2014	—	258.1	—	—	—	—	—	—	2.06×	848.64	821.47	0.85%	11.07
FY 2014 Q2	Jun 30, 2014	—	203.95	—	—	—	—	—	—	1.89×	841.73	815.81	0.56%	14.86
FY 2014 Q1	Mar 31, 2014	—	172.97	—	—	—	—	—	—	1.98×	840.57	811.95	0.69%	12.31
FY 2013 Q4	Dec 31, 2013	—	115.87	—	—	—	—	—	—	1.78×	842.83	816.4	2.03%	33.53
FY 2013 Q3	Sep 30, 2013	—	144.55	—	—	—	—	—	—	1.92×	843.33	814.53	2.62%	0
FY 2013 Q2	Jun 30, 2013	—	123.47	—	—	—	—	—	—	1.87×	840.21	811.24	3.03%	0
FY 2013 Q1	Mar 31, 2013	—	97.38	—	—	—	—	—	—	1.85×	839.12	806.41	3.38%	0
FY 2012 Q4	Dec 31, 2012	—	122.98	—	—	—	—	—	—	1.78×	834.65	800.17	3.63%	—
FY 2012 Q3	Sep 30, 2012	—	75.47	—	—	—	—	—	—	1.72×	833.95	793.76	3.58%	—
FY 2012 Q2	Jun 30, 2012	—	81.23	—	—	—	—	—	—	1.85×	830.31	787.37	3.42%	—
FY 2012 Q1	Mar 31, 2012	—	74.78	—	—	—	—	—	—	2.04×	828.76	780.05	—	—
FY 2011 Q4	Dec 31, 2011	—	71.99	—	—	—	—	—	—	1.96×	822.27	772.15	—	—
FY 2011 Q3	Sep 30, 2011	—	66.63	—	—	—	—	—	—	2×	819.35	766.32	—	—
FY 2011 Q2	Jun 30, 2011	—	78.02	—	—	—	—	—	—	1.85×	819.44	761.34	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · FTNT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.