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Side-by-side financial comparison of Fortinet (FTNT) and Palo Alto Networks (PANW). Click either name above to swap in a different company.
Palo Alto Networks is the larger business by last-quarter revenue ($2.6B vs $1.9B, roughly 1.4× Fortinet). Fortinet runs the higher net margin — 26.6% vs 16.7%, a 9.9% gap on every dollar of revenue. On growth, Palo Alto Networks posted the faster year-over-year revenue change (14.9% vs 14.8%). Fortinet produced more free cash flow last quarter ($577.4M vs $384.0M). Over the past eight quarters, Fortinet's revenue compounded faster (18.6% CAGR vs 14.3%).
Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California. It develops and sells security products including firewalls, endpoint security and intrusion detection systems. Fortinet has offices in the US, Canada, and UK.
Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California. The core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. The company serves over 70,000 organizations in over 150 countries, including 85 of the Fortune 100. It is home to the Unit 42 threat research team and hosts the Ignite cybersecurity conference.
FTNT vs PANW — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.6B |
| Net Profit | $506.0M | $432.0M |
| Gross Margin | 79.6% | 73.6% |
| Operating Margin | 32.8% | 15.3% |
| Net Margin | 26.6% | 16.7% |
| Revenue YoY | 14.8% | 14.9% |
| Net Profit YoY | -3.8% | 61.6% |
| EPS (diluted) | $0.67 | $0.61 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $2.6B | ||
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.6B | $2.3B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.7B | $2.1B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.4B | $2.0B |
| Q1 26 | — | $432.0M | ||
| Q4 25 | $506.0M | $334.0M | ||
| Q3 25 | $473.9M | $253.8M | ||
| Q2 25 | $440.1M | $262.1M | ||
| Q1 25 | $433.4M | $267.3M | ||
| Q4 24 | $526.2M | $350.7M | ||
| Q3 24 | $539.9M | $357.7M | ||
| Q2 24 | $379.8M | $278.8M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | 79.6% | 74.2% | ||
| Q3 25 | 80.8% | 73.2% | ||
| Q2 25 | 80.7% | 72.9% | ||
| Q1 25 | 81.0% | 73.5% | ||
| Q4 24 | 81.1% | 74.1% | ||
| Q3 24 | 82.5% | 73.8% | ||
| Q2 24 | 80.8% | 74.1% |
| Q1 26 | — | 15.3% | ||
| Q4 25 | 32.8% | 12.5% | ||
| Q3 25 | 31.7% | 19.6% | ||
| Q2 25 | 28.1% | 9.6% | ||
| Q1 25 | 29.5% | 10.6% | ||
| Q4 24 | 34.6% | 13.4% | ||
| Q3 24 | 31.2% | 10.9% | ||
| Q2 24 | 30.5% | 8.9% |
| Q1 26 | — | 16.7% | ||
| Q4 25 | 26.6% | 13.5% | ||
| Q3 25 | 27.5% | 10.0% | ||
| Q2 25 | 27.0% | 11.5% | ||
| Q1 25 | 28.1% | 11.8% | ||
| Q4 24 | 31.7% | 16.4% | ||
| Q3 24 | 35.8% | 16.3% | ||
| Q2 24 | 26.5% | 14.0% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.67 | $0.47 | ||
| Q3 25 | $0.62 | $-0.14 | ||
| Q2 25 | $0.57 | $0.37 | ||
| Q1 25 | $0.56 | $0.38 | ||
| Q4 24 | $0.68 | $0.99 | ||
| Q3 24 | $0.70 | $1.04 | ||
| Q2 24 | $0.49 | $0.79 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | $4.5B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $9.4B |
| Total Assets | $10.4B | $25.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.5B | $4.2B | ||
| Q3 25 | $2.0B | $2.9B | ||
| Q2 25 | $3.4B | $3.3B | ||
| Q1 25 | $3.6B | $3.2B | ||
| Q4 24 | $2.9B | $3.4B | ||
| Q3 24 | $2.5B | $2.6B | ||
| Q2 24 | $2.2B | $2.9B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | $1.2B | $8.7B | ||
| Q3 25 | $735.1M | $7.8B | ||
| Q2 25 | $2.1B | $7.2B | ||
| Q1 25 | $2.0B | $6.4B | ||
| Q4 24 | $1.5B | $5.9B | ||
| Q3 24 | $908.1M | $5.2B | ||
| Q2 24 | $288.2M | $4.5B |
| Q1 26 | — | $25.0B | ||
| Q4 25 | $10.4B | $23.5B | ||
| Q3 25 | $9.4B | $23.6B | ||
| Q2 25 | $10.6B | $22.0B | ||
| Q1 25 | $10.4B | $21.0B | ||
| Q4 24 | $9.8B | $20.4B | ||
| Q3 24 | $8.9B | $20.0B | ||
| Q2 24 | $8.1B | $17.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $620.2M | $554.0M |
| Free Cash FlowOCF − Capex | $577.4M | $384.0M |
| FCF MarginFCF / Revenue | 30.3% | 14.8% |
| Capex IntensityCapex / Revenue | 2.2% | 6.6% |
| Cash ConversionOCF / Net Profit | 1.23× | 1.28× |
| TTM Free Cash FlowTrailing 4 quarters | $2.2B | $3.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $554.0M | ||
| Q4 25 | $620.2M | $1.8B | ||
| Q3 25 | $655.2M | $1.0B | ||
| Q2 25 | $451.9M | $628.7M | ||
| Q1 25 | $863.3M | $556.9M | ||
| Q4 24 | $477.6M | $1.5B | ||
| Q3 24 | $608.1M | $512.7M | ||
| Q2 24 | $342.0M | $528.9M |
| Q1 26 | — | $384.0M | ||
| Q4 25 | $577.4M | $1.7B | ||
| Q3 25 | $567.5M | $934.5M | ||
| Q2 25 | $284.1M | $560.4M | ||
| Q1 25 | $796.8M | $509.4M | ||
| Q4 24 | $380.0M | $1.5B | ||
| Q3 24 | $571.8M | $465.3M | ||
| Q2 24 | $318.9M | $491.5M |
| Q1 26 | — | 14.8% | ||
| Q4 25 | 30.3% | 68.2% | ||
| Q3 25 | 32.9% | 36.8% | ||
| Q2 25 | 17.4% | 24.5% | ||
| Q1 25 | 51.8% | 22.6% | ||
| Q4 24 | 22.9% | 68.5% | ||
| Q3 24 | 37.9% | 21.3% | ||
| Q2 24 | 22.2% | 24.8% |
| Q1 26 | — | 6.6% | ||
| Q4 25 | 2.2% | 3.4% | ||
| Q3 25 | 5.1% | 3.4% | ||
| Q2 25 | 10.3% | 3.0% | ||
| Q1 25 | 4.3% | 2.1% | ||
| Q4 24 | 5.9% | 2.1% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 1.6% | 1.9% |
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.23× | 5.30× | ||
| Q3 25 | 1.38× | 4.02× | ||
| Q2 25 | 1.03× | 2.40× | ||
| Q1 25 | 1.99× | 2.08× | ||
| Q4 24 | 0.91× | 4.30× | ||
| Q3 24 | 1.13× | 1.43× | ||
| Q2 24 | 0.90× | 1.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
