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Side-by-side financial comparison of Fortinet (FTNT) and Xerox Holdings Corp (XRX). Click either name above to swap in a different company.
Xerox Holdings Corp is the larger business by last-quarter revenue ($2.0B vs $1.9B, roughly 1.1× Fortinet). On growth, Xerox Holdings Corp posted the faster year-over-year revenue change (25.7% vs 14.8%). Fortinet produced more free cash flow last quarter ($577.4M vs $192.0M). Over the past eight quarters, Fortinet's revenue compounded faster (18.6% CAGR vs 16.2%).
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.
Xerox Corporation is an American corporation that sells printers, digital document products and services in more than 160 countries. Xerox was the pioneer of the photocopier market, beginning with the introduction of the Xerox 914 in 1959, so much so that the word xerox is commonly used as a synonym for photocopy. Xerox is headquartered in Norwalk, Connecticut, though it is incorporated in New York with its largest group of employees based around Rochester, New York, where the company was fou...
FTNT vs XRX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.0B |
| Net Profit | $506.0M | — |
| Gross Margin | 79.6% | — |
| Operating Margin | 32.8% | — |
| Net Margin | 26.6% | — |
| Revenue YoY | 14.8% | 25.7% |
| Net Profit YoY | -3.8% | — |
| EPS (diluted) | $0.67 | $-0.62 |
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.
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.6B | $1.6B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.7B | $1.6B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
| Q4 25 | $506.0M | — | ||
| Q3 25 | $473.9M | $-760.0M | ||
| Q2 25 | $440.1M | $-106.0M | ||
| Q1 25 | $433.4M | $-90.0M | ||
| Q4 24 | $526.2M | — | ||
| Q3 24 | $539.9M | $-1.2B | ||
| Q2 24 | $379.8M | $18.0M | ||
| Q1 24 | $299.3M | $-113.0M |
| Q4 25 | 79.6% | — | ||
| Q3 25 | 80.8% | — | ||
| Q2 25 | 80.7% | — | ||
| Q1 25 | 81.0% | — | ||
| Q4 24 | 81.1% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 80.8% | — | ||
| Q1 24 | 77.5% | — |
| Q4 25 | 32.8% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 31.2% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 23.7% | — |
| Q4 25 | 26.6% | — | ||
| Q3 25 | 27.5% | -38.8% | ||
| Q2 25 | 27.0% | -6.7% | ||
| Q1 25 | 28.1% | -6.2% | ||
| Q4 24 | 31.7% | — | ||
| Q3 24 | 35.8% | -78.9% | ||
| Q2 24 | 26.5% | 1.1% | ||
| Q1 24 | 22.1% | -7.5% |
| Q4 25 | $0.67 | $-0.62 | ||
| Q3 25 | $0.62 | $-6.01 | ||
| Q2 25 | $0.57 | $-0.87 | ||
| Q1 25 | $0.56 | $-0.75 | ||
| Q4 24 | $0.68 | $-0.21 | ||
| Q3 24 | $0.70 | $-9.71 | ||
| Q2 24 | $0.49 | $0.11 | ||
| Q1 24 | $0.39 | $-0.94 |
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 | $512.0M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $1.2B | $444.0M |
| Total Assets | $10.4B | $9.8B |
| Debt / EquityLower = less leverage | — | 9.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $512.0M | ||
| Q3 25 | $2.0B | $479.0M | ||
| Q2 25 | $3.4B | $449.0M | ||
| Q1 25 | $3.6B | $336.0M | ||
| Q4 24 | $2.9B | $576.0M | ||
| Q3 24 | $2.5B | $521.0M | ||
| Q2 24 | $2.2B | $485.0M | ||
| Q1 24 | $1.9B | $685.0M |
| Q4 25 | — | $4.0B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | $1.2B | $444.0M | ||
| Q3 25 | $735.1M | $365.0M | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.0B | $1.1B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $908.1M | $1.3B | ||
| Q2 24 | $288.2M | $2.4B | ||
| Q1 24 | $-137.5M | $2.4B |
| Q4 25 | $10.4B | $9.8B | ||
| Q3 25 | $9.4B | $10.1B | ||
| Q2 25 | $10.6B | $8.9B | ||
| Q1 25 | $10.4B | $8.2B | ||
| Q4 24 | $9.8B | $8.4B | ||
| Q3 24 | $8.9B | $8.3B | ||
| Q2 24 | $8.1B | $9.5B | ||
| Q1 24 | $7.7B | $9.9B |
| Q4 25 | — | 9.05× | ||
| Q3 25 | — | 11.10× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.62× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.35× |
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 | $208.0M |
| Free Cash FlowOCF − Capex | $577.4M | $192.0M |
| FCF MarginFCF / Revenue | 30.3% | 9.5% |
| Capex IntensityCapex / Revenue | 2.2% | 0.8% |
| Cash ConversionOCF / Net Profit | 1.23× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.2B | $187.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $620.2M | $208.0M | ||
| Q3 25 | $655.2M | $116.0M | ||
| Q2 25 | $451.9M | $-11.0M | ||
| Q1 25 | $863.3M | $-89.0M | ||
| Q4 24 | $477.6M | $351.0M | ||
| Q3 24 | $608.1M | $116.0M | ||
| Q2 24 | $342.0M | $123.0M | ||
| Q1 24 | $830.4M | $-79.0M |
| Q4 25 | $577.4M | $192.0M | ||
| Q3 25 | $567.5M | $104.0M | ||
| Q2 25 | $284.1M | $-15.0M | ||
| Q1 25 | $796.8M | $-94.0M | ||
| Q4 24 | $380.0M | $346.0M | ||
| Q3 24 | $571.8M | $108.0M | ||
| Q2 24 | $318.9M | $117.0M | ||
| Q1 24 | $608.5M | $-87.0M |
| Q4 25 | 30.3% | 9.5% | ||
| Q3 25 | 32.9% | 5.3% | ||
| Q2 25 | 17.4% | -1.0% | ||
| Q1 25 | 51.8% | -6.5% | ||
| Q4 24 | 22.9% | 21.5% | ||
| Q3 24 | 37.9% | 7.1% | ||
| Q2 24 | 22.2% | 7.4% | ||
| Q1 24 | 45.0% | -5.8% |
| Q4 25 | 2.2% | 0.8% | ||
| Q3 25 | 5.1% | 0.6% | ||
| Q2 25 | 10.3% | 0.3% | ||
| Q1 25 | 4.3% | 0.3% | ||
| Q4 24 | 5.9% | 0.3% | ||
| Q3 24 | 2.4% | 0.5% | ||
| Q2 24 | 1.6% | 0.4% | ||
| Q1 24 | 16.4% | 0.5% |
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.90× | 6.83× | ||
| Q1 24 | 2.77× | — |
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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
