Palo Alto vs Fortinet — EBITDA Comparison

Palo Alto (PANW) ebitda was $2.9B in FY2025 (+41% YoY); Fortinet (FTNT) ebitda was $2.5B in FY2025 (+15% YoY). The tables below show the complete quarterly and annual ebitda history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$2.9B	$2.5B
2024	$2.0B	$2.2B
2023	$1.8B	$1.6B
2022	$1.1B	$1.3B
2021	$883M	$946M
2020	$692M	$788M
2019	$687M	$579M
2018	$496M	$449M
2017	$356M	$299M
2016	$278M	$213M
2015	$150M	$148M
2014	-$96M	$140M
2013	$35M	$131M
2012	$24M	$142M
2011	-$3M	$115M
2010	—	$70M

Palo Alto — Annual EBITDA

Fiscal Year	EBITDA	YoY
2025	$2.9B	+41%
2024	$2.0B	+16%
2023	$1.8B	+59%
2022	$1.1B	+25%
2021	$883M	+28%
2020	$692M	+1%
2019	$687M	+39%
2018	$496M	+39%
2017	$356M	+28%
2016	$278M	+85%
2015	$150M	+257%
2014	-$96M	-373%
2013	$35M	+47%
2012	$24M	+788%
2011	-$3M

Fortinet — Annual EBITDA

Fiscal Year	EBITDA	YoY
2025	$2.5B	+15%
2024	$2.2B	+36%
2023	$1.6B	+24%
2022	$1.3B	+37%
2021	$946M	+20%
2020	$788M	+36%
2019	$579M	+29%
2018	$449M	+50%
2017	$299M	+40%
2016	$213M	+44%
2015	$148M	+6%
2014	$140M	+6%
2013	$131M	-7%
2012	$142M	+23%
2011	$115M	+63%
2010	$70M

Source: PANW on EDGAR · FTNT on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.