Palo Alto vs Fortinet — Gross Profit Comparison

Palo Alto (PANW) gross profit was $6.8B in FY2025 (+13% YoY); Fortinet (FTNT) gross profit was $5.5B in FY2025 (+14% YoY). The tables below show the complete quarterly and annual gross profit history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$6.8B	$5.5B
2024	$6.0B	$4.8B
2023	$5.0B	$4.1B
2022	$3.8B	$3.3B
2021	$3.0B	$2.6B
2020	$2.4B	$2.0B
2019	$2.1B	$1.7B
2018	$1.6B	$1.4B
2017	$1.3B	$1.1B
2016	$1.0B	$938M
2015	$677M	$722M
2014	$439M	$539M
2013	$286M	$435M
2012	$185M	$386M
2011	$86M	$320M
2010	—	$239M

Palo Alto — Annual Gross Profit

Fiscal Year	Gross Profit	YoY
2025	$6.8B	+13%
2024	$6.0B	+20%
2023	$5.0B	+32%
2022	$3.8B	+27%
2021	$3.0B	+24%
2020	$2.4B	+15%
2019	$2.1B	+28%
2018	$1.6B	+27%
2017	$1.3B	+27%
2016	$1.0B	+49%
2015	$677M	+54%
2014	$439M	+53%
2013	$286M	+55%
2012	$185M	+114%
2011	$86M

Fortinet — Annual Gross Profit

Fiscal Year	Gross Profit	YoY
2025	$5.5B	+14%
2024	$4.8B	+18%
2023	$4.1B	+22%
2022	$3.3B	+30%
2021	$2.6B	+26%
2020	$2.0B	+22%
2019	$1.7B	+22%
2018	$1.4B	+22%
2017	$1.1B	+18%
2016	$938M	+30%
2015	$722M	+34%
2014	$539M	+24%
2013	$435M	+13%
2012	$386M	+21%
2011	$320M	+34%
2010	$239M

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