Palo Alto vs Fortinet — Operating Income Comparison

Palo Alto (PANW) operating income was $1.2B in FY2025 (+82% YoY); Fortinet (FTNT) operating income was $2.1B in FY2025 (+16% YoY). The tables below show the complete quarterly and annual operating income history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$1.2B	$2.1B
2024	$684M	$1.8B
2023	$387M	$1.2B
2022	-$189M	$970M
2021	-$304M	$650M
2020	-$179M	$532M
2019	-$54M	$348M
2018	-$104M	$234M
2017	-$180M	$110M
2016	-$157M	$47M
2015	-$100M	$22M
2014	-$215M	$59M
2013	-$19M	$72M
2012	$4M	$100M
2011	-$10M	$89M
2010	—	$55M

Palo Alto — Annual Operating Income

Fiscal Year	Operating Income	YoY
2025	$1.2B	+82%
2024	$684M	+77%
2023	$387M	+305%
2022	-$189M	+38%
2021	-$304M	-70%
2020	-$179M	-231%
2019	-$54M	+48%
2018	-$104M	+42%
2017	-$180M	-14%
2016	-$157M	-58%
2015	-$100M	+54%
2014	-$215M	-1056%
2013	-$19M	-579%
2012	$4M	+137%
2011	-$10M

Fortinet — Annual Operating Income

Fiscal Year	Operating Income	YoY
2025	$2.1B	+16%
2024	$1.8B	+45%
2023	$1.2B	+28%
2022	$970M	+49%
2021	$650M	+22%
2020	$532M	+53%
2019	$348M	+49%
2018	$234M	+113%
2017	$110M	+135%
2016	$47M	+109%
2015	$22M	-62%
2014	$59M	-18%
2013	$72M	-28%
2012	$100M	+13%
2011	$89M	+61%
2010	$55M

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