Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share is (in millions, except per share amounts):


	Year Ended December 31,
	2025		2024		2023
Numerator:


Net income	$	1,853.4	$	1,745.2	$	1,147.8

Denominator:
Basic shares:
Weighted-average common stock outstanding-basic	758.0		764.4		778.6
Diluted shares:
Weighted-average common stock outstanding-basic	758.0		764.4		778.6
Effect of potentially dilutive securities:
RSUs	2.3		2.4		3.3
Stock options	3.8		4.7		6.2
PSUs	0.5		0.4		0.1
Weighted-average shares used to compute diluted net income per share	764.6		771.9		788.2
Net income per share:
Basic	$	2.45	$	2.28	$	1.47
Diluted	$	2.42	$	2.26	$	1.46

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following weighted-average shares of common stock were excluded from the computation of diluted net income per share for the periods presented, as their effect would have been antidilutive (in millions):


	Year Ended December 31,
	2025	2024	2023
RSUs	1.9	0.2	0.7
Stock options	0.7	2.5	2.8
PSUs	—	0.1	0.1
Total	2.6	2.8	3.6

Fortinet, Inc. 10-K