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Fortinet

FTNT · Information Technology

Last earnings Oct 28, 2026

Key results

Revenuequarter

14%

Revenue grew 14% year over year to $1.72 billion

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Product revenuequarter

18%

Product revenue grew 18% year over year to $559.3 million Billings grew 14% year over year to $1.81 billion 1 Record third quarter

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

GAAP operating marginquarter

32%

GAAP operating margin of 32% Record third quarter

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Non-GAAP operating marginquarter

37%

Non-GAAP operating margin of 37% 1 SUNNYVALE, Calif.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Note for Gartner Peer Insights Reviews from vendor partners or end users of companies with less than $50 million in revenue are excluded from this methodology.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Research and developmentquarter

$202.4 million

Research and development 202.4 187.3 610.5 525.7

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Operating expensesquarter

$845.9 million

Total operating expenses 845.9 773.8 2,495.8 2,223.3

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Operating incomequarter

$547.3 million

OPERATING INCOME 547.3 470.9 1,459.1 1,229.3

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Net incomequarter

$473.9 million

NET INCOME $ 473.9 $ 539.9 $ 1,347.4 $ 1,219.0

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

AI analysis

Q3 2025 · reported Nov 5, 2025

Based on: Earnings release + parent 8-K — transcript not held

Net income · Q3 2025
$473.9M
EX-99 · Nov 5, 2025
Operating income · Q3 2025
$547.3M
EX-99 · Nov 5, 2025
GAAP operating margin · Q3 2025
32%
EX-99 · Nov 5, 2025
Non-GAAP operating margin · Q3 2025
37%
EX-99 · Nov 5, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue14%——
Product revenue18%——
GAAP operating margin32%——
Non-GAAP operating margin37%——
Research and development$202.4 million——
Operating expenses$845.9 million——
Operating income$547.3 million——
Net income$473.9 million——

EX-99 · Nov 5, 2025

Guidance · company-stated

gross margin

“in the range of 79.0% to 80.0%”

operating margin

“in the range of 34.5% to 35.5%”

net income

“per share in the range of $0.73 to $0.75”

effective tax rate

“of 18%”

Revenue$6.720 billion

Guidance stated in the release's Business Outlook table for the fourth quarter of 2025; no direction stated — figures as stated in the table.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

GAAP operating margin32%
Non-GAAP operating margin37%

Capital allocation

We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet.

A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes investing activities other than capital expenditures and cash flows from financing activities.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Fortinet — Earnings release (2025-11-05)

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

gross margin: “gross margin in the range of 79.0% to 80.0%”

operating margin: “operating margin in the range of 34.5% to 35.5%”

net income: “net income per share in the range of $0.73 to $0.75”

effective tax rate: “effective tax rate of 18%”

Revenue: “Revenue in the range of $6.720 billion to $6.780 billion”

gross margin (“the fourth quarter of 2025”)
“gross margin in the range of 79.0% to 80.0%”

operating margin (“the fourth quarter of 2025”)
“operating margin in the range of 34.5% to 35.5%”

net income (“the fourth quarter of 2025”)
“net income per share in the range of $0.73 to $0.75”

effective tax rate (“the fourth quarter of 2025”)
“effective tax rate of 18%”

Revenue (“the fourth quarter of 2025”)
“Revenue in the range of $6.720 billion to $6.780 billion”

Guidance stated in the release's Business Outlook table for the fourth quarter of 2025; no direction stated — figures as stated in the table.

Capital allocation

We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes investing activities other than capital expenditures and cash flows from financing activities.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption Management s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Strategy & priorities

Fourth Quarter 2025 Conference Participation Schedule Wells Fargo TMT Summit November 18, 2025 UBS Global Technology and AI Conference December 2, 2025 Nasdaq Investor Conference December 10, 2025 Barclays Global Technology Conference December 11, 2025 Members of Fortinet s management team are expected to present at these conferences and discuss the latest company strategies and initiatives.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

These forward-looking statements include statements regarding any indications related to future growth and market share gains, our strategy going forward, and guidance and expectations around future financial results, including guidance and expectations for the fourth quarter and full year 2025, and any statements regarding our market opportunity and market size, and business momentum.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Risks & headwinds

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, settlements of litigation related matters, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Forward-Looking Statements This press release contains forward-looking statements that involve risks and uncertainties.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

We define non-GAAP operating income as operating income plus stock-based compensation, amortization of acquired intangible assets, and charges in connection with litigation settlements, less gain on intellectual property matters and, when applicable, other significant non-recurring items in a given quarter.

SEC original ↗Fortinet — Earnings release (8-K exhibit)EX-99Nov 5, 2025

Documents

Earnings deck slides

0 decks with slide view

Fortinet — Fortinet 2Q26 Earnings Presentation (Q2 2026) — Slide view unavailable — the original PDF could not be retrieved for segmentation (HTTP Error 403: Forbidden).

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Microsoft (MSFT) Information TechnologyTeradyne (TER) Information TechnologyASML Holding (ASML) Information TechnologyMicron Technology (MU) Information TechnologySeagate Technology (STX) Information TechnologyUnited Microelectronics (UMC) Information TechnologyMonolithic Power Systems (MPWR) Information TechnologyCoherent Corp. (COHR) Information Technology

Filings

64 documents

Earnings releases

41 documents

Presentations

1 document

Transcripts

0 documents

No transcripts for Fortinet are held in this edition of the library.

Mentioned by

4 companies

Other tracked companies whose held documents mention Fortinet by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.