Fortinet, Inc. is a global leader in cybersecurity, offering integrated and automated solutions that provide broad visibility and segmentation of the digital attack surface. The company's primary platform, the Fortinet Security Fabric, delivers automated protection, detection, and response capabilities, catering to a diverse range of customers including large enterprises, communication service providers, government organizations, and small to medium-sized enterprises . Fortinet generates revenue from product sales, primarily through secure networking product lines, and service offerings, which include security subscriptions and technical support .
- Service Offerings - Includes security subscriptions and technical support, driving significant growth through the strength of security subscription services.
- Secure Networking Solutions - Provides high-performance physical and virtual machine appliances designed to secure network infrastructures.
- Unified SASE - Offers a comprehensive approach to secure access service edge, integrating networking and security functions.
- SecOps Technologies - Delivers solutions for security operations, enhancing detection and response capabilities.
- Cloud Security Solutions - Offers protection for cloud environments, ensuring secure cloud adoption and management.
- Professional Services and Training - Provides expert consulting and training services to enhance cybersecurity strategies and skills.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ken Xie ExecutiveBoard | CEO and Chairman of the Board | Board Member at TeleNav, Inc. | Co-founder of Fortinet with over 25 years of experience in networking and security industries. Instrumental in Fortinet's growth as a global cybersecurity leader. | View Report → |
Christiane Ohlgart Executive | CFO (Effective May 15, 2025) | None | Joined Fortinet in 2016 as VP of Finance, later served as Chief Accounting Officer. Appointed CFO effective May 15, 2025, following Keith Jensen's retirement. | |
John Whittle Executive | COO and Corporate Secretary | None | Joined Fortinet in 2006 as General Counsel. Held various roles, including EVP of Corporate Development and Chief Legal Officer, before becoming COO in January 2024. | |
Keith Jensen Executive | CFO (Retiring May 15, 2025) | None | Joined Fortinet in 2014, served as Chief Accounting Officer and Interim CFO before becoming CFO in 2018. Announced retirement effective May 15, 2025. | |
Admiral James Stavridis Board | Director | Managing Director at Carlyle Group; Chair of Rockefeller Foundation | Retired 4-star Admiral and former Supreme Allied Commander of NATO. Expert in cybersecurity and global affairs. | |
Janet Napolitano Board | Director | Board Member at Vir Biotechnology, Zoom; Trustee at RAND Corporation | Former Secretary of Homeland Security and President of the University of California. Founder of the Center for Security in Politics at UC Berkeley. | |
Jean Hu Board | Director | EVP and CFO of AMD | Extensive experience in finance and technology. Currently EVP and CFO of AMD. | |
Judith Sim Board | Lead Independent Director | None | Former Chief Marketing Officer at Oracle. Appointed Lead Independent Director in April 2024. | |
Kenneth A. Goldman Board | Director | President of Hillspire LLC; Board Member at GoPro, RingCentral, Zuora, VRF | Extensive experience in finance and governance. Former CFO of Yahoo and currently serves on multiple boards and as President of Hillspire LLC. | |
Mary Agnes Wilderotter Board | Director | Chair and CEO of Wilderotter Vineyards; Board Member at Costco, DocuSign, etc. | Former CEO of Frontier Communications. Holds multiple board positions and leadership roles, including Chair of DocuSign and CEO of Wilderotter Vineyards. | |
Ming Hsieh Board | Director | Chairman and CEO of Fulgent Therapeutics Inc. | Founder of Cogent, Inc., and former President of 3M Cogent. Currently leads Fulgent Therapeutics. | |
William H. Neukom Board | Director | Founder and CEO of World Justice Project; Lecturer at Stanford Law School | Former lead lawyer for Microsoft and CEO of the San Francisco Giants. Founder of the World Justice Project and lecturer at Stanford Law School. |
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The growth in OT billings was 19% this quarter; given the competitive landscape in OT security, how sustainable is this growth, and what strategies are you implementing to maintain or increase it?
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With mid-range and high-end hardware appliance shipments remaining stable but not showing significant growth, how do you plan to drive growth in these segments, and are you facing any challenges such as market saturation or increased competition?
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As larger vendors focus on discounting, bundling, and vendor financing, how is Fortinet addressing potential pricing pressures, and what impact do you expect this to have on your margins and revenue growth?
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Considering that some customers are hesitant to commit to multi-year deals without financing, what steps are you taking to provide financing solutions, and how might this affect your ability to secure longer-term contracts and predict revenue?
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You aim to become the #1 leader in SASE in the next few years; what challenges do you anticipate in displacing established competitors, and how will you differentiate your Sovereign SASE offerings to capture highly regulated vertical markets?
Research analysts who have asked questions during Fortinet earnings calls.
Brian Essex
JPMorgan Chase & Co.
6 questions for FTNT
Gabriela Borges
Goldman Sachs
6 questions for FTNT
Saket Kalia
Barclays Capital
6 questions for FTNT
Shaul Eyal
TD Cowen
6 questions for FTNT
Junaid Siddiqui
Truist Securities
5 questions for FTNT
Shrenik Kothari
Robert W. Baird & Co.
5 questions for FTNT
Tal Liani
Bank of America
5 questions for FTNT
Fatima Boolani
Citi
4 questions for FTNT
Patrick Colville
Scotiabank
4 questions for FTNT
Brad Zelnick
Credit Suisse
3 questions for FTNT
Eric Heath
KeyBanc Capital Markets
3 questions for FTNT
Gray Powell
BTIG
3 questions for FTNT
Ittai Kidron
Oppenheimer & Company
3 questions for FTNT
Robbie Owens
Piper Sandler
3 questions for FTNT
Rob Owens
Piper Sandler Companies
3 questions for FTNT
Adam Borg
Stifel Financial Corp.
2 questions for FTNT
Joseph Gallo
Jefferies & Company Inc.
2 questions for FTNT
Keith Bachman
BMO Capital Markets
2 questions for FTNT
Meta Marshall
Morgan Stanley
2 questions for FTNT
Andrew Nowinski
Wells Fargo
1 question for FTNT
Catharine Trebnick
Rosenblatt Securities
1 question for FTNT
Hamza Fodderwala
Morgan Stanley
1 question for FTNT
Joe Andrew
Scotiabank
1 question for FTNT
Keith Weiss
Morgan Stanley
1 question for FTNT
Max S.
Stifel Financial Corp.
1 question for FTNT
Tomer Zilberman
Bank of America
1 question for FTNT
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Aruba Networks, Inc. | The company operates in extremely competitive markets characterized by rapid technological change. Competitors include those with greater financial, technical, marketing, and distribution resources, which may lead to competitive pressures such as price reductions or the addition of incremental features to products. |
The company faces competition from entities with broader product offerings and established relationships, which may discourage customers from purchasing its products. | |
Some competitors have significantly better brand recognition and broader product lines, allowing them to withstand market downturns better. | |
Certain competitors focus on delivering security services from the cloud, which may disrupt traditional markets and increase competition. | |
The company competes with others that may introduce products with superior performance or lower costs, potentially impacting market share. | |
Huawei Technologies Co., Ltd. | Competitors may leverage their relationships or incorporate functionality into existing products to discourage customers from switching. |
Larger competitors often have broader product lines and market focus, making them less susceptible to downturns in specific markets. | |
The company competes with entities that may bundle products and services, potentially impacting standalone product sales. | |
SonicWALL, Inc. | Smaller competitors specializing in single security threats may deliver specialized products to the market more quickly. |
Sophos Group Plc | Competitors may develop products or services that achieve greater market acceptance, disrupting the company's market position. |
VMware, Inc. | The competitive landscape includes companies with established customer bases and broader distribution networks. |
Certain competitors focus on cloud-based security services, which may challenge traditional product offerings. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Distributor A | Distributes Fortinet’s products and services globally | All | 29% of 2024 revenue (≈$1,727.2M = 29% of $5,955.8M ) and 31% of 2024 net A/R (≈$453.7M = 31% of $1,463.4M ). |
Distributor B | Distributes Fortinet’s products and services globally | All | 15% of 2024 revenue (≈$893.4M = 15% of $5,955.8M ) and 14% of 2024 net A/R (≈$204.9M = 14% of $1,463.4M ). |
Distributor C | Distributes Fortinet’s products and services globally | All | 13% of 2024 revenue (≈$774.3M = 13% of $5,955.8M ) and 10% of 2024 net A/R (≈$146.3M = 10% of $1,463.4M ). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Perception Point | 2025 | Fortinet acquired Perception Point to enhance its secure portfolio by extending advanced e-mail and collaboration security across the modern workspace. No specific deal value was disclosed, but the acquisition is expected to boost first-quarter billings and full‐year revenue growth while slightly reducing the operating margin. |
Next DLP Holdings Limited | 2024 | Completed on August 5, 2024, this acquisition cost approximately $105.0 million in cash and aimed to strengthen Fortinet's position in both standalone enterprise DLP and integrated DLP within its SASE offerings. The deal included significant allocations to goodwill and intangible assets, contributing modest revenue growth while impacting gross and operating margins. |
Lacework Inc. | 2024 | Completed on August 1, 2024 for $152.3 million in cash, the acquisition of Lacework Inc. brings its Cloud-Native Application Protection Platform (CNAPP) into Fortinet’s portfolio, forming a comprehensive AI-driven cloud security solution. The deal also involved recognition of deferred tax assets and a gain on bargain purchase, with detailed allocations to various tangible and intangible assets. |
Alaxala Networks Corporation | 2022 | Fortinet achieved full ownership of Alaxala Networks Corporation by initially acquiring 75% in 2021 for $64.2 million in cash and then acquiring the remaining 25% in 2022 for $13.5 million in cash. This strategic move enhanced Fortinet's secure switching solutions integrated with its Security Fabric and contributed modest revenue growth, with the purchase price allocated to goodwill and other intangible assets. |
Recent press releases and 8-K filings for FTNT.
- Fortinet’s Q3 2025 revenue reached $1.72 billion, up 14% year-over-year, with a record operating margin of 37%.
- Product revenue rose 18% to $559.3 million, reflecting strong demand for integrated cybersecurity offerings.
- AI-driven solutions saw over 100% billings growth for FortiSASE and 33% growth in the SecOp pillar, underscoring momentum in security operations and SASE.
- The company narrowed Q4 FY25 revenue guidance to $1.83 billion–$1.89 billion, slightly below Street estimates, prompting a nearly 12% drop in after-hours trading.
- Fortinet launched its Secure AI Data Center solution, delivering enhanced energy efficiency and high-capacity connectivity for AI workloads.
- Total billings increased 14% year-over-year to $1.81 billion and revenue rose 14% to $1.72 billion, driven by unified SaaS billings growing 19% (with Fortinet SaaS up over 100%), while unified SaaS and SecOps represented 26% and 11% of total billings respectively.
- Non-GAAP gross margin was 81.6% and operating margin reached a third-quarter record of 36.9%, with free cash flow of $568 million ($1.63 billion YTD) and adjusted free cash flow of $646 million (37% margin); the company repurchased 23.3 million shares for $1.83 billion in Q3.
- Q4 2025 guidance: billings of $2.185 billion–$2.285 billion, revenue of $1.825 billion–$1.885 billion; FY 2025 guidance: billings of $7.37 billion–$7.47 billion and revenue of $6.72 billion–$6.78 billion.
- Fortinet reported Q3 billings of $1.81 billion (+14%) and revenue of $1.72 billion (+14%), with a record non-GAAP operating margin of 36.9%.
- Unified SaaS billings rose 19%, securing ARR of $1.22 billion (+13%), while SecOps billings grew 33%, accounting for 26% and 11% of total billings, respectively.
- Q3 free cash flow reached $568 million, enabling repurchase of 23.3 million shares for $1.83 billion, with $796 million remaining under the share buyback authorization.
- Q4 guidance: billings of $2.185–$2.285 billion and revenue of $1.825–$1.885 billion; full-year 2025 guidance: billings of $7.37–$7.47 billion and revenue of $6.72–$6.78 billion.
- Billings and revenue grew 14% year-over-year in Q3 2025, with unified SaaS billings up 19% and Fortinet SaaS billings more than doubling, driving a record operating margin of 37%.
- Gross margin was 81.6%, operating margin 36.9%, and free cash flow reached $568 million in Q3 (YTD FCF $1.63 billion) amid $88 million of infrastructure investments.
- The company repurchased 23.3 million shares for $1.83 billion, reducing share count by ~3% and leaving $796 million of buyback authorization.
- Q4 guidance includes billings of $2.185 billion–$2.285 billion and revenue of $1.825 billion–$1.885 billion, while full-year guidance remains billings of $7.37 billion–$7.47 billion and revenue of $6.72 billion–$6.78 billion.
- Fortinet posted Q3 2025 revenue of $1.72 B (+14% YoY), with product revenue of $559.3 M (+18%) and billings of $1.81 B (+14%).
- Delivered record Q3 operating margins: GAAP 32% and non-GAAP 37%.
- Issued Q4 2025 guidance: revenue of $1.825–1.885 B, billings $2.185–2.285 B, non-GAAP gross margin 79.0–80.0%, non-GAAP operating margin 34.5–35.5%, diluted EPS $0.73–$0.75.
- Launched the Secure AI Data Center solution, targeting up to 69% lower energy consumption for AI workloads.
- The Law Offices of Frank R. Cruz remind Fortinet (NASDAQ: FTNT) shareholders of a securities fraud class action alleging misleading statements on its refresh cycle and upgrade projections.
- Class Period is Nov. 8, 2024 – Aug. 6, 2025, with a lead plaintiff deadline of Nov. 21, 2025.
- Complaint alleges Fortinet overstated the refresh cycle’s lucrativeness, miscalculated the number of upgradeable FortiGate firewalls, and misrepresented refresh momentum by end of 2Q 2025.
- A securities fraud class action has been filed against Fortinet (NASDAQ: FTNT) covering the period Nov 8, 2024–Aug 6, 2025, with a lead plaintiff filing deadline of Nov 21, 2025.
- The complaint alleges Fortinet overstated the profitability of its product refresh cycle and lacked clarity on the number of upgradeable FortiGate firewalls.
- Plaintiffs claim Fortinet misrepresented refresh momentum, pushing through roughly half of the cycle within months by end of 2Q 2025, making prior statements materially misleading.
- The UAE cybersecurity market was valued at USD 0.62 billion in 2024 and is projected to reach USD 1.29 billion by 2030, growing at a CAGR of 12.78%
- Growth is driven by digital transformation initiatives, rising cyber threats, and government support including the UAE National Cybersecurity Strategy
- Collaboration between local players like DarkMatter, Help AG, CPX, Injazat and global vendors including IBM Security, Cisco, Palo Alto Networks, Fortinet, and Trend Micro shapes the market
- Sectors such as banking, oil & gas, healthcare, telecom, and critical infrastructure face over 50,000 daily cyberattack attempts and a 56% increase in data breaches year-over-year
- A talent shortage has driven over 60% of medium-to-large enterprises to outsource to Managed Security Service Providers for core security functions
- Fortinet, Inc. (NASDAQ: FTNT) is named in a securities fraud class action for the period November 8, 2024 – August 6, 2025; the lead plaintiff deadline is November 21, 2025.
- The complaint alleges defendants misrepresented the profitability of the hardware refresh cycle, which relied on older products and was a small share of the business, and lacked a clear count of upgradeable FortiGate firewalls.
- It further claims Fortinet concealed that approximately half of the refresh was completed by the end of 2Q 2025, making prior positive statements materially misleading.
- Investors have until November 21, 2025 to ask the court to appoint them as lead plaintiff in the securities fraud class action against Fortinet.
- On August 6, 2025, Fortinet reported being “40% to 50%” through its 2026 firewall upgrade cycle, issued weaker-than-expected Q3 revenue guidance of $1.67 billion–$1.73 billion, and its shares fell 22% the following day.
- The lawsuit, covering November 8, 2024–August 6, 2025, alleges Fortinet misled investors about a “record” FortiGate upgrade cycle—projected to generate $400 million–$450 million in 2025–2026 revenue—and concealed its true upgrade pace.