Fortinet (FTNT) Company Report

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.

Nov 6, 2025, 10:11 AM

Bloomberg

Fortinet reports Q3 2025 results

FTNT

Earnings

Guidance Update

Share Buyback

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.

Nov 5, 2025, 9:30 PM

Transcript

Fortinet reports Q3 2025 earnings and raises guidance

FTNT

Earnings

Guidance Update

Share Buyback

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.

Nov 5, 2025, 9:30 PM

Transcript

Fortinet reports Q3 2025 results

FTNT

Earnings

Guidance Update

Share Buyback

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.

Nov 5, 2025, 9:30 PM

Transcript

Fortinet reports Q3 2025 results

FTNT

Earnings

Guidance Update

Product Launch

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.

Nov 5, 2025, 9:09 PM

8-K

Fortinet faces shareholder securities fraud class action with Nov. 21, 2025 deadline

FTNT

Legal Proceedings

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.

Nov 4, 2025, 5:08 PM

Press Release

Fortinet faces securities fraud class action deadline

FTNT

Legal Proceedings

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.

Oct 30, 2025, 3:11 PM

Press Release

Fortinet highlights UAE cybersecurity market growth to 2030

FTNT

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

Oct 17, 2025, 8:03 AM

Press Release

Fortinet alerts shareholders to class action deadline

FTNT

Legal Proceedings

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.

Oct 10, 2025, 4:06 PM

Press Release

Fortinet investors reminded of class action lawsuit deadline

FTNT

Legal Proceedings

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.

Oct 10, 2025, 12:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Fortinet.

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