S&P 500
7,322.40
+0.63%
Dow Jones
49,735.40
+0.85%
Nasdaq 100
28,412.00
+1.05%
Russell 2000
2,884.92
+1.52%
FTSE 100
10,438.20
+1.69%
Nikkei 225
62,052.50
+2.19%
Fortinet

FTNT Q2 2025 Earnings

Reported Aug 6, 2025 at 4:11 PM ET · SEC Source

Q2 25 EPS

$0.64

BEAT +8.27%

Est. $0.59

Q2 25 Revenue

$1.63B

BEAT +0.25%

Est. $1.63B

vs S&P Since Q2 25

-2.0%

TRAILING MARKET

FTNT +12.5% vs S&P +14.5%

Market Reaction

Did FTNT Beat Earnings? Q2 2025 Results

Fortinet delivered a convincing second quarter of fiscal 2025, posting non-GAAP diluted EPS of $0.64 against a consensus estimate of $0.59, an 8.27% beat, while revenue climbed 13.6% year over year to $1.63 billion, marginally ahead of expectations. … Read more Fortinet delivered a convincing second quarter of fiscal 2025, posting non-GAAP diluted EPS of $0.64 against a consensus estimate of $0.59, an 8.27% beat, while revenue climbed 13.6% year over year to $1.63 billion, marginally ahead of expectations. The headline numbers were underpinned by total billings rising 15% to $1.78 billion, exceeding even Fortinet's own guidance and prompting management to lift the full-year billings outlook by $100 million at the midpoint. Momentum in higher-growth platform segments added texture to the results, with Unified SASE ARR expanding 22% and Security Operations ARR surging 35% year over year, signaling that Fortinet's push beyond traditional firewall appliances is gaining meaningful traction. Despite the solid print, shares came under pressure after guidance landed cautiously, with Q3 revenue projected at $1.67 billion to $1.73 billion and full-year revenue set in the range of $6.68 billion to $6.83 billion, a pattern that has weighed on investor sentiment in recent quarters, as markets wrestled with how much runway remains in the company's firewall refresh cycle.

Key Takeaways

  • • Continued innovation and customer-first strategy
  • • Unified SASE ARR up 22% year over year
  • • Security Operations ARR up 35% year over year
  • • Product revenue grew 13% year over year
  • • Service revenue grew 14% year over year
  • • Billings grew 15% year over year to $1.78 billion
24/7 Wall St

FTNT YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

FTNT Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 22 Q4 25

“Our strong second quarter performance and consistent track record of growth are a direct result of our continued innovation and customer-first strategy, enabling us to beat our billings guidance for the quarter and raise our full year billings outlook.”

— Ken Xie, Q2 2025 Earnings Press Release

Back to FTNT Stock Page