FTNT Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q2 2024 Q3 2022

Earnings

Fortinet closed out fiscal 2025 on a strong note, posting Q4 revenue of $1.91 billion, up 14.8% year over year, and non-GAAP diluted EPS of $0.81, ahead of the $0.74 consensus estimate by 9.46%, as broad-based demand across its cybersecurity portfoli… Read more Fortinet closed out fiscal 2025 on a strong note, posting Q4 revenue of $1.91 billion, up 14.8% year over year, and non-GAAP diluted EPS of $0.81, ahead of the $0.74 consensus estimate by 9.46%, as broad-based demand across its cybersecurity portfolio drove results above Wall Street's expectations. The quarter's standout driver was non-GAAP billings, which reached $2.37 billion, an 18% jump that cleared the high end of management's own guidance, while Unified SASE billings surged 40% as enterprises increasingly consolidated network and security functions onto Fortinet's single FortiOS platform. Free cash flow hit a record $2.21 billion for the full year, a 32.5% margin that underscores the durability of the company's business model. Despite a post-earnings downgrade from at least one analyst on valuation grounds, management issued confident forward guidance, targeting full-year 2026 revenue of $7.50 billion to $7.70 billion and non-GAAP EPS of $2.94 to $3.00, implying continued mid-teens growth.