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Company Research10 Jun 2024
Ken Xie: From Stanford to Fortinet
Learn how Ken Xie built Fortinet from a startup to a global cybersecurity giant, balancing cloud services and hardware innovations.
Fortinet (FTNT) investor relations material
Fortinet Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Revenue and billings grew 14% year-over-year in Q3 2025, with product revenue up 18% to $559.3 million and service revenue up 13% to $1.17 billion.
Achieved record operating margins: GAAP at 32% and non-GAAP at 36.9%–37%.
Unified SaaS/SASE and SecOps billings grew 19% and 33% respectively, with FortiSASE billings up over 100%.
Recognized as a leader in Gartner Magic Quadrants for SaaS, SASE, and Hybrid Mesh Firewall, and launched Secure AI Data Center solution.
Net income for Q3 was $473.9 million; non-GAAP net income was $561.0 million.
Financial highlights
Q3 2025 total revenue was $1.72–$1.725 billion, with billings at $1.81 billion.
Gross margin was 80.8%–81.6%; operating margin (non-GAAP) was 36.9%–37%.
Free cash flow for Q3 was $567.5–$568 million; adjusted free cash flow margin was 33%–37%.
Deferred revenue reached $6.65 billion, up 5% from December 2024.
Diluted GAAP EPS was $0.62; non-GAAP diluted EPS was $0.74 for Q3 2025.
Outlook and guidance
Q4 2025 revenue expected at $1.825–$1.885 billion; billings at $2.185–$2.285 billion.
Full-year 2025 revenue guidance is $6.72–$6.78 billion; billings $7.37–$7.47 billion.
Non-GAAP operating margin for Q4 2025 expected at 34.5%–35.5%; non-GAAP EPS for Q4 at $0.73–$0.75.
Capital expenditures for Q4 2025 estimated at $60–$110 million; full-year infrastructure investments expected at $380–$430 million.
Cash paid for income taxes in 2025 expected to be $400–$450 million; non-GAAP tax rate of 18%.
FortiSASE's growth: how sustainable is it?
AI Data Center solution's competitive edge?
Sustaining high operating margins with growth?
How does sovereign SASE impact market share?
What drives product growth beyond refresh cycles?
How will AI data center security be monetized?
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Next Fortinet earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
Cybersecurity Providers
Fortinet is an American company that provides businesses and institutions with various cybersecurity solutions. Within the company’s offerings, one finds firewalls, endpoint protection, secure access service edge (SASE), and threat intelligence services. The company has multination operations with regional offices spread throughout the world, but the company headquarters is located in Sunnyvale, California. Fortinet’s shares are listed on the Nasdaq.
FortiGate
Fortinet was founded in 2000 by brothers Ken and Michael Xie. Drawing from their experience in the cybersecurity sector, they identified a market need for robust network security solutions. The founding idea was to offer multifaceted security systems capable of handling the increasingly sophisticated nature of cyber threats. With a strategic focus on integrated security platforms, they introduced their first product, the FortiGate firewall.
As internet use surged and cyber threats became more sophisticated, Fortinet expanded its offerings, steadily building a comprehensive suite of security products. Their approach was to provide an integrated system that could defend against a spectrum of cyber risks, a strategy that proved to be successful. Today, Fortinet is well-established and competes against companies such as Crowdstrike, Palo Alto Networks, and SentinelOne.
Firewalls, Clouds, and More
Fortinet provides a suite of cybersecurity solutions aimed at safeguarding organizational IT infrastructures. Their flagship products, FortiGate firewalls, are central to a network's security, regulating traffic and preventing unauthorized access. The company's portfolio extends to endpoint security, intrusion prevention systems, and secure gateways, all of which contribute to a multi-layered defense strategy. For cloud environments, Fortinet offers specialized security tools to protect data and applications in these increasingly prevalent platforms. Additionally, their Security Fabric architecture integrates these various products, enabling a more coordinated and efficient security posture.
Support and Training
Fortinet also supports its products with a range of services, including round-the-clock technical support, training programs, and tailored professional services. By offering this they ensure that their customers not only have robust equipment but that employees of its clients are well equipped to identify security threats.
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