Fortinet delivered a strong finish to 2025 with robust revenue and billings growth in Q4, driven by broad-based demand across its cybersecurity portfolio. The company continues to invest in high-growth areas like Unified SASE and Security Operations, reinforcing its leadership in Secure Networking.
Revenue grew 15% year over year to $1.91 billion in Q4 2025.
positiveProduct revenue grew 20% year over year to $691 million in Q4 2025.
positiveBillings grew 18% year over year to $2.37 billion in Q4 2025, exceeding guidance.
positiveUnified SASE billings grew 40% year over year.
positiveGAAP operating margin was 33% in Q4 2025, an improvement from 30.3% in Q4 2024.
positiveFull year 2025 revenue grew 14% to $6.80 billion.
positiveFull year 2025 GAAP operating margin was 31%, an improvement from 30.3% in FY2024.
positiveFree cash flow for the full year 2025 was $2.21 billion.
positiveExceeded the ‘Rule of 45’ for the sixth consecutive year.
positiveInventory levels increased from $315.5 million in FY2024 to $399.5 million in FY2025, a 26.5% increase.
attentionDeferred revenue increased significantly, indicating a potential shift in revenue recognition timing or longer contract terms.
attentionWhile GAAP operating margin improved YoY, the non-GAAP operating margin for Q1 2026 guidance is projected to be between 30.0% to 32.0%, a potential decrease from Q4 2025's 37.3%.
attentionThe current portion of long-term debt increased from $0 in FY2024 to $499.7 million in FY2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Product | N/A | — | — | — |
Service | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Pleased with strong finish to the year, highlighted by an excellent fourth quarter driven by broad-based demand.
Continuing to execute strategy by accelerating investments in high-growth Unified SASE and Security Operations markets.
Delivering strong momentum while further strengthening Secure Networking leadership.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.