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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
Fortinet (FTNT) investor relations material
Fortinet Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved strong Q4 and full-year growth, with Q4 billings up 18%, revenue up 15%, and product revenue up 20%, driven by broad-based demand in Secure Networking, Unified SASE, and OT security.
Unified SASE billings surged 40% in Q4 and 24% for the year, now representing up to 27% of total billings, with strong adoption among large enterprises and significant ARR growth.
Maintained industry leadership in security and networking, with over $7.6B in 2025 billings, 55% firewall unit market share, and consistent GAAP profitability since IPO.
Operating margin reached 37% in Q4 and 35.5% for the year (non-GAAP), with gross margin above 80% and robust free cash flow generation.
Large enterprise deals ($1M+) increased by over 30% in Q4, with total deal value up over 40%.
Financial highlights
Q4 billings grew 18% to $2.37B; total revenue up 15% to $1.91B; product revenue up 20% to $691M; service revenue up 12% to $1.21B.
Full-year billings up 16% to $7.55B; total revenue up 14% to $6.8B; product revenue up 16% to $2.22B; service revenue up 13% to $4.6B.
Q4 gross margin 80.3%; operating margin 37.3%; free cash flow $577M (31% margin); adjusted free cash flow $589M.
Full-year gross margin 81.3%; operating income $2.41B (up 16%); EPS up 16% to $2.76; record free cash flow $2.21B (33% margin).
Deferred revenue at year-end was $5.03B, up from $4.06B a year earlier.
Outlook and guidance
Q1 2026 billings expected at $1.77B–$1.87B; revenue $1.7B–$1.76B; non-GAAP EPS $0.59–$0.63.
Full-year 2026 billings guidance $8.4B–$8.6B; revenue $7.5B–$7.7B; service revenue $5.05B–$5.15B.
Non-GAAP gross margin 79%–81%; operating margin 33%–36%; EPS $2.94–$3.00; infrastructure investments $350M–$450M.
Long-term targets reaffirmed: Rule of 45 to be maintained, with >12% CAGR for billings and revenue over 3–5 years.
Service revenue growth expected to accelerate in H2 2026, following strong product revenue growth.
How does Fortinet sustain SASE market share gains?
Impact of increased share repurchase on capital strategy?
How do NVIDIA/Google partnerships enhance offerings?
Sovereign SASE's impact on total addressable market
Product pricing strategy for 2026
AI's effect on cybersecurity software?
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Next Fortinet earnings date
Q1 20266 May, 2026
Fortinet
Next Fortinet earnings date
Q1 20266 May, 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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