FTNT
Fortinet, Inc.82.47
+0.95+1.17%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Sovereign SASE fuels growth edge
Q&A doubled down on Sovereign SASE as Fortinet's unmatched growth engine, claiming a market bigger than public SASE with no peers in sight, powering 40% billings without cannibalizing hardware refreshes. Management plans 5-20% appliance price hikes to counter memory costs, backed by six months' inventory and direct supplier deals. SecOps billings softened quarterly but remain robust annually, dismissed as non-trending volatility. Sovereign SASE owns the edge. Analysts' supply chain and AI worries met firm rebuttals; watch SASE mix and pricing yield for thesis durability.
Key Stats
Market Cap
63.19BP/E (TTM)
33.94Basic EPS (TTM)
2.43Dividend Yield
0%Recent Filings
10-K
FY2025 results
Fortinet drove FY2025 revenue to $6.80B, up 14% y/y, with product revenue accelerating 16% to $2.22B on secure networking strength while service revenue grew 13% to $4.58B, fueled by 14% security subscription gains. Q4 momentum shone through 12% deferred revenue growth to $7.12B and robust billings of $7.55B (derived), underscoring subscription stickiness amid firewall refresh cycles—yet product mix nudged gross margin flat at 80.5%. Operating income hit $2.08B (30.7% margin), up 16%, backed by $2.59B operating cash flow. Share repurchases totaled $2.29B; $996M debt matures 2026. Supply chain constraints risk Q4 execution.
8-K
Fortinet Q4 revenue up 15%
Fortinet crushed Q4 2025 with revenue up 15% to $1.91B and billings soaring 18% to $2.37B, fueled by 20% product growth and 40% Unified SASE billings surge. Full-year revenue hit $6.80B while GAAP margins held at 33%; board boosted buybacks by $1B to $10.25B total. Q1 revenue guides $1.70B-$1.76B. Strong cash flow persists.
10-Q
Q3 FY2025 results
Fortinet posted Q3 revenue of $1.72B, up 14% y/y, with product sales jumping 18% to $559M on secure networking strength while services grew 13% to $1.17B. Operating income hit $547M (31.7% margin, +0.5pp y/y), diluted EPS $0.62 (-12% y/y, reconciles to 761M shares). Cash from operations reached $1.97B YTD; free cash flow not disclosed in the 10-Q. Debt stands at $996M (1-2.2% Senior Notes due 2026/2031, no covenants). Aggressive buybacks trimmed shares 4% to 743M. Channel concentration persists.
8-K
Fortinet Q3 revenue up 14%
8-K
Fortinet expands buyback program
Fortinet's board boosted its share repurchase program by $1 billion on August 21, 2025, lifting the total authorization to $9.25 billion and extending the expiration to February 28, 2027. With $1.23 billion now available, the company can buy back shares via open market or private deals, guided by market conditions and business needs. Repurchases remain flexible, with no fixed commitments. This signals strong confidence in Fortinet's value amid volatile markets.
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