Highlights

• Revenue grew 14% year over year to $1.72 billion
• Product revenue grew 18% year over year to $559.3 million
• Billings grew 14% year over year to $1.81 billion1
• Record third quarter GAAP operating margin of 32%
• Record third quarter Non-GAAP operating margin of 37%1

SUNNYVALE, Calif., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the third quarter ended September 30, 2025.

“We are pleased with our excellent third quarter results, driven by our leading innovation and customer-first culture resulting in broad-based demand for our solutions across organizations of all sizes,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “Building on our leadership in Firewall and SD-WAN through our unified FortiOS operating system, FortiSASE has quickly emerged as one of the fastest growing leaders in the SASE market. Fortinet has natively developed the key SASE functions, tightly integrating Next-Generation Firewall, SD-WAN, and SASE functionality into one unified ‘New Generation SASE Firewall’ solution, providing our customers with maximum flexibility to deploy security access at the edge and giving us a sustainable competitive advantage.”

Recent Business Highlights

• Recognized as a Leader in the inaugural 2025 Gartner® Magic Quadrant™ for Hybrid Mesh Firewall, ranking highest in ability to execute.
• FortiSASE is the fastest-growing SASE solution at scale, with third quarter billings increasing by over 100% year over year, driven by an easy migration path that allows existing SD-WAN customers to enable SASE in minutes.
• Launched the Secure AI Data Center solution, the industry’s first end-to-end framework designed specifically for AI workloads, delivering high-capacity connectivity and up to 69% lower energy consumption than alternative solutions.
• Achieved rapid adoption in AI add-on solutions, supported by continued R&D investment and more than 500 issued and pending AI patents, powering over 20 AI-driven solutions.
• Recognized as one of Newsweek’s Most Reliable Companies, ranking #16 out of 300 companies across all industries.

Guidance

For the fourth quarter of 2025, Fortinet currently expects:

• Revenue in the range of $1.825 billion to $1.885 billion
• Billings in the range of $2.185 billion to $2.285 billion
• Non-GAAP gross margin in the range of 79.0% to 80.0%
• Non-GAAP operating margin in the range of 34.5% to 35.5%
• Diluted non-GAAP net income per share in the range of $0.73 to $0.75, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 751 million to 755 million.

For the fiscal year 2025, Fortinet currently expects:

• Revenue in the range of $6.720 billion to $6.780 billion
• Service revenue in the range of $4.575 billion to $4.595 billion
• Billings in the range of $7.370 billion to $7.470 billion
• Non-GAAP gross margin in the range of 80.25% to 80.75%
• Non-GAAP operating margin in the range of 34.5% to 35.0%
• Diluted non-GAAP net income per share in the range of $2.66 to $2.70, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 764 million to 768 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, settlements of litigation related matters, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Fourth Quarter 2025 Conference Participation Schedule:

• Wells Fargo TMT Summit
  November 18, 2025

• UBS Global Technology and AI Conference
  December 2, 2025

• Nasdaq Investor Conference
  December 10, 2025

• Barclays Global Technology Conference
  December 11, 2025

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

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https://www.globenewswire.com/news-release/2025/11/05/3181940/0/en/Fortinet-Reports-Third-Quarter-2025-Financial-Results.html