Companies /Technology

Fortinet Inc

NASDAQ: FTNT Software - Infrastructure
$156.29
▼ $0.07 (−0.04%) today
Markets closed · 9:29pm ET

Q3 2025 Earnings

Reported Nov 5, 2025, 4:09pm ET · SEC source
$0.74
Beat +16.90%
EPS · est. $0.63
$1.7B
Beat +1.18%
Revenue · est. $1.7B
+1.8%
Beating market
FTNT vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%+8%Nov 5Nov 6report 4:09pm ETearnings−0.8%+0.6%
−4%0+4%+8%Nov 5Nov 6earnings−0.8%+0.6%
FTNT +0.6%S&P 500 −0.8%
−4%0+4%+8%Nov 5Nov 6report 4:09pm ETearnings−1.6%+0.6%
−4%0+4%+8%Nov 5Nov 6earnings−1.6%+0.6%
FTNT +0.6%NASDAQ −1.6%
0+4%+8%+12%Nov 4Nov 13report 4:09pm ETearnings−0.8%+4.9%
0+4%+8%+12%Nov 4Nov 13earnings−0.8%+4.9%
FTNT +4.9%S&P 500 −0.8%
0+5%+10%Nov 4Nov 13report 4:09pm ETearnings−2.4%+4.9%
0+5%+10%Nov 4Nov 13earnings−2.4%+4.9%
FTNT +4.9%NASDAQ −2.4%
−6.34%
Day of report
+1.55%
Next session
+0.61%
One week
+3.68%
30 days

S&P 500 over the same 30 days: +1.90%.

Did FTNT Beat Earnings? Q3 2025 Results

Fortinet posted a convincing third-quarter beat, reporting non-GAAP diluted EPS of $0.74 against a consensus estimate of $0.633 — a 16.90% positive surprise — while revenue climbed 14.4% year over year to $1.72 billion, edging past the $1.70 billion Wall Street expected. The headline driver was a rare combination of margin expansion and accelerating top-line momentum: the company achieved a record third-quarter non-GAAP operating margin of 36.9%, even as product revenue surged 18% to $559.30 million and billings grew 14% to $1.81 billion. FortiSASE emerged as a particular bright spot, with billings more than doubling year over year, underscoring the company's convergence of networking and security under its unified FortiOS platform. Despite the strong results, <a href="https://247wallst.com/investing/2025/11/05/fortinet-shares-down-10-despite-reporting-strong-q3-financials/">shares fell sharply</a>, with investors weighing lingering concerns from prior quarters against forward guidance calling for Q4 revenue of $1.825 billion to $1.885 billion and full-year 2025 non-GAAP EPS of $2.66 to $2.70.

Key Takeaways
  • Broad-based demand for solutions across organizations of all sizes
  • Product revenue grew 18% year over year driven by firewall refresh cycle
  • FortiSASE billings grew over 100% year over year
  • Record third quarter GAAP operating margin of 31.7% and non-GAAP operating margin of 36.9%

“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.”

Fortinet CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Fortinet expects revenue of $1.825B–$1.885B, billings of $2.185B–$2.285B, non-GAAP gross margin of 79.0%–80.0%, non-GAAP operating margin of 34.5%–35.5%, and non-GAAP diluted EPS of $0.73–$0.75. For full-year 2025, the company expects revenue of $6.720B–$6.780B, service revenue of $4.575B–$4.595B, billings of $7.370B–$7.470B, non-GAAP gross margin of 80.25%–80.75%, non-GAAP operating margin of 34.5%–35.0%, and non-GAAP diluted EPS of $2.66–$2.70.

FTNT YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$500.0M$1.0B$1.5B$1.5B$1.7BRevenue$1.2B$1.4BGross Profit$470.9M$547.3MOperating Income$539.9M$473.9MNet Income
$0$500.0M$1.0B$1.5BRevenueGross ProfitOperating IncomeNet Income

FTNT Revenue by Segment

Service Revenue$1.2B
Product Revenue$559.3M+18.0%

Figures from SEC filings and company reports. Not investment advice.