Companies /Technology

Fortinet Inc

NASDAQ: FTNT Software - Infrastructure
$156.29
▼ $0.07 (−0.04%) today
Markets closed · 2:24am ET

Q4 2025 Earnings

Reported Feb 5, 2026, 4:07pm ET · SEC source
$0.81
Beat +8.96%
EPS · est. $0.74
$1.9B
Beat +2.37%
Revenue · est. $1.9B
+2.9%
Beating market
FTNT vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Feb 5Feb 6report 4:07pm ETearnings+2.1%−3.5%
−8%−4%0Feb 5Feb 6earnings+2.1%−3.5%
FTNT −3.5%S&P 500 +2.1%
−8%−4%0Feb 5Feb 6report 4:07pm ETearnings+2.3%−3.5%
−8%−4%0Feb 5Feb 6earnings+2.3%−3.5%
FTNT −3.5%NASDAQ +2.3%
−4%0+4%Feb 4Feb 13report 4:07pm ETearnings+1.0%+3.1%
−4%0+4%Feb 4Feb 13earnings+1.0%+3.1%
FTNT +3.1%S&P 500 +1.0%
−4%0+4%Feb 4Feb 13report 4:07pm ETearnings+1.6%+3.1%
−4%0+4%Feb 4Feb 13earnings+1.6%+3.1%
FTNT +3.1%NASDAQ +1.6%
+4.85%
Day of report
+3.83%
Next session
+3.38%
One week
+0.87%
30 days

S&P 500 over the same 30 days: −2.07%.

Did FTNT Beat Earnings? Q4 2025 Results

Fortinet closed out fiscal 2025 on a strong note, posting Q4 revenue of $1.91 billion — up 14.8% year over year — and non-GAAP diluted EPS of $0.81, ahead of the $0.74 consensus estimate by 9.46%, as broad-based demand across its cybersecurity portfolio drove results above Wall Street's expectations. The quarter's standout driver was non-GAAP billings, which reached $2.37 billion, an 18% jump that cleared the high end of management's own guidance, while Unified SASE billings surged 40% as enterprises increasingly consolidated network and security functions onto Fortinet's single FortiOS platform. <a href="https://247wallst.com/investing/2026/02/25/fortinet-is-down-28-ytd-but-its-free-cash-flow-just-hit-a-record-2-21-billion/">free cash flow hit a record</a> $2.21 billion for the full year, a 32.5% margin that underscores the durability of the company's business model. Despite a post-earnings downgrade from at least one analyst on valuation grounds, management issued confident forward guidance, targeting full-year 2026 revenue of $7.50 billion to $7.70 billion and non-GAAP EPS of $2.94 to $3.00, implying continued mid-teens growth.

Key Takeaways
  • Broad-based demand across the portfolio drove billings above high end of guidance
  • Product revenue grew 20% year over year to $691M in Q4
  • Unified SASE billings grew 40% in Q4
  • Unified SASE & SecOps billings grew 24% for full year 2025
  • #1 firewall leader with 55% unit market share
  • Exceeded the Rule of 45 for the sixth consecutive year

“We are pleased with our strong finish to the year, highlighted by an excellent fourth quarter driven by broad-based demand across our portfolio, which drove billings above the high end of our guidance.”

Fortinet CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2026, Fortinet expects revenue of $1.700B–$1.760B, billings of $1.770B–$1.870B, non-GAAP gross margin of 80.0%–81.0%, non-GAAP operating margin of 30.0%–32.0%, and non-GAAP diluted EPS of $0.59–$0.63 (assuming 18% non-GAAP tax rate and 746M–750M diluted shares). For full year 2026, the company expects revenue of $7.500B–$7.700B, service revenue of $5.050B–$5.150B, billings of $8.400B–$8.600B, non-GAAP gross margin of 79.0%–81.0%, non-GAAP operating margin of 33.0%–36.0%, and non-GAAP diluted EPS of $2.94–$3.00 (assuming 18% non-GAAP tax rate and 747M–753M diluted shares).

FTNT YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$600.0M$1.2B$1.8B$1.7B$1.9BRevenue$1.3B$1.5BGross Profit$574.1M$625.6MOperating Income$526.2M$506.0MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

FTNT Revenue by Segment

Service Revenue$1.2B
Product Revenue$691.1M+20.0%

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