Fortinet (FTNT) Q4 2025 Earnings
How Did FTNT Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −2.07%.
Did FTNT Beat Earnings? Q4 2025 Results
Yes. Fortinet reported Q4 2025 earnings of $0.81 a share on Feb 5, 2026, beating the $0.74 consensus estimate by 9.0%. Revenue was $1.9B against a $1.9B estimate.
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.
- 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
What Was Fortinet's Outlook in Q4 2025?
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
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $1.9B | $1.7B | +14.8% |
| Gross Profit | $1.5B | $1.3B | +12.7% |
| Operating Income | $625.6M | $574.1M | +9.0% |
| Net Income | $506.0M | $526.2M | −3.8% |
FTNT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.