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Mar 31, 2025
Fortinet Q1 2025 Earnings Report
Fortinet posted strong Q1 results with record margins and solid cash flow growth.
Key Takeaways
Fortinet delivered a robust Q1 performance with double-digit revenue and billings growth, record non-GAAP operating margin, and strong free cash flow.
Revenue by Segment
Forward Guidance
Fortinet expects continued growth in revenue and billings in Q2 2025, driven by strong demand across product lines.
Positive Outlook
- Q2 revenue expected between $1.59B and $1.65B
- Q2 billings expected between $1.685B and $1.765B
- Q2 non-GAAP EPS guidance of $0.58 to $0.60
- Strong expected non-GAAP operating margin range of 31.5% to 32.5%
- Full-year revenue expected to reach up to $6.85B
Challenges Ahead
- Macroeconomic risks may impact IT spending
- Prolonged sales cycles for large enterprise deals
- Ongoing geopolitical tensions and supply chain challenges
- Inflation and interest rate effects could affect demand
- Execution risk in integrating recent acquisitions like Linksys
Historical Earnings Impact
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Avg. Return Before/After Earnings
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