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Dec 31, 2022
Fortinet Q4 2022 Earnings Report
Reported fourth quarter and full year financial results, demonstrating robust revenue growth and profitability.
Key Takeaways
Fortinet reported strong Q4 2022 results with a 33% increase in total revenue to $1.28 billion. The company's GAAP net income was $313.8 million, and free cash flow reached $497.2 million. For the full year 2022, revenue grew by 32% to $4.42 billion, with a GAAP net income of $857.3 million.
Total revenue increased by 33% year-over-year to $1.28 billion.
Product revenue grew by 43% year-over-year to $540.1 million.
Service revenue increased by 27% year-over-year to $742.9 million.
GAAP operating income increased by 66% year-over-year to $357.8 million.
Fortinet
Fortinet
Fortinet Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
For the first quarter of 2023, Fortinet expects revenue in the range of $1.180 billion to $1.220 billion and billings in the range of $1.415 billion to $1.465 billion. For the fiscal year 2023, the company expects revenue in the range of $5.370 billion to $5.430 billion and service revenue in the range of $3.335 billion to $3.365 billion.
Positive Outlook
- Revenue in the range of $1.180 billion to $1.220 billion for Q1 2023
- Billings in the range of $1.415 billion to $1.465 billion for Q1 2023
- Non-GAAP gross margin in the range of 75.0% to 76.0% for Q1 2023
- Non-GAAP operating margin in the range of 23.0% to 24.0% for Q1 2023
- Diluted non-GAAP net income per share in the range of $0.27 to $0.29 for Q1 2023