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Dec 31, 2025
Fortinet Q4 2025 Earnings Report
Fortinet reported strong fourth quarter and full year 2025 financial results.
Key Takeaways
Fortinet concluded 2025 with a strong fourth quarter, exceeding guidance on billings due to broad-based demand. The company demonstrated significant growth in revenue and billings, particularly in Unified SASE and Security Operations markets, while maintaining strong operating margins and free cash flow.
Fourth quarter 2025 revenue increased by 15% year over year to $1.91 billion.
Product revenue for Q4 2025 grew 20% year over year to $691 million.
Total billings for Q4 2025 rose by 18% to $2.37 billion, surpassing the high end of guidance.
Unified SASE billings showed robust growth of 40% in the fourth quarter.
Revenue by Segment
Forward Guidance
Fortinet provided guidance for the first quarter and full fiscal year 2026, anticipating continued revenue and billings growth, along with healthy operating margins and diluted non-GAAP net income per share.
Positive Outlook
- Q1 2026 revenue is projected to be between $1.700 billion and $1.760 billion.
- Q1 2026 billings are expected to range from $1.770 billion to $1.870 billion.
- Q1 2026 non-GAAP operating margin is forecasted to be between 30.0% and 32.0%.
- FY 2026 revenue is projected to be between $7.500 billion and $7.700 billion.
- FY 2026 billings are expected to range from $8.400 billion to $8.600 billion.
Challenges Ahead
- Q1 2026 non-GAAP operating margin guidance (30.0%-32.0%) is slightly lower than Q4 2025 actual (37.3%).
- The diluted non-GAAP net income per share for Q1 2026 ($0.59-$0.63) is lower than Q4 2025 actual ($0.81).
- The non-GAAP effective tax rate for guidance is 18%, which may impact net income calculations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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