The earnings call presented a generally positive outlook with strong growth in key areas such as Unified SASE, SecOps, and large enterprise deals, alongside recognition in industry rankings. However, there are challenges with decelerating service revenue growth and a decline in operating margin.

Company Guidance

During the second quarter of 2025 earnings call, Fortinet provided guidance for the third quarter, projecting billings between USD 1.76 billion and USD 1.84 billion, marking a midpoint growth of 14%. The revenue forecast stands between USD 1.67 billion and USD 1.73 billion, reflecting a 13% growth at the midpoint. They anticipate a non-GAAP gross margin of 80% to 81% and a non-GAAP operating margin of 32.5% to 33.5%. Earnings per share are expected to range from $0.62 to $0.64. For the full year, Fortinet increased the midpoint of their billings guidance by $100 million, now expecting between USD 7.325 billion and USD 7.475 billion, representing a 13% growth. They maintained the total revenue outlook, shifting $50 million from service to product revenue, with a non-GAAP operating margin guidance midpoint slightly increased. The company aims to achieve the Rule of 45 for the sixth consecutive year.

Strong Financial Performance

Fortinet exceeded its billing and operating margin guidance for Q2 2025, with total billings growing by 15% to $1.78 billion and revenue growing by 14% to $1.63 billion. The non-GAAP operating margin was a robust 33%.

Unified SASE and SecOps Growth

Unified SASE and SecOps had significant growth, with billings for Unified SASE increasing by 21% and SecOps by 31%. These segments now account for a combined 35% of total billings.

Expansion in Large Enterprises

The number of deals greater than $1 million increased by 29%, and the total dollar value of these deals grew by 51%.

Recognition and Leadership

Fortinet was named a leader in the 2025 Gartner Magic Quadrant for SASE platform and recognized in five different network security Magic Quadrants.

AI and Innovation

Fortinet continues to invest in AI, holding over 500 AI patents. New AI-driven security solutions like FortiAI-Protect and FortiAI-Assist are contributing to growth.

Fortinet (FTNT) Earnings, Revenues Date & History

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FTNT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	0.63 / -	0.63	―	―	―
Aug 06, 2025	2025 (Q2)	0.59 / 0.64	0.57	12.28% (+0.07)
May 07, 2025	2025 (Q1)	0.53 / 0.58	0.43	34.88% (+0.15)
Feb 06, 2025	2024 (Q4)	0.61 / 0.74	0.51	45.10% (+0.23)
Nov 07, 2024	2024 (Q3)	0.52 / 0.63	0.41	53.66% (+0.22)
Aug 06, 2024	2024 (Q2)	0.41 / 0.57	0.38	50.00% (+0.19)
May 02, 2024	2024 (Q1)	0.38 / 0.43	0.34	26.47% (+0.09)
Feb 06, 2024	2023 (Q4)	0.43 / 0.51	0.44	15.91% (+0.07)
Nov 02, 2023	2023 (Q3)	0.36 / 0.41	0.33	24.24% (+0.08)
Aug 03, 2023	2023 (Q2)	0.34 / 0.38	0.24	58.33% (+0.14)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FTNT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$96.58	$75.30	-22.03%
May 07, 2025	$106.72	$97.74	-8.41%
Feb 06, 2025	$104.72	$107.66	+2.81%
Nov 07, 2024	$83.68	$92.04	+9.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.