The earnings call highlighted strong financial performance and growth in key areas such as unified SaaS and secure operations, alongside record operating margins. However, concerns about weaker billings guidance and geopolitical uncertainties, including potential tariff impacts, added caution to the outlook.

Company Guidance

During the Fortinet fourth quarter 2024 earnings call, the company provided guidance for the first quarter and full year of 2025, highlighting several key metrics. For the first quarter of 2025, Fortinet projected billings in the range of $1.52 billion to $1.6 billion, representing 11% growth at the midpoint, and revenue between $1.5 billion and $1.56 billion, also indicating 13% growth at the midpoint. Additionally, they anticipated non-GAAP gross margins of 80% to 81% and operating margins between 30% and 31%. For the full year 2025, Fortinet expected billings to reach $7.2 billion to $7.4 billion, with revenue forecasted at $6.65 billion to $6.85 billion, both reflecting 12% and 13% growth, respectively. Other projections included a service revenue range of $4.575 billion to $4.725 billion, a non-GAAP tax rate of 18%, and infrastructure investments amounting to $380 million to $430 million. The company also noted that recent acquisitions were expected to increase billings and revenue growth by approximately 125 basis points for the full year, while reducing operating margins by around 50 basis points.

Record Operating Margin Achieved

Fortinet achieved a record operating margin of 39% in Q4 2024, reflecting strong execution and financial performance.

Total Revenue and Product Revenue Growth

Total revenue grew by 17% with product revenue increasing by 18%, marking the highest growth rate in six quarters.

Strong Performance in Unified SaaS and Secure Operations

Unified SaaS billing growth reached 13%, accounting for 23% of the business, while AI-driven secure operations accounted for 11% of total billings, with ARR growing 32%.

Recognition as a Trusted Company

Fortinet was recognized on Forbes' most trusted company list, ranked number seven overall and the only cybersecurity company in the top fifty.

Significant Fourth-Quarter Wins

Notable seven-figure deals were secured with healthcare providers and Fortune 500 companies, highlighting strategic inclusion of Fortinet's solutions like FortiSASE and SD-WAN.

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Fortinet (FTNT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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FTNT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 01, 2025	2025 (Q1)	0.53 / -	0.43	―	―	―
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)
May 04, 2023	2023 (Q1)	0.29 / 0.34	0.188	80.85% (+0.15)
Feb 07, 2023	2022 (Q4)	0.39 / 0.44	0.246	78.86% (+0.19)

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

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FTNT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 06, 2025	$104.72	$107.66	+2.81%
Nov 07, 2024	$83.68	$92.04	+9.99%
Aug 06, 2024	$55.81	$69.93	+25.30%
May 02, 2024	$65.20	$58.88	-9.69%

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.

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