Fortinet reported strong growth and maintained leadership in key market segments. However, macroeconomic uncertainties and potential tariff impacts present challenges. Despite these concerns, the company's innovation and customer acquisition efforts remain strong.

Company Guidance -

Q3 2025

During the call, Fortinet provided guidance for the second quarter and full year of 2025. For the second quarter, the company expects billings between $1.685 billion and $1.765 billion, with a midpoint growth of 12%, and revenue between $1.59 billion and $1.65 billion, reflecting a midpoint growth of 13%. Non-GAAP gross margins are projected to be between 80% and 81%, with non-GAAP operating margins ranging from 31.5% to 32.5%. Earnings per share are anticipated to be between $0.58 and $0.60. For the full year, Fortinet expects billings to range from $7.2 billion to $7.4 billion, with revenue between $6.65 billion and $6.85 billion. The full-year guidance includes non-GAAP gross margins of 79% to 81% and non-GAAP operating margins of 31.5% to 33.5%. The company projects earnings per share to be between $2.43 and $2.49. Additionally, Fortinet plans infrastructure investments between $380 million and $430 million for the year, maintaining a non-GAAP tax rate of 18%. Despite challenges, Fortinet remains optimistic about achieving the rule of 45 for the sixth consecutive year.

Strong Revenue and Growth

Fortinet reported a revenue growth of 14% and a record first quarter operating margin of 34%. Free cash flow was also a record at $783 million, representing a margin of 51%.

Unified SASE and Secure Operations Growth

Unified SASE billings grew by 18% and account for 25% of the business, while AI-driven secure operations billings increased by 29%, accounting for 10% of the business.

Market Leadership in Multiple Segments

Fortinet maintained its position as the number one deployed firewall vendor worldwide and a leader in SD-WAN and OT security.

New Customer Acquisition

The company saw a 14% increase in new logos, with over 6,300 new customers, driven by channel partner investments.

Innovative Product Launch

Fortinet announced the FortiGate 700G series, a high-performance firewall for mid-size businesses and distributed enterprises.

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
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%
Aug 06, 2024	$55.81	$69.93	+25.30%

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.