August 7, 2025 – Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, has announced financial results for the second quarter ended June 30, 2025. 

Ken Xie, founder, chairman and chief executive officer of Fortinet, said, “Our strong second quarter performance and consistent track record of growth are a direct result of our continued innovation and customer-first strategy, enabling us to beat our billings guidance for the quarter and raise our full year billings outlook. We are the industry leader in network security, with the most deployed firewalls worldwide, a New-Generation SASE Firewall, and recognised leadership in the 2025 Gartner® Magic Quadrant™ for SASE Platforms. This recognition, along with our strong business momentum, financial outlook, innovation, and leadership across five separate network security Magic Quadrant™ reports, underscores the strength of our AI-driven security approach and the strategic advantage of our unified FortiOS operating system.” 

Recent market leadership highlights

• Recognised as a Leader in the 2025 Gartner® Magic Quadrant™ for SASE Platforms, #1 in the Critical Capabilities for SASE Platforms report for the Secure Branch Network Modernisation use case, and the only vendor in five different network security Magic Quadrant™ reports. 
• Expanded FortiCloud with three new natively integrated services: FortiIdentity, FortiDrive, and FortiConnect. 
• Recognised as the Overall Leader in the Westlands Advisory IT/OT Network Protection Platform Navigator 2025TM report for the third time in a row. 
• Named a Leader in the 2025 Gartner® Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure for the second year in a row. 
• Recognised as a Gartner Peer Insights™ Customers’ Choice for SD-WAN for the sixth consecutive year and for Endpoint Protection for the third consecutive year. 
• Crossed 1,400 issued patents worldwide, and over 500 issued and pending AI patents, driven by R&D investments. 

Guidance

For the third quarter of 2025, Fortinet currently expects: 

• Revenue in the range of US$1.670 billion to US$1.730 billion 
• Billings in the range of US$1.760 billion to US$1.840 billion 
• Non-GAAP gross margin in the range of 80.0 per cent to 81.0 per cent 
• Non-GAAP operating margin in the range of 32.5 per cent to 33.5 per cent 
• Diluted non-GAAP net income per share in the range of US$0.62 to US$0.64, assuming a non-GAAP effective tax rate of 18 per cent. This assumes a diluted share count of 772 million to 776 million. 

For the fiscal year 2025, Fortinet currently expects: 

• Revenue in the range of US$6.675 billion to US$6.825 billion 
• Service revenue in the range of US$4.550 billion to US$4.650 billion 
• Billings in the range of US$7.325 billion to US$7.475 billion 
• Non-GAAP gross margin in the range of 79.0 per cent to 81.0 per cent 
• Non-GAAP operating margin in the range of 32.0 per cent to 33.5 per cent 
• Diluted non-GAAP net income per share in the range of US$2.47 to US$2.53, assuming a non-GAAP effective tax rate of 18per cent. This assumes a diluted share count of 773 million to 777 million. 

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. 

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortisation of acquired intangible assets, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort. 

About Fortinet

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organisations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organisation, develops and utilises leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. 

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