Fortinet reported fourth quarter 2025 revenue of $1.91 billion, a 15% year-over-year growth. Product revenue rose by 20% to $691 million, with billings increasing by 18% to $2.37 billion. Full year 2025 revenue grew by 14% to $6.80 billion, with billings reaching $7.55 billion. GAAP operating margin was at 33%, and non-GAAP operating margin at 37%.

In sunnyvale, California, Fortinet’s Founder, Chairman, and CEO, Ken Xie, expressed satisfaction with the strong fourth quarter performance driven by broad demand. The company is focusing on Unified SASE and Security Operations markets, with a 55% unit market share in firewalls. Recent business highlights include collaboration with NVIDIA, Gartner Peer Insights award, and recognition by Google as a Unified Security Recommended partner.

Fortinet expanded its share repurchase program by $1.0 billion, totaling $10.25 billion through February 2027. The company retains $1.38 billion for repurchases. For the first quarter of 2026, Fortinet expects revenue between $1.70 billion to $1.76 billion, with billings from $1.77 billion to $1.87 billion. Full fiscal year 2026 revenue is projected to be between $7.50 billion to $7.70 billion. Non-GAAP diluted net income per share is estimated at $0.59 to $0.63 for Q1 2026 and $2.94 to $3.00 for fiscal year 2026.

Fortinet will host a conference call today at 1:30 p.m. Pacific Time to discuss earnings results. The company’s management team is scheduled to present at various conferences in February and March. Fortinet’s financial information includes non-GAAP measures like billings, free cash flow, and adjusted free cash flow to provide additional insights for investors. Non-GAAP financial measures exclude certain items for a clearer view of operating results.

Read more at GlobeNewswire: Fortinet Reports Strong Fourth Quarter and Full Year 2025