Summary
Fortinet, Inc. reported its financial results for the third quarter and first nine months of fiscal year 2025, demonstrating continued revenue growth and robust operating performance. Total revenue increased by 14% year-over-year for both the three and nine-month periods, reaching $1.72 billion and $4.89 billion, respectively. This growth was driven by increases in both product revenue (up 18% and 14%) and service revenue (up 13% and 14%), indicating strong demand across their cybersecurity offerings. Operationally, Fortinet saw improved profitability, with operating income increasing by 16% and 19% for the three and nine months ended September 30, 2025, respectively. The company also managed its expenses effectively, with operating expenses growing at a slower pace than revenue, leading to an expansion in operating margin. The company's financial position remains strong, supported by significant cash flows from operations and a substantial cash balance. Fortinet also continued its share repurchase program, repurchasing $2.23 billion of common stock in the first nine months of the year, underscoring its commitment to returning value to shareholders.
Financial Highlights
53 data points| Revenue | $1.72B |
| Cost of Revenue | $331.70M |
| Gross Profit | $1.39B |
| R&D Expenses | $202.40M |
| Operating Expenses | $845.90M |
| Operating Income | $547.30M |
| Net Income | $473.90M |
| EPS (Basic) | $0.63 |
| EPS (Diluted) | $0.62 |
| Shares Outstanding (Basic) | 755.50M |
| Shares Outstanding (Diluted) | 761.20M |
Key Highlights
- 1Total revenue grew 14% year-over-year to $1.72 billion for the three months ended September 30, 2025, and 14% to $4.89 billion for the nine months ended September 30, 2025.
- 2Product revenue increased by 18% year-over-year for the three-month period and 14% for the nine-month period.
- 3Service revenue also saw healthy growth, up 13% year-over-year for the three-month period and 14% for the nine-month period.
- 4Operating income rose 16% for the quarter and 19% for the nine months, reflecting improved operational leverage.
- 5Operating margin expanded to 31.7% for the quarter and 29.8% for the nine months, showing effective expense management relative to revenue growth.
- 6The company generated $1.97 billion in cash from operating activities for the first nine months of the year.
- 7Fortinet repurchased $2.23 billion of its common stock during the first nine months of 2025, indicating a strong return of capital to shareholders.