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Fortinet, Inc. 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 5, 2026
Period End
February 5, 2026
Security
FTNT
In the record · 2016–202610-K1210-Q328-K91

FTNT filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 91 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · May ’22May ’22
  2. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Fortinet reported a strong close to 2025, with fourth-quarter revenue up 15% year over year to $1.91 billiona, product revenue up 20% to $691 million, and billings up 18% to $2.37 billion.

Unified SASE billings grew 40% in the quarter. For the full year, revenue rose 14% to $6.80 billionb, billings grew 16% to $7.55 billion, and free cash flow reached $2.21 billion. GAAP operating margin was 33% in Q4 and 31% for the year, while non-GAAP operating margin was 37% in Q4 and 35% for the year.

Management said Fortinet exceeded the 'Rule of 45' for the sixth consecutive year. Fortinet guided 2026 revenue to $7.50 billion to $7.70 billionc, implying roughly 10% to 13% growth, and billings to $8.40 billion to $8.60 billion. Non-GAAP operating margin guidance of 33% to 36% for the full year is at or above the 2025 level.

First-quarter revenue guidance of $1.70 billion to $1.76 billiond sits below the fourth-quarter run rate, which is typical seasonality for the company and should be weighed against the full-year outlook. Non-GAAP diluted EPS guidance for 2026 is $2.94 to $3.00, compared with $2.76 in 2025. The board also raised the share repurchase authorization by $1.0 billion, bringing the aggregate authorization to $10.25 billion through February 28, 2027, with about $1.38 billion remaining as of February 4, 2026.

Capital returns were heavy in 2025, with $2.29 billion of stock repurchases. Cash and investments declined to about $3.92 billion, while total debt stood near $996 million. Investors should note that the results are furnished under Item 2.02 and are not deemed filed under the Exchange Act.

02—Key points

Key Highlights

  1. Q4 2025 revenue grew 15% year over year to $1.91 billion, with product revenue up 20% to $691 million.
  2. Q4 2025 billings rose 18% to $2.37 billion, and Unified SASE billings grew 40%, signaling strong demand.
  3. Full-year 2025 revenue was $6.80 billion (up 14%), free cash flow was $2.21 billion, and non-GAAP operating margin was 35%.
  4. 2026 guidance calls for revenue of $7.50–$7.70 billion and billings of $8.40–$8.60 billion, with non-GAAP operating margin of 33%–36%.
  5. Q1 2026 revenue guidance of $1.70–$1.76 billion is below the Q4 2025 level, consistent with seasonal patterns.
  6. The board increased the share repurchase authorization by $1.0 billion to $10.25 billion total through February 28, 2027.
  7. GAAP net income for 2025 was $1.85 billion, or $2.42 diluted EPS, versus non-GAAP diluted EPS of $2.76.

03—Questions

Frequently Asked Questions

  1. How did Fortinet's billings and revenue trend in the fourth quarter of 2025?

    Revenue grew 15% to $1.91 billion and billings grew 18% to $2.37 billion. Management said billings came in above the high end of guidance, driven by broad-based demand across the portfolio.

  2. What is the outlook for 2026?

    Fortinet expects 2026 revenue of $7.50–$7.70 billion, billings of $8.40–$8.60 billion, non-GAAP operating margin of 33%–36%, and non-GAAP diluted EPS of $2.94–$3.00.

  3. How much capital is Fortinet returning to shareholders?

    In 2025 Fortinet repurchased $2.29 billion of stock. The board added $1.0 billion to the repurchase program, for an aggregate authorization of up to $10.25 billion through February 28, 2027, with about $1.38 billion available as of February 4, 2026.

  4. What is the difference between GAAP and non-GAAP results?

    Non-GAAP results exclude stock-based compensation, amortization of acquired intangibles, litigation-related items, and gains on intellectual property matters, and apply an 18% non-GAAP tax rate. For 2025, GAAP diluted EPS was $2.42 versus non-GAAP diluted EPS of $2.76, and GAAP operating margin was 31% versus non-GAAP 35%.

  5. Is the press release information filed with the SEC?

    The earnings press release is furnished as Exhibit 99.1 under Item 2.02 and is not deemed filed for purposes of Section 18 of the Exchange Act, so it is not incorporated by reference into other filings unless specifically referenced.

04—Continue

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