Fortinet, Inc. earnings

Fortinet closed its fiscal 2026 second quarter with broad top-line momentum. Revenue rose 25.6% to $2.05 billion. Billings, a non-GAAP metric, grew 33% to $2.37 billion.

Fortinet opened fiscal 2026 with first quarter revenue of $1.85 billion, up 20.1% from the prior-year quarter. Product revenue grew 41% year over year and service revenue grew 11%, which pulled hardware back toward the center of the story after several quarters of service-led growth.

Fortinet closed fiscal 2025 with fourth quarter revenue of $1.90 billion, up 14.8% from the prior year quarter. Billings reached $2.37 billion, up 18%. The top line held up, but profitability slipped.

Fortinet closed the third quarter of fiscal 2025 with $1.72 billion in revenue, up 14.4% from the prior-year quarter. Product revenue did the heavier lifting, rising 18% to $559.3 million, while service revenue grew 13% to $1.17 billion.

Fortinet reported second quarter fiscal 2025 revenue of $1.63 billion, up 14% year over year. Gross profit was $1.32 billion, up 13.4%. Operating income reached $458.0 million, up 4.8%. Net income was $440.1 million, up 15.9%. Diluted earnings per share were $0.57, up 16.3%.

Fortinet started fiscal 2025 with broad-based growth and sharply higher profitability. Total revenue was $1.54 billion in the first quarter of 2025, up 13.8% year over year. Gross profit was $1.25 billion, up 18.9%. Operating income was $453.8 million, up 41.3%. Net income was $433.4 million, up 44.8%.

Fortinet closed fiscal 2024 with fourth quarter total revenue of $1.66 billion, up 17.3% year over year, and full year revenue of $5.96 billion, up 12.3%. Gross profit was $1.35 billion in the quarter, up 22.4%, and $4.80 billion for the full year, up 18.0%.

Fortinet reported FY2024 Q3 revenue of $1.51 billion, up 13.0% from the prior-year quarter. Year-to-date revenue was $4.30 billion, up 10.4%. Gross profit was $1.24 billion for the quarter, up 22.4%, and gross margin was 82.5%, up 6.3 percentage points.

Fortinet's second quarter of fiscal 2024 showed a widening split between revenue growth and profitability. Total revenue was $1.43 billion, up 10.9% from the prior-year quarter. Gross profit rose to $1.16 billion, up 16.3%, and gross margin reached 80.8%, up 3.7 percentage points.

Fortinet's first quarter of fiscal 2024 delivered higher revenue and profit, but the mix and billings told a more uneven story. Total revenue rose 7.2% to $1.35 billion. Gross profit increased 9.9% to $1.05 billion, and gross margin expanded 1.9 percentage points to 77.5%.

Fortinet reported fourth quarter revenue of $1.42 billion, up 10.3% year over year. Full year revenue reached $5.30 billion, up 20.1%. Gross profit was $1.10 billion for the quarter, up 11.5%, and full year gross profit was $4.07 billion, up 22.1%.

Fortinet's fiscal 2023 third quarter shows a business shifting its center of gravity.

Fortinet's fiscal 2023 second quarter revenue was $1.29 billion, up 25.5% from the prior-year quarter. Gross profit was $997.0 million, up 27.9%. Operating income was $279.0 million, up 42.9%. Net income was $266.3 million, up 53.5%. Diluted EPS was $0.33, up 57.1%. Gross margin was 77.1%, up 1.5 percentage points.

Fortinet's first quarter of fiscal 2023 showed broad growth across the income statement. Revenue rose 32.2% year over year to $1.26 billion. Gross profit rose 36.2% to $954.5 million, and gross margin expanded 2.2 percentage points to 75.6%.

Fortinet reported fourth-quarter revenue of $1.28 billion, up 33.1% from the prior-year quarter. Billings reached $1.72 billion, up 31.6%. For the full year, revenue was $4.42 billion, up 32.2%, and billings were $5.59 billion, up 33.8%.

Fortinet's third quarter of fiscal 2022 showed broad growth across revenue, billings and profitability. Total revenue was $1.15 billion, up 32.6% from $867.2 million in the prior-year quarter. Billings were $1.41 billion, up 32.6%. Remaining performance obligations were $4.21 billion, up 35.4% from $3.11 billion.

Fortinet reported total revenue of $1.03 billion for the second quarter of 2022, up 28.6% from $801.1 million in the same quarter of 2021. Product revenue grew 34.3% and service revenue grew 25.2%. Bookings of $1.38 billion rose 42.1%, and billings of $1.30 billion rose 35.7%.

Fortinet closed the first quarter of fiscal 2022 with total revenue of $954.8 million, up 34.4% from the prior-year quarter. Gross profit was $701.0 million, up 26.6%. Operating income was $151.0 million, up 24.2%. Net income was $138.4 million, up 29.1%. Diluted EPS was $0.84, up $0.20 or 31.2%.

Fortinet's fourth quarter of fiscal 2021 produced revenue of $963.6 million, up 28.8% from the prior-year quarter. Full year revenue reached $3.34 billion, also up 28.8% from fiscal 2020. Gross profit was $735.3 million for the quarter, up 26.6%, and $2.56 billion for the year, up 26.4%.

Fortinet's fiscal third quarter results landed with strong top-line growth and solid profitability. Total revenue was $867.2 million, up 33.2% from the prior-year quarter. Gross profit was $656.0 million, up 28.2%. Operating income was $166.4 million, up 31.1%. Net income was $163.1 million, up 32.2%.

Fortinet's FY2021 Q2 revenue was $801.1 million, up 29.7% from the prior-year quarter. Gross profit was $614.2 million, up 27.3%. Operating income reached $147.5 million, up 24.2%. Net income was $137.5 million, up 20.8%, and diluted EPS was $0.82, up 18.8%.

Fortinet opened fiscal 2021 with total revenue of $710.3 million in the first quarter, up 23% from $577.7 million in the same quarter a year earlier. Product revenue of $240.7 million rose 25%, and service revenue of $469.6 million rose 22%.