Fortinet, Inc.'s Stock Analysis

Fortinet Increases Share Repurchase Program by $1 Billion

Fortinet's Board of Directors has authorized a $1 billion increase to its share repurchase program, bringing the total authorized amount to $9.25 billion. The program has also been extended to February 28, 2027, allowing for continued repurchases of common stock.

As of August 21, 2025, approximately $1.23 billion remains available for repurchase under this program. Fortinet may conduct these repurchases through various methods, including open market transactions, but is not obligated to buy back any specific amount of shares, and the program may be suspended at the company's discretion.

Aug 21, 2025 18:53:32

Fortinet Reports Q2 2025 Revenue Growth and Guidance Update

Fortinet, Inc. reported a revenue increase of 14% year over year, reaching $1.63 billion for the second quarter ended June 30, 2025. Billings also rose by 15% to $1.78 billion. The company experienced significant growth in its Unified SASE Annual Recurring Revenue (ARR), which was up 22%, and Security Operations ARR, which increased by 35%. The GAAP operating margin stood at 28%, while the non-GAAP operating margin was reported at 33%. As a result of this performance, Fortinet raised its full-year billings guidance midpoint by $100 million.

For the upcoming third quarter of 2025, Fortinet anticipates revenue between $1.670 billion and $1.730 billion, and billings in the range of $1.760 billion to $1.840 billion. The company expects a non-GAAP gross margin of 80.0% to 81.0% and a non-GAAP operating margin of 32.5% to 33.5%. For the full fiscal year 2025, revenue is projected to be between $6.675 billion and $6.825 billion, with service revenue expected to be between $4.550 billion and $4.650 billion. The diluted non-GAAP net income per share is estimated to be in the range of $2.47 to $2.53.

Aug 06, 2025 16:11:37

Fortinet Reports Q1 2025 Revenue Growth and Record Cash Flow

Fortinet announced its financial results for the first quarter of 2025, reporting total revenue of $1.54 billion, which represents a 14% increase year over year. Product revenue also saw growth, reaching $459 million, up 12% from the previous year. The company recorded billings of $1.60 billion, marking a 14% year-over-year increase. Additionally, Fortinet achieved a record GAAP operating margin of 29% and a non-GAAP operating margin of 34%. Cash flow from operations reached a record $863 million, with free cash flow reported at $783 million for the quarter.

The company's annual recurring revenue (ARR) for Unified SASE increased by 26%, while Security Operations ARR rose by 30% compared to the same period last year. As of March 31, 2025, Fortinet's remaining performance obligations stood at $6.49 billion, indicating an 11.7% increase year over year. The company expects to recognize approximately $3.38 billion as revenue over the next 12 months. Fortinet provided guidance for the second quarter of 2025, anticipating revenue between $1.590 billion and $1.650 billion and billings in the range of $1.685 billion to $1.765 billion.

May 07, 2025 16:11:27

Fortinet Reports $1.66 Billion Revenue for Q4 2024

Fortinet announced a total revenue of $1.66 billion for the fourth quarter of 2024, marking a 17% increase compared to the same period last year. The company achieved record operating margins, with a GAAP operating margin of 35% and a non-GAAP operating margin of 39%. Additionally, Fortinet's cash flow from operations reached $477.6 million, significantly higher than the previous year's $191.7 million. The company also ranked #7 on Forbes' Most Trusted Companies in America list for 2025, highlighting its reputation in the cybersecurity sector.

Despite the positive revenue growth, Fortinet experienced a slight decline in product revenue for the full year 2024, which decreased by 1% to $1.91 billion. Billings for the year showed modest growth of only 2.1%, totaling $6.53 billion, indicating potential challenges in sales execution. Furthermore, the company reported a decrease in diluted net income per share for 2024 compared to the previous year, with diluted net income per share at $2.26, down from $1.46 in 2023. These factors suggest some pressure on the company's overall financial performance amidst its growth efforts.

Feb 06, 2025 16:09:58

Fortinet Appoints Janet Napolitano to Board of Directors

Fortinet has appointed Janet Napolitano to its board of directors, enhancing its expertise in national security and public policy. Her background as a former U.S. Secretary of Homeland Security is expected to bolster Fortinet's initiatives in cybersecurity and collaboration with government entities, particularly in relation to the Secure by Design Pledge and partnerships with organizations like NATO and INTERPOL.

While the addition of Napolitano is seen as a strategic move to strengthen Fortinet's position in the cybersecurity landscape, the press release does not address any current challenges or concerns facing the company. There is no mention of financial performance or market conditions, leaving potential investors without insights into the company's economic status.

Nov 12, 2024 16:21:39

Fortinet Reports $1.51 Billion Revenue for Q3 2024

Fortinet's third quarter financial results showed notable growth, with total revenue increasing by 13% year over year to $1.51 billion. Service revenue saw a significant rise of 19%, and the company achieved record GAAP and non-GAAP operating margins of 31.2% and 36.1%, respectively. Additionally, cash flow from operations reached $608 million, and free cash flow was reported at $572 million. The company also announced an increase in its share repurchase authorization by $1 billion, bringing the total remaining authorization to $2 billion.

However, the product revenue growth was modest at just 1.7%, indicating potential challenges in that area. While total billings grew by 6.1%, the slower pace compared to service revenue growth may raise concerns about future product demand. Furthermore, the diluted net income per share increased to $0.70, but this was based on a reduced number of shares outstanding, which might mask underlying performance issues. Overall, while Fortinet demonstrated strong operational metrics, the mixed results in product revenue growth and billings could warrant further scrutiny.

Nov 07, 2024 16:10:36

Fortinet Achieves Record Margins and Revenue Growth in Q2

Fortinet reported strong Q2 2024 results with total revenue of $1.43 billion, up 11% year-over-year. Both GAAP and non-GAAP operating margins reached record highs, reflecting effective growth and profitability strategies. Service revenue surged by 20%, although product revenue declined slightly. The company raised its revenue guidance for 2024, signaling confidence in continued growth, particularly in Unified SASE and Security Operations markets. However, cash flow from operations decreased compared to the previous year.

Aug 06, 2024 16:07:39

Fortinet Q1 2024 Financial Results and Projections

Fortinet reports $1.35 billion revenue, up 7% YoY, with strong service revenue growth of 24%. GAAP operating margin at 23.7%. Cash flow from operations at $830 million. Free cash flow at $609 million. Company expects revenue of $1.375-1.435 billion for Q2 2024 and $5.745-5.845 billion for fiscal year 2024. Positive outlook with focus on Unified SASE and Security Operations markets, despite a decrease in product revenue.

May 02, 2024 16:09:48

Maggie Wilderotter Joins Fortinet Board of Directors

Maggie Wilderotter, a tech industry leader, joins Fortinet's board of directors, bringing vast experience from over 30 public companies. Her appointment aims to enhance strategic decisions and drive growth. Fortinet, a global cybersecurity leader, values her insights and leadership skills. Wilderotter's background in leading Fortune 500 corporations and tech sectors adds depth to the board. Her transition from the Fortinet Strategic Advisory Council to a board member signifies a strategic move. Fortinet's commitment to innovation and global execution aligns with Wilderotter's vision for future success.

Feb 23, 2024 16:26:03

Fortinet Reports Strong Financial Results for Q4 and Full Year 2023

Fortinet's Q4 2023 revenue increased by 10.3% year over year, with a 44% growth in Security Operations billings. Full year 2023 total revenue rose by 20%, with service revenue up by 28%. The company's GAAP operating income and non-GAAP operating income showed significant year-over-year increases. Cash flow from operations and free cash flow also increased. Fortinet's share repurchase program remains robust, with a $500 million increase authorized in January 2024.

Feb 06, 2024 16:10:36