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Fortinet FTNT Q1 2025 earnings

Reported May 7, 2025 · After market close

Revenue$1.5BBeat by $1.2M
EPS$0.58Beat by $0.05
Revenue estimate$1.5B
EPS estimate$0.53

Next report

Oct 28, 2026 (In 3 weeks)
Revenue estimate$2.1B
EPS estimate$0.86

Financials

Q1 2025

Income statement

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Revenue$1.5B+13.8%
Gross profit$1.2B+18.9%
Operating income$453.8M+41.3%
Net income$433.4M+44.8%
EPS (diluted)$0.56+43.6%

Balance sheet

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Cash & equivalents$3.6B+86.7%
Total debt$1.1B-0.6%
Total equity$2.0B+1,528%
Total assets$10.4B+35.8%

Cash flow

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Operating cash flow$863.3M+4.0%
CapEx$66.5M-70.0%
Free cash flow$796.8M+30.9%

Valuation & ratios

Valuation

as of 03/31/25
See full
Market cap$74.02B+42.1%
Enterprise value$71.5B+39.6%
P/E39.4×-4.0×
P/S12.1×+2.4×

Profitability

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Gross margin81.3%+4.2pp
Operating margin31.5%+7.6pp
Net margin30.6%+8.4pp
FCF margin33.7%+2.3pp

Returns & leverage

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Debt / equity0.5×—
Current ratio1.4×+0.2×

Segments

By geography

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EMEA$628.4M—
APAC$281.5M—
Other Americas$174.4M+16.3%

By product

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Security subscription$623.1M+16.1%
Technical support and other$457.5M+12.3%

By segment

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Reportable Segment$1.5B+13.8%

FAQ

When did Fortinet report Q1 2025 earnings?
Fortinet (FTNT) reported Q1 2025 earnings on May 7, 2025 after market close.
What were Fortinet's Q1 2025 revenue and EPS?
Fortinet reported revenue of $1.5B and eps of $0.58 for Q1 2025.
Did Fortinet beat estimates in Q1 2025?
Revenue beat the consensus estimate of $1.5B by $1.2M. EPS beat the consensus estimate of $0.53 by $0.05.
How did Fortinet's Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 13.8% from $1.4B a year earlier and eps grew 34.9% from $0.43.
Where can I find Fortinet's Q1 2025 SEC filings?
You can read the 8-K earnings release (0001262039-25-000014) and the 10-Q periodic report (0001262039-25-000017) directly on SEC EDGAR. The filing index links above go to sec.gov.