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Fortinet FTNT Q4 2025 Annual earnings

Reported February 5, 2026 · After market close

Revenue$1.9BBeat by $45.3M
EPS$0.81Beat by $0.07
Revenue estimate$1.9B
EPS estimate$0.74

Next report

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

Financials

Q4 2025

Income statement

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Revenue$1.9B+14.8%
Gross profit$1.5B+12.6%
Operating income$625.6M+9.0%
Net income$506.0M-3.8%
EPS (diluted)$0.67-1.5%

Balance sheet

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Cash & equivalents$2.5B-13.2%
Total debt$1.1B-1.1%
Total equity$1.2B-17.2%
Total assets$10.4B+6.4%

Cash flow

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Operating cash flow$620.2M+29.9%
CapEx$42.8M-56.1%
Free cash flow$577.4M+51.9%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$59.05B-18.5%
Enterprise value$57.62B-18.4%
P/E31.9×-9.6×
P/S8.7×-3.5×

Profitability

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Gross margin80.5%-0.1pp
Operating margin30.7%+0.4pp
Net margin27.3%-2.0pp
FCF margin32.7%+1.2pp

Returns & leverage

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Return on equity135.7%—
Debt / equity0.9×+0.1×
Current ratio1.2×-0.3×

Segments

By geography

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EMEA$708.6M—
APAC$316.2M—
Other Americas$216.8M+17.3%

By product

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Security subscription$693.7M+10.9%
Technical support and other$520.2M+12.9%

By segment

See full
Reportable Segment$1.9B+14.8%

FAQ

When did Fortinet report Q4 2025 earnings?
Fortinet (FTNT) reported Q4 2025 earnings on February 5, 2026 after market close.
What were Fortinet's Q4 2025 revenue and EPS?
Fortinet reported revenue of $1.9B and eps of $0.81 for Q4 2025.
Did Fortinet beat estimates in Q4 2025?
Revenue beat the consensus estimate of $1.9B by $45.3M. EPS beat the consensus estimate of $0.74 by $0.07.
How did Fortinet's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 14.8% from $1.7B a year earlier and eps grew 9.5% from $0.74.
Where can I find Fortinet's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001262039-26-000003) and the 10-K periodic report (0001262039-26-000007) directly on SEC EDGAR. The filing index links above go to sec.gov.