| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 1.7K | 5.8% | 14.4% |
| Total Income | 1.7K | 5.8% | 14.4% |
| Expenditure | 1.2K | 0.5% | 13.5% |
| PBT | 594.80 | 15.0% | 5.0% |
| Net Profit | 473.90 | 7.7% | 12.2% |
| OPM | 31.73% | 3.63pp | 0.50pp |
| NPM | 27.47% | 0.47pp | 8.33pp |
| EPS | 0.63 | 10.5% | 11.3% |
Fortinet Reports Q3 2025 Revenue Up 14% YoY to $1.72 Billion
04 May 2026 · 4 May, 7:54 am
Summary
Fortinet announced its financial results for the third quarter ended September 30, 2025, reporting revenue of $1.72 billion, a 14% increase year over year. Product revenue grew by 18% to $559.3 million, and billings increased by 14% to $1.81 billion. The company's GAAP operating margin was a record 32%, and the non-GAAP operating margin was a record 37%. Fortinet expects revenue in the range of $1.825 billion to $1.885 billion for the fourth quarter of 2025.
Key Highlights
- 1
Fortinet's revenue grew 14% year over year to $1.72 billion in the third quarter of 2025.
- 2
Product revenue increased by 18% year over year to $559.3 million.
- 3
Billings grew 14% year over year to $1.81 billion in the third quarter.
- 4
The company achieved a record third quarter GAAP operating margin of 32%.
- 5
Fortinet's non-GAAP operating margin reached a record 37% for the third quarter.
- 6
FortiSASE billings increased by over 100% year over year in the third quarter.
Management Comments
Ken Xie
We are pleased with our excellent third quarter results, driven by our leading innovation and customer-first culture resulting in broad-based demand for our solutions across organizations of all sizes. Building on our leadership in Firewall and SD-WAN through our unified FortiOS operating system, FortiSASE has quickly emerged as one of the fastest growing leaders in the SASE market. Fortinet has natively developed the key SASE functions, tightly integrating Next-Generation Firewall, SD-WAN, and SASE functionality into one unified ‘New Generation SASE Firewall’ solution, providing our customers with maximum flexibility to deploy security access at the edge and giving us a sustainable competitive advantage.
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