Press release
Fortinet Reports First Quarter 2025 Financial Results
Highlights Total revenue of $1.54 billion, up 14% year over yearProduct revenue of $459 million, up 12% year over yearBillings of $1.60 billion, up 14% year
About this update from Fortinet, Inc.
[{"type":"text","content":"Highlights Total revenue of $1.54 billion, up 14% year over yearProduct revenue of $459 million, up 12% year over yearBillings of $1.60 billion, up 14% year over year1Unified SASE ARR2 up 26% and Security Operations ARR2 up 30%, year over yearRecord first quarter GAAP operating margin of 29%Record first quarter Non-GAAP operating margin of 34%1Record Cash flow from operations of $863 millionRecord Free cash flow of $783 million1 SUNNYVALE, Calif., May 07, 2025 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2025. “We are pleased to report another strong quarter as non-GAAP operating margin increased 570 basis points year over year to a first quarter record of 34%, while billings grew 14% year over year,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking. Leveraging our deep expertise in networking and security convergence, a strong track record of AI-driven innovation, and seamless product development and integration through our FortiOS operating system, we have established ourselves as the leader in organic innovation and will continue setting the industry standard in cybersecurity.” Financial Highlights for the First Quarter of 2025 Revenue: Total revenue was $1.54 billion for the first quarter of 2025, an increase of 13.8% compared to $1.35 billion for the same quarter of 2024. Product Revenue: Product revenue was $459.1 million for the first quarter of 2025, an increase of 12.3% compared to $408.9 million for the same quarter of 2024. Service Revenue: Service revenue was $1.08 billion for the first quarter of 2025, an increase of 14.4% compared to $944.4 million for the same quarter of 2024. Billings1: Total billings were $1.60 billion for the first quarter of 2025, an increase of 13.5% compared to $1.41 billion for the same quarter of 2024. Remaining performance obligations: Remaining performance obligations were $6.49 billion as of March 31, 2025, an increase of 11.7% compared to $5.81 billion as of March 31, 2024. We expect to recognize approximately $3.38 billion as...