Press release
Fortinet Reports Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter 2022 Highlights Product revenue of $540.1 million, up 43% year over yearService revenue of $742.9 million, up 27% year over yearTotal revenue
About this update from Fortinet, Inc.
[{"type":"text","content":"Fourth Quarter 2022 Highlights Product revenue of $540.1 million, up 43% year over yearService revenue of $742.9 million, up 27% year over yearTotal revenue of $1.28 billion, up 33% year over yearBillings of $1.72 billion, up 32% year over year1GAAP operating income of $357.8 million, up 66% year over yearNon-GAAP operating income of $417.6 million, up 52% year over year1GAAP operating margin of 27.9% Non-GAAP operating margin of 32.5%1GAAP diluted net income per share attributable to Fortinet, Inc. of $0.40, up 67% year over year2Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.44, up 76% year over year1 2Cash flow from operations of $528.1 millionFree cash flow of $497.2 million1 Full Year 2022 Highlights Product revenue of $1.78 billion, up 42% year over yearService revenue of $2.64 billion, up 26% year over yearTotal revenue of $4.42 billion, up 32% year over yearBillings of $5.59 billion, up 34% year over year1Deferred revenue of $4.64 billion, up 34% year over yearGAAP operating income of $969.6 million, up 49% year over yearNon-GAAP operating income of $1.21 billion, up 38% year over year1GAAP operating margin of 21.9%Non-GAAP operating margin of 27.3%1GAAP diluted net income per share attributable to Fortinet, Inc. of $1.06, up 45% year over year2Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $1.19, up 49% year over year1 2Cash flow from operations of $1.73 billionFree cash flow of $1.45 billion1Cash paid for share repurchases of $1.99 billion SUNNYVALE, Calif., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the fourth quarter and full year ended December 31, 2022. “Total revenue grew 32% in 2022 and year-over-year to $4.42 billion, and we generated GAAP net income of $857.3 million. This marks the 14th consecutive year that we have been GAAP profitable, including every year since our 2009 IPO. Cash flow from operations was $1.73 billion and free cash flow was a Fortinet record of $1.45 billion for the year,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “Our market share gains are being driven by Fortinet's integrated and single platform approach to cybersecurity combined with FortiASIC technology, which lowers the management cost...