Fortinet, Inc. · NASDAQ:FTNT
Fortinet — Investor Day (February 2026)
49 slides from Fortinet's investor day presentation, February 2026
Slide 1: Investor Briefing Session
FRRTINET ACCELERATE 26 Investor Briefing Session
Slide 2: Safe Harbor Statement
Safe Harbor Statement Information, statements and projections contained in these presentation slides concerning Fortinet’s business outlook, the first quarter and full year 2026 guidance, mid-term targets, and future prospects and expectations are forward-looking statements that involve risks and un
Slide 3: Ken Xie, Founder, Chairman, and CEO
Ken Xie Founder, Chairman, and CEO
Slide 4: Fortinet is the Leader of Cybersecurity in the AI Era
Fortinet is the Leader of Cybersecurity in the AI Era • More AI patents and innovation than competitors • Leveraging AI in our products for over a decade with 20+ FortiAI-Assist products • AI handling more than 50% of customer support • Only cybersecurity company invested in owned data center networ
Slide 5: Introducing FortiOS 8.0: Innovations in AI, SD-WAN, SASE, and OT
Introducing FortiOS 8.0: Innovations in AI, SD-WAN, SASE, and OT 25 years of innovation using one security OS ARTIFICIAL INTELLIGENCE UNIFIED SASE FortiAI-SecureAI SD-WAN FortiAI-Protect SECURE NETWORKING SSE NGFW/UTM DLP FortiAI-Assist IPS CASB FW/VPN APP Control SWG Quantum FWaaS Antivirus Sandbox
Slide 6: The Only Purpose-Built Proprietary ASIC for Secure Computing
The Only Purpose-Built Proprietary ASIC for Secure Computing FortiASIC accelerates FortiOS functions—supports 2x more applications than the previous generation. Firewall Units Shipped Product Revenue Content Network Security FTNT = 19% 5 YR CAGR PANW = 13% CHKP = 1% Processor 9 Processor 7 Processor
Slide 7: The Most Deployed and Most Validated Secure SD-WAN Solution
The Most Deployed and Most Validated Secure SD-WAN Solution More Secure Reduce Simplified and Reliable Cost Operations How Only vendor to build and run NGFW Only vendor with an ASIC to Only vendor to provide Fortinet and SD-WAN integrated natively on accelerate Secure SD-WAN centralized policy manag
Slide 8: The Fastest Growing Unified SASE Leader at Scale
The Fastest Growing Unified SASE Leader at Scale Best Value Easy to Broadest and Security Adopt Solution How Total Infrastructure with 5M sq. ft. Single OS across (1) firewall, 3 ways to deploy Fortinet ~200 global locations (2) SD-WAN, and (3) SASE Cloud | On-prem | Sovereign delivers 3 choices of
Slide 9: Owned Global Cloud Delivers Control, Performance, and Cost Benefits
Owned Global Cloud Delivers Control, Performance, and Cost Benefits Total Infrastructure 5M+ sq. ft. Hamina Finland Vancouver, London Burnaby UK Warsaw Dublin Toronto Ottawa Montreal Ireland Frankfurt Poland Lower TCO Chicago Canada Canada Belgium & Netherlands Zurich 1/3 cost savings Portland New
Slide 10: Broadest AI-Driven Security Operations
Broadest AI-Driven Security Operations Shrink the Respond at Maximize SOC attacker window machine speed productivity 86% 99% 5x Reduction in cyber Faster Response Improvement in output incidents FortiAI is embedded across the security fabric with 20+ products powering faster, smarter operations © Fo
Slide 11: Broadest AI-Driven Security Operations
Broadest AI-Driven Security Operations FortiAI Data and Mail Endpoint Security Security EDR, EPP, Unified Agent DLP, DSPM, Email and Workspace Security Network Detection Exposure NDR, Sandbox, Management Deception CTEM, Recon, Vuln. Mgmt. SOC Platform (SIEM, SOAR, XDR) Cloud Security Identity Securi
Slide 12: Leading the Market with quantum-safe solutions since 2021
Leading the Market with quantum-safe solutions since 2021 Protect Data Today Interoperable Transition Easily “Harvest now, decrypt later” Standards are in transition, Fortinet expertise and solutions means that a quantum but Fortinet has NIST help you with your gradual strategy is important today. s
Slide 13: Protecting AI Infrastructure, Applications, Data, and Users
Protecting AI Infrastructure, Applications, Data, and Users FortiAI Protect and FortiGuard Services FortiSASE and FortiEndpoint Apps FortiAI Secure AI FortiAIGate AI Models FortiGate, FortiSwitch Infrastructure Fortinet ASIC NVIDIA Bluefield DPU Partnership Chips OT Security Energy © Fortinet Inc. A
Slide 14: Anthony Luscri, Vice President of Investor Relations
Anthony Luscri Vice President of Investor Relations
Slide 15: Fortinet - Cybersecurity Leadership and Durable Growth
Fortinet - Cybersecurity Leadership and Durable Growth 1 Large and fast-growing addressable market 2 Sustainable competitive advantages 3 Highly diversified business model 4 Durable customer growth journey 5 Strong business model © Fortinet Inc. All Rights Reserved. 15
Slide 16: Large and Fast-Growing Addressable Market
Large and Fast-Growing Addressable Market
Slide 17: Each Fortinet Business Growing Faster Than The Market
Each Fortinet Business Growing Faster Than The Market Secure Unified AI-Driven Security Networking SASE Operations 2025 Fortinet Growth: +12% 2025 Fortinet Growth: +24% 2025 Fortinet Growth: +22% 64% of Total Billings 25% of Total Billings 11% of Total Billings DLP Endpoint WiFi SSE Switch Switch Ma
Slide 18: Strong Long-Term Secular Tailwinds
Strong Long-Term Secular Tailwinds Security spending increasing as a % of total IT budgets Vendor Convergence of Security Consolidation Expanding Attack and Networking Surfaces Security-driven Networking Reducing Complexity Evolving Threat Landscape + Security Anywhere in Lower TCO and Any Form Fact
Slide 19: Durable Growth Drivers Driven by Expanding Attack Surfaces
Durable Growth Drivers Driven by Expanding Attack Surfaces Evolving Threat Landscape The threat landscape is evolving as attackers increase the speed, OT Sovereign SASE Edge Computing scale and sophistication of attacks against increasingly distributed enterprise environments AI Quantum 5G © Fortine
Slide 20: Securing Operational Technology Challenges
Securing Operational Technology Challenges Most industrial control The attack surface for cyber-physical Digital transformation systems lack security by design assets is expanding, dependence on initiatives driving IT-OT network and are sensitive to change air-gap protection is diminishing convergen
Slide 21: The Need for Sovereignty Is Growing
The Need for Sovereignty Is Growing Gartner predictions for data sovereignty in the coming years Increasing Adoption Need for Control Buying Criteria Multinational organizations Governments worldwide to Enterprises to to adopt digital introduce technological adopt a digital sovereign strategies sove
Slide 22: Fortinet Secures the AI Era
Fortinet Secures the AI Era AI Tailwinds How Fortinet Delivers Infrastructure Upgrades Securing AI Datacenters New AI Attack Surface Securing AI Applications Faster, More Sophisticated Threats AI-Enabled Solutions Increasing East-West Traffic © Fortinet Inc. All Rights Reserved. 22
Slide 23: Christiane Ohlgart, CFO
FiRTINET ACCELERATE 26 Christiane Ohlgart CFO
Slide 24: Sustainable Competitive Advantages
Sustainable Competitive Advantages
Slide 25: The Only Purpose-Built Proprietary ASIC
The Only Purpose-Built Proprietary ASIC FortiASIC accelerates 14 FortiOS functions – supports 2x more applications than the previous generation Content Network Security Processor 9 Processor 7 Processor 5 14 apps SD-Branch Zero Trust OT Delivers low latency, All-in-one ASIC 5G Offload resource inten
Slide 26: FortiOS 8.0 Security Innovations in SD-WAN, SASE, AI and OT
FortiOS 8.0 Security Innovations in SD-WAN, SASE, AI and OT SD-WAN SASE AI for Security Security for AI • New SD-WAN bundle includes all • Quantum-safe SASE and Data • New AI-assistants (agents) • Application, DLP, Web/DNS overlay and underlay monitoring, Governance controls throughout the Fabric re
Slide 27: Optimized and Secure Access to Applications
Optimized and Secure Access to Applications With largest global network of SSE POPs Total Infrastructure 5M+ sq. ft. Hamina Finland Vancouver, London Burnaby UK Warsaw Dublin Toronto Ottawa Montreal Ireland Frankfurt Poland Lower TCO Chicago Canada Canada Belgium & Netherlands Zurich 1/3 cost savi
Slide 28: Highly Diversified Business Model
Highly Diversified Business Model
Slide 29: Highly Diversified Business
Highly Diversified Business Across customer types, geographies and industries Customer Types Geographies Industries 10% 8% 13% 9% 24% 32% Other Industries Other 100+ 10% Industries 29% 21% Countries 10% 27% 12% 19% Large Enterprise Public Sector 100+ Countries Italy Worldwide Gov't Fin Serv Mid Ente
Slide 30: Expanding Up Market Into Enterprise / G2000
Expanding Up Market Into Enterprise / G2000 Total Value of Deals >$1 Million +39% Y/Y 2023 1 2025 © Fortinet Inc. All Rights Reserved. 30
Slide 31: Expanding Platform Approach
Expanding Platform Approach Technology Convergence Unified Network DCFW, NGFW, LLFW, ISFW, SD-WAN, Wifi, Switch, Proxy, OT, IoT Unified AI-Ops AIOps, DEM, Telemetry, NDR Unified Endpoint ZTNA, SASE, VPN, EPP, EDR, DLP Unified Attack Surface Unified Cloud APT – Sandbox, DLP, Deception, NDR AppSec – W
Slide 32: Durable Customer Growth Journey
Durable Customer Growth Journey
Slide 33: The Fortinet Journey: A Seamless Security Evolution
The Fortinet Journey: A Seamless Security Evolution FIREWALL >50% Market Global Firewall Units Shipped >70% Large Enterprise SD-WAN Penetration 16% Large Enterprise SASE Penetration 2000 2002 2005 2010 2015 2020 2022 2025 Stateful Firewall UTM, URL Filtering, IPS, NGFW, SSL, Sandbox SD-WAN, Mobile M
Slide 34: Billings Mix Shifting Towards Faster-Growing Pillars
Billings Mix Shifting Towards the Faster-Growing Pillars of Unified SASE & Security Operations, with a Higher Services Mix 2023 Billings Mix 2024 Billings Mix 2025 Billings Mix 30% 34% 36% Unified SASE 24% Unified SASE Unified SASE 25% Secure 21% Networking Secure 71% Secure Networking 66% Networkin
Slide 35: Comprehensive Security Services: Protection, Expertise, & Support
Comprehensive Security Services: Protection, Expertise, & Support Flexible, scalable, and cost effective Secure Unified AI-Driven Security Networking SASE Operations • SD-WAN Bundle • FAZ Cloud • FortiGuard Security Services • SASE Bundle • FSR/FSM Cloud • OT Security • FortiCNAPP • IOC and Outbreak
Slide 36: Key Customer Win – Major League Sports Franchise Owner
Key Customer Win – Major League Sports Franchise Owner Customer Details Challenges Why We Won? Outcomes • Major sports league • Protect mobile • SASE + SD-WAN + • Consistent security franchise owner scouting IP Firewall integration for on-site and • Operates multiple • Limited visibility, • Simple,
Slide 37: Key Customer Win – National Government
Key Customer Win – National Government Customer Details Challenges Why We Won? Outcomes • National government • Extremely sensitive • SASE + SD-WAN + • Significant cost savings • 10,000+ employees data requiring a Firewall integration • Increased protection of across 100+ units strong security layer
Slide 38: Strong Business Model
FRERTINET ACCELERATE 26 Strong Business Model
Slide 39: 3-5 Year Targets
3-5 Year Targets Long-term Target: Achieve the Rule of 45 2024 2025 2026E 3-5 Year Targets YoY Growth Billings 2% 16% 13% >12% CAGR Faster than market Revenue 12% 14% 12% >12% CAGR Faster than market Operating Margin 35% 36% 35% >30% Rule of 45 47 50 45+ 45+ Adjusted Free Cash Flow 37% 37% Mid-to-hi
Slide 40: 'Rule of 45'—Exceeded 6 Years in a Row
‘Rule of 45’—Exceeded 6 Years in a Row Expect to achieve the ‘Rule of 45’ in 2026 60% 55% 48% 50% 47% 47% 45%+ Rule of 45 2020 2021 2022 2023 2024 2025 2026E Non-GAAP Operating Margin Revenue Growth © Fortinet Inc. All Rights Reserved. 40 Fortinet defines the Rule of 45 as GAAP revenue Y/Y growth pl
Slide 41: Strong Revenue and Free Cash Flow Growth
Strong Revenue and Free Cash Flow Growth Total Revenue Adj. Free Cash Flow $6,800 $2,502 $5,305 $1,858 $ in Millions $ in Millions 2023 1 2025 2023 1 2025 © Fortinet Inc. All Rights Reserved. 41 Note: Adjusted free cash flow is defined as net cash provided by operating activities minus purchases of
Slide 42: Product Revenue Growing Faster Than Market
Product Revenue Growing Faster Than Market ~10 – 15% Secure Networking Unified SASE Expanding Attack Market Share Product Revenue Market Growth and SecOps Surfaces Gains Growth Mid-Term Framework © Fortinet Inc. All Rights Reserved. 42
Slide 43: Returned over $9 Billion to Shareholders via Share Repurchases Since 2009 IPO
Returned over $9 Billion to Shareholders via Share Repurchases Since 2009 IPO Robust Share Buyback Program Cash Paid for Stock Repurchases $ In millions $2,290 $9.0B+ $1.3B $1,991 cash returned to buyback authorization $1,501 shareholders since IPO remaining $1,080 $742 300M+ ~40% $446 $471 $209 $11
Slide 44: Key Takeaways
Key Takeaways Growing TAM Foundations for Large Upsell Strong Growth of $300B+ Growth Opportunity and Profitability • Delivering continuous • Billions of investment in • Continuous innovation and • Strong shareholder return innovation addressing the FortiASIC / OS to improve OS integration creates t
Slide 45: Q&A Session
FRRTINET ACCELERATE 26 Q&A Session
Slide 46: Q&A Panelists
Q&A Panelists Ken Xie Christiane Ohlgart John Whittle Robert May Founder, CFO COO EVP, Technology and Chairman, and CEO Product Management Joe Sarno Trevor Pagliara Pedro Paixao Anthony Luscri EVP, EVP, SVP, Latin America and VP, Investor Relations International US Sales Canada Sales Sales © Fortine
Slide 47: Thank You
FRRTINET ACCELERATE 26 Thank You
Slide 48: Appendix
FRRTINET ACCELERATE 26 Appendix
Slide 49: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results ($ in millions) 2023 2024 2025 GAAP Cash Flow from Operations $1,935.5 $2,258.1 $2,590.6 Less: Purchases of Property and Equipment (204.1) (378.9) (364.8) Less: Proceeds from intellectual property matter — — (14.0) Free Cash Flow $1,731.4 $1,879.2 $