Fortinet, Inc. · NASDAQ:FTNT
Fortinet — Q4 2025 Earnings Presentation
28 slides from Fortinet's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 5, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Information, statements and projections contained in these presentation slides and related conference call concerning Fortinet’s business outlook, the first quarter and full year 2026 guidance, and future prospects and expectations are forward-looking statements that involve ri
Slide 3: Q4'25 Key Financial Highlights
Q4’25 Key Financial Highlights 18% 15% 20% Y/Y Billings Y/Y Total Revenue Y/Y Product Revenue Growth Growth Growth 42% 37% 68% 31% XX% Y/Y Growth in Value Operating Margin Adjusted Free Cash of Deals >$1M FortiSASE Billings (Non-GAAP) Unified FlowSASE MarginBillings Growth Growth © Fortinet Inc. All
Slide 4: Continued Growth Across All Three Pillars
Continued Growth Across All Three Pillars Secure Unified AI-Driven Security Networking SASE Operations Firewall LAN WLAN SD-WAN SSE Cloud Security SOC Data Security CTEM Unified networking & security The broadest and most Converge security and providing consistent security, integrated security opera
Slide 5: Market Leader Across Major Security and Networking Categories
Market Leader Across Major Security Network Security SD-WAN SASE and Networking Category Operational SecOps Technology Worldwide Scale, Top-Tier Public Security at Scale Built to Last Proven at Scale #1 in Innovation Support Company GAAP 15,000+ $7.6B Profitable 900K+ 1,405 Employees NASDAQ 100 Ever
Slide 6: Leading the Convergence of Networking and Security
Leading the Convergence of Networking and Security Vendor Consolidation Drives Better Integration Networking Security Better Security Posture Firewall SSL Switch WiFi Lower Anti-Malware IPS TCO SD-WAN 5G URL Sandbox Simplified Filtering Operations Customer Benefits Over thirty networking and securit
Slide 7: 25 Years of Innovation Using ONE Security OS
25 Years of Innovation Using ONE Security OS FortiOS 8.0 innovations in AI, SD-WAN, SASE, and OT ARTIFICIAL INTELLIGENCE FortiAI- UNIFIED SASE SecureAI FortiAI- SECURE SD-WAN Protect NETWORKING DLP WAF FortiAI- Assist UTM/NGFW CASB FW/VPN IPS SWG APP FWaaS Control Anti-Virus ZTNA Sandbox Cloud Secur
Slide 8: 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 Only vendor to run NGFW Only vendor with ASIC to Only vendor to provide How Fortinet & SD-WAN integrated natively on Accelerate Secure SD-WAN centralized policy management Delivers
Slide 9: Fastest Growing SASE Leader at Scale
Fastest Growing SASE Leader at Scale Best Value & Easy to Broadest Security Adopt Solution ~200 global cloud locations Single OS across (1) 3 Ways to Deploy How Fortinet with 5M sqft total facilities firewall, (2) SD-WAN, and Cloud | On-prem | Sovereign Delivers delivering the best security (3) SASE
Slide 10: Optimized and Secure Access to Applications
Optimized and Secure Access to Applications with largest global network of SSE POPs Total infrastructure 5M+ Total sq. ft. Lower TCO Hamina Finland Vancouver, London Cost savings for customers Dublin UK Warsaw Burnaby Toronto Ottawa Poland Ireland Canada Frankfurt Montreal Belgium & Netherlands Ch
Slide 11: 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 12: 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 • FortiGuard Security Services • SD-WAN Bundle • FAZ Cloud ENT Bundle • SASE Bundle • FSR/FSM Cloud UTP Bundle • FortiCNAAP • IOC and
Slide 13: Billings Mix Shifting Towards the 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 14: Broadest AI-Driven Security Operations
Broadest AI-Driven Security Operations Delivers deep integrations for Built on owned infrastructure Improve productivity with faster response to deliver better value faster detection FortiAI Endpoint Data Security Security Network Exposure Detection Management SOC Platform (SIEM, SOAR) Cloud Mail Se
Slide 15: Quantum Ready Since 2021
Quantum Ready Since 2021 Protect Data Today Interoperable Transition Easily “Harvest now, decrypt later” Standards are in transition, but Fortinet expertise and solutions means that quantum strategy is Fortinet has NIST standardized to help you with your quantum important today. solutions available
Slide 16: Q4'25 Billings Growth Driven by Unified SASE
Q4’25 Billings Growth Driven by Unified SASE Total Billings Unified SASE Billings SecOps Billings +16% +24% +22% $7,554 $6,533 25% 11% of total of total billings billings 24% 10% of total of total $ in Millions billings billings +18% +40% $2,370 +6% $2,003 27% 12% 11% of total of total 22% of total
Slide 17: Strong Growth in Unified SASE & SecOps ARR
Strong Growth in Unified SASE & SecOps ARR +11% Y/Y in Q4’25 +21% Y/Y in Q4’25 Unified SASE ARR Growth Security Operations Growth $1,278 $491 $1,151 $405 $ in Millions $898 $307 Q4'23 Q4'24 Q4'25 Q4'23 Q4'24 Q4'25 © Fortinet Inc. All Rights Reserved. 17 Note: Annual Recurring Revenue (ARR) is define
Slide 18: Strong Revenue Growth in Q4'25 and 2025
Strong Revenue Growth in Q4’25 and 2025 Total Revenue Product Revenue Service Revenue Americas EMEA APAC Hardware Software +14% $6,800 +16% +13% $2,218 $4,581 $5,956 $1,909 $4,047 $ in Millions +15% +20% +12% $691 $1,905 $574 $1,214 $1,660 $1,086 2024 2025 Q4'24 Q4'25 2024 2025 Q4'24 Q4'25 2024 2025
Slide 19: Strong Operating Margin & Adj. Free Cash Flow
Strong Operating Margin & Adj. Free Cash Flow Gross Margin Operating Margin Adj. Free Cash Flow Free Cash Flow Real Estate Investments 36.8% 39.2% Margin 81.3% 81.3% 81.9% 80.3% 37.3% 37.1% $2,502 35.5% Margin 35.0% $2,208 $ in Millions 30.9% 27.6% Margin Margin $589 $459 2024 2025 Q4'24 Q4'25 2024
Slide 20: Product Revenue is a Leading Indicator of Future Service Revenue Growth
Product Revenue is a Leading Indicator of Future Service Revenue Growth Y/Y Product and Service Revenue Growth 50% 40% 30% 20% 10% 0% -10% Y/Y Product Revenue Growth Y/Y Service Revenue Growth © Fortinet Inc. All Rights Reserved. 20
Slide 21: 'Rule of 45' — Exceeded 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 35% 36% 27% 26% 27% 28% 2020 2021 2022 2023 2024 2025 2026E Non-GAAP Operating Margin Revenue Growth © Fortinet Inc. All Rights Reserved. 21 Fortinet defines the Rule of 45 as
Slide 22: 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 $1.4B $1,991 cash returned to buyback authorization $1,501 shareholders since IPO remaining $1,080 $742 300M ~40% $446 $356 $209 $111
Slide 23: Reaffirming Financial Targets
Reaffirming Financial Targets Long-term Target: Achieve the Rule of 45 (1) (2) 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
Slide 24: Q1'26 and Full Year 2026 Guidance (Non-GAAP)
Q1’26 and Full Year 2026 Guidance (Non-GAAP) (1) Q1'26E 2026E Billings (2) $1.770B – $1.870B $8.400B – $8.600B Y/Y Mid-Pt Growth 14% 13% Revenue (GAAP) $1.700B – $1.760B $7.500B – $7.700B Y/Y Mid-Pt Growth 12% 12% Service Revenue (GAAP) $5.050B – $5.150B Y/Y Mid-Pt Growth 11% Gross Margin (%) (3) 80
Slide 25: Additional Modeling Points
Additional Modeling Points Q1’26E 2026E Cash Paid for Income Taxes $45M - $50M $350M - $400M Infrastructure Investments $80M - $120M $350M - $450M Non-GAAP Tax Rate 18% 18% © Fortinet Inc. All Rights Reserved. 25
Slide 26: Appendix
Appendix
Slide 27: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results ($ in millions) Q4’24 Q4’25 2024 2025 Total revenue $1,660.1 $1,905.0 $5,955.8 $6,799.6 Add: Change in deferred revenue 349.2 465.4 625.9 754.9 Less: Deferred revenue balance acquired in business combinations (6.8) — (49.2) (0.8) Total billings $2,0
Slide 28: Historical Billings and ARR for Unified SASE and Security Operations
Historical Billings and ARR for Unified SASE and Security Operations ($ in millions) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 2023 2024 2025 Annual Recurring Revenue (ARR) Unified SASE $940 $968 $1,107 $1,151 $1,183 $1,186 $1,224 $1,278 Y/Y Growth 27% 22% 32% 28% 26% 23% 11% 11% Security Oper