Business Description

Fortinet, Inc. is an American cybersecurity company that develops and sells integrated security solutions to enterprises, service providers, and government organizations globally. Headquartered in Sunnyvale, California, the company is best known for its FortiGate firewalls and its Unified Threat Management (UTM) platform.

Everything on Fortinet, Inc.

Revenue (FY2025) $6.80B
YoY growth +14.2%
Operating margin 30.7%
Direction Expanding
Gross margin 80.5%
Net margin 27.3%

Earnings Transcripts

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Leadership & board

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Ken Xie — Chief Executive Officer and Chairman of the Board View full profile ↗ Michael Xie — President, Chief Technology Officer and Director View full profile ↗ Kenneth A. Goldman — Director (Chair, Audit Committee) View full profile ↗ Ming Hsieh — Director (Chair, Governance and Social Responsibility Committee) View full profile ↗ Jean Hu — Director View full profile ↗ Janet Napolitano — Director View full profile ↗ Judith Sim — Lead Independent Director (Chair, Human Resources Committee) View full profile ↗ Admiral James Stavridis (Ret.) — Director (Chair, Cybersecurity Committee) View full profile ↗ Derek Kan — Director View full profile ↗ Christiane Ohlgart — Chief Financial Officer View full profile ↗ John Whittle — Chief Operating Officer View full profile ↗ Keith Jensen — Former Chief Financial Officer View full profile ↗

Acquisitions

Fortinet, acquires Lacework Inc. — Acquisition · 2024 View full deal ↗ Fortinet, acquires Next DLP Holdings Limited — Acquisition · 2024 View full deal ↗ Fortinet, acquires Alaxala Networks Corporation — Acquisition · 2021 View full deal ↗ Fortinet, acquires Meru Networks, Inc. — Acquisition · 2015 View full deal ↗ Fortinet, acquires Perception Point Ltd. — Acquisition · 2024 View full deal ↗ Fortinet, acquires Panopta Holdings LLC — Acquisition · 2020 View full deal ↗ Fortinet, acquires CyberSponse, Inc. — Acquisition · 2019 View full deal ↗ Fortinet, acquires AccelOps, Inc. — Acquisition · 2016 View full deal ↗ Fortinet, acquires ZoneFox Holdings Limited — Acquisition · 2018 View full deal ↗ Fortinet, acquires enSilo Limited — Acquisition · 2019 View full deal ↗ Fortinet, acquires ShieldX Networks, Inc. — Acquisition · 2021 View full deal ↗ Fortinet, acquires OPAQ Networks, Inc. — Acquisition · 2020 View full deal ↗

Share Repurchase Program

Total authorized
$10.25 billion aggregate authorized (originally $200.0M in January 2016, increased over time; $1.0B added in August 2025 and another $1.0B in January 2026), through February 28, 2027
Remaining (as of February 24, 2026)
approximately $1.27 billion
Latest FY repurchased
$2,289.8 million (FY2025 'Repurchase and retirement of common stock' per the 10-K cash flow statement)

Named Competitors

Check PointCiscoCrowdStrikeF5 NetworksHPEHuaweiMicrosoftNetskopePalo Alto NetworksSonicWALLSophosZscaler

Customer Concentration

Fortinet sells substantially all of its products through channel partners, and a small number of distributors represents a large share of revenue. In fiscal 2025, three distributor customers each accounted for 10% or more of revenue: Distributor A at 28%, Distributor B at 15%, and Distributor C at 12%. As of December 31, 2025, Distributor A also represented 32% of total net accounts receivable.

Recent SEC Filings

2026-07-29 Reported quarterly results View filing ↗
2026-06-16 Shareholder vote results View filing ↗
2026-05-06 Reported quarterly results View filing ↗
2026-02-05 Reported quarterly results View filing ↗
2025-11-05 Reported quarterly results View filing ↗
2025-08-22 Other event View filing ↗
2025-08-06 Reported quarterly results View filing ↗
2025-06-18 Shareholder vote results View filing ↗
2025-05-07 Reported quarterly results View filing ↗
2025-02-06 Reported quarterly results (+1 more) View filing ↗
2024-11-12 Leadership change (directors/officers) View filing ↗
2024-11-07 Reported quarterly results View filing ↗

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