Fortinet reports second quarter 2025 financial results

Cybersecurity company posts double-digit growth, raises full-year guidance, and strengthens market leadership across key Gartner reports.

Ken Xie, Founder, Chairman, and Chief Executive Officer of Fortinet. 

Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced its financial results for the second quarter ended June 30, 2025. The company reported a 14% year-over-year revenue increase to $1.63 billion and a 15% growth in billings to $1.78 billion.

Unified SASE annual recurring revenue (ARR) rose 22% and Security Operations ARR grew 35% year over year. GAAP operating margin reached 28%, while non-GAAP operating margin was 33%. Reflecting continued business momentum, Fortinet raised the midpoint of its 2025 full-year billings guidance by $100 million.

Ken Xie, Founder, Chairman, and Chief Executive Officer of Fortinet, said:

“Our strong second quarter performance and consistent track record of growth are a direct result of our continued innovation and customer-first strategy, enabling us to beat our billings guidance for the quarter and raise our full year billings outlook. We are the industry leader in network security, with the most deployed firewalls worldwide, a New-Generation SASE Firewall, and recognized leadership in the 2025 Gartner® Magic Quadrant™ for SASE Platforms. This recognition, along with our strong business momentum, financial outlook, innovation, and leadership across five separate network security Magic Quadrant™ reports, underscores the strength of our AI-driven security approach and the strategic advantage of our unified FortiOS operating system.”

In the second quarter, Fortinet expanded its market leadership with multiple industry recognitions. The company was named a Leader in the 2025 Gartner® Magic Quadrant™ for SASE Platforms, ranked #1 in the Critical Capabilities for SASE Platforms report for the Secure Branch Network Modernization use case, and became the only vendor recognized in five different network security Magic Quadrant™ reports. Fortinet also broadened its FortiCloud portfolio with three new natively integrated services, FortiIdentity, FortiDrive, and FortiConnect, and achieved over 1,400 issued patents worldwide, including more than 500 issued and pending AI-related patents.

Looking ahead, Fortinet expects third-quarter 2025 revenue in the range of $1.670 billion to $1.730 billion, and billings between $1.760 billion and $1.840 billion. Non-GAAP gross margin is projected to be between 80.0% and 81.0%, with a non-GAAP operating margin of 32.5% to 33.5%. Diluted non-GAAP net income per share is anticipated at $0.62 to $0.64. For the full fiscal year 2025, revenue is forecast between $6.675 billion and $6.825 billion, with service revenue ranging from $4.550 billion to $4.650 billion, and billings between $7.325 billion and $7.475 billion. Non-GAAP operating margin is expected to range from 32.0% to 33.5%, with diluted non-GAAP net income per share between $2.47 and $2.53.

Founded in 2000 and headquartered in Sunnyvale, California, Fortinet secures the largest enterprises, service providers, and government organizations worldwide. The company delivers a broad, integrated, and automated security platform to protect critical infrastructure, users, and data across the expanding digital attack surface.