Fortinet 2025 Revenue Hits US$6.8 Billion, SASE Drives Growth

Fortinet reports an annual revenue increase of 14% to US$6.8 billion in the full fiscal year 2025. The company also achieved a non-GAAP operating margin of 35% and increased its share repurchase authorization by US$1 billion. Ken Xie, Founder, Chairman, and CEO, Fortinet, attributes its growth to the convergence of networking and security, specifically within the unified SASE and security operations markets.

"We continue to execute our strategy by accelerating our investments in high-growth Unified SASE and Security Operations markets, delivering strong momentum while further strengthening our Secure Networking leadership,” says Xie. “As the number one firewall leader with a 55% unit market share, Fortinet is well-positioned to extend that leadership into SASE, driven by our rapidly expanding SASE adoption and growing customer demand."

The fiscal year 2025 results reflect a shift in the cybersecurity sector toward integrated, platform-based solutions. The company reported total billings of US$7.55 billion, representing a 16% year-over-year increase. A significant driver of this performance was the unified SASE segment, which recorded a 40% growth in billings during 4Q25.

Fortinet exceeded the Rule of 45 for the sixth consecutive year, a metric that combines growth rate and profit margin. This financial stability persists as enterprise demand for vendor consolidation increases. Organizations are prioritizing single-operating-system architectures, such as FortiOS, to reduce the total cost of ownership and simplify the management of disparate security systems.

The technical roadmap for Fortinet in 2026 focuses on AI-driven infrastructure and cloud-native integrations. The company recently finalized an integrated solution with NVIDIA that utilizes BlueField-3 DPUs to accelerate firewalling and policy enforcement within AI Factory environments. Furthermore, Google Cloud selected Fortinet as the inaugural Google Unified Security Recommended partner for network protection.

Financial Performance Summary (Fiscal Year 2025)

Regarding capital allocation, the board of directors authorized a US$1 billion increase to the share repurchase program. This expansion brings the total authorized amount to US$10.25 billion through Feb. 28, 2027. As of Feb. 4, 2026, about US$1.38 billion remains available for these transactions.

2026 Outlook and Guidance

For the full fiscal year 2026, Fortinet projects revenue between US$7.5 billion and US$7.7 billion. Service revenue is expected to contribute to this total with an estimated range from US$5.05 billion to US$5.15 billion. The company anticipates maintaining a non-GAAP gross margin between 79% and 81%, while billings are projected to reach up to US$8.6 billion.

In the immediate term, the company targets a non-GAAP operating margin between 30% and 32% for 1Q26. These projections suggest a continued emphasis on scaling SASE and security operations solutions to offset fluctuations in the traditional hardware market. Xie indicates that the company intends to leverage its 55% market share in firewall units to transition its customer base toward cloud-integrated security frameworks.