Filing Flows › Fortinet (FTNT) › Q2 2025
Fortinet (FTNT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Fortinet (FTNT) reported revenue of $1.6B for the second quarter 2025 (Q2 2025), +14% from a year earlier and +6% from the quarter before. Operating margin was 28.1%, net earnings $440M (27.0% of revenue).
Fortinet, Q2 2025: revenue $1.6B (+14% year over year), operating margin 28.1%, net earnings $440M, operating cash flow $452M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +6% | +14% |
| Gross profit | $1.3B | +5% | +13% |
| Operating profit | $458M | +0.9% | +5% |
| Net earnings | $440M | +2% | +16% |
| Operating cash flow | $452M | -48% | +32% |
| Free cash flow | $284M | — | -11% |
What changed
Revenue was $1.6B in Q2 2025, up 14% year over year and up 6% from the previous quarter. Security subscription was the largest line at 40% of revenue. Security subscription added $0.09B year over year (up 15%), 44% of the total change.
Gross margin was 80.7%, down 0.1 points from a year earlier. Operating profit was $0.46B, a 28.1% margin (down 2.4 points year over year). Of the extra revenue versus a year earlier, 11% reached operating profit, below the 30% margin then. Operating expenses grew 19% against revenue growth of 14%. The fastest-growing cost line was Research & development (+27%). Net earnings were $0.44B, up 16% year over year. The effective tax rate was 14.9%.
Operating cash flow was $0.45B (up 32% year over year), 103% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.10B. After purchases of property and equipment ($0.17B), free cash flow as the company reports it was $0.28B.
Questions
What was Fortinet's revenue in the second quarter 2025?
Fortinet (FTNT) reported revenue of $1.6B for the second quarter 2025 (Q2 2025), +14% from a year earlier and +6% from the quarter before.
Was Fortinet profitable in the second quarter 2025?
Operating profit was $458M (28.1% of revenue) and net earnings $440M.
Source: Fortinet 10-Q on SEC EDGAR.