Filing Flows › Fortinet (FTNT) › Q3 2025
Fortinet (FTNT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Fortinet (FTNT) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), +14% from a year earlier and +6% from the quarter before. Operating margin was 31.7%, net earnings $474M (27.5% of revenue).
Fortinet, Q3 2025: revenue $1.7B (+14% year over year), operating margin 31.7%, net earnings $474M, operating cash flow $655M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | +6% | +14% |
| Gross profit | $1.4B | +6% | +12% |
| Operating profit | $547M | +19% | +16% |
| Net earnings | $474M | +8% | -12% |
| Operating cash flow | $655M | +45% | +8% |
| Free cash flow | $568M | — | -0.8% |
What changed
Revenue was $1.7B in Q3 2025, up 14% year over year and up 6% from the previous quarter. Security subscription was the largest line at 39% of revenue. Product added $0.09B year over year (up 18%), 39% of the total change.
Gross margin was 80.8%, down 1.8 points from a year earlier. Operating profit was $0.55B, a 31.7% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, above the 31% margin then. Operating expenses grew 9% against revenue growth of 14%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $0.47B, down 12% year over year. The effective tax rate was 20.3%.
Operating cash flow was $0.66B (up 8% year over year), 138% 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 added $0.07B. After purchases of property and equipment ($0.09B), free cash flow as the company reports it was $0.57B.
Questions
What was Fortinet's revenue in the third quarter 2025?
Fortinet (FTNT) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), +14% from a year earlier and +6% from the quarter before.
Was Fortinet profitable in the third quarter 2025?
Operating profit was $547M (31.7% of revenue) and net earnings $474M.
Source: Fortinet 10-Q on SEC EDGAR.