Filing Flows › Fortinet (FTNT) › Q4 2025
Fortinet (FTNT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Fortinet (FTNT) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +10% from the quarter before. Operating margin was 32.8%, net earnings $506M (26.6% of revenue).
Fortinet, Q4 2025: revenue $1.9B (+15% year over year), operating margin 32.8%, net earnings $506M, operating cash flow $620M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +10% | +15% |
| Gross profit | $1.5B | +9% | +13% |
| Operating profit | $626M | +14% | +9% |
| Net earnings | $506M | +7% | -4% |
| Operating cash flow | $620M | -5% | +30% |
| Free cash flow | $577M | — | +52% |
What changed
Revenue was $1.9B in Q4 2025, up 15% year over year and up 10% from the previous quarter. Service was the largest line at 64% of revenue.
Gross margin was 79.6%, down 1.5 points from a year earlier. Operating profit was $0.63B, a 32.8% margin (down 1.7 points year over year). Of the extra revenue versus a year earlier, 21% reached operating profit, below the 35% margin then. Operating expenses grew 15% against revenue growth of 15%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $0.51B, down 4% year over year. The effective tax rate was 22.2%.
Operating cash flow was $0.62B (up 30% year over year), 123% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.07B of share-based compensation. After purchases of property and equipment ($0.04B), free cash flow as the company reports it was $0.58B.
Questions
What was Fortinet's revenue in the fourth quarter 2025?
Fortinet (FTNT) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +10% from the quarter before.
Was Fortinet profitable in the fourth quarter 2025?
Operating profit was $626M (32.8% of revenue) and net earnings $506M.
Source: Fortinet 10-K on SEC EDGAR.