Fortinet Q4 EPS Jumps 9.5% to $0.81, Revenues Hit $1.9B
Fortinet posted Q4 non-GAAP EPS of $0.81, beating estimates by 9.5% and up 9.5% year-over-year, as revenues climbed 15% to $1.9 billion, 2.5% above forecasts. Total billings rose 18% to $2.37 billion, supported by 40% growth in Unified SASE and 7,200 net new customers.
1. Q4 Financial Results
Fortinet reported non-GAAP EPS of $0.81 for Q4 2025, exceeding estimates by 9.5% and representing a 9.5% year-over-year increase. Revenue totaled $1.9 billion, up 15% year-over-year and 2.5% above consensus, driven by robust demand across enterprise and security services.
2. Segment and Growth Drivers
Total billings grew 18% to $2.37 billion, led by 40% expansion in Unified SASE sales to large enterprises and strong traction in operational technology security. The company added 7,200 new organizational customers, reflecting broad adoption of its Security Fabric platform.
3. Balance Sheet and Cash Flow
Fortinet ended the quarter with $3.58 billion in cash and short-term investments. Q4 operating cash flow was $620 million, with free cash flow of $577 million, bringing full-year 2025 free cash flow to $2.21 billion.
4. Q1 and 2026 Guidance
Management projects Q1 2026 revenues of $1.70–1.76 billion and billings of $1.77–1.87 billion, with non-GAAP gross margins of 80–81% and EPS of $0.59–0.63. For full-year 2026, revenues are expected at $7.50–7.70 billion, billings at $8.4–8.6 billion, and non-GAAP EPS of $2.94–3.00.