Fortinet(US:FTNT) Globenewswireยท2025-02-06 21:05Financial Performance Highlights - Total revenue for Q4 2024 was $1.66 billion, representing a 17% increase year-over-year from $1.42 billion in Q4 2023 [6][7] - Product revenue for Q4 2024 was $574 million, up 18% year-over-year from $488.1 million in Q4 2023 [6][7] - Service revenue for Q4 2024 was $1.09 billion, an increase of 17.2% compared to $927 million in Q4 2023 [6][7] - Total billings for Q4 2024 reached $2.00 billion, a 7% increase from $1.86 billion in Q4 2023 [6][7] - For the full year 2024, total revenue was $5.96 billion, up 12% from $5.30 billion in 2023 [6][8] Profitability Metrics - GAAP operating margin for Q4 2024 was 34.6%, compared to 27.2% in Q4 2023 [7][9] - Non-GAAP operating margin for Q4 2024 was 39.2%, up from 32.0% in Q4 2023 [9][10] - GAAP net income for Q4 2024 was $526.2 million, compared to $310.9 million in Q4 2023 [9][10] - Non-GAAP net income for Q4 2024 was $571.5 million, up from $392 million in Q4 2023 [9][10] Growth in Key Areas - Unified SASE Annual Recurring Revenue (ARR) increased by 28% year-over-year to $1.12 billion [6][7] - Security Operations ARR grew by 32% year-over-year to $422.4 million [6][7] - The company achieved a record non-GAAP operating margin of 39% in Q4 2024, reflecting a strategic focus on high-growth markets [4][6] Cash Flow and Financial Health - Cash flow from operations for 2024 was $2.26 billion, compared to $1.94 billion in 2023 [6][16] - Free cash flow for 2024 was $1.88 billion, up from $1.73 billion in 2023 [6][16] - Remaining performance obligations as of December 31, 2024, were $6.42 billion, a 12% increase from $5.75 billion in 2023 [6][8] Market Position and Recognition - Fortinet was ranked 7 on the Forbes Most Trusted Companies in America 2025 list, being the only cybersecurity company in the top 50 [6][8] - The company continues to strengthen its position in the Secure Networking market while investing in Unified SASE and Security Operations [4][6]