Fortinet Reports Second Quarter 2025 Financial Results

Core Insights - Fortinet reported strong financial results for Q2 2025, with revenue growth of 14% year-over-year to $1.63 billion and billings growth of 15% year-over-year to $1.78 billion, leading to an increase in full-year billings guidance by $100 million [5][6][3] Financial Performance - Revenue for Q2 2025 was $1.63 billion, up from $1.43 billion in Q2 2024 [20] - Billings for Q2 2025 reached $1.78 billion, compared to $1.54 billion in Q2 2024 [27] - Non-GAAP operating margin was 33% for Q2 2025, while GAAP operating margin was 28% [5][24] - Net income for Q2 2025 was $440.1 million, an increase from $379.8 million in Q2 2024 [21] Market Leadership - Fortinet was recognized as a leader in the 2025 Gartner Magic Quadrant for SASE Platforms and ranked 1 in the Critical Capabilities for SASE Platforms report for Secure Branch Network Modernization [6] - The company has over 1,400 issued patents worldwide, including more than 500 related to AI, reflecting significant R&D investment [6] Guidance - For Q3 2025, Fortinet expects revenue in the range of $1.67 billion to $1.73 billion and billings between $1.76 billion and $1.84 billion [5] - For the full fiscal year 2025, revenue is projected to be between $6.675 billion and $6.825 billion, with service revenue expected to be between $4.55 billion and $4.65 billion [5] Annual Recurring Revenue (ARR) - Unified SASE ARR increased by 22% year-over-year, while Security Operations ARR grew by 35% year-over-year [5]