$FTNT (-1,72%) has exceeded the market's expectations for the fourth quarter and the financial year 2025 as a whole exceeded.
The results of the quarterly figures published on February 5, 2026 show a strong performance compared to analysts' estimates and the company's own forecasts:
1. exceeding sales and billings targets (Q4 2025)
- Total revenue: In the fourth quarter, Fortinet generated revenue of 1.91 billion US dollars (an increase of 15 % compared to the previous year). This was above analysts' estimates of around 1.86 billion US dollars.
- Billings (billing): Billings increased by 18% to 2.37 billion US dollars. Here too, market expectations of around 2.24 billion US dollars were clearly exceeded.
- Product sales: Particularly noteworthy is the growth in product sales of 20 % year-on-year, which indicates strong demand for hardware security solutions.
2. results for the full year 2025
- Annual sales: With 6.80 billion US dollars (+14 % Y/Y), the company was at the upper end or above its own forecast range of USD 6.72 to 6.78 billion.
- Rule of 45: Fortinet achieved a value of 50 (sum of growth and operating margin) and thus exceeded the key industry indicator "Rule of 45" for the sixth time in a row.
3. profitability and margins
- Operating margin (non-GAAP): In the fourth quarter, this amounted to 37,3 % and for the year as a whole at 35,5 %. These high margins underline the company's operational efficiency despite the strong growth in new segments such as Unified SASE.
- Large orders: The value of business deals over 1 million US dollars grew by an impressive 42 %.
4. outlook for 2026
Fortinet also issued a positive forecast for 2026:
- Expected revenue between 7.50 and 7.70 billion US dollars.
- Expected billings between 8.40 and 8.60 billion US dollars.
To summarize, Fortinet was able to beat Wall Street's expectations for 2025 in terms of both growth rates (sales/billings) and profitability (margins).