Fourth Quarter 2024 Highlights

  • Total revenue of $1.66 billion, up 17% year over year
  • Product revenue of $574 million, up 18% year over year
  • Billings of $2.00 billion, up 7% year over year1
  • Record GAAP operating margin of 35%
  • Record Non-GAAP operating margin of 39%1
  • Unified SASE ARR2 up 28% and Security Operations ARR2 up 32%, year over year
  • Ranked #7 on the Forbes Most Trusted Companies in America 2025 list, the only cybersecurity company in the top 50

Full Year 2024 Highlights

  • Total revenue of $5.96 billion, up 12% year over year
  • Service revenue of $4.05 billion, up 20% year over year
  • Record GAAP operating margin of 30%
  • Record Non-GAAP operating margin of 35%1
  • Remaining performance obligations of $6.42 billion, up 12% year over year
  • Cash flow from operations of $2.26 billion
  • Free cash flow of $1.88 billion1
  • Exceeded the ‘Rule of 45’ for the fifth consecutive year

SUNNYVALE, Calif. - Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the fourth quarter of 2024 and full year ended December 31, 2024.

“In the fourth quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 720 basis points year-over-year to a company record of 39%, while revenue grew 17%,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We continue to execute our strategy of investing in the high-growth Unified SASE and Security Operations markets, while strengthening our position in Secure Networking. Our customers are increasingly recognizing the benefits of a single-vendor approach to SASE, and we expect to emerge as a leader in this space, being the only company to natively develop all SASE functions within a unified operating system, FortiOS, which seamlessly integrates networking and security capabilities.”

About Fortinet

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.