Revenue Growth - Revenue grew 14% year over year to $1.72 billion[4] - Product revenue increased 18% year over year to $559.3 million[4] - Billings rose 14% year over year to $1.81 billion[4] - Total revenue for the three months ended September 30, 2025, was $1,724.9 million, a 14.3% increase from $1,508.1 million in the same period of 2024[21] - Total billings for the three months ended September 30, 2025, amounted to $1,807.7 million, a 14.2% increase from $1,582.2 million in the same period of 2024[27] Profitability Metrics - Gross profit for the three months ended September 30, 2025, reached $1,393.2 million, up 12.0% from $1,244.7 million in the prior year[21] - Operating income for the three months ended September 30, 2025, was $547.3 million, representing an increase of 16.3% compared to $470.9 million in 2024[21] - Net income for the three months ended September 30, 2025, was $473.9 million, a decrease of 12.2% from $539.9 million in the same quarter of 2024[21] - Non-GAAP net income for the three months ended September 30, 2025, was $561.0 million, compared to $487.6 million in 2024, reflecting a 15.0% increase[25] - The company reported a GAAP operating margin of 31.7% for the three months ended September 30, 2025, compared to 31.2% in the prior year[25] Cash Flow - Cash flows from operating activities for the nine months ended September 30, 2025, were $1,970.4 million, compared to $1,780.5 million in 2024, indicating an increase of 10.7%[24] - Free cash flow for the three months ended September 30, 2025, was $567.5 million, slightly down from $571.8 million in the same quarter of 2024[26] - Free cash flow is defined as net cash provided by operating activities minus purchases of property and equipment, providing liquidity for strategic opportunities[31] Future Guidance - For Q4 2025, revenue is expected to be in the range of $1.825 billion to $1.885 billion[10] - For fiscal year 2025, revenue guidance is between $6.720 billion and $6.780 billion[10] - Non-GAAP operating margin for Q4 2025 is projected to be between 34.5% and 35.5%[10] Asset and Equity Changes - Total assets as of September 30, 2025, were $9.361 billion, down from $9.763 billion at the end of 2024[19] - Total stockholders' equity decreased to $735.1 million from $1.493 billion at the end of 2024[19] Non-GAAP Measures - Non-GAAP operating income includes adjustments for stock-based compensation and litigation settlements, allowing for better comparison of core business performance[32] - Non-GAAP operating margin is calculated as non-GAAP operating income divided by GAAP revenue, offering insights into operational efficiency[32] - Non-GAAP net income adjusts for gains on bargain purchases and tax rate differences, providing a clearer view of profitability[34] - Non-GAAP diluted net income per share is derived from non-GAAP net income divided by non-GAAP diluted weighted-average shares outstanding, reflecting earnings performance[34] - Limitations of non-GAAP measures include potential differences in calculation methods among peer companies, which may affect comparability[33] - The company emphasizes the importance of non-GAAP measures for evaluating recurring core business results over multiple periods[33] - The effective tax rates used for non-GAAP measures are considered reasonable estimates based on the company's global operating structure[34] - The company acknowledges that other companies may not use free cash flow or may calculate it differently, impacting its usefulness as a comparative measure[31] Product Development - FortiSASE billings increased by over 100% year over year, driven by an easy migration path for existing SD-WAN customers[5] - Launched the Secure AI Data Center solution, achieving up to 69% lower energy consumption compared to alternative solutions[5]

Core Insights - Fortinet reported strong financial results for Q3 2025, with a revenue increase of 14% year-over-year to $1.72 billion, driven by innovation and a customer-first culture [4][5] - The company has established itself as a leader in the SASE market with its FortiSASE solution, which has seen billings grow over 100% year-over-year [5][4] - Fortinet's operating margins reached record levels, with a GAAP operating margin of 32% and a Non-GAAP operating margin of 37% for the third quarter [4] Financial Performance - Revenue for Q3 2025 was $1.72 billion, up 14% from $1.51 billion in Q3 2024 [4][19] - Product revenue increased by 18% year-over-year to $559.3 million [4][19] - Billings grew 14% year-over-year to $1.81 billion [4] - Non-GAAP net income per share is projected to be between $0.73 and $0.75, with a diluted share count of 751 million to 755 million [4] Business Highlights - Fortinet was recognized as a leader in the 2025 Gartner Magic Quadrant for Hybrid Mesh Firewall, ranking highest in ability to execute [5] - The company launched the Secure AI Data Center solution, which offers high-capacity connectivity and up to 69% lower energy consumption compared to alternatives [5] - Fortinet has over 500 issued and pending AI patents, supporting more than 20 AI-driven solutions [5] Guidance - For Q4 2025, Fortinet expects revenue in the range of $1.825 billion to $1.885 billion and billings between $2.185 billion and $2.285 billion [4] - For the fiscal year 2025, revenue is projected to be between $6.720 billion and $6.780 billion, with service revenue expected to be between $4.575 billion and $4.595 billion [4]

Core Insights - Fortinet has launched the Secure AI Data Center solution, the first end-to-end framework designed specifically to protect AI infrastructures, achieving an average power consumption reduction of 69% compared to traditional methods [1][5] - The introduction of the FortiGate 3800G firewall enhances the performance and scalability required for AI workloads, featuring NP7 and SP5 ASICs with 400 GbE connectivity [2][3] - The solution integrates advanced security measures across the entire AI workflow, ensuring data protection, compliance, and performance for high-density GPU environments [3][4] Product Features - The Secure AI Data Center solution combines ASIC-powered firewalls with comprehensive protection for data, applications, and large language models (LLMs), enabling organizations to scale AI securely [3][5] - It enforces zero-trust segmentation and maintains compliance with global standards, ensuring uninterrupted uptime for critical operations [4] - The FortiGate 3800G offers hyperscale throughput of 800 Gbps, with 210 Gbps for IPsec VPN and 200 Gbps for threat protection, supporting 200 million concurrent sessions [8] Market Positioning - Fortinet's Secure AI Data Center solution sets a new benchmark for AI environment protection, emphasizing resilience, trust, and operational simplicity for enterprises [5] - The solution is positioned to address the operational challenges introduced by AI, providing visibility and performance for high-density GPU clusters [6] - Fortinet's offerings are backed by extensive threat intelligence and research capabilities, enhancing the overall security posture for AI workloads [9]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Fortinet, Inc. common stock during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1] Group 1: Class Action Details - The class period for the Fortinet common stock purchases is from November 8, 2024, to August 6, 2025 [1] - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1] - A lead plaintiff must move the Court by November 21, 2025, to represent other class members in the litigation [2] Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time [3] - The firm was ranked No. 1 by ISS Securities Class Action Services for the number of settlements in 2017 and has consistently ranked in the top 4 since 2013 [3] - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering significant amounts for clients [3] Group 3: Case Allegations - The lawsuit alleges that Fortinet made materially false and misleading statements regarding the business impact of a "record" round of FortiGate unit upgrades, claiming it would generate $400 million to $450 million in product revenue in 2025 and 2026 [4] - Defendants misrepresented the sustainability of the refresh cycle, which was said to consist of old products that were only a "small percentage" of the company's business [5] - The lawsuit claims that when the true details of the refresh cycle were revealed, investors suffered damages due to the misleading information provided by Fortinet [5]

Core Viewpoint - A class action securities lawsuit has been filed against Fortinet, Inc. for alleged securities fraud affecting investors between November 8, 2024, and August 6, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Fortinet's management made false statements regarding the refresh cycle of their products, suggesting it would be more profitable than it actually was [2]. - It is alleged that the refresh cycle consisted of old products that represented only a "small percentage" of Fortinet's overall business [2]. - The complaint also states that Fortinet misrepresented the number of FortiGate firewalls eligible for upgrades and that the refresh momentum was overstated, with only half of the refresh completed by the end of Q2 2025 [2]. Group 2: Next Steps for Investors - Investors who suffered losses during the specified period have until November 21, 2025, to request appointment as lead plaintiff in the lawsuit [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4].

Core Viewpoint - A class action securities lawsuit has been filed against Fortinet, Inc. for alleged securities fraud affecting investors between November 8, 2024, and August 6, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Fortinet's management made false statements regarding the refresh cycle of their products, asserting it would be more profitable than it actually was, as it involved old products that represented a "small percentage" of the Company's business [2]. - It is alleged that Fortinet misrepresented the number of FortiGate firewalls eligible for upgrades and that the refresh momentum was overstated, with approximately half of the refresh completed in just a few months by the end of Q2 2025 [2]. Group 2: Next Steps for Investors - Investors who suffered losses during the specified timeframe have until November 21, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving in this role [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, and there is no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4].

Core Insights - Fortinet, Inc. is a cybersecurity company with a market cap of $64.5 billion, offering a range of security solutions including next-generation firewalls and cloud security [1] Performance Overview - Over the past 52 weeks, Fortinet's shares have increased by 6.9%, underperforming the S&P 500 Index which rose by 17.4% [2] - Year-to-date, Fortinet's stock is down 10.9%, while the S&P 500 has surged by 16% [2] - Fortinet has also lagged behind the Xtrackers Cybersecurity Select Equity ETF, which saw a 12.4% increase over the past year and a 9.7% rise year-to-date [3] Financial Performance - In Q2, Fortinet reported total revenue of $1.6 billion, a 13.6% year-over-year increase, slightly exceeding consensus estimates [4] - Net income for the same quarter rose by 15.9% to $440.1 million, and cash flow from operations increased by 12.2% to $1.3 billion [4] - The company's fiscal 2025 revenue guidance of $6.7 billion to $6.8 billion fell short of Wall Street expectations, negatively impacting investor sentiment [5] Earnings Expectations - Analysts project Fortinet's EPS to grow by 5.7% year-over-year to $2.21 for the current fiscal year ending in December [5] - Fortinet has a strong earnings surprise history, having exceeded consensus estimates in each of the last four quarters [5] Analyst Ratings - Among 42 analysts covering Fortinet, the consensus rating is a "Hold," with nine "Strong Buy," 30 "Hold," one "Moderate Sell," and two "Strong Sell" ratings [6] - This rating configuration has become less bullish compared to three months ago, where 14 analysts previously suggested a "Strong Buy" [7] - A recent price target of $87 was maintained by Jonathan Ruykhaver from Cantor Fitzgerald, indicating a potential upside of 3.3% from current levels [7]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Fortinet, Inc. common stock between November 8, 2024, and August 6, 2025, of the upcoming lead plaintiff deadline on November 21, 2025, for a class action lawsuit related to misleading statements made by the company [1][2]. Group 1: Class Action Details - Investors who bought Fortinet common stock during the specified Class Period may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [1]. - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [2][6]. - The lead plaintiff must file a motion with the Court by November 21, 2025, to represent other class members in the litigation [2]. Group 2: Allegations Against Fortinet - The lawsuit claims that Fortinet made materially false and misleading statements regarding the impact and sustainability of a significant round of FortiGate unit upgrades, which were projected to generate between $400 million and $450 million in product revenue in 2025 and 2026 [4]. - It is alleged that the company misrepresented the potential of the refresh cycle, which was said to gain momentum in the latter half of 2025, while in reality, it consisted of older products that represented a "small percentage" of the company's business [5]. - The lawsuit contends that Fortinet concealed the true number of FortiGate firewalls eligible for upgrades and that the refresh cycle was pushed through much faster than communicated, leading to investor damages when the true situation was revealed [5]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting its own success in recovering hundreds of millions of dollars for investors [3]. - The firm has been recognized for its leadership in securities class action settlements, achieving the largest settlement against a Chinese company at the time and ranking highly in the number of settlements since 2013 [3].

Core Viewpoint - The Gross Law Firm is notifying shareholders of Fortinet, Inc. regarding a class action lawsuit related to alleged misleading statements made by the company during a specific period [1][3]. Group 1: Allegations - The complaint alleges that Fortinet misrepresented the potential profitability of its product refresh cycle, claiming it would be more lucrative than it actually was, as it involved old products that constituted a "small percentage" of the company's business [3]. - It is claimed that Fortinet did not have a clear understanding of the actual number of FortiGate firewalls eligible for upgrades, contradicting their statements to investors about the refresh gaining momentum over two years [3]. Group 2: Class Action Details - The class period for the lawsuit is defined as November 8, 2024, to August 6, 2025, with a deadline for shareholders to register for participation set for November 21, 2025 [3][4]. - Shareholders who register will be enrolled in a portfolio monitoring system to receive updates on the case's progress, and there is no cost or obligation to participate [4]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect investors' rights against deceit, fraud, and illegal business practices, emphasizing the importance of responsible corporate behavior [5].

Core Points - Class action lawsuits have been filed on behalf of shareholders of several publicly-traded companies, with specific deadlines for filing lead plaintiff motions [1] RCI Hospitality Holdings, Inc. (NASDAQ: RICK) - Class period is from December 15, 2021, to September 16, 2025, with a lead plaintiff deadline of November 20, 2025 [2] - Allegations include materially false and misleading statements regarding tax fraud and bribery, which resulted in an understatement of legal risks and misleading positive statements about the company's business [2] Fortinet, Inc. (NASDAQ: FTNT) - Class period is from November 8, 2024, to August 6, 2025, with a lead plaintiff deadline of November 21, 2025 [3] - Allegations include misleading statements about the refresh cycle of products, lack of clarity on upgradeable firewalls, and misrepresentation of the refresh momentum, leading to materially misleading positive statements about the company's prospects [3] Molina Healthcare, Inc. (NYSE: MOH) - Class period is from February 5, 2025, to July 23, 2025, with a lead plaintiff deadline of December 2, 2025 [4] - Allegations include failure to disclose adverse facts regarding medical cost trend assumptions, dependency on low utilization of services for growth, and the likelihood of cutting financial guidance for fiscal year 2025, resulting in materially misleading positive statements about the company's operations [4]