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FTNT Fortinet

FY2025 10-K
Filed: Feb 25, 2026
Industrials
Computer Peripheral Equipment, NECSEC EDGAR
Fortinet Overview

Fortinet (FTNT) filed its fiscal year 2025 10-K annual report with the SEC on Feb 25, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.

AI Filing Analysis
FY2025 10-K

Business Overview

  • • Integrated cybersecurity platform (Fortinet Security Fabric) spanning secure networking, unified SASE, and AI-driven SecOps sold via two-tier channel distribution
  • • FortiAI introduced as dual-layer "AI for Security / Security for AI" framework, including FortiAI-SecureAI protecting LLMs and APIs — new emphasis on AI infrastructure defense
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Management Discussion & Analysis

  • • Revenue $6.80B in 2025, up 14% YoY (+$843.8M); product +16% to $2.22B, service +13% to $4.58B; EMEA fastest-growing region at +18%
  • • Total gross margin 80.5% vs 80.6%; product margin 67.3% vs 65.8%; service margin 86.8% vs 87.5%; operating margin 30.7% vs 30.3%
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Risk Factors

  • • Taiwan manufacturing concentration: majority of hardware manufactured in Taiwan; China-Taiwan tensions could critically disrupt production and supply
  • • Single distributor 32% of total net accounts receivable as of December 31, 2025; six distributors combined at 67%
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Financial Summary
XBRL

Revenue

$6.8B

Net Income

$1.9B

Gross Margin

80.5%

Operating Margin

30.7%

Net Margin

27.3%

ROE

149.8%

Total Assets

$10.4B

EPS (Diluted)

$2.42

Operating Cash Flow

$2.6B

Source: XBRL data from Fortinet FY2025 10-K filing on SEC EDGAR. All figures in USD.

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