FTNT Fortinet
Q3 2025 10-Q
Fortinet (FTNT) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 7, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
AI Filing AnalysisQ3 2025 10-Q
Management Discussion & Analysis
- • Revenue $1.72B Q3 2025, up 14% YoY from $1.51B; Nine months $4.89B, up 14% YoY from $4.30B
- • Operating margin 31.7% Q3 2025 vs 31.2% YoY; Nine months 29.8% vs 28.6% YoY; Gross margin 80.8% Q3 2025 vs 82.5% YoY
Risk Factors
- • New sales channel risk: One distributor accounted for 25% of net accounts receivable as of 9/30/25, increasing credit and liquidity risk concentration
- • Most updated regulatory risk: New DOGE (Department of Government Efficiency) policies reduce federal spending, employees, agencies, risking contract modifications and revenue declines
Quarterly Financial SummaryXBRL
Revenue
$1.7B
▲ +14.4% YoY▲ +5.8% QoQ
Net Income
$474M
▼ -12.2% YoY▲ +7.7% QoQ
Net Margin
27.5%
▼ -833bp YoY▲ +47bp QoQ
Source: XBRL data from Fortinet Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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