Short answer
Fortinet (FTNT) filed its Q3 2025 10-Q quarterly report on Nov 7, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.7B (up 14.4% year over year) with net income of $474M.
Q3 2025 key financials · XBRL
- Revenue
- $1.7B
- +14.4% YoY · +5.8% QoQ
- Net income
- $474M
- −12.2% YoY · +7.7% QoQ
- Operating margin
- 31.7%
- Gross margin
- 80.8%
- EPS (diluted)
- $0.62
- −11.4% YoY · +8.8% QoQ
Source: XBRL data from the Fortinet (FTNT) Q3 2025 10-Q on SEC EDGAR. USD.
Fortinet Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
- Best segment: product revenue +18% Q3 ($559.3M vs $473.9M); Worst margin: product gross margin down 3.6 pts to 67.7% Q3
- Operating cash flow $1.97B nine months ended Sept 2025, up $190M (+11%) YoY; $2.23B stock repurchases in nine months ended Sept 2025
- Management expects continued product and service revenue growth in 2025; anticipates flat operating margin vs 2024; warns of margin pressure from expanded cloud service costs and investments in data centers
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
- Impactful legal risk: Ongoing patent litigations and demand letters; potential for claims, costly defenses, and injunctions impairing sales and financials
- Operational risk: End-of-quarter shipment reliance with delayed logistics or system failures can materially lower billings and revenue unexpectedly
- Financial risk: $995.9M Senior Notes outstanding as of 9/30/25 increase leverage, reduce cash flow flexibility, and impose restrictive covenants affecting financing and operations
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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