Press Release
- Total revenue of $1.66 billion, up 17% year over year
- Product revenue of $574 million, up 18% year over year
- Ranked #7 on the Forbes Most Trusted Companies in America 2025 list, the only cybersecurity company in the top 50
- Total revenue of $5.96 billion, up 12% year over year
- Service revenue of $4.05 billion, up 20% year over year
- Remaining performance obligations of $6.42 billion, up 12% year over year
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.”
Fourth Quarter 2024 Performance:
Fortinet achieved a total revenue of $1.66 billion in the fourth quarter of 2024, reflecting a 17% year-over-year increase. The company’s product revenue rose to $574 million, marking an 18% growth compared to the previous year. Billings reached $2.00 billion, a 7% increase year over year. Additionally, the company reported a record GAAP operating margin of 35% and a record Non-GAAP operating margin of 39%.
In the Unified SASE and Security Operations segments, Fortinet demonstrated strong growth, with ARR increasing by 28% and 32%, respectively, on a year-over-year basis. The company was also recognized for its reliability and trustworthiness, securing the #7 spot on Forbes’ Most Trusted Companies in America 2025 list, making it the only cybersecurity firm among the top 50 companies.
Full Year 2024 Performance:
For the full year 2024, Fortinet recorded total revenue of $5.96 billion, reflecting a 12% increase from the previous year. Service revenue grew significantly to $4.05 billion, up 20% year over year. The company also achieved a record GAAP operating margin of 30% and a record Non-GAAP operating margin of 35%.
Fortinet’s remaining performance obligations stood at $6.42 billion, reflecting a 12% year-over-year growth. The company maintained strong financial health, generating $2.26 billion in cash flow from operations and achieving a free cash flow of $1.88 billion. Notably, Fortinet surpassed the ‘Rule of 45’ for the fifth consecutive year, underscoring its commitment to sustainable growth and profitability.
These results reaffirm Fortinet’s ongoing commitment to providing advanced security solutions that meet market demands and enhance its position as a leader in the cybersecurity sector.
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