What it does
Fortinet states that its mission is to secure people, devices and data everywhere. Its Fortinet Security Fabric combines secure networking, unified Secure Access Service Edge (SASE) and AI-driven security operations. The filing describes three solution pillars: Secure Networking, Unified SASE and AI-Driven SecOps. Its offerings include network firewalls, switches, wireless access points, SD-WAN, secure access tools, cloud-security tools, security analytics and automated response capabilities. Fortinet also provides FortiGuard security services, threat intelligence and FortiCare technical support.
Source: Fortinet, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing lists one reportable segment. Fortinet generates revenue from product sales, security subscriptions, and technical support and other services. In FY2025, security subscription revenue was $2.6 billion, or 38.7% of revenue; product revenue was $2.2 billion, or 32.6%; and technical support and other revenue was $1.9 billion, or 28.6%. The company primarily uses a two-tier distribution model, selling to distributors that sell through resellers, service providers and managed security service providers. It also sells directly in certain cases to large service providers, systems integrators and end users.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Security subscription | $2.6 billion | 38.7% | 13.7% |
| Product | $2.2 billion | 32.6% | 16.2% |
| Technical support and other | $1.9 billion | 28.6% | 12.6% |
Source: Fortinet, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Fortinet states that its end-customers are in over 100 countries and include small, medium and large enterprises, government organizations and organizations in industries such as financial services, manufacturing, retail, technology, education, healthcare and telecommunications. Revenue in FY2025 was $2.8 billion in EMEA, $1.9 billion in the United States, $1.3 billion in APAC and $770.9 million in Other Americas. The company says a customer deployment may range from one to dozens of integrated products and services, and customers may access products through its cloud infrastructure, third-party colocations and public cloud providers.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| EMEA | $2.8 billion | 41.7% | 18.3% |
| United States | $1.9 billion | 28.4% | 8.47% |
| APAC | $1.3 billion | 18.6% | 13.2% |
| Other Americas | $770.9 million | 11.3% | 16.2% |
Source: Fortinet, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing describes Fortinet’s markets as extremely competitive and subject to rapid technological change. It lists competition based on security performance, throughput, features, interoperability, reliability, pricing, customer service, distribution, product breadth and other factors. Named competitors are Check Point, Cisco, CrowdStrike, F5 Networks, HPE, Huawei, Microsoft, Netskope, Palo Alto Networks, SonicWALL, Sophos and Zscaler. The company states that several competitors are larger, have greater resources, broader offerings or stronger brand recognition; it also cites smaller competitors focused on specific point solutions.
Source: Fortinet, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing gives prominence to the following risks:
- Operating results may vary significantly and be unpredictable because of factors including economic conditions, supply constraints, demand, pricing, order timing and execution.
- Component and inventory shortages, tariffs, supply-chain disruptions, conflicts, natural disasters and other events could disrupt supply or distribution.
- Security incidents, failures to prevent them, or compromises of internal, operational, research and development, lab or cloud networks could harm public perception.
- The company faces price competition, technological change, alternative technologies, and competitors with larger resources or broader product lines.
- Demand may shift from physical network-security appliances to cloud- and SaaS-based security services.
- Political, economic and social instability, trade restrictions, export controls and regulatory changes could disrupt sales, shipments or customer support.
Source: Fortinet, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, Fortinet had 15,109 employees. The filing states that approximately 30% were employed in the United States, approximately 20% in Canada, and approximately 50% elsewhere, primarily in EMEA. Research and development is centered in the United States and Canada. The company outsources manufacturing of security appliances to contract manufacturers and original design manufacturers; approximately 87% of its hardware is manufactured in Taiwan. Finished products are sent to warehouses in California and the Netherlands or a logistics partner in Taoyuan City, Taiwan for accessory packaging and quality-control testing. The filing directs readers to its MD&A for information on sales seasonality.
Source: Fortinet, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov