Fortinet (FTNT)
Builds FortiGate firewalls and integrated networking, SASE, and security operations software.
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Fortinet sells the digital gatekeepers that protect company networks, then earns most of its money from the protection plans and care attached to them. The old engine is still the FortiGate firewall family; the next act is extending that foothold into cloud access, security control rooms, and factories.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 15 more below
Security Subscriptions and Support
The repeat-pay engine combines threat updates with technical care. It supplied most FY2025 revenue, and $7.18 billion was already contracted for later delivery; watch renewals as faster hardware sales change the mix.
Competes with Advanced Threat Prevention on PA-Series (Palo Alto Networks) · ThreatCloud AI on Quantum gateways (Check Point Software) · Premium Support (Palo Alto Networks) · Cisco Support (Cisco)
In plain English
Once Fortinet equipment is installed, customers keep paying for fresh threat information, software updates, help, and replacement service. It is closer to a staffed alarm system than a one-time lock purchase: FortiGuard watches for new dangers, while FortiCare keeps the equipment working.
Customers usually commit for one to five years. Fortinet then delivers the protection and care throughout that term. Every new device can bring another plan, and every expiring plan creates a renewal decision, which is why this repeat-pay layer is larger than the equipment business beneath it.
Unified SASE and FortiSASE
This cloud-delivered gate for remote users and branches made up 27% of FY2025 Q4 customer invoices. The watch point is whether its faster recent growth lasts as deployments spread.
Competes with Zero Trust Exchange, ZIA and ZPA (Zscaler) · Prisma SASE (Palo Alto Networks)
In plain English
Picture an employee opening company files from a branch, a hotel, or home. FortiSASE sends that internet trip through a Fortinet-run checkpoint, where access rules and security checks follow the person instead of staying inside one office.
Businesses pay for continuing protection across users and sites. Managed-service providers can bundle it with connectivity, and customers with strict control needs can run an on-site version. The money lands across equipment, subscriptions, and support rather than in one clean line, so its customer invoices show momentum better than a revenue share would.
AI-Driven Security Operations and FortiSOC
Tools for security control rooms reached a $472 million yearly subscription pace by FY2025 Q3. That was still a modest base; watch whether customers trust the automated responses and whether outside tools connect cleanly.
Competes with Microsoft Sentinel (Microsoft) · Falcon Next-Gen SIEM (CrowdStrike)
In plain English
A busy security team can drown in warnings from dozens of tools. FortiSOC gathers those signals onto one workbench, groups related clues, opens cases, and helps staff decide what to handle first. Its artificial-intelligence features are meant to assist and automate parts of that sorting job.
Customers pay for the continuing service and related Fortinet tools; managed security firms can operate it for them. The product becomes more useful when it can absorb information from many sources without creating bad alarms or unsafe automatic actions, so accuracy and connections to other systems matter as much as the feature list.
Fortinet OT Security Platform
Protection for factories and utilities grew invoiced sales 55% in FY2026 Q2, but from an undisclosed base. The direction is clear while the size is not; safe, non-disruptive inspection is the test.
Competes with xDome (Claroty) · Guardian (Nozomi Networks)
In plain English
Factory machines and utility equipment live in the physical world, where a careless security change can interrupt production or safety. Fortinet adapts rugged firewalls, network controls, device protection, and the security-team workbench for those sites.
Manufacturers and utilities buy equipment plus continuing protection, often through industrial installers or managed security firms that understand older machinery. Fortinet can extend a customer's existing FortiGate setup into remote plants and field locations. To keep earning renewals, it must inspect unfamiliar industrial traffic without getting in the way of the machines it is meant to protect.
FortiGate and FortiOS
The foundational firewall family is roughly a quarter of revenue and seeds the larger repeat-pay business. Roughly one million units reach the end of support across 2026 and 2027; watch how quickly replacements happen.
Competes with PA-Series firewalls (Palo Alto Networks) · Quantum Security Gateways (Check Point Software)
In plain English
Start with a digital gatekeeper. FortiGate checks the traffic entering and leaving a company network, blocks what breaks the rules, and comes as equipment or software. FortiOS is the common operating system across those forms.
Customers pay upfront for the device or license, usually through distributors and resellers. A placement can then pull in threat updates, care plans, switches, wireless gear, and other Fortinet tools. That makes the first sale valuable beyond its own price, but manufacturing is concentrated in Taiwan and the replacement wave depends on customers deciding when old units have truly run their course.
FortiSwitch, FortiAP, FortiExtender and FortiNAC
A smaller hardware family widens Fortinet from the network doorway into the building itself. One retailer chose its access points across 1,700 sites; watch whether shared management turns firewall customers into broader network buyers.
Competes with Catalyst 9000 switches (Cisco) · Aruba CX switches (HPE)
In plain English
Inside a store, school, or office campus, something must connect wired devices, provide wireless access, reach distant links, and decide who may join. FortiSwitch, FortiAP, FortiExtender, and FortiNAC divide those jobs among them.
Customers buy the equipment site by site, while integrators design and install the bundle. FortiGate can manage the local network through one connection layer, so an existing firewall deployment can lead to these additional sales. This remains a much smaller upfront-sale line, and its pull depends on customers wanting one vendor to run both the doorway and the rooms behind it.
Security Subscriptions and SupportThe repeat-pay engine combines threat updates with technical care. It supplied most FY2025 revenue, and $7.18 billion was already contracted for later delivery; watch renewals as faster hardware sales change the mix.The repeat-pay engine combines threat updates with technical care. It supplied most FY2025 revenue, and $7.18 billion was already contracted for later delivery; watch renewals as faster hardware sales change the mix.
In plain English
Once Fortinet equipment is installed, customers keep paying for fresh threat information, software updates, help, and replacement service. It is closer to a staffed alarm system than a one-time lock purchase: FortiGuard watches for new dangers, while FortiCare keeps the equipment working.
Customers usually commit for one to five years. Fortinet then delivers the protection and care throughout that term. Every new device can bring another plan, and every expiring plan creates a renewal decision, which is why this repeat-pay layer is larger than the equipment business beneath it.
Competes with Advanced Threat Prevention on PA-Series (Palo Alto Networks) · ThreatCloud AI on Quantum gateways (Check Point Software) · Premium Support (Palo Alto Networks) · Cisco Support (Cisco)
Unified SASE and FortiSASEThis cloud-delivered gate for remote users and branches made up 27% of FY2025 Q4 customer invoices. The watch point is whether its faster recent growth lasts as deployments spread.This cloud-delivered gate for remote users and branches made up 27% of FY2025 Q4 customer invoices. The watch point is whether its faster recent growth lasts as deployments spread.
In plain English
Picture an employee opening company files from a branch, a hotel, or home. FortiSASE sends that internet trip through a Fortinet-run checkpoint, where access rules and security checks follow the person instead of staying inside one office.
Businesses pay for continuing protection across users and sites. Managed-service providers can bundle it with connectivity, and customers with strict control needs can run an on-site version. The money lands across equipment, subscriptions, and support rather than in one clean line, so its customer invoices show momentum better than a revenue share would.
Competes with Zero Trust Exchange, ZIA and ZPA (Zscaler) · Prisma SASE (Palo Alto Networks)
AI-Driven Security Operations and FortiSOCTools for security control rooms reached a $472 million yearly subscription pace by FY2025 Q3. That was still a modest base; watch whether customers trust the automated responses and whether outside tools connect cleanly.Tools for security control rooms reached a $472 million yearly subscription pace by FY2025 Q3. That was still a modest base; watch whether customers trust the automated responses and whether outside tools connect cleanly.
In plain English
A busy security team can drown in warnings from dozens of tools. FortiSOC gathers those signals onto one workbench, groups related clues, opens cases, and helps staff decide what to handle first. Its artificial-intelligence features are meant to assist and automate parts of that sorting job.
Customers pay for the continuing service and related Fortinet tools; managed security firms can operate it for them. The product becomes more useful when it can absorb information from many sources without creating bad alarms or unsafe automatic actions, so accuracy and connections to other systems matter as much as the feature list.
Competes with Microsoft Sentinel (Microsoft) · Falcon Next-Gen SIEM (CrowdStrike)
Fortinet OT Security PlatformProtection for factories and utilities grew invoiced sales 55% in FY2026 Q2, but from an undisclosed base. The direction is clear while the size is not; safe, non-disruptive inspection is the test.Protection for factories and utilities grew invoiced sales 55% in FY2026 Q2, but from an undisclosed base. The direction is clear while the size is not; safe, non-disruptive inspection is the test.
In plain English
Factory machines and utility equipment live in the physical world, where a careless security change can interrupt production or safety. Fortinet adapts rugged firewalls, network controls, device protection, and the security-team workbench for those sites.
Manufacturers and utilities buy equipment plus continuing protection, often through industrial installers or managed security firms that understand older machinery. Fortinet can extend a customer's existing FortiGate setup into remote plants and field locations. To keep earning renewals, it must inspect unfamiliar industrial traffic without getting in the way of the machines it is meant to protect.
Competes with xDome (Claroty) · Guardian (Nozomi Networks)
FortiGate and FortiOSThe foundational firewall family is roughly a quarter of revenue and seeds the larger repeat-pay business. Roughly one million units reach the end of support across 2026 and 2027; watch how quickly replacements happen.The foundational firewall family is roughly a quarter of revenue and seeds the larger repeat-pay business. Roughly one million units reach the end of support across 2026 and 2027; watch how quickly replacements happen.
In plain English
Start with a digital gatekeeper. FortiGate checks the traffic entering and leaving a company network, blocks what breaks the rules, and comes as equipment or software. FortiOS is the common operating system across those forms.
Customers pay upfront for the device or license, usually through distributors and resellers. A placement can then pull in threat updates, care plans, switches, wireless gear, and other Fortinet tools. That makes the first sale valuable beyond its own price, but manufacturing is concentrated in Taiwan and the replacement wave depends on customers deciding when old units have truly run their course.
Competes with PA-Series firewalls (Palo Alto Networks) · Quantum Security Gateways (Check Point Software)
FortiSwitch, FortiAP, FortiExtender and FortiNACA smaller hardware family widens Fortinet from the network doorway into the building itself. One retailer chose its access points across 1,700 sites; watch whether shared management turns firewall customers into broader network buyers.A smaller hardware family widens Fortinet from the network doorway into the building itself. One retailer chose its access points across 1,700 sites; watch whether shared management turns firewall customers into broader network buyers.
In plain English
Inside a store, school, or office campus, something must connect wired devices, provide wireless access, reach distant links, and decide who may join. FortiSwitch, FortiAP, FortiExtender, and FortiNAC divide those jobs among them.
Customers buy the equipment site by site, while integrators design and install the bundle. FortiGate can manage the local network through one connection layer, so an existing firewall deployment can lead to these additional sales. This remains a much smaller upfront-sale line, and its pull depends on customers wanting one vendor to run both the doorway and the rooms behind it.
Competes with Catalyst 9000 switches (Cisco) · Aruba CX switches (HPE)
Named in filings, launches and programs
- Fortinet Security FabricPlatformThe connection layer that lets Fortinet's network, cloud, device, factory, and security-team tools share information and rules.
- FortiCloud and FortiFlexPlatformFortinet-run cloud services and flexible usage billing that host and measure its online protection products.
- FortiEndpointPlatformOne device agent and control screen for protection, data safeguards, and risk visibility; further artificial-intelligence features were due in FY2026 Q3.
- Lacework FortiCNAPPProduct lineProtects software from its development stage through operation in the cloud, built from the August 2024 Lacework acquisition.
- FortiDLP / Next DLPProduct lineTools that stop sensitive information from leaving approved places, strengthened by the August 2024 Next DLP purchase.
- Perception Point security assetsProduct lineEmail and collaboration protection bought in December 2024, adding another doorway for Fortinet to defend.
- LinksysBrandConsumer and small-business networking company, wholly owned by Fortinet since January 2025.
- FortiAI, FortiAIGate and Virtue AIProduct · AnnouncedTools for artificial-intelligence assistance, protecting AI applications, watching them while they run, and automatically testing their defenses.
- SP6 security-processing unitProduct · AnnouncedA jointly planned Intel and Fortinet processor with US design, packaging, and manufacturing; no production date has been given.
- Fabric-Ready Technology Alliance Partner ProgramEcosystemThousands of checked connections across hundreds of partners help outside products exchange information with Fortinet's platform.
- Vodafone Business Secure Networking ServicesCustomer programA named managed-service channel that bundles Vodafone connectivity with Fortinet branch networking and cloud-delivered protection across three regions.
- Fortinet Training InstituteEcosystemSecurity training for customers, partners, and workers supports product adoption rather than meaningful stand-alone revenue.
- FortiWeb, FortiADC and FortiProxyProduct lineSmaller appliances that protect and direct website traffic, included among Fortinet's upfront product sales.
- FortiManagerPlatformA central control screen for setting and coordinating rules across Fortinet deployments.
- Undisclosed large-enterprise platform programsCustomer programAnonymous bank, police, retail, drug-company, utility, and cloud-provider wins show bundles crossing product families; customer names and timing remain hidden.
Fortinet Security FabricPlatform
The connection layer that lets Fortinet's network, cloud, device, factory, and security-team tools share information and rules.
FortiCloud and FortiFlexPlatform
Fortinet-run cloud services and flexible usage billing that host and measure its online protection products.
FortiEndpointPlatform
One device agent and control screen for protection, data safeguards, and risk visibility; further artificial-intelligence features were due in FY2026 Q3.
Lacework FortiCNAPPProduct line
Protects software from its development stage through operation in the cloud, built from the August 2024 Lacework acquisition.
FortiDLP / Next DLPProduct line
Tools that stop sensitive information from leaving approved places, strengthened by the August 2024 Next DLP purchase.
Perception Point security assetsProduct line
Email and collaboration protection bought in December 2024, adding another doorway for Fortinet to defend.
LinksysBrand
Consumer and small-business networking company, wholly owned by Fortinet since January 2025.
FortiAI, FortiAIGate and Virtue AIProduct · Announced
Tools for artificial-intelligence assistance, protecting AI applications, watching them while they run, and automatically testing their defenses.
SP6 security-processing unitProduct · Announced
A jointly planned Intel and Fortinet processor with US design, packaging, and manufacturing; no production date has been given.
Fabric-Ready Technology Alliance Partner ProgramEcosystem
Thousands of checked connections across hundreds of partners help outside products exchange information with Fortinet's platform.
Vodafone Business Secure Networking ServicesCustomer program
A named managed-service channel that bundles Vodafone connectivity with Fortinet branch networking and cloud-delivered protection across three regions.
Fortinet Training InstituteEcosystem
Security training for customers, partners, and workers supports product adoption rather than meaningful stand-alone revenue.
FortiWeb, FortiADC and FortiProxyProduct line
Smaller appliances that protect and direct website traffic, included among Fortinet's upfront product sales.
FortiManagerPlatform
A central control screen for setting and coordinating rules across Fortinet deployments.
Undisclosed large-enterprise platform programsCustomer program
Anonymous bank, police, retail, drug-company, utility, and cloud-provider wins show bundles crossing product families; customer names and timing remain hidden.