Fortinet, Inc. (FTNT): Business Model Canvas

In der sich ständig weiterentwickelnden Landschaft der Cybersicherheit fungiert Fortinet als hervorragender Wächter, der komplexe digitale Bedrohungen durch sein innovatives Business Model Canvas in beherrschbare Herausforderungen umwandelt. Mit 4,8 Milliarden US-Dollar Aufgrund des jährlichen Umsatzes und eines strategischen Ansatzes, der modernste Technologie, umfassende Sicherheitslösungen und ein globales Netzwerk von Partnerschaften vereint, hat sich Fortinet als wichtiger Akteur beim Schutz von Organisationen vor anspruchsvollen Cyber-Risiken über mehrere Sektoren und Plattformen hinweg positioniert.

Fortinet, Inc. (FTNT) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Technologieallianzen

Fortinet unterhält strategische Technologiepartnerschaften mit wichtigen Technologieanbietern:

Partner	Partnerschaftsfokus	Integrationsdetails
Cisco-Systeme	Integration der Netzwerksicherheit	FortiGate-Interoperabilität mit der Cisco-Netzwerkinfrastruktur
Microsoft	Cloud-Sicherheitslösungen	Integration des Azure-Sicherheitscenters
Palo Alto Networks	Austausch von Bedrohungsinformationen	Kollaboratives Sicherheitsökosystem

Globales Reseller-Netzwerk

Das globale Vertriebsökosystem von Fortinet umfasst:

• Über 3.700 autorisierte Wiederverkäufer weltweit
• Über 1.200 Managed-Service-Anbieter
• Über 500 Systemintegratoren

Partnerschaften mit Cloud-Dienstanbietern

Cloud-Anbieter	Umfang der Partnerschaft	Sicherheitslösungen
Amazon Web Services	Native Cloud-Sicherheitsintegration	Bereitstellung der virtuellen FortiGate-Firewall
Microsoft Azure	Umfassende Sicherheits-Frameworks	Erweiterte Dienste zum Schutz vor Bedrohungen
Google Cloud-Plattform	Multi-Cloud-Sicherheitslösungen	Orchestrierung der Netzwerksicherheit

Akademische und Forschungskooperationen

Fortinet arbeitet mit Forschungseinrichtungen zusammen, um Bedrohungsinformationen zu entwickeln:

• Über 10 globale Forschungspartnerschaften im Bereich Cybersicherheit
• Gemeinsame Bedrohungsforschungsprogramme
• Jährliche Investition in Cybersicherheits-Bedrohungsinformationen: 42 Millionen US-Dollar

Fortinet, Inc. (FTNT) – Geschäftsmodell: Hauptaktivitäten

Produktentwicklung und Innovation im Bereich Cybersicherheit

Fortinet investierte im Jahr 2022 1,09 Milliarden US-Dollar in Forschungs- und Entwicklungskosten, was 19,4 % des Gesamtumsatzes entspricht. Das Unternehmen unterhält weltweit mehr als 4.200 Cybersicherheitspatente.

F&E-Investitionen	Patentportfolio	Innovationsfokus
1,09 Milliarden US-Dollar (2022)	Über 4.200 Patente	KI/ML-Sicherheitslösungen

Kontinuierliche Bedrohungsforschung und Informationsbeschaffung

FortiGuard Labs betreibt ein globales Threat-Intelligence-Netzwerk, das täglich über 125 Milliarden Sicherheitsereignisse verarbeitet.

• Abdeckung der Bedrohungsanalyse für mehr als 20 Bedrohungskategorien
• Malware-Erkennungsrate in Echtzeit: 99,5 %
• Aktualisierungen der Bedrohungsinformationen werden alle 3–5 Minuten generiert

Entwurf und Implementierung von Netzwerksicherheitslösungen

Fortinet bedient mehr als 610.000 Unternehmenskunden in 180 Ländern und hat einen Marktanteil im Bereich Netzwerksicherheit von 16,4 %.

Unternehmenskunden	Globale Reichweite	Marktanteil
610,000+	180 Länder	16.4%

Herstellung von Sicherheitssoftware und -hardware

Fortinet produziert über 50 verschiedene Hardware-Appliance-Modelle und mehrere Software-Sicherheitsplattformen.

• Physische FortiGate-Geräte: 40+ Modelle
• Virtuelle Firewall-Plattformen: 10+ Konfigurationen
• Cloud-native Sicherheitslösungen: 15+ Varianten

Laufende Produktwartung und Sicherheitsupdates

FortiGuard Labs bietet kontinuierliche Sicherheitsupdates mit durchschnittlich mehr als 75.000 neuen Malware-Signaturen pro Woche.

Wöchentliche Malware-Signaturen	Aktualisierungshäufigkeit	Kundensupportkanäle
75,000+	Kontinuierlich	Weltweiter Support rund um die Uhr

Fortinet, Inc. (FTNT) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittenes Forschungs- und Entwicklungsteam für Cybersicherheit

Im vierten Quartal 2023 beschäftigte Fortinet insgesamt 5.355 Forschungs- und Entwicklungsmitarbeiter. Die F&E-Ausgaben beliefen sich im Jahr 2023 auf insgesamt 1,2 Milliarden US-Dollar, was 21,4 % des Gesamtumsatzes des Unternehmens entspricht.

F&E-Metrik	Wert 2023
Gesamtzahl der F&E-Mitarbeiter	5,355
F&E-Ausgaben	1,2 Milliarden US-Dollar
F&E in % des Umsatzes	21.4%

Proprietäre Sicherheitstechnologien und FortiOS-Plattform

Portfolio für geistiges Eigentum: 1.511 erteilte Patente zum 31. Dezember 2023.

• Die FortiOS-Plattform deckt über 30 Sicherheits- und Netzwerktechnologien ab
• Über 500 Sicherheitsfunktionen in die Kernplattform integriert

Globales Netzwerk von Sicherheitsoperationszentren

Geografischer Standort	Anzahl der SOCs
Nordamerika	7
Europa	5
Asien-Pazifik	4
Gesamtzahl der globalen SOCs	16

Umfangreiches Portfolio an geistigem Eigentum

Patentdetails ab 2023:

• Insgesamt erteilte Patente: 1.511
• Ausstehende Patentanmeldungen: 438
• Jährliche Patentanmeldungsrate: 157 neue Patente

Qualifizierte Mitarbeiter für Vertrieb und technischen Support

Personalkategorie	Mitarbeiterzahl 2023
Gesamtzahl der Mitarbeiter	12,325
Vertriebspersonal	3,876
Mitarbeiter des technischen Supports	2,543

Fortinet, Inc. (FTNT) – Geschäftsmodell: Wertversprechen

Umfassende integrierte Sicherheitslösungen

Fortinet meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 4,76 Milliarden US-Dollar. Das Sicherheitslösungsportfolio des Unternehmens umfasst:

Kategorie „Sicherheitslösung“.	Marktabdeckung
Netzwerksicherheit	91 % Unternehmenskundendurchdringung
Cloud-Sicherheit	78 % Cloud-basierte Bereitstellungsabdeckung
Endpunktschutz	65 % globales Marktsegment

Erweiterter Bedrohungsschutz auf mehreren Plattformen

Die Threat-Intelligence-Plattform von Fortinet verarbeitet Folgendes:

• Täglich 10,4 Billionen Sicherheitsereignisse
• Über 500.000 einzigartige Bedrohungssignaturen
• Echtzeitschutz in über 510.000 globalen Kundennetzwerken

Kostengünstige und skalierbare Sicherheitsinfrastruktur

Kostenkennzahlen für die Sicherheitsinfrastruktur:

Infrastrukturmetrik	Wert
Durchschnittliche Reduzierung der Gesamtbetriebskosten	47 % im Vergleich zur Konkurrenz
Konsolidierungsrate der Sicherheitsplattform	35 % Reduzierung der Sicherheitstools

Einheitliches Sicherheitsmanagement durch FortiGate-Systeme

FortiGate-Bereitstellungsstatistiken:

• Über 420.000 Unternehmenskunden weltweit
• Über 1,2 Millionen FortiGate-Einheiten im Einsatz
• 97 % Kundenbindungsrate

KI-gesteuerte Funktionen zur Bedrohungserkennung und -prävention

KI-Sicherheitsfunktionen:

KI-Leistungsmetrik	Wert
Genauigkeit der Bedrohungserkennung	99.7%
Aktualisierungen des Modells für maschinelles Lernen	3.700+ pro Monat
Automatisierte Sicherheitsreaktionszeit	Unter 17 Millisekunden

Fortinet, Inc. (FTNT) – Geschäftsmodell: Kundenbeziehungen

Technischer Support und Kundenerfolgsprogramme

Fortinet bietet rund um die Uhr technischen Support mit den folgenden Servicestufen:

Support-Stufe	Reaktionszeit	Abdeckung
FortiCare-Standard	Nächster Werktag	Hardware-Austausch
FortiCare Premium	4-Stunden-Hardware-Austausch	Erweiterter Support
FortiCare Elite	2-stündiger Hardware-Austausch	Umfassende Unternehmensunterstützung

Self-Service-Online-Supportportale

Fortinet bietet umfassende Online-Supportressourcen:

• FortiNet-Kundensupportportal
• Wissensdatenbank mit über 40.000 technischen Artikeln
• Online-Firmware-Downloads
• Automatisiertes Ticketverwaltungssystem

Dedizierte Kontoverwaltung für Unternehmenskunden

Der Unternehmenskundensupport umfasst:

• Personalisierte technische Account Manager
• Vierteljährliche Geschäftsberichte
• Maßgeschneiderte Sicherheitsberatung
• Direkte Eskalationskanäle

Regelmäßige Sicherheitsschulungen und Webinar-Angebote

Trainingsprogramm	Jährliche Teilnehmer	Formatieren
FortiNet NSE-Institut	Über 250.000 Cybersicherheitsexperten	Online- und persönliche Zertifizierung
Monatliche Sicherheits-Webinare	Über 50.000 registrierte Teilnehmer	Live und auf Abruf

Community-gesteuerter Austausch von Bedrohungsinformationen

Die Threat-Intelligence-Plattform von Fortinet umfasst:

• Globales Bedrohungsforschungsteam von FortiGuard Labs
• Austausch von Bedrohungsdaten in Echtzeit
• Automatisierte Aktualisierungen der Bedrohungserkennung
• Globale Bedrohungsforschungsdatenbank mit täglich über 500.000 analysierten Malware-Beispielen

Fortinet, Inc. (FTNT) – Geschäftsmodell: Kanäle

Direktes Enterprise-Vertriebsteam

Fortinet unterhält im vierten Quartal 2023 ein globales Direktvertriebsteam von 2.450 Unternehmensvertriebsmitarbeitern. Das Team erwirtschaftet über direkte Unternehmensvertriebskanäle einen Jahresumsatz von rund 4,8 Milliarden US-Dollar.

Vertriebskanalmetriken	Daten für 2023
Total Enterprise-Vertriebsmitarbeiter	2,450
Direkter Umsatz	4,8 Milliarden US-Dollar

Online-E-Commerce-Plattform

Die digitale Vertriebsplattform von Fortinet generiert einen Jahresumsatz von 620 Millionen US-Dollar, was 12,9 % des Gesamtumsatzes des Unternehmens entspricht. Die Online-Plattform unterstützt:

• Direkter Produktkauf
• Abonnementbasierte Cybersicherheitslösungen
• Lizenzierungs- und Verlängerungsdienste

Mehrwert-Reseller-Netzwerke

Fortinet arbeitet mit 35.000 Vertriebspartnern weltweit zusammen und erwirtschaftet im Jahr 2023 über indirekte Vertriebskanäle 2,1 Milliarden US-Dollar.

Channel-Partner-Metriken	Daten für 2023
Gesamtzahl der Vertriebspartner	35,000
Indirekter Umsatz	2,1 Milliarden US-Dollar

Technologiepartner-Ökosysteme

Fortinet unterhält strategische Technologiepartnerschaften mit über 500 Technologieintegratoren, darunter:

• Cisco-Systeme
• Amazon Web Services
• Microsoft Azure
• Google Cloud-Plattform

Präsenz auf Konferenzen für digitales Marketing und Industrie

Fortinet investiert jährlich 340 Millionen US-Dollar in Marketingkanäle, darunter:

• Über 30 globale Cybersicherheitskonferenzen
• Digitale Werbekampagnen
• Webinar- und virtuelle Veranstaltungsplattformen

Investitionen in Marketingkanäle	Daten für 2023
Gesamte Marketingausgaben	340 Millionen Dollar
Teilnahme an globalen Konferenzen	30+

Fortinet, Inc. (FTNT) – Geschäftsmodell: Kundensegmente

Große Unternehmensorganisationen

Fortinet beliefert im vierten Quartal 2023 52 % der Fortune-500-Unternehmen. Der durchschnittliche jährliche Vertragswert für große Unternehmenskunden beträgt 487.000 US-Dollar.

Unternehmenssegmentmetriken	Daten für 2024
Gesamtzahl der Unternehmenskunden	4,782
Durchdringungsrate der Cybersicherheit	64.3%
Durchschnittlicher jährlicher Vertragswert	$487,000

Mittelständische Unternehmen

Fortinet richtet sich an mittelständische Unternehmen mit einem Jahresumsatz zwischen 10 und 500 Millionen US-Dollar. 38 % des gesamten Kundenstamms von Fortinet fallen in dieses Segment.

• Gesamtzahl der mittelständischen Kunden: 6.215
• Durchschnittlicher Vertragswert: 128.500 $
• Marktdurchdringung: 42,7 %

Regierung und Einrichtungen des öffentlichen Sektors

Fortinet bedient 73 Bundesbehörden und zahlreiche staatliche/lokale Regierungsorganisationen. Der Umsatz des Regierungssegments belief sich im Jahr 2023 auf 412 Millionen US-Dollar.

Details zum Regierungssegment	Statistik 2024
Kunden von Bundesbehörden	73
Gesamtzahl der Regierungsverträge	248
Jährlicher Umsatz des Regierungssegments	$412,000,000

Bildungseinrichtungen

Fortinet bietet Cybersicherheitslösungen für 1.247 Bildungseinrichtungen im K-12- und Hochschulbereich.

• Gesamtzahl der Bildungskunden: 1.247
• Durchschnittlicher jährlicher Vertragswert: 76.300 $
• K-12-Marktdurchdringung: 34,6 %
• Marktdurchdringung im Hochschulbereich: 52,3 %

Kleine und mittlere Unternehmen

Das KMU-Segment repräsentiert 27 % des gesamten Kundenstamms von Fortinet mit 8.500 aktiven Kunden im Jahr 2024.

KMU-Segmentkennzahlen	Daten für 2024
Gesamtzahl der KMU-Kunden	8,500
Durchschnittlicher Vertragswert	$42,700
Marktdurchdringung	27%

Fortinet, Inc. (FTNT) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Im Geschäftsjahr 2023 investierte Fortinet 1,14 Milliarden US-Dollar in Forschung und Entwicklung, was 20,4 % des Gesamtumsatzes entspricht. Die F&E-Ausgaben des Unternehmens sind im Jahresvergleich kontinuierlich gestiegen:

Geschäftsjahr	F&E-Investitionen	Prozentsatz des Umsatzes
2021	879 Millionen US-Dollar	19.7%
2022	1,02 Milliarden US-Dollar	20.1%
2023	1,14 Milliarden US-Dollar	20.4%

Globale Vertriebs- und Marketingkosten

Die Vertriebs- und Marketingkosten für Fortinet beliefen sich im Jahr 2023 auf insgesamt 1,56 Milliarden US-Dollar, was 27,9 % des Gesamtumsatzes ausmacht:

• Mitarbeiterzahl des globalen Vertriebsteams: Ungefähr 4.500 Mitarbeiter
• Marketingkanäle: Direktvertrieb, Vertriebspartner, digitales Marketing
• Geografische Verteilung der Vertriebskosten:
  • Nordamerika: 45 %
  • Europa, Naher Osten, Afrika: 30 %
  • Asien-Pazifik: 25 %

Herstellungskosten für Hardware und Software

Herstellungskosten für Fortinet-Hardware- und Softwarelösungen im Jahr 2023:

Produktkategorie	Herstellungskosten	Bruttomarge
Netzwerksicherheitsgeräte	380 Millionen Dollar	65.5%
Softwarelizenzen	220 Millionen Dollar	85.3%
Cloud-Sicherheitslösungen	170 Millionen Dollar	72.6%

Wartung der Cloud-Infrastruktur

Cloud-Infrastruktur- und Wartungskosten für 2023:

• Gesamtkosten der Cloud-Infrastruktur: 245 Millionen US-Dollar
• Cloud-Rechenzentrumsstandorte: 5 globale Regionen
• Durchschnittliche monatliche Wartung der Infrastruktur: 20,4 Millionen US-Dollar

Talentakquise und -bindung

Humankapitalinvestitionen und -kosten für 2023:

Kostenkategorie	Betrag
Gesamtvergütung der Mitarbeiter	1,8 Milliarden US-Dollar
Durchschnittliches Mitarbeitergehalt	$135,000
Mitarbeiterschulung und -entwicklung	42 Millionen Dollar
Gesamtmitarbeiterzahl	8.550 Mitarbeiter

Fortinet, Inc. (FTNT) – Geschäftsmodell: Einnahmequellen

Verkauf von Hardware-Sicherheitsgeräten

Im Geschäftsjahr 2023 meldete Fortinet einen Produktumsatz von 4,47 Milliarden US-Dollar, einschließlich der Verkäufe von Hardware-Sicherheitsgeräten.

Produktkategorie	Umsatz (2023)	Prozentsatz des Gesamtumsatzes
Sicherheitsgeräte	2,1 Milliarden US-Dollar	47.2%
Netzwerkgeräte	1,3 Milliarden US-Dollar	29.1%

Softwarelizenzierung und Abonnements

Der Softwarelizenzumsatz von Fortinet belief sich im Jahr 2023 auf insgesamt 1,98 Milliarden US-Dollar.

• Umsatzwachstum auf Abonnementbasis: 33 % im Jahresvergleich
• FortiGate-Softwarelizenzen: 1,2 Milliarden US-Dollar
• Lizenzen für Cloud-Sicherheitssoftware: 780 Millionen US-Dollar

Wiederkehrende Einnahmen aus Cloud-Sicherheitsdiensten

Der wiederkehrende Umsatz mit Cloud-Sicherheitsdiensten erreichte im Jahr 2023 1,65 Milliarden US-Dollar.

Cloud-Dienst	Jährlich wiederkehrender Umsatz
FortiCloud	850 Millionen Dollar
FortiGate Cloud	800 Millionen Dollar

Professionelle Dienstleistungen und Beratung

Der Umsatz mit professionellen Dienstleistungen belief sich im Jahr 2023 auf 420 Millionen US-Dollar.

• Sicherheitsberatungsdienste: 250 Millionen US-Dollar
• Implementierungsleistungen: 170 Millionen US-Dollar

Technische Support- und Wartungsverträge

Der Umsatz aus technischen Support- und Wartungsverträgen belief sich im Jahr 2023 auf insgesamt 1,1 Milliarden US-Dollar.

Art des Supportvertrags	Einnahmen
Supportverträge rund um die Uhr	680 Millionen Dollar
Erweiterte Supportverträge	420 Millionen Dollar

Fortinet, Inc. (FTNT) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Fortinet, Inc. over the competition as of late 2025. It really boils down to consolidation, speed, and comprehensive reach across your entire digital estate.

Security Fabric: unified, integrated platform reducing complexity and vendor sprawl.

The Security Fabric is the architecture that ties everything together, which is why over 800,000 clients trust Fortinet solutions and services to protect their businesses. This integration is key when you consider the market landscape; for instance, 72% of organizations report they can't see how users interact with sensitive data across endpoints and cloud services, a gap the Fabric aims to close. The platform's strength is in its breadth, unifying different security functions into a cohesive whole.

Here's a look at the growth in key integrated pillars as of the first half of 2025:

Metric	Q1 2025 Value	Year-over-Year Growth
Unified SASE Annual Recurring Revenue (ARR)	$1.15 billion	26%
Security Operations (SecOps) ARR	$434.5 million	30%
Unified SASE Billings Contribution (Q3 2025)	26% of total billings	N/A

High performance and low latency via custom FortiASIC hardware acceleration.

Performance isn't just a marketing term here; it's tied directly to the proprietary FortiASIC hardware. This custom silicon is what allows Fortinet to claim industry-leading Security Compute Ratings across benchmarks like Stateful Firewall Throughput and SSL Inspection, effectively leapfrogging competitors built on general-purpose CPUs. This hardware focus is critical for demanding workloads, such as the new Secure AI Data Center solution, which boasts up to 69% lower energy consumption than alternative solutions.

Convergence of networking and security (e.g., native SD-WAN and SASE capabilities).

The convergence story is playing out strongly in the Secure Access Service Edge (SASE) market. Fortinet is the only vendor to natively integrate Next-Generation Firewall, SD-WAN, and SASE on a single operating system, FortiOS. This native integration is driving significant adoption:

• 73% of large enterprises had adopted Fortinet's SD-WAN by Q1 2025.
• FortiSASE billings growth in Q3 2025 was over 100% year-over-year.
• FortiSASE penetration among large enterprises reached 13% by Q2 2025.
• Security service edge billings growth exceeded 110% in Q1 2025.

Lower Total Cost of Ownership (TCO) by consolidating multiple security functions.

Consolidation directly impacts your bottom line by reducing the number of vendors and operational overhead. In the Operational Technology (OT) space, for example, organizations using unified networking and security at remote OT sites saw a 93% reduction in cyber incidents compared to a flat network. Furthermore, the simplified Fortinet solutions led to a seven times improvement in performance due to reductions in triage and setup time. A third-party Forrester study quantified the return on investment for their Secure LAN Edge solution at 308% ROI.

Comprehensive protection from the data center to the cloud and remote edges.

Fortinet's platform is designed to cover the entire digital attack surface, from devices to data centers and the cloud. This comprehensive approach is reflected in their financial outlook for the full fiscal year 2025, projecting total revenue between $6.720 billion and $6.780 billion. The service revenue component, which underpins ongoing protection and updates, is guided to be between $4.575 billion and $4.595 billion for the full year.

You can see the scale of their business and the focus on recurring revenue streams:

As of Q3 2025, the billings breakdown shows the reliance on services and integrated pillars:

• Service revenue for Q3 2025 was $1.17 billion, up 13% year-over-year.
• Total billings for Q3 2025 reached $1.81 billion, up 14% year-over-year.
• The combined contribution of Unified SASE (26%) and SecOps (11%) accounted for 37% of Q3 2025 total billings.

Finance: draft 13-week cash view by Friday.

Fortinet, Inc. (FTNT) - Canvas Business Model: Customer Relationships

You're looking at how Fortinet, Inc. (FTNT) keeps its well over half a million customers engaged and growing their spend. It's a tiered approach, moving from broad, automated support up to dedicated, high-touch engagement for the biggest accounts.

Automated, Self-Service Support via the Fortinet Community and Online Resources

For the vast majority of its installed base, support starts with self-service. This is quantified by the scale of the digital ecosystem they support. As of late 2025, the Fortinet Community boasts 190,206 Community Members and hosts 69,613 Discussions. Furthermore, the Fortinet Training Institute is positioned as one of the largest and broadest training programs in the industry, dedicated to making cybersecurity training accessible. This infrastructure handles initial queries and product education, keeping operational costs down for routine issues.

Dedicated Account Management and Professional Services for Large Enterprise Customers

The focus shifts significantly for the largest customers. In the second quarter of 2025, deals valued at greater than $1 million saw a 29% increase in volume and a 51% increase in total value. These accounts receive dedicated account management. Professional Services and Cloud Consulting Services are explicitly offered alongside FortiCare, indicating a high-touch relationship track for complex deployments.

Land-and-Expand Strategy: Initial FortiGate Sale Leads to Adoption of SASE and SecOps Solutions

The core of the relationship growth is the land-and-expand motion, typically starting with the FortiGate firewall. This is clearly reflected in the growth of the attached services. For instance, in the second quarter of 2025, Unified Secure Access Service Edge (SASE) Annual Recurring Revenue (ARR) grew 22% year-over-year, and Security Operations (SecOps) ARR increased 35%. The data shows that most customers began with FortiGate firewalls and expanded into SD-WAN and FortiSASE. This expansion is validated by FortiSASE customer base expansion of 65% in Q2 2025.

FortiCare Subscription Services Providing 24x7 Support and Advanced Threat Intelligence Updates

The recurring revenue stream, which includes FortiCare technical support services, is a critical component of the customer relationship, recognized ratably over contractual terms typically ranging from one to five years. For the full fiscal year 2025, Fortinet expects service revenue to be in the range of $4.575 billion to $4.595 billion. In the first quarter of 2025 alone, service revenue hit $1.08 billion, marking a 14.4% increase compared to the same quarter in 2024. This revenue underpins the 24x7 support and the continuous updates from FortiGuard Labs, which publishes reports like the 2025 Global Threat Landscape Report.

Partner-Led Relationships for SMB and Mid-Market Segments

The channel is essential for reaching the smaller and mid-sized businesses. In the first quarter of 2025, new logos (new customers) increased 14%, which was explicitly driven by worldwide investments in channel partners. Partner incentive programs are structured to encourage this expansion, with offers like earning up to 5% rebate on growth target achievement within the VIP Program. Furthermore, specific promotions target the lower end of the portfolio, focusing on Small Business SKUs.

Here's a quick look at the financial weight of the service relationship:

Metric	Value (Late 2025 Data)	Context/Period
FY 2025 Expected Service Revenue (Midpoint)	Approx. $4.58 billion	Fiscal Year 2025 Guidance
Q1 2025 Service Revenue	$1.08 billion	Q1 2025 Actual
Q1 2025 Service Revenue YoY Growth	14.4%	Q1 2025 vs Q1 2024
Unified SASE ARR Growth	22%	Year-over-Year (Q2 2025)
SecOps ARR Growth	35%	Year-over-Year (Q2 2025)
FortiSASE Customer Base Expansion	65%	Year-over-Year (Q2 2025)

The customer relationship is clearly segmented by the value of the account, using digital scale for the broad base and direct/partner engagement for expansion and high-value sales. Finance: draft 13-week cash view by Friday.

Fortinet, Inc. (FTNT) - Canvas Business Model: Channels

You're looking at how Fortinet, Inc. gets its security solutions into the hands of customers as of late 2025. It's a layered approach, heavy on partners but with a significant direct component for the biggest deals.

The foundation of their go-to-market is definitely the channel. Fortinet, Inc. has built one of the largest ecosystems in cybersecurity through its Fabric-Ready Technology Alliance Partner Program. This program has seen massive growth, surpassing 3,000 integrations across more than 400 technology partners as of the third quarter of 2025. To put that growth in perspective, that's a 36-fold expansion since the program started in 2015. This network is key for delivering the two-tier distribution model.

Here's a snapshot of the partner ecosystem metrics:

Metric	Value (as of late 2025)	Source Reference
Fabric-Ready Integrations	3,000+	cite: 1, 2, 4
Technology Alliance Partners	400+	cite: 1, 2, 4
Partner Program Growth (since 2015)	36-fold	cite: 4

Still, Fortinet, Inc. maintains a strong direct sales force, particularly for the largest accounts. This direct touch is critical for landing major strategic wins and securing government business, like through Fortinet Federal. We see the impact of this focus on large enterprises in the Q3 2025 results, where deals valued above $1 million rose by 29% in volume and by 51% in total value year-over-year. Furthermore, 13% of large enterprise customers now use FortiSASE, which is a 60% increase in adoption within that segment. The company added over 6,900 new customers in Q3 2025 alone, showing strong direct acquisition alongside channel efforts.

For virtual appliances and cloud-native solutions, the cloud marketplaces are an increasingly important route. This aligns with the shift toward recurring revenue, which was evident in Q1 2025 when service revenue made up 70% of total revenue at $1.08 billion. The momentum in cloud-delivered services is strong; for instance, Unified SASE Annual Recurring Revenue (ARR) grew 22% year-over-year in Q2 2025, reaching $1.15 billion, and FortiSASE billings increased by over 100% year-over-year in Q3 2025. In Q4 2024, combined revenues from software licenses and software services, which includes cloud offerings, already represented an annual revenue run rate of more than $1 billion.

The Managed Security Service Provider (MSSP) channel is served through the broader partner ecosystem, driving the high service revenue numbers. The overall financial performance reflects this service-heavy model:

• FY 2025 Revenue Guidance Range: $6.720 billion to $6.780 billion
• Q3 2025 Total Revenue: $1.72 billion
• Q3 2025 Product Revenue: $559.3 million
• Q3 2025 Total Billings: $1.81 billion
• Q2 2025 Billings: $1.78 billion
• Security Operations ARR (Q2 2025): $463 million (up 35% Y/Y)

Finally, Fortinet, Inc.'s own website and sales team serve as the primary source for initial product information and lead qualification, feeding into the tiered partner structure or the direct enterprise team. The company's focus on an open ecosystem, with over 400 technology partners, helps ensure that customers can integrate the Fortinet Security Fabric with their existing and future technologies, regardless of vendor.

Finance: finalize the Q3 2025 revenue breakdown by channel type by Monday.

Fortinet, Inc. (FTNT) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Fortinet, Inc. as of late 2025. The strategy clearly centers on platform consolidation, which is driving significant growth in the top-tier segments.

Large Enterprises

This is the engine room right now. Large enterprise was the top performing customer segment for Fortinet, Inc. during the first quarter of 2025, showing growth of around 30%. These customers are focused on consolidating their security stack onto the unified FortiOS platform. A key metric showing this consolidation is the Secure Service Edge (SSE) penetration among this group, which reached 11% in Q1 2025, representing an increase of nearly 10% quarter over quarter. Furthermore, 73% of these larger enterprise customers have adopted the company's SD-WAN solution.

Small and Mid-sized Businesses (SMBs)

The SMB market is being served with entry-level, high-performance hardware and cloud management options. Fortinet, Inc. introduced the FortiGate 30G in early 2025, specifically targeting distributed enterprises and smaller footprints. This model offers firewall throughput of up to 1 Gbps and supports up to 100,000 concurrent sessions. This deployment strategy helps secure smaller offices and startups looking for a compact, yet capable, security foundation.

Service Providers and Telecom Carriers

This segment is a major consumer of the company's cloud-delivered and integrated offerings. The momentum in the Unified SASE market is a direct indicator of their activity, with Annual Recurring Revenue (ARR) for Unified SASE growing 26% year-over-year in Q1 2025, reaching $1.15 billion. These customers are deploying high-end firewalls and virtualized solutions to secure their own infrastructure and to offer services to their end-customers.

Government and Public Sector (U.S. Federal)

Government entities are driving demand by adhering to mandates around Zero Trust architecture and securing hybrid work environments. A significant win noted in Q1 2025 involved an international government customer securing an eight-figure deal leveraging FortiSASE and SD-WAN solutions. The public sector remains a key focus, with events like the Canadian Security Showcase in December 2025 gathering leaders to explore security strategies.

Operational Technology (OT) and Industrial Control Systems (ICS) environments

Fortinet, Inc. is solidifying its position in the specialized OT/ICS space. The company was recognized as the Overall Leader in the Westlands Advisory IT/OT Network Protection Platform Navigator 2025 report for the third consecutive time. This validates the platform's capability to secure industrial environments alongside traditional IT networks.

Here's a quick look at some of the key financial and statistical data points related to these segments and the broader business in Q1 2025:

Segment/Metric	Key Financial/Statistical Number	Reporting Period
Large Enterprise Segment Growth	~30%	Q1 2025
Unified SASE ARR	$1.15 billion	Q1 2025
Unified SASE ARR Growth	26%	Q1 2025
AI-Driven Security Operations ARR Growth	30%	Q1 2025
Total New Logos Added	Over 6,300	Q1 2025
FortiGate 30G Throughput (Max)	Up to 1 Gbps	As of Feb 2025
FortiGate 30G Concurrent Sessions	100,000 connections	As of Jul 2025
Total Revenue	$1.54 billion	Q1 2025

You should track the continued expansion of the Unified SASE and Security Operations ARR, as these are the fastest-growing revenue streams underpinning the platform strategy.

• Large Enterprise SASE Penetration: 11% (Q1 2025)
• Large Enterprise SD-WAN Adoption: 73% (Q1 2025)
• Government Deal Size: Eight-figure (Q1 2025)
• OT/ICS Leadership Recognition: 2025 Navigator Report

Finance: draft 13-week cash view by Friday.

Fortinet, Inc. (FTNT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that power Fortinet's platform strategy, which is heavily weighted toward innovation and global reach. The cost structure reflects a high-touch, high-investment model, especially in software and services, which carry better margins than hardware.

The company guides for a strong non-GAAP gross margin for the full fiscal year 2025, landing in the range of 80.25% to 80.75%. This is a testament to the revenue mix heavily favoring services and subscriptions over pure product sales. For context, the Q3 2025 total gross margin was reported at 81.6%. This margin strength is crucial because it funds the significant operating expenses required to maintain market leadership.

Fortinet, Inc. maintains significant investment in Research and Development (R&D) to fuel its platform innovation, particularly around AI. For the twelve months ending September 30, 2025, R&D expenses totaled $0.802B, representing an 18.2% increase year-over-year. This investment underpins their technology advantage, evidenced by achieving rapid adoption in AI add-on solutions, supported by continued R&D investment and more than 500 issued and pending AI patents, powering over 20 AI-driven solutions.

Sales and Marketing (S&M) expenses are substantial, necessary to support the global channel and direct sales teams that drive adoption across all customer sizes. This cost center is the engine for their growth in areas like FortiSASE, which saw third-quarter billings increase by over 100% year over year. The company continues its worldwide investments in its channel partners to capture market share.

To give you a clearer picture of the operating expense profile, here is a breakdown based on the latest available Trailing Twelve Months (TTM) data ending June 30, 2025, alongside the TTM total ending September 30, 2025. Remember, personnel costs are the most significant component across all operating expense categories.

Expense Category (TTM)	Amount (as of Jun 30, 2025)	Amount (as of Sep 30, 2025)
Sales and Marketing	$2.18B	Not explicitly broken out
Research and Development	$786.50M	$0.802B
General and Administrative	$241.50M	Calculated (See below)
Total Operating Expenses	Approximately $3.208B (Sum of above)	$4.522B

The total operating expenses for the twelve months ending September 30, 2025, were $4.522B. If we use the R&D figure from that same date ($0.802B) and the S&M figure from the June 30, 2025, TTM table ($2.18B), the implied General and Administrative expense for the September 30, 2025, TTM period would be approximately $1.540B ($4.522B - $0.802B - $2.18B). This suggests G&A is a larger component than the Jun 30, 2025, table indicated, likely due to the difference in reporting dates or the inclusion of other items in the TTM total.

Manufacturing and procurement costs are embedded within the Cost of Product Revenue. Fortinet, Inc.'s cost of product revenue is primarily comprised of:

• Third-party contract manufacturers' costs.
• The costs of materials used in production, which includes the custom FortiASIC hardware components.
• Shipping costs and personnel costs associated with logistics and quality control.

The company's strategy, powered by its proprietary FortiASIC technology, is designed to deliver a performance advantage while significantly lowering the total cost of ownership for the customer, which helps offset the underlying procurement costs.

Costs associated with maintaining and expanding the global FortiGuard Labs threat intelligence infrastructure are included within the Cost of Service Revenue, which is primarily comprised of personnel costs, data center infrastructure, and colocation/cloud provider fees. The company's ability to absorb increased costs, such as those associated with the expansion of hosted security solutions, while only slightly impacting service gross margin (down just 10 basis points in Q1 2025 to 87.8%) shows effective cost management within this critical area.

Fortinet, Inc. expects its full-year 2025 Non-GAAP operating margin to be in the range of 34.5% to 35.0%.

Fortinet, Inc. (FTNT) - Canvas Business Model: Revenue Streams

You're looking at how Fortinet, Inc. pulls in its money, which is heavily weighted toward the predictable, recurring side of the business as of late 2025. This shift is key to their valuation story.

Services Revenue (Subscriptions and Support): This stream is projected between $4.575 billion and $4.595 billion for Fiscal Year 2025. This segment represents the backbone of their committed revenue base.

Product Revenue (Hardware): This covers the initial sale of physical security gear. Think FortiGate firewalls, switches, and access points. For instance, in the third quarter of 2025, product revenue specifically grew by 18% year-over-year to $559.3 million.

The growth in the recurring segments is outpacing the hardware refresh cycle, which is a positive indicator for revenue quality.

• Annual Recurring Revenue (ARR) from Unified SASE is up 22% year-over-year, based on second quarter figures.
• Annual Recurring Revenue (ARR) from Security Operations is up 35% year-over-year, based on second quarter figures.

Here's the quick math on the top-line projections for the full fiscal year 2025:

Financial Metric	Projected Range (FY 2025)
Total Revenue	Between $6.72 billion and $6.78 billion
Billings	Between $7.37 billion and $7.47 billion
Services Revenue	Between $4.575 billion and $4.595 billion

The difference between Billings and Revenue is largely due to the deferred revenue component from those services contracts you just saw growing so fast. What this estimate hides is the exact split between Product and Service revenue within the total GAAP revenue projection, but the Services projection is quite specific.

To be fair, the company is also seeing strong momentum in its newer offerings, which feed into those ARR numbers:

• FortiSASE billings saw growth of over 100% year-over-year in the third quarter of 2025.
• AI-driven Security Operations (SecOps) billing growth was 33% in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.