Fortinet, Inc. (FTNT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de ciberseguridad en constante evolución, Fortinet se erige como un tutor formidable, transformando amenazas digitales complejas en desafíos manejables a través de su innovador lienzo de modelo de negocio. Con $ 4.8 mil millones En los ingresos anuales y un enfoque estratégico que combina tecnología de vanguardia, soluciones de seguridad integrales y una red global de asociaciones, Fortinet se ha posicionado como un jugador crítico en la protección de las organizaciones de riesgos cibernéticos sofisticados en múltiples sectores y plataformas.

Fortinet, Inc. (FTNT) - Modelo de negocio: asociaciones clave

Alianzas de tecnología estratégica

Fortinet mantiene asociaciones de tecnología estratégica con proveedores de tecnología clave:

Pareja	Enfoque de asociación	Detalles de integración
Sistemas de Cisco	Integración de seguridad de red	Interoperabilidad de FortiGate con infraestructura de redes de Cisco
Microsoft	Soluciones de seguridad en la nube	Integración del centro de seguridad de Azure
Palo Alto Networks	Compartir la inteligencia de amenazas	Ecosistema de seguridad colaborativa

Red de revendedor global

El ecosistema de distribución global de Fortinet incluye:

• Más de 3,700 revendedores autorizados en todo el mundo
• Más de 1.200 proveedores de servicios administrados
• Más de 500 integradores de sistemas

Asociaciones de proveedores de servicios en la nube

Proveedor de nubes	Alcance de la asociación	Soluciones de seguridad
Servicios web de Amazon	Integración nativa de seguridad en la nube	FortiGate Virtual Firewall Deployment
Microsoft Azure	Marcos de seguridad integrales	Servicios de protección de amenazas avanzadas
Plataforma en la nube de Google	Soluciones de seguridad de múltiples nubes	Orquestación de seguridad de red

Colaboraciones académicas y de investigación

Fortinet se involucra con instituciones de investigación para el desarrollo de inteligencia de amenazas:

• Más de 10 asociaciones globales de investigación de ciberseguridad
• Programas de investigación de amenazas colaborativas
• Inversión anual de inteligencia de amenazas de ciberseguridad: $ 42 millones

Fortinet, Inc. (FTNT) - Modelo de negocio: actividades clave

Desarrollo e innovación de productos de ciberseguridad

Fortinet invirtió $ 1.09 mil millones en gastos de investigación y desarrollo en 2022, lo que representa el 19.4% de los ingresos totales. La compañía mantiene más de más de más de 4,200 patentes de seguridad cibernética a nivel mundial.

Inversión de I + D	Cartera de patentes	Enfoque de innovación
$ 1.09 mil millones (2022)	Más de 4,200 patentes	AI/ML Soluciones de seguridad

Investigación de amenazas continuas y recopilación de inteligencia

Fortiguard Labs opera una red global de inteligencia de amenazas que procesa más de 125 mil millones de eventos de seguridad diariamente.

• Cobertura de análisis de amenazas en más de 20 categorías de amenazas
• Tasa de detección de malware en tiempo real: 99.5%
• Las actualizaciones de inteligencia de amenazas generadas cada 3-5 minutos

Diseño e implementación de soluciones de seguridad de red

Fortinet atiende a más de 610,000 clientes empresariales en 180 países, con una cuota de mercado de seguridad de red del 16,4%.

Clientes empresariales	Alcance global	Cuota de mercado
610,000+	180 países	16.4%

Software de seguridad y fabricación de hardware

Fortinet produce más de 50 modelos diferentes de dispositivos de hardware y múltiples plataformas de seguridad de software.

• Electrodomésticos de FortiGate: más de 40 modelos
• Plataformas de firewall virtual: más de 10 configuraciones
• Soluciones de seguridad nativas de nube: más de 15 variantes

Actualizaciones continuas de mantenimiento y seguridad del producto

Fortiguard Labs proporciona actualizaciones de seguridad continuas, con un promedio de más de 75,000 firmas de malware nuevas creadas semanalmente.

Firmas semanales de malware	Actualización de frecuencia	Canales de atención al cliente
75,000+	Continuo	Soporte global 24/7

Fortinet, Inc. (FTNT) - Modelo de negocio: recursos clave

Equipo avanzado de investigación y desarrollo de ciberseguridad

A partir del cuarto trimestre de 2023, Fortinet empleó a 5,355 personal de investigación y desarrollo total. Los gastos de I + D para 2023 totalizaron $ 1.2 mil millones, lo que representa el 21.4% de los ingresos totales de la compañía.

I + D Métrica	Valor 2023
Empleados totales de I + D	5,355
Gasto de I + D	$ 1.2 mil millones
I + D como % de ingresos	21.4%

Tecnologías de seguridad propietarias y plataforma Fortios

Cartera de propiedades intelectuales: 1.511 otorgadas patentes al 31 de diciembre de 2023.

• La plataforma Fortios cubre más de 30 tecnologías de seguridad y redes
• Más de 500 características de seguridad integradas en la plataforma central

Red global de centros de operación de seguridad

Ubicación geográfica	Número de SOCS
América del norte	7
Europa	5
Asia-Pacífico	4
Total Global SOCS	16

Cartera de propiedad intelectual extensa

Detalles de la patente a partir de 2023:

• Patentes totales otorgadas: 1,511
• Solicitudes de patentes pendientes: 438
• Tasa anual de presentación de patentes: 157 nuevas patentes

Fuerza laboral de ventas y soporte técnico calificado

Categoría de fuerza laboral	2023 personal de cabeza
Total de empleados	12,325
Personal de ventas	3,876
Personal de apoyo técnico	2,543

Fortinet, Inc. (FTNT) - Modelo de negocio: propuestas de valor

Soluciones integrales de seguridad integradas

Fortinet reportó $ 4.76 mil millones en ingresos totales para el año fiscal 2023. La cartera de soluciones de seguridad de la compañía cubre:

Categoría de solución de seguridad	Cobertura del mercado
Seguridad de la red	91% de penetración de clientes empresariales
Seguridad en la nube	78% de cobertura de implementación basada en la nube
Protección del punto final	65% de segmento de mercado global

Protección avanzada de amenazas en múltiples plataformas

Procesos de plataforma de inteligencia de amenazas de Fortinet:

• 10.4 billones de eventos de seguridad diarios
• Más de 500,000 firmas de amenazas únicas
• Protección en tiempo real en más de 510,000 redes globales de clientes globales

Infraestructura de seguridad rentable y escalable

Métricas de costos de infraestructura de seguridad:

Infraestructura métrica	Valor
Costo total promedio de la reducción de la propiedad	47% en comparación con los competidores
Tasa de consolidación de la plataforma de seguridad	Reducción del 35% en las herramientas de seguridad

Gestión de seguridad unificada a través de FortiGate Systems

Estadísticas de implementación de FortiGate:

• Más de 420,000 clientes empresariales a nivel mundial
• Más de 1.2 millones de unidades FortiGate desplegadas
• 97% de tasa de retención de clientes

Capacidades de detección de amenazas y prevención impulsadas por la IA

Capacidades de seguridad de IA:

Métrica de rendimiento de IA	Valor
Precisión de detección de amenazas	99.7%
Actualizaciones del modelo de aprendizaje automático	Más de 3,700 por mes
Tiempo de respuesta de seguridad automatizado	Menos de 17 milisegundos

Fortinet, Inc. (FTNT) - Modelo de negocios: relaciones con los clientes

Soporte técnico y programas de éxito del cliente

Fortinet proporciona soporte técnico 24/7 con los siguientes niveles de servicio:

Nivel de apoyo	Tiempo de respuesta	Cobertura
Estándar de Forticare	Siguiente día hábil	Reemplazo de hardware
Prima de forticare	Reemplazo de hardware de 4 horas	Apoyo avanzado
Forticare Elite	Reemplazo de hardware de 2 horas	Soporte empresarial integral

Portales de soporte en línea de autoservicio

Fortinet ofrece recursos integrales de soporte en línea:

• Portal de atención al cliente de Fortinet
• Base de conocimiento con más de 40,000 artículos técnicos
• Descargas de firmware en línea
• Sistema automatizado de gestión de entradas

Gestión de cuentas dedicada para clientes empresariales

La atención al cliente empresarial incluye:

• Gerentes de cuentas técnicas personalizadas
• Revisiones comerciales trimestrales
• Consulta de seguridad personalizada
• Canales de escalada directa

Capacitación de seguridad regular y ofertas de seminarios web

Programa de capacitación	Participantes anuales	Formato
Instituto Fortinet NSE	Más de 250,000 profesionales de ciberseguridad	Certificación en línea y en persona
Seminarios web de seguridad mensuales	Más de 50,000 asistentes registrados	En vivo y a pedido

Intercambio de inteligencia de amenazas impulsada por la comunidad

La plataforma de inteligencia de amenazas de Fortinet incluye:

• Equipo de investigación de amenazas globales de Fortiguard Labs
• Intercambio de inteligencia de amenazas en tiempo real
• Actualizaciones de detección de amenazas automatizadas
• Base de datos de investigación de amenazas globales con más de 500,000 muestras de malware diario analizadas

Fortinet, Inc. (FTNT) - Modelo de negocio: canales

Equipo de ventas de Enterprise Direct

Fortinet mantiene una fuerza de ventas directa global de 2.450 representantes de ventas empresariales a partir del cuarto trimestre de 2023. El equipo genera aproximadamente $ 4.8 mil millones en ingresos anuales a través de canales de ventas empresariales directos.

Métricas de canales de ventas	2023 datos
Representantes de ventas empresariales totales	2,450
Ingresos de ventas directos	$ 4.8 mil millones

Plataforma de comercio electrónico en línea

La plataforma de ventas digitales de Fortinet genera $ 620 millones en ingresos anuales, lo que representa el 12.9% de las ventas totales de la compañía. La plataforma en línea admite:

• Compras directas de productos
• Soluciones de ciberseguridad basadas en suscripción
• Servicios de licencia y renovación

Redes de revendedor de valor agregado

Fortinet colabora con 35,000 socios de canal en todo el mundo, generando $ 2.1 mil millones a través de canales de ventas indirectos en 2023.

Métricas de socios de canal	2023 datos
Total de canal socios	35,000
Ingresos de ventas indirectos	$ 2.1 mil millones

Ecosistemas de socios tecnológicos

Fortinet mantiene asociaciones de tecnología estratégica con más de 500 integradores de tecnología, que incluyen:

• Sistemas de Cisco
• Servicios web de Amazon
• Microsoft Azure
• Plataforma en la nube de Google

Presencia de la conferencia de marketing digital y de la industria

Fortinet invierte $ 340 millones anuales en canales de comercialización, que incluyen:

• Más de 30 conferencias globales de ciberseguridad
• Campañas de publicidad digital
• Plataformas de seminarios web y de eventos virtuales

Inversión en el canal de marketing	2023 datos
Gastos totales de marketing	$ 340 millones
Conferencias globales asistidas	30+

Fortinet, Inc. (FTNT) - Modelo de negocio: segmentos de clientes

Grandes organizaciones empresariales

Fortinet atiende al 52% de las compañías Fortune 500 a partir del cuarto trimestre de 2023. El valor contrato anual promedio para grandes clientes empresariales es de $ 487,000.

Métricas de segmento empresarial	2024 datos
Total de clientes empresariales	4,782
Tasa de penetración de ciberseguridad	64.3%
Valor anual promedio del contrato	$487,000

Negocios de mercado medio

Fortinet se dirige a las empresas del mercado medio con ingresos anuales entre $ 10 millones y $ 500 millones. El 38% de la base total de clientes de Fortinet cae en este segmento.

• Total de clientes del mercado medio: 6,215
• Valor promedio del contrato: $ 128,500
• Penetración del mercado: 42.7%

Entidades gubernamentales y del sector público

Fortinet atiende a 73 agencias federales y numerosas organizaciones gubernamentales estatales/locales. Los ingresos del segmento gubernamental en 2023 fueron de $ 412 millones.

Detalles del segmento gubernamental	2024 estadísticas
Clientes de la agencia federal	73
Contratos gubernamentales totales	248
Ingresos anuales del segmento gubernamental	$412,000,000

Instituciones educativas

Fortinet proporciona soluciones de seguridad cibernética a 1.247 instituciones educativas en los sectores de educación superior K-12 y de educación superior.

• Total de los clientes educativos: 1.247
• Valor promedio del contrato anual: $ 76,300
• Penetración del mercado K-12: 34.6%
• Penetración del mercado de la educación superior: 52.3%

Empresas pequeñas y medianas

El segmento SME representa el 27% de la base total de clientes de Fortinet con 8.500 clientes activos en 2024.

Métricas de segmento de PYME	2024 datos
Total de clientes de PYME	8,500
Valor de contrato promedio	$42,700
Penetración del mercado	27%

Fortinet, Inc. (FTNT) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

En el año fiscal 2023, Fortinet invirtió $ 1.14 mil millones en investigación y desarrollo, lo que representa el 20.4% de los ingresos totales. El gasto de I + D de la compañía ha aumentado constantemente año tras año:

Año fiscal	Inversión de I + D	Porcentaje de ingresos
2021	$ 879 millones	19.7%
2022	$ 1.02 mil millones	20.1%
2023	$ 1.14 mil millones	20.4%

Gastos globales de ventas y marketing

Los costos de ventas y marketing para Fortinet en 2023 totalizaron $ 1.56 mil millones, representando el 27.9% de los ingresos totales:

• CUENTA DEL EQUIPO DE VENTAS GLOBALES: aproximadamente 4,500 empleados
• Canales de comercialización: ventas directas, socios de canal, marketing digital
• Distribución geográfica de los gastos de ventas:
  • América del Norte: 45%
  • Europa, Medio Oriente, África: 30%
  • Asia Pacífico: 25%

Costos de fabricación de hardware y software

Costos de fabricación para las soluciones de hardware y software de Fortinet en 2023:

Categoría de productos	Costo de fabricación	Margen bruto
Aparatos de seguridad de red	$ 380 millones	65.5%
Licencias de software	$ 220 millones	85.3%
Soluciones de seguridad en la nube	$ 170 millones	72.6%

Mantenimiento de la infraestructura en la nube

Gastos de infraestructura y mantenimiento de la nube para 2023:

• Costos totales de infraestructura en la nube: $ 245 millones
• Ubicaciones de los centros de datos en la nube: 5 regiones globales
• Mantenimiento promedio de la infraestructura mensual: $ 20.4 millones

Adquisición y retención de talentos

Inversión y costos de capital humano para 2023:

Categoría de costos	Cantidad
Compensación total de empleados	$ 1.8 mil millones
Salario promedio de empleados	$135,000
Capacitación y desarrollo de empleados	$ 42 millones
Personal de cabeza total	8,550 empleados

Fortinet, Inc. (FTNT) - Modelo de negocios: flujos de ingresos

Venta de electrodomésticos de seguridad de hardware

En el año fiscal 2023, Fortinet reportó ingresos por productos de $ 4.47 mil millones, que incluye las ventas de dispositivos de seguridad de hardware.

Categoría de productos	Ingresos (2023)	Porcentaje de ingresos totales
Electrodomésticos de seguridad	$ 2.1 mil millones	47.2%
Electrodomésticos	$ 1.3 mil millones	29.1%

Licencias de software y suscripciones

Los ingresos por licencia de software de Fortinet para 2023 totalizaron $ 1.98 mil millones.

• Crecimiento de ingresos basado en suscripción: 33% año tras año
• Licencias de software de FortiGate: $ 1.2 mil millones
• Licencias de software de seguridad en la nube: $ 780 millones

Ingresos recurrentes del servicio de seguridad en la nube

Los ingresos recurrentes del Servicio de Seguridad en la Nube alcanzaron los $ 1.65 mil millones en 2023.

Servicio en la nube	Ingresos recurrentes anuales
Forticloud	$ 850 millones
Nube FortiGate	$ 800 millones

Servicios profesionales y consultoría

Los ingresos por servicios profesionales para 2023 fueron de $ 420 millones.

• Servicios de consultoría de seguridad: $ 250 millones
• Servicios de implementación: $ 170 millones

Contratos de soporte técnico y mantenimiento

Los ingresos por contrato de soporte técnico y mantenimiento totalizaron $ 1.1 mil millones en 2023.

Tipo de contrato de soporte	Ganancia
Contratos de soporte 24x7	$ 680 millones
Contratos de soporte avanzado	$ 420 millones

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.