Fortinet, Inc. (FTNT): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage en constante évolution de la cybersécurité, Fortinet est un formidable gardien, transformant des menaces numériques complexes en défis gérables grâce à sa toile innovante du modèle commercial. Avec 4,8 milliards de dollars Dans les revenus annuels et une approche stratégique qui mélange la technologie de pointe, les solutions de sécurité complètes et un réseau mondial de partenariats, Fortinet s'est positionné comme un acteur critique pour protéger les organisations contre les cyber-risques sophistiqués sur plusieurs secteurs et plateformes.

Fortinet, Inc. (FTNT) - Modèle d'entreprise: partenariats clés

Alliances de technologie stratégique

Fortinet maintient des partenariats technologiques stratégiques avec les principaux fournisseurs de technologies:

Partenaire	Focus de partenariat	Détails de l'intégration
Systèmes Cisco	Intégration de la sécurité du réseau	Interopérabilité FortiGate avec les infrastructures de réseautage Cisco
Microsoft	Solutions de sécurité cloud	Intégration du centre de sécurité Azure
Réseaux palo alto	Partage d'intelligence des menaces	Écosystème de sécurité collaborative

Réseau de revendeur mondial

L'écosystème de distribution mondial de Fortinet comprend:

• 3 700+ revendeurs autorisés dans le monde entier
• 1 200+ fournisseurs de services gérés
• 500+ intégrateurs de système

Partenariats des fournisseurs de services cloud

Fournisseur de cloud	Portée du partenariat	Solutions de sécurité
Services Web Amazon	Intégration de sécurité du cloud native	Déploiement de pare-feu virtuel FortiGate
Microsoft Azure	Cadres de sécurité complets	Services avancés de protection contre les menaces
Google Cloud Platform	Solutions de sécurité multi-cloud	Orchestration de sécurité du réseau

Collaborations académiques et de recherche

Fortinet s'engage avec les institutions de recherche pour le développement de l'intelligence des menaces:

• Plus de 10 partenariats mondiaux de recherche sur la cybersécurité
• Programmes de recherche sur les menaces collaboratives
• Investissement annuel de renseignement des menaces de cybersécurité: 42 millions de dollars

Fortinet, Inc. (FTNT) - Modèle d'entreprise: Activités clés

Développement et innovation de produits de la cybersécurité

Fortinet a investi 1,09 milliard de dollars dans les frais de recherche et de développement en 2022, ce qui représente 19,4% des revenus totaux. La société maintient plus de 4 200 brevets de cybersécurité dans le monde.

Investissement en R&D	Portefeuille de brevets	Focus de l'innovation
1,09 milliard de dollars (2022)	Plus de 4 200 brevets	Solutions de sécurité AI / ML

Recherche des menaces continues et collecte de renseignements

Fortiguard Labs exploite un réseau mondial de renseignement sur les menaces qui traite plus de 125 milliards d'événements de sécurité par jour.

• Couverture d'analyse des menaces dans plus de 20 catégories de menaces
• Taux de détection de logiciels malveillants en temps réel: 99,5%
• Les mises à jour de l'intelligence des menaces générées toutes les 3 à 5 minutes

Conception et implémentation de la solution de sécurité du réseau

Fortinet dessert 610 000 clients d'entreprise dans 180 pays, avec une part de marché de la sécurité du réseau de 16,4%.

Entreprenants	Portée mondiale	Part de marché
610,000+	180 pays	16.4%

Fabrication de logiciels de sécurité et de matériel

Fortinet produit plus de 50 modèles d'appareils matériels différents et plusieurs plates-formes de sécurité logicielle.

• Appareils physiques FortiGate: Modèles 40+
• Plates-formes de pare-feu virtuel: 10+ configurations
• Cloud-Native Security Solutions: 15+ variantes

Mises à jour de maintenance des produits et de sécurité en cours

Fortiguard Labs fournit des mises à jour de sécurité continues, avec une moyenne de plus de 75 000 nouvelles signatures de logiciels malveillants créées chaque semaine.

Signatures hebdomadaires de logiciels malveillants	Mettre à jour la fréquence	Canaux de support client
75,000+	Continu	Support global 24/7

Fortinet, Inc. (FTNT) - Modèle d'entreprise: Ressources clés

Équipe avancée de recherche et de développement en cybersécurité

Au quatrième trimestre 2023, Fortinet a employé 5 355 membres du personnel de recherche et développement. Les dépenses de R&D pour 2023 ont totalisé 1,2 milliard de dollars, ce qui représente 21,4% du total des revenus de l'entreprise.

Métrique de R&D	Valeur 2023
Total des employés de R&D	5,355
Dépenses de R&D	1,2 milliard de dollars
R&D en% des revenus	21.4%

Plateforme de sécurité propriétaire et plateforme Fortios

Portefeuille de propriété intellectuelle: 1 511 ont accordé des brevets au 31 décembre 2023.

• La plate-forme Fortios couvre plus de 30 technologies de sécurité et de réseautage
• Plus de 500 fonctionnalités de sécurité intégrées dans la plate-forme de base

Réseau mondial de centres d'opération de sécurité

Emplacement géographique	Nombre de SOC
Amérique du Nord	7
Europe	5
Asie-Pacifique	4
SoC mondial total	16

Portfolio de propriété intellectuelle étendue

Détails de brevet à partir de 2023:

• Total des brevets accordés: 1,511
• Demandes de brevet en attente: 438
• Taux de dépôt annuel des brevets: 157 nouveaux brevets

Ventes et support technique qualifiés

Catégorie de main-d'œuvre	Effectif 2023
Total des employés	12,325
Personnel de vente	3,876
Personnel de soutien technique	2,543

Fortinet, Inc. (FTNT) - Modèle d'entreprise: propositions de valeur

Solutions de sécurité intégrées complètes

Fortinet a déclaré 4,76 milliards de dollars de revenus totaux pour l'exercice 2023. Le portefeuille de solutions de sécurité de la société couvre:

Catégorie de solution de sécurité	Couverture du marché
Sécurité du réseau	91% de pénétration des clients d'entreprise
Sécurité du cloud	Couverture de déploiement basée sur le cloud à 78%
Protection des points de terminaison	Segment de marché mondial à 65%

Protection avancée des menaces sur plusieurs plateformes

Processus de plate-forme de renseignement sur les menaces de Fortinet:

• 10,4 billions d'événements de sécurité par jour
• Plus de 500 000 signatures de menaces uniques
• Protection en temps réel sur plus de 510 000 réseaux clients mondiaux

Infrastructure de sécurité rentable et évolutive

Infrastructure de sécurité Métriques des coûts:

Métrique d'infrastructure	Valeur
Coût total moyen de réduction de la propriété	47% par rapport aux concurrents
Taux de consolidation de la plate-forme de sécurité	Réduction de 35% des outils de sécurité

Gestion de la sécurité unifiée via les systèmes FortiGate

Statistiques de déploiement de FortiGate:

• Plus de 420 000 clients d'entreprise dans le monde entier
• Plus de 1,2 million d'unités Fortigate déployées
• Taux de rétention de 97%

Capacités de détection et de prévention des menaces axées

Capacités de sécurité de l'IA:

Métrique de performance AI	Valeur
Précision de détection des menaces	99.7%
Mises à jour du modèle d'apprentissage automatique	3 700+ par mois
Temps de réponse de sécurité automatisé	Moins de 17 millisecondes

Fortinet, Inc. (FTNT) - Modèle d'entreprise: relations avec les clients

Support technique et programmes de réussite client

Fortinet fournit un support technique 24/7 avec les niveaux de service suivants:

Niveau de support	Temps de réponse	Couverture
Forticare Standard	Jour ouvrable suivant	Remplacement du matériel
Forticare Premium	Remplacement du matériel de 4 heures	Support avancé
Forticare Elite	Remplacement du matériel de 2 heures	Support complet de l'entreprise

Portails de support en ligne en libre-service

Fortinet propose des ressources de support en ligne complètes:

• Portail de support client Fortinet
• Base de connaissances avec plus de 40 000 articles techniques
• Téléchargements de firmware en ligne
• Système automatisé de gestion des billets

Gestion de compte dédiée pour les clients d'entreprise

Le support client de l'entreprise comprend:

• Gestionnaires de comptes techniques personnalisés
• Avis sur les entreprises trimestrielles
• Consultation de sécurité personnalisée
• Canaux d'escalade directes

Formation en sécurité régulière et offres de webinaires

Programme de formation	Participants annuels	Format
Institut Fortinet NSE	250 000 professionnels de la cybersécurité	Certification en ligne et en personne
Webinaires de sécurité mensuels	Plus de 50 000 participants inscrits	Vivre et à la demande

Partage d'intelligence des menaces axée sur la communauté

La plate-forme de renseignement sur les menaces de Fortinet comprend:

• Équipe de recherche sur les menaces mondiales de Fortiguard Labs
• Partage d'intelligence des menaces en temps réel
• Mises à jour automatisées de détection des menaces
• Base de données mondiale de recherche sur les menaces avec plus de 500 000 échantillons de logiciels malveillants quotidiens analysés

Fortinet, Inc. (FTNT) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Fortinet maintient une force de vente directe mondiale de 2 450 représentants des ventes d'entreprises au quatrième trimestre 2023. L'équipe génère environ 4,8 milliards de dollars de revenus annuels grâce à des canaux de vente directs.

Métriques du canal de vente	2023 données
Représentants totaux des ventes d'entreprises	2,450
Revenus de ventes directes	4,8 milliards de dollars

Plateforme de commerce électronique en ligne

La plate-forme de vente numérique de Fortinet génère 620 millions de dollars de revenus annuels, ce qui représente 12,9% du total des ventes d'entreprises. La plate-forme en ligne prend en charge:

• Achats de produits directs
• Solutions de cybersécurité basées sur l'abonnement
• Services de licence et de renouvellement

Réseaux de revendeurs à valeur ajoutée

Fortinet collabore avec 35 000 partenaires de canaux dans le monde, générant 2,1 milliards de dollars par le biais de canaux de vente indirects en 2023.

Métriques des partenaires de canal	2023 données
Total des partenaires de canal	35,000
Revenus de ventes indirects	2,1 milliards de dollars

Écosystèmes de partenaires technologiques

Fortinet maintient des partenariats technologiques stratégiques avec plus de 500 intégrateurs technologiques, notamment:

• Systèmes Cisco
• Services Web Amazon
• Microsoft Azure
• Google Cloud Platform

Présence de conférence sur le marketing numérique et l'industrie

Fortinet investit 340 millions de dollars par an dans les canaux de commercialisation, notamment:

• 30+ conférences mondiales de cybersécurité
• Campagnes publicitaires numériques
• Webinaire et plateformes d'événements virtuels

Investissement de canal marketing	2023 données
Dépenses marketing totales	340 millions de dollars
Les conférences mondiales ont assisté	30+

Fortinet, Inc. (FTNT) - Modèle d'entreprise: segments de clientèle

Grandes organisations d'entreprise

Fortinet dessert 52% des sociétés du Fortune 500 au quatrième trimestre 2023. La valeur du contrat annuelle moyenne pour les grands clients d'entreprise est de 487 000 $.

Métriques du segment d'entreprise	2024 données
Total des clients d'entreprise	4,782
Taux de pénétration de la cybersécurité	64.3%
Valeur du contrat annuel moyen	$487,000

Entreprises intermédiaires

Fortinet cible les entreprises de marché intermédiaire avec des revenus annuels entre 10 et 500 millions de dollars. 38% de la clientèle totale de Fortinet tombe dans ce segment.

• Total des clients du marché intermédiaire: 6 215
• Valeur du contrat moyen: 128 500 $
• Pénétration du marché: 42,7%

Entités du gouvernement et du secteur public

Fortinet dessert 73 agences fédérales et de nombreuses organisations gouvernementales et gouvernementales locales. Les revenus du segment du gouvernement en 2023 étaient de 412 millions de dollars.

Détails du segment du gouvernement	2024 statistiques
Clients de l'agence fédérale	73
Total des contrats gouvernementaux	248
Revenus de segment du gouvernement annuel	$412,000,000

Établissements d'enseignement

Fortinet fournit des solutions de cybersécurité à 1 247 établissements d'enseignement dans les secteurs de la maternelle à la 12e année et de l'enseignement supérieur.

• Clients scolaires totaux: 1 247
• Valeur du contrat annuel moyen: 76 300 $
• Pénétration du marché K-12: 34,6%
• Pénétration du marché de l'enseignement supérieur: 52,3%

Petites et moyennes entreprises

Le segment PME représente 27% de la clientèle totale de Fortinet avec 8 500 clients actifs en 2024.

Métriques du segment des PME	2024 données
Clients totaux de PME	8,500
Valeur du contrat moyen	$42,700
Pénétration du marché	27%

Fortinet, Inc. (FTNT) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Au cours de l'exercice 2023, Fortinet a investi 1,14 milliard de dollars dans la recherche et le développement, ce qui représente 20,4% des revenus totaux. Les dépenses de R&D de l'entreprise ont constamment augmenté en glissement annuel:

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2021	879 millions de dollars	19.7%
2022	1,02 milliard de dollars	20.1%
2023	1,14 milliard de dollars	20.4%

Dépenses mondiales de vente et de marketing

Les coûts de vente et de marketing de Fortinet en 2023 ont totalisé 1,56 milliard de dollars, ce qui représente 27,9% des revenus totaux:

• HeadCount de l'équipe de vente mondiale: environ 4 500 employés
• Canaux de marketing: ventes directes, partenaires de canal, marketing numérique
• Distribution géographique des frais de vente:
  • Amérique du Nord: 45%
  • Europe, Moyen-Orient, Afrique: 30%
  • Asie-Pacifique: 25%

Coûts de fabrication du matériel et des logiciels

Coûts de fabrication pour les solutions matérielles et logicielles de Fortinet en 2023:

Catégorie de produits	Coût de fabrication	Marge brute
Appareils de sécurité du réseau	380 millions de dollars	65.5%
Licences logicielles	220 millions de dollars	85.3%
Solutions de sécurité cloud	170 millions de dollars	72.6%

Maintenance des infrastructures cloud

Frais d'infrastructure cloud et de maintenance pour 2023:

• Coût total d'infrastructure cloud: 245 millions de dollars
• Emplacements du centre de données cloud: 5 régions mondiales
• Maintenance mensuelle moyenne des infrastructures: 20,4 millions de dollars

Acquisition et rétention de talents

Investissement et coûts en capital humain pour 2023:

Catégorie de coûts	Montant
Compensation totale des employés	1,8 milliard de dollars
Salaire moyen des employés	$135,000
Formation et développement des employés	42 millions de dollars
Effectif total	8 550 employés

Fortinet, Inc. (FTNT) - Modèle d'entreprise: Strots de revenus

Ventes d'appareils de sécurité matérielle

Au cours de l'exercice 2023, Fortinet a déclaré des revenus de produits de 4,47 milliards de dollars, ce qui comprend les ventes d'appareils de sécurité matérielle.

Catégorie de produits	Revenus (2023)	Pourcentage du total des revenus
Appareils de sécurité	2,1 milliards de dollars	47.2%
Appareils de réseautage	1,3 milliard de dollars	29.1%

Licence et abonnements logiciels

Les revenus de licence de logiciels de Fortinet pour 2023 ont totalisé 1,98 milliard de dollars.

• Croissance des revenus basée sur l'abonnement: 33% d'une année à l'autre
• Licences logicielles FortiGate: 1,2 milliard de dollars
• Licences de logiciels de sécurité cloud: 780 millions de dollars

Service de sécurité cloud Revenus récurrents

Les revenus récurrents du service de sécurité cloud ont atteint 1,65 milliard de dollars en 2023.

Service cloud	Revenus récurrents annuels
Forticloud	850 millions de dollars
Fortigate Cloud	800 millions de dollars

Services professionnels et conseil

Les revenus des services professionnels pour 2023 étaient de 420 millions de dollars.

• Services de conseil en sécurité: 250 millions de dollars
• Services de mise en œuvre: 170 millions de dollars

Contrats de support technique et de maintenance

Les revenus du contrat de soutien technique et de maintenance ont totalisé 1,1 milliard de dollars en 2023.

Type de contrat de support	Revenu
Contrats de support 24x7	680 millions de dollars
Contrats de support avancés	420 millions de dollars

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.