Fortinet, Inc. (FTNT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em constante evolução da segurança cibernética, o Fortinet permanece como um guardião formidável, transformando ameaças digitais complexas em desafios gerenciáveis ​​por meio de sua inovadora tela de modelo de negócios. Com US $ 4,8 bilhões Em receita anual e uma abordagem estratégica que combina a tecnologia de ponta, soluções abrangentes de segurança e uma rede global de parcerias, a Fortinet se posicionou como um participante crítico na proteção de organizações de riscos cibernéticos sofisticados em vários setores e plataformas.

Fortinet, Inc. (FTNT) - Modelo de negócios: Parcerias -chave

Alianças de tecnologia estratégica

A Fortinet mantém parcerias estratégicas de tecnologia com os principais fornecedores de tecnologia:

Parceiro	Foco em parceria	Detalhes da integração
Sistemas Cisco	Integração de segurança de rede	Fortigate Interoperabilidade com a infraestrutura de rede da Cisco
Microsoft	Soluções de segurança em nuvem	Integração do Azure Security Center
Redes Palo Alto	Compartilhamento de inteligência de ameaças	Ecossistema de segurança colaborativa

Rede de revendedores globais

O ecossistema de distribuição global da Fortinet inclui:

• 3.700 mais de revendedores autorizados em todo o mundo
• 1.200 ou mais provedores de serviços gerenciados
• 500+ integradores de sistemas

Parcerias de provedores de serviços em nuvem

Provedor de nuvem	Escopo da parceria	Soluções de segurança
Amazon Web Services	Integração de segurança em nuvem nativa	Fortigate Virtual Firewall Deployment
Microsoft Azure	Estruturas de segurança abrangentes	Serviços avançados de proteção de ameaças
Plataforma do Google Cloud	Soluções de segurança de várias nuvens	Orquestração de segurança de rede

Colaborações acadêmicas e de pesquisa

Fortinet se envolve com instituições de pesquisa para desenvolvimento de inteligência de ameaças:

• 10+ parcerias globais de pesquisa de segurança cibernética
• Programas de pesquisa de ameaças colaborativas
• Investimento anual de inteligência de ameaças de segurança cibernética: US $ 42 milhões

Fortinet, Inc. (FTNT) - Modelo de Negócios: Atividades -chave

Desenvolvimento e inovação de produtos de segurança cibernética

A Fortinet investiu US $ 1,09 bilhão em despesas de pesquisa e desenvolvimento em 2022, representando 19,4% da receita total. A empresa mantém mais de 4.200 patentes de segurança cibernética em todo o mundo.

Investimento em P&D	Portfólio de patentes	Foco na inovação
US $ 1,09 bilhão (2022)	4.200 mais de patentes	Soluções de segurança AI/ML

Pesquisa contínua de ameaças e coleta de inteligência

O FortiGuard Labs opera uma rede global de inteligência de ameaças que processa mais de 125 bilhões de eventos de segurança diariamente.

• Análise de ameaças Cobertura em mais de 20 categorias de ameaças
• Taxa de detecção de malware em tempo real: 99,5%
• Atualizações de inteligência de ameaças geradas a cada 3-5 minutos

Design e implementação da solução de segurança de rede

A Fortinet atende mais de 610.000 clientes corporativos em 180 países, com uma participação de mercado de segurança de rede de 16,4%.

Clientes corporativos	Alcance global	Quota de mercado
610,000+	180 países	16.4%

Software de segurança e fabricação de hardware

A Fortinet produz mais de 50 modelos diferentes de eletrodomésticos e várias plataformas de segurança de software.

• Fortigate aparelhos físicos: mais de 40 modelos
• Plataformas virtuais de firewall: mais de 10 configurações
• Soluções de segurança nativas da nuvem: 15+ variantes

Atualizações de manutenção e segurança em andamento

O FortiGuard Labs fornece atualizações de segurança contínuas, com uma média de mais de 75.000 assinaturas de novas novas assinaturas de malware criadas semanalmente.

Assinaturas semanais de malware	Atualizar frequência	Canais de suporte ao cliente
75,000+	Contínuo	Suporte global 24/7

Fortinet, Inc. (FTNT) - Modelo de negócios: Recursos -chave

Equipe avançada de pesquisa e desenvolvimento de segurança cibernética

A partir do quarto trimestre de 2023, a Fortinet empregou 5.355 pessoal total de pesquisa e desenvolvimento. As despesas de P&D em 2023 totalizaram US $ 1,2 bilhão, representando 21,4% da receita total da empresa.

Métrica de P&D	2023 valor
Funcionários totais de P&D	5,355
Despesas de P&D	US $ 1,2 bilhão
P&D como % da receita	21.4%

Tecnologias de segurança proprietárias e plataforma Fortios

Portfólio de propriedade intelectual: 1.511 concedidas patentes em 31 de dezembro de 2023.

• A plataforma Fortios abrange mais de 30 tecnologias de segurança e trabalho de segurança
• Mais de 500 recursos de segurança integrados à plataforma principal

Rede global de centros de operação de segurança

Localização geográfica	Número de SOCs
América do Norte	7
Europa	5
Ásia-Pacífico	4
SoCs globais totais	16

Portfólio de propriedade intelectual extensa

Detalhes da patente a partir de 2023:

• Total de patentes concedidas: 1.511
• Aplicações de patentes pendentes: 438
• Taxa anual de arquivamento de patentes: 157 novas patentes

Vendas qualificadas e força de trabalho técnica

Categoria de força de trabalho	2023 Headcount
Total de funcionários	12,325
Pessoal de vendas	3,876
Equipe de suporte técnico	2,543

Fortinet, Inc. (FTNT) - Modelo de Negócios: Proposições de Valor

Soluções de segurança integradas abrangentes

Fortinet registrou US $ 4,76 bilhões em receita total para o ano fiscal de 2023. O portfólio de soluções de segurança da empresa cobre:

Categoria de solução de segurança	Cobertura de mercado
Segurança de rede	91% de penetração do cliente corporativo
Segurança da nuvem	78% de cobertura de implantação baseada em nuvem
Proteção do terminal	65% segmento de mercado global

Proteção avançada de ameaças em várias plataformas

Processos da plataforma de inteligência de ameaças da Fortinet:

• 10,4 trilhões de eventos de segurança diariamente
• Mais de 500.000 assinaturas de ameaça exclusivas
• Proteção em tempo real em mais de 510.000 redes globais de clientes

Infraestrutura de segurança econômica e escalável

Métricas de custo de infraestrutura de segurança:

Métrica de infraestrutura	Valor
Custo total médio de redução de propriedade	47% em comparação com os concorrentes
Taxa de consolidação da plataforma de segurança	Redução de 35% nas ferramentas de segurança

Gerenciamento de segurança unificado através de sistemas FortiGate

Estatísticas de implantação do FortiGate:

• 420.000 mais clientes corporativos globalmente
• Mais de 1,2 milhão de unidades de fortigate implantadas
• Taxa de retenção de clientes de 97%

Capacidades de detecção e prevenção de ameaças orientadas pela IA

Recursos de segurança da IA:

Métrica de desempenho da IA	Valor
Precisão da detecção de ameaças	99.7%
Atualizações do modelo de aprendizado de máquina	3.700+ por mês
Tempo de resposta de segurança automatizada	Menores de 17 milissegundos

Fortinet, Inc. (FTNT) - Modelo de Negócios: Relacionamentos do Cliente

Programas de suporte técnico e sucesso do cliente

Fortinet fornece suporte técnico 24/7 com as seguintes camadas de serviço:

Suporte de suporte	Tempo de resposta	Cobertura
Padrão Forticare	Próximo dia útil	Substituição de hardware
Forticare Premium	Substituição de hardware de 4 horas	Suporte avançado
Forticare Elite	Substituição de hardware de 2 horas	Suporte abrangente da empresa

Portais de suporte on-line de autoatendimento

A Fortinet oferece recursos abrangentes de suporte on -line:

• Portal de suporte ao cliente da Fortinet
• Base de conhecimento com mais de 40.000 artigos técnicos
• Downloads de firmware online
• Sistema de gerenciamento de ingressos automatizado

Gerenciamento de conta dedicado para clientes corporativos

O suporte ao cliente corporativo inclui:

• Gerentes de contas técnicas personalizadas
• Revisões de negócios trimestrais
• Consulta de segurança personalizada
• Canais de escalada direta

Treinamento regular de segurança e ofertas de seminários on -line

Programa de Treinamento	Participantes anuais	Formatar
Instituto Fortinet NSE	250.000 profissionais de segurança cibernética	Certificação online e pessoal
Webinars mensais de segurança	Mais de 50.000 participantes registrados	Viva e sob demanda

Compartilhamento de inteligência de ameaças orientadas pela comunidade

A plataforma de inteligência de ameaças da Fortinet inclui:

• Equipe Global de Pesquisa de Ameaças Globais da FortiGuard
• Compartilhamento de inteligência de ameaças em tempo real
• Atualizações de detecção de ameaças automatizadas
• Banco de dados de pesquisa de ameaças globais com mais de 500.000 amostras diárias de malware analisadas

Fortinet, Inc. (FTNT) - Modelo de Negócios: Canais

Equipe de vendas da empresa direta

A Fortinet mantém uma força de vendas diretas globais de 2.450 representantes de vendas corporativas a partir do quarto trimestre de 2023. A equipe gera aproximadamente US $ 4,8 bilhões em receita anual por meio de canais de vendas corporativos diretos.

Métricas de canal de vendas	2023 dados
Total de representantes de vendas empresariais	2,450
Receita de vendas direta	US $ 4,8 bilhões

Plataforma online de comércio eletrônico

A plataforma de vendas digitais da Fortinet gera US $ 620 milhões em receita anual, representando 12,9% do total de vendas da empresa. A plataforma online suporta:

• Compras de produto direto
• Soluções de segurança cibernética baseadas em assinatura
• Serviços de licenciamento e renovação

Redes de revendedores de valor agregado

A Fortinet colabora com 35.000 parceiros de canal em todo o mundo, gerando US $ 2,1 bilhões por meio de canais de vendas indiretos em 2023.

Métricas de parceiro de canal	2023 dados
Total Channel Partners	35,000
Receita de vendas indireta	US $ 2,1 bilhões

Ecossistemas de parceiros de tecnologia

A Fortinet mantém parcerias estratégicas de tecnologia com mais de 500 integradores de tecnologia, incluindo:

• Sistemas Cisco
• Amazon Web Services
• Microsoft Azure
• Plataforma do Google Cloud

Presença de marketing digital e conferência da indústria

A Fortinet investe US $ 340 milhões anualmente em canais de marketing, incluindo:

• Mais de 30 conferências globais de segurança cibernética
• Campanhas de publicidade digital
• Plataformas de webinar e eventos virtuais

Investimento de canal de marketing	2023 dados
Gastos totais de marketing	US $ 340 milhões
Conferências globais participaram	30+

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

Grandes organizações empresariais

A Fortinet atende a 52% das empresas da Fortune 500 a partir do quarto trimestre de 2023. O valor médio anual do contrato para clientes de grandes empresas é de US $ 487.000.

Métricas do segmento corporativo	2024 dados
Total de clientes corporativos	4,782
Taxa de penetração de segurança cibernética	64.3%
Valor médio anual do contrato	$487,000

Negócios no meio do mercado

A Fortinet tem como alvo as empresas no meio do mercado com receitas anuais entre US $ 10 milhões e US $ 500 milhões. 38% da base total de clientes da Fortinet cai nesse segmento.

• Total de clientes do mercado intermediário: 6.215
• Valor médio do contrato: US $ 128.500
• Penetração de mercado: 42,7%

Entidades do governo e do setor público

A Fortinet atende a 73 agências federais e inúmeras organizações do governo estadual/local. A receita do segmento do governo em 2023 foi de US $ 412 milhões.

Detalhes do segmento do governo	2024 Estatísticas
Clientes da agência federal	73
Contratos do governo total	248
Receita anual do segmento do governo	$412,000,000

Instituições educacionais

A Fortinet fornece soluções de segurança cibernética para 1.247 instituições educacionais nos setores do ensino fundamental e médio e do ensino superior.

• Total de clientes educacionais: 1.247
• Valor médio anual do contrato: US $ 76.300
• Penetração de mercado K-12: 34,6%
• Penetração no mercado de ensino superior: 52,3%

Pequenas e médias empresas

O segmento de PME representa 27% da base total de clientes da Fortinet, com 8.500 clientes ativos em 2024.

Métricas de segmento de PME	2024 dados
Total de clientes de PME	8,500
Valor médio do contrato	$42,700
Penetração de mercado	27%

Fortinet, Inc. (FTNT) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

No ano fiscal de 2023, a Fortinet investiu US $ 1,14 bilhão em pesquisa e desenvolvimento, representando 20,4% da receita total. As despesas de P&D da empresa aumentaram consistentemente ano a ano:

Ano fiscal	Investimento em P&D	Porcentagem de receita
2021	US $ 879 milhões	19.7%
2022	US $ 1,02 bilhão	20.1%
2023	US $ 1,14 bilhão	20.4%

Despesas globais de vendas e marketing

Os custos de vendas e marketing da Fortinet em 2023 totalizaram US $ 1,56 bilhão, representando 27,9% da receita total:

• Padrões de equipe da equipe de vendas globais: aproximadamente 4.500 funcionários
• Canais de marketing: vendas diretas, parceiros de canal, marketing digital
• Distribuição geográfica das despesas de vendas:
  • América do Norte: 45%
  • Europa, Oriente Médio, África: 30%
  • Ásia -Pacífico: 25%

Custos de fabricação de hardware e software

Custos de fabricação para soluções de hardware e software da Fortinet em 2023:

Categoria de produto	Custo de fabricação	Margem bruta
Aparelhos de segurança de rede	US $ 380 milhões	65.5%
Licenças de software	US $ 220 milhões	85.3%
Soluções de segurança em nuvem	US $ 170 milhões	72.6%

Manutenção da infraestrutura em nuvem

Infraestrutura em nuvem e despesas de manutenção para 2023:

• Custos totais de infraestrutura em nuvem: US $ 245 milhões
• Locais de data center em nuvem: 5 regiões globais
• Manutenção média mensal de infraestrutura: US $ 20,4 milhões

Aquisição e retenção de talentos

Investimento de capital humano e custos para 2023:

Categoria de custo	Quantia
Compensação total dos funcionários	US $ 1,8 bilhão
Salário médio dos funcionários	$135,000
Treinamento e desenvolvimento de funcionários	US $ 42 milhões
Total Headcount	8.550 funcionários

Fortinet, Inc. (FTNT) - Modelo de negócios: fluxos de receita

Vendas de eletrodomésticos de segurança de hardware

No ano fiscal de 2023, a Fortinet registrou receita de produtos de US $ 4,47 bilhões, que inclui vendas de eletrodomésticos de segurança de hardware.

Categoria de produto	Receita (2023)	Porcentagem da receita total
Aparelhos de segurança	US $ 2,1 bilhões	47.2%
Aparelhos de rede	US $ 1,3 bilhão	29.1%

Licenciamento e assinaturas de software

A receita de licenciamento de software da Fortinet para 2023 totalizou US $ 1,98 bilhão.

• Crescimento da receita baseado em assinatura: 33% ano a ano
• Licenças de software FortiGate: US $ 1,2 bilhão
• Licenças de software de segurança em nuvem: US $ 780 milhões

Receita recorrente ao serviço de segurança em nuvem

A receita recorrente de serviço de segurança em nuvem atingiu US $ 1,65 bilhão em 2023.

Serviço em nuvem	Receita recorrente anual
Forticloud	US $ 850 milhões
Fortigate Cloud	US $ 800 milhões

Serviços profissionais e consultoria

A receita de serviços profissionais para 2023 foi de US $ 420 milhões.

• Serviços de consultoria de segurança: US $ 250 milhões
• Serviços de implementação: US $ 170 milhões

Contratos de Suporte Técnico e Manutenção

A receita do contrato de suporte técnico e manutenção totalizou US $ 1,1 bilhão em 2023.

Tipo de contrato de suporte	Receita
Contratos de suporte 24x7	US $ 680 milhões
Contratos de apoio avançado	US $ 420 milhões

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.