Fortinet (NASDAQ: FTNT) is a cybersecurity company that designs, develops, and sells network security hardware, software, and services to enterprises, service providers, and government organizations. Revenue comes from two streams: product sales, primarily FortiGate firewall appliances and other security hardware, and higher-margin service revenue, which includes subscriptions and support contracts tied to the installed appliance base. The service segment generates recurring revenue through FortiGuard threat intelligence subscriptions and FortiCare technical support. Fortinet was founded in 2000 and is headquartered in Sunnyvale, California. The company's integrated Security Fabric architecture spans firewall, secure access, endpoint, cloud, and operational technology security, with hardware designed and manufactured using Fortinet's proprietary ASICs. The recurring service attach model creates switching costs as customers build workflows around FortiOS and FortiGuard feeds. The 10-K filed 2026-02-25 covers the fiscal year ended December 31, 2025.

Revenue model

Dual-stream model: product revenue from firewall appliances and security hardware, and service revenue from multi-year FortiGuard subscription contracts and FortiCare support agreements attached to the installed base.

Products and services

FortiGate next-generation firewalls, FortiGuard threat intelligence subscriptions, FortiCare support services, FortiOS operating system, proprietary ASIC-based security processing units, Security Fabric platform spanning network, endpoint, cloud, and OT security.

Customers and end markets

Enterprises, service providers, government and public sector organizations. End markets include network perimeter security, secure SD-WAN, zero-trust network access, operational technology security, and cloud security.

Value-chain role

Vertically integrated security vendor: designs proprietary ASICs, develops FortiOS software, manufactures hardware, and delivers threat intelligence through FortiGuard Labs. Sells through channel partners and direct.

Geographic exposure

Global operations; specific regional revenue breakdown not extractable from the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-25

Industry: Computer Peripheral Equipment, NEC Peers: Microsoft Corp CrowdStrike Holdings, Inc. McAfee Corp. Gen Digital Inc Oracle Corp Palo Alto Networks Inc ServiceNow Inc VMWARE LLC Zscaler Inc