---
schema_version: "secwatch.filing_event.v1"
accession: "0001262039-22-000035"
form_type: "8-K"
ticker: "FTNT"
cik: "0001262039"
company_name: "Fortinet, Inc."
filed_at: "2022-11-02T23:59:59+00:00"
generated_at: "2026-06-22T12:22:33.885217+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Fortinet Q3 revenue up 33% to $1.15B; non-GAAP EPS $0.33 vs $0.20 YoY

## Summary
- Revenue $1.15B (+33% YoY); product $468.7M (+39%), service $680.8M (+28%).
- GAAP diluted EPS $0.29, non-GAAP $0.33; GAAP operating margin 23.1%, non-GAAP 28.3%.
- Deferred revenue $4.19B (+35%), billings $1.41B (+33%). Cash flow $483M, free cash flow $395M.
- Repurchased 10.2M shares for $500M in Q3 at avg $49.15/share.
- Q4 guidance: rev $1.275-1.315B, non-GAAP EPS $0.38-0.40; FY22 rev $4.41-4.45B, non-GAAP EPS $1.13-1.15.

## SEC filing metadata
- accession: 0001262039-22-000035
- form_type: 8-K
- ticker: FTNT
- cik: 0001262039
- company_name: Fortinet, Inc.
- filed_at: 2022-11-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1262039/000126203922000035/0001262039-22-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1262039/000126203922000035/ftnt-20221102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001262039-22-000035
- JSON: https://secwatch.observer/filing/0001262039-22-000035.json
- Plain text: https://secwatch.observer/filing/0001262039-22-000035.txt

## Key facts
- Earnings Releases
  Fortinet, Inc. reported fiscal year 2022 results: revenue $4.410 billion to $4.450 billion, EPS $1.13 to $1.15.
  - Period: fiscal year 2022
  - Revenue: $4.410 billion to $4.450 billion
  - EPS: $1.13 to $1.15
  - Result: guidance update
  source text: For the fiscal year 2022, Fortinet currently expects: • Revenue in the range of $4.410 billion to $4.450 billion • Service revenue in the range of $2.645 billion to $2.655 billion • Billings in the range of $5.540 billion to $5.595 billion • Non-GAAP gross margin in the range of 75.0% to 76.0% • Non-GAAP operating margin in the range of 26.0% to 27.0% • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.13 to $1.15, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 800 million to 810 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203922000035/0001262039-22-000035-index.htm
- Earnings Releases
  Fortinet, Inc. reported fourth quarter of 2022 results: revenue $1.275 billion to $1.315 billion, EPS $0.38 to $0.40.
  - Period: fourth quarter of 2022
  - Revenue: $1.275 billion to $1.315 billion
  - EPS: $0.38 to $0.40
  - Result: guidance update
  source text: Guidance For the fourth quarter of 2022, Fortinet currently expects: • Revenue in the range of $1.275 billion to $1.315 billion • Billings in the range of $1.665 billion to $1.720 billion • Non-GAAP gross margin in the range of 75.0% to 76.0% • Non-GAAP operating margin in the range of 30.0% to 31.0% • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.38 to $0.40, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 795 million to 805 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203922000035/0001262039-22-000035-index.htm
- Earnings Releases
  Fortinet, Inc. reported third quarter ended September 30, 2022 results: revenue $1.15 billion, net income $231.6 million, EPS $0.29.
  - Period: third quarter ended September 30, 2022
  - Revenue: $1.15 billion
  - Net income: $231.6 million
  - EPS: $0.29
  - Result: reported results
  source text: Financial Highlights for the Third Quarter of 2022 • Revenue: Total revenue was $1.15 billion for the third quarter of 2022, an increase of 32.6% compared to $867.2 million for the same quarter of 2021. • Product Revenue: Product revenue was $468.7 million for the third quarter of 2022, an increase of 39.0% compared to $337.1 million for the same quarter of 2021. • Service Revenue: Service revenue was $680.8 million for the third quarter of 2022, an increase of 28.4% compared to $530.1 million for the same quarter of 2021. • Billings 1 : Total billings were $1.41 billion for the third quarter of 2022, an increase of 32.6% compared to $1.06 billion for the same quarter of 2021. • Deferred Revenue: Total deferred revenue was $4.19 billion as of September 30, 2022, an increase of 35.0% compared to $3.11 billion as of September 30, 2021. • GAAP Operating Income and Margin: GAAP operating income was $265.5 million for the third quarter of 2022, representing a GAAP operating margin of 23.1%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203922000035/0001262039-22-000035-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.