---
schema_version: "secwatch.filing_event.v1"
accession: "0001262039-23-000003"
form_type: "8-K"
ticker: "FTNT"
cik: "0001262039"
company_name: "Fortinet, Inc."
filed_at: "2023-02-07T23:59:59+00:00"
generated_at: "2026-06-19T22:34:16.062590+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Fortinet Q4 revenue $1.28B (+33% YoY); FY22 revenue $4.42B, record FCF $1.45B

## Summary
- Q4 GAAP EPS $0.40, non-GAAP EPS $0.44, up 67% and 76% YoY respectively.
- FY product revenue $1.78B (+42% YoY); service revenue $2.64B (+26% YoY).
- FY22 free cash flow record $1.45B; share repurchases $1.99B in 2022.
- Q1 2023 guidance: revenue $1.18-1.22B, non-GAAP EPS $0.27-0.29.
- FY 2023 guidance: revenue $5.37-5.43B, non-GAAP EPS $1.39-1.41.

## SEC filing metadata
- accession: 0001262039-23-000003
- form_type: 8-K
- ticker: FTNT
- cik: 0001262039
- company_name: Fortinet, Inc.
- filed_at: 2023-02-07T23:59:59+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/1262039/000126203923000003/0001262039-23-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000003/ftnt-20230207.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001262039-23-000003
- JSON: https://secwatch.observer/filing/0001262039-23-000003.json
- Plain text: https://secwatch.observer/filing/0001262039-23-000003.txt

## Key facts
- Earnings Releases
  Fortinet, Inc. reported the fourth quarter ended December 31, 2022 results: revenue $1.28 billion, net income $313.8 million, EPS $0.40.
  - Period: the fourth quarter ended December 31, 2022
  - Revenue: $1.28 billion
  - Net income: $313.8 million
  - EPS: $0.40
  - Result: reported results
  source text: Revenue: Total revenue was $1.28 billion for the fourth quarter of 2022, an increase of 33.1% compared to $963.6 million for the same quarter of 2021. • Billings 1 : Total billings were $1.72 billion for the fourth quarter of 2022, an increase of 31.6% compared to $1.31 billion for the same quarter of 2021. • GAAP Operating Income and Margin: GAAP operating income was $357.8 million for the fourth quarter of 2022, representing a GAAP operating margin of 27.9%. GAAP operating income was $214.9 million for the same quarter of 2021, representing a GAAP operating margin of 22.3%. • Non-GAAP Operating Income and Margin 1 : Non-GAAP operating income was $417.6 million for the fourth quarter of 2022, representing a non-GAAP operating margin of 32.5%. Non-GAAP operating income was $274.7 million for the same quarter of 2021, representing a non-GAAP operating margin of 28.5%. • GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc. 2 : GAAP net income was $313.8 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000003/0001262039-23-000003-index.htm
- Earnings Releases
  Fortinet, Inc. reported the year ended December 31, 2022 results: revenue $4.42 billion, net income $857.3 million, EPS $1.06.
  - Period: the year ended December 31, 2022
  - Revenue: $4.42 billion
  - Net income: $857.3 million
  - EPS: $1.06
  - Result: reported results
  source text: Revenue: Total revenue was $4.42 billion for 2022, an increase of 32.2% compared to $3.34 billion in 2021. • Billings 1 : Total billings were $5.59 billion for 2022, an increase of 33.8% compared to $4.18 billion in 2021. • Deferred Revenue: Total deferred revenue was $4.64 billion as of December 31, 2022, an increase of 34.4% compared to $3.45 billion as of December 31, 2021. • GAAP Operating Income and Margin: GAAP operating income was $969.6 million for 2022, representing a GAAP operating margin of 21.9%. GAAP operating income was $650.4 million for 2021, representing a GAAP operating margin of 19.5%. • Non-GAAP Operating Income and Margin 1 : Non-GAAP operating income was $1.21 billion for 2022, representing a non-GAAP operating margin of 27.3%. Non-GAAP operating income was $875.5 million for 2021, representing a non-GAAP operating margin of 26.2%. • GAAP Net Income and Diluted Net Income Per Share Attributable to Fortinet, Inc. 2 : GAAP net income was $857.3 million for 2022, com
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000003/0001262039-23-000003-index.htm

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