{"schema_version":"secwatch.filing_event.v1","accession":"0001262039-23-000035","form_type":"8-K","ticker":"FTNT","cik":"0001262039","company_name":"Fortinet, Inc.","filed_at":"2023-11-02T23:59:59+00:00","discovered_at":"2026-05-14T18:03:28.480768+00:00","generated_at":"2026-06-08T23:28:35.488498+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Fortinet Q3 revenue up 16% to $1.33B, product revenue declines 0.6%; guides Q4 revenue $1.38-1.44B","bullets":["Total revenue $1.33B (+16% YoY); product revenue $465.9M (-0.6% YoY) as Secure Networking demand normalizes.","Service revenue $868.7M (+28% YoY); deferred revenue $5.29B (+26% YoY) highlights recurring strength.","GAAP diluted EPS $0.41 (+41% YoY); non-GAAP diluted EPS $0.41 (+24% YoY).","Operating cash flow $551.2M; free cash flow $481.1M; repurchased 10.4M shares for $605.2M in Q3.","Q4 guidance: revenue $1.38-1.44B, non-GAAP EPS $0.42-0.44; FY2023 revenue $5.27-5.33B."],"urls":{"canonical":"https://secwatch.observer/filing/0001262039-23-000035","json":"https://secwatch.observer/filing/0001262039-23-000035.json","markdown":"https://secwatch.observer/filing/0001262039-23-000035.md","text":"https://secwatch.observer/filing/0001262039-23-000035.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/0001262039-23-000035-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/ftnt-20231102.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-08T23:28:35.488498+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"1de8316917303cc4fcc9c9304296edc6fe223b63","claim":"Fortinet, Inc. reported the fourth quarter of 2023 results: revenue Revenue in the range of $1.380 billion to $1.440 billion, EPS $0.42 to $0.44. Guidance initiated.","evidence_excerpt":"For the fourth quarter of 2023, Fortinet currently expects: • Revenue in the range of $1.380 billion to $1.440 billion • Billings in the range of $1.560 billion to $1.700 billion • Non-GAAP gross margin in the range of 75.5% to 76.5% • Non-GAAP operating margin in the range of 27.5% to 28.5% • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.42 to $0.44","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/0001262039-23-000035-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the fourth quarter of 2023"},{"label":"Revenue","value":"Revenue in the range of $1.380 billion to $1.440 billion"},{"label":"EPS","value":"$0.42 to $0.44"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"},{"claim_id":"8d3162d350ac4589da7be1c7afaf12d0955967a4","claim":"Fortinet, Inc. reported the third quarter ended September 30, 2023 results: revenue $1.33 billion, net income $322.9 million, EPS $0.41.","evidence_excerpt":"--- EX-99.1 2 ftntq3-2023ex991.htm PRESS RELEASE Document Press Release Fortinet Reports Third Quarter 2023 Financial Results Third Quarter 2023 Highlights • Total revenue of $1.33 billion, up 16% year over year • Service revenue of $868.7 million, up 28% year over year • Billings of $1.49 billion, up 6% year over year 1 • Deferred revenue of $5.29 billion, up 26%","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/0001262039-23-000035-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the third quarter ended September 30, 2023"},{"label":"Revenue","value":"$1.33 billion"},{"label":"Net income","value":"$322.9 million"},{"label":"EPS","value":"$0.41"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"b0c73a0cecfcf76b4fb2758058af17fb12707150","claim":"Fortinet, Inc. reported the fiscal year 2023 results: revenue Revenue in the range of $5.270 billion to $5.330 billion, EPS $1.54 to $1.56. Guidance initiated.","evidence_excerpt":"For the fiscal year 2023, Fortinet currently expects: • Revenue in the range of $5.270 billion to $5.330 billion • Service revenue in the range of $3.355 billion to $3.375 billion • Billings in the range of $6.095 billion to $6.235 billion • Non-GAAP gross margin in the range of 76.0% to 77.0% • Non-GAAP operating margin in the range of 26.5% to 27.5% • Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.54 to $1.56","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/0001262039-23-000035-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the fiscal year 2023"},{"label":"Revenue","value":"Revenue in the range of $5.270 billion to $5.330 billion"},{"label":"EPS","value":"$1.54 to $1.56"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}