---
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"
generated_at: "2026-06-08T23:28:35.488498+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Fortinet Q3 revenue up 16% to $1.33B, product revenue declines 0.6%; guides Q4 revenue $1.38-1.44B

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001262039-23-000035
- JSON: https://secwatch.observer/filing/0001262039-23-000035.json
- Plain text: https://secwatch.observer/filing/0001262039-23-000035.txt

## Key facts
- Earnings Releases
  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.
  - Period: the fourth quarter of 2023
  - Revenue: Revenue in the range of $1.380 billion to $1.440 billion
  - EPS: $0.42 to $0.44
  - Guidance: initiated
  - Result: guidance update
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/0001262039-23-000035-index.htm
- Earnings Releases
  Fortinet, Inc. reported the third quarter ended September 30, 2023 results: revenue $1.33 billion, net income $322.9 million, EPS $0.41.
  - Period: the third quarter ended September 30, 2023
  - Revenue: $1.33 billion
  - Net income: $322.9 million
  - EPS: $0.41
  - Result: reported results
  source text: --- 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_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/0001262039-23-000035-index.htm
- Earnings Releases
  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.
  - Period: the fiscal year 2023
  - Revenue: Revenue in the range of $5.270 billion to $5.330 billion
  - EPS: $1.54 to $1.56
  - Guidance: initiated
  - Result: guidance update
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000035/0001262039-23-000035-index.htm

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