Fortinet ( (FTNT) ) has released its Q4 earnings. Here is a breakdown of the information Fortinet presented to its investors.
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Fortinet, a leading company in cybersecurity, specializes in the convergence of networking and security, offering a comprehensive range of enterprise-grade cybersecurity solutions. It is recognized for its robust training programs and strategic partnerships that enhance global cyber resilience.
In Fortinet’s latest financial report for the fourth quarter and full year of 2024, the company highlighted substantial growth in revenue and operating margins. The total revenue for the fourth quarter reached $1.66 billion, a 17% increase from the previous year, propelled by a strong rise in product and service revenues.
Key financial indicators for the fourth quarter showed impressive figures, with product revenue increasing by 18% year-over-year and service revenue by 17%. Fortinet’s GAAP operating margin hit a record of 35%, while its non-GAAP operating margin reached 39%. The company also reported a substantial increase in cash flow from operations, amounting to $477.6 million for the quarter.
For the full year 2024, Fortinet achieved a total revenue of $5.96 billion, marking a 12% increase from 2023. Service revenue rose by 20%, contributing significantly to the overall growth. The company maintained strong financial health with a free cash flow of $1.88 billion and ended the year with remaining performance obligations of $6.42 billion.
Looking ahead, Fortinet remains optimistic, focusing on further expanding its market position in high-growth areas like Unified SASE and Security Operations. The company expects to continue enhancing its unified operating system, FortiOS, to maintain its leadership in delivering integrated networking and security solutions.
